Prashant Project

Summer Internship Project Report
ON
EQUITY RESEARCH A
ANUSHREE FINANCIAL SERVICES PVT. LTD.
Submitted in partial fulfillment of requirement of
BACHELOR OF COMMERCE (HONS)
B.COM Vth SEMESTER (Morning)
BATCH 2015-2018
SUBMITTED TO: SUBMITTED BY:
Dr. JASLEEN KAUR PRASHANT VERMA
AssociateAssistant professor Enrollment

No:02114188815
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JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL,
KALKAJI
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STUDENT’S UNDERTAKING Formatted: Underline

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I, Prashant Verma being a student of BCOM (HONS.) fifththird semester of

JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL hereby declare that
the project report under title “EQUITY RESEARCHA STUDY OF ROLE OF
ENTREPRENEURSHIP IN GROWING INDIA” is my own work. All care has been
taken to keep this report error free and I sincerely regret for any unintended
discrepancies that might have crept into this report. I shall be highly obliged if
errors (if any) be brought to my attention.
The matter embodied in this report has not been submitted by me for award of any
other degree.
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PROJECT GUIDE: Formatted: Font: Bold, Underline
Prashant VermaDr. GARIMA SACHDEVA, Formatted: Font: Bold, Underline
ACKNOWLEDGEMENT
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I would like to start by thanking ANUSHREE FINANCIAL SERVICES PVT.
LTD for their help and support:
Dr.Ms. Jasleen Kaur, internal guide, for her constant help and guidance in
this internship project. Due to her help I was able to submit my all weekly
reports efficiently and was able to clear any doubt regarding this project.
Special thanks to mr.Mr. Abhishek Singhal, Finance executive, Anushree

financial services Pvt. Ltd for his time and valuable suggestions, which
really helped me to put all the information that I had collected into proper
perspective. I would especially like to thank him for always being
accessible to me and giving me the constant support and encouragement
at every step. He has motivated me to work hard towards getting this
project implemented.
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CONTENTS
PARTICULARS PAGE NO. REMARKS
AcknowledgementACKNOWLEDGEME 3 (i) Formatted: Line spacing: 1.5 lines
NT Formatted: Font: Arial, Bold
Contents with page no. 4 Formatted: Font: Bold

List of Figures 56
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List of Tables 5 7
List of Symbols, Abbreviation or Formatted: Line spacing: 1.5 lines
nomenclature Formatted: Left, Line spacing: 1.5 lines

Executive Summary 68 Formatted: Line spacing: 1.5 lines
Introduction to Topic 810
Objectives 1013 Formatted: Line spacing: 1.5 lines

Literature review 23 Formatted: Line spacing: 1.5 lines
Company Profile 1837
Research Methodology 3753 Formatted: Line spacing: 1.5 lines
Analysis and Interpretations 4056 Formatted: Line spacing: 1.5 lines
Findings and Preferences 56
Limitations 4561 Formatted: Line spacing: 1.5 lines

Recommendations and Conclusion 4661
conclusionAppendices 48
Bibliography 4964
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LIST OF FIGURES
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LIST OF TABLES
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1. Figure 1
2. Figure 2
3. Figure 3
4. Figure 4
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1. Table 1
2. Table 2
3. Table 3

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EXECUTIVE SUMMARY

Anushree Financial Services Pvt. Ltd is a Private incorporated on 19 March
1997. It is classified as Non-governmentt company and is registered at Registrar
of Companies, Delhi. Its authorized share capital is Rs. 500,000 and its paid up
capital is Rs. 493,000.It is inolvedinvolved in Activities auxiliary to financial
intermediation, except insurance and pension funding.[This Group includes
activities involved in or closely related to financial inter-mediation other than
insurance and pension funding but not themselves involving financial inter-
mediation].
Anushree Financial Services PvtLtd's Annual General Meeting (AGM) was last
held on 30 September 2016 and as per records from Ministry of Corporate Affairs
(MCA), its balance sheet was last filed on 31 March 2016.
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Directors of Anushree Financial Services Pvt Ltd are Kush Kant Singhal and
Surendra Kumar.
The project is about how finance department works in the company and what major role Formatted: Line spacing: 1.5 lines
it plays in the functioning of the company. It also helps me understand the accounting
procedures adopted by the company. This will help in gaining knowledge about the
surviving strategy that a company may use in today scot throat competition and
cost cuttings across the board.
During the interns hip period at ANUSHREE FINANCIAL SERVICES PVT.

LTD, I hav e enjoyed many exciting activities with staffs in Accounting and
Finance department. The main accounts of this department are cost management and
services. In this department, I have had chances to carry outcome major activities which
are learning how to make vouchers and various excel reports.; reading internal
company documents and learn various new reforms and

G.S.T
Furthermore, the time in the Company have given me not only many significant
specialized knowledge but also many necessary soft skills. In addition, accounting work
reality at the company has help me to use my knowledge to go deeply in practice and
thence I have a general view about practical working environment and a clear image of
my own future career. Thus, I am very thankful to all lecturers and ANUSHREE
FINANCIAL SERVICES Pvt. ltd for internship period.
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CHAPTER 1:
INTRODUCTION TO
TOPIC
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EQUITY RESEARCH Formatted: Line spacing: 1.5 lines
Equity Research primarily means analyzing company's financials, perform ratio

analysis, forecast the financials (financial modeling) and explore scenarios with an
objective of making BUY/SELL stock investment recommendation. Equity Research
analyst discuss their research and analysis in their equity research reports.
Equity Research plays a very critical role that fills the information gap between the
buyers and sellers of shares. Reason is that at all levels (individual or institutional) may
not have the resources or the capabilities to analyze every stocks. Additionally,
full information is not provided by the management due to which further in-efficiencies
are created and stocks trade below or above the fair value. Equity Research analyst
spend lot of time, energy and expertise to analyze stocks, follow news, talking to the
management and provide an estimate of stock valuations. Also, equity research tries
to identify the value stocks out of the massive ocean of stocks and help the buyers to
generate profits.
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ROLE OF EQUITY RESEARCH
• Equity Research plays a very critical role that fills the information gap between the
buyers and sellers of shares.
• Reason is that at all levels (individual or institutional) may not have the resources
or the capabilities to analyze every stocks.
• Additionally, full information is not provided by the management due to which

further in-efficiencies are created and stocks trade below or above the fair value.
• Equity Research analyst spend lot of time, energy and expertise to analyze stocks,
follow news, talking to the management and provide an estimate of stock
valuations.
• Also, equity research tries to identify the value stocks out of the massive ocean of
stocks and help the buyers to generate profits.
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PURPOSE OF EQUITY RESEARCH
As stated before, the purpose of equity research is to study companies,

analyze financials and look at quantitative and qualitative aspects, helping
investors of varying degrees to make an informed decision.
As the name suggests, ‘research’ plays the most important role here.
The number of investors is booming and so is the need for exploring the
nature of investments.
Investors wish to take calculated and informed decisions, and this is where
the role of equity research begins.
The purpose of equity research and the researcher is manifold.
To begin with, one gathers and analyses industry data and financial models of
a specific company or an industry.
It also involves understanding current market trends, both from the

perspectives of macro economy and micro economy, and report findings.
Since the equity research targets a specific audience, it is necessary to tailor
the findings to the audience demand.
Further, adequate stress is laid on the accuracy of information. If investors

take actions based on any kind of misinformation or misrepresentation, losses
are tremendous and harmful to both the investor and the company. Therefore,
equity analysts spend a considerable amount of time analyzing stocks and
valuating estimates.
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Hierarchy in equity research firms
• A typical hierarchy at an Equity Research firmsstarts with the Head of
Equities/Head of Equities at the top.
• Thereafter there are Analysts (senior) covering different sectors. Each analyst mostly
cover around 10-15 companies in a specific sector.
• Each Senior analyst may be supported by an Associate, who in turn may be

supported by a couple
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The Equity Research Process
There are multiple steps involved in the equity research process. Here they are:
#1. Economic Analysis: It is a systematic practice undertaken to determine the

usability of available resources, comparison between two or more resources,
accounting opportunity costs and measuring the scope or viability of an investment.
#2. Industry Analysis: It is a tool used for assessing current markets and
understanding its complexities. Political, economic and market factors are reviewed to
understand its influence over the development of the industry.
#3. Company Analysis: It is a series of activities undertaken to analyse the operations

of a business, focusing on the cause and effect of decisions and how they are likely to
benefit (or not) future investors.
#4. Financial Statement Analysis: The accounts of a company are evaluated to

determine the financial soundness (or otherwise) of the company. Profit and loss
statements and managerial practices are overseen to prepare an accurate financial
statement.
#5. Financial and Valuation Modeling: This is the process of valuing the company and
its assets.
#6. Report Writing: All the above processes culminate into the report writing stage
where the equity analyst prepares an in-depth report accessible to relevant
shareholders.
#7. Presentation or Recommendation: Based on the report, recommendations are

made for the benefit of the company and its shareholders.
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OBJECTIVES Formatted: Font: 16 pt, Bold
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 The main Objective Of equity research is to study companies, analyze financials.

and look at quantitative and qualitative aspects mainly for decisions : whether to
invest or not
 Suggestion and comments for holdings sell or buy position can be given to
stockholders
 Equity Research Report adds significant credibility to portfolio.
 It helps to predict value of the certain equity under specific circumstances.
 It is analyzing Stock, its industry and its peer group to provide earnings and
valuation estimates
 Research is valuable because it fills information gaps so that each individual

investor does not need to analyze every stock. This division of labour makes the
entire market more efficient.
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LITERATURE
REVIEW
Sometimes, however a general confusion is faced. Investment banking is often

considered while mentioning equity research at various occasions. Although similar,
these terms hold their own stands and are distinct in various manners
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(United States)
Investment Banking vs Equity Research Formatted: Font: 16 pt, Bold, Underline
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So what is equity research all about?
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Equity Research analysts closely analyze small groups of stocks in order to provide insightful
investment ideas and recommendations to the firm’s salesforce, traders, and directly to
institutional investors and increasingly to the general investing public. They communicate
formally via research reports that place Buy, Sell, Hold ratings on the companies they cover.
Since Equity Research Analysts generally focus on a small group of stocks (5-15) within
particular industries or geographic regions, they become experts in the specific companies and
industry or “coverage universe” that they analyze. Analysts need to know everything about their
coverage universe in order to make investment recommendations. As such, analysts constantly
communicate with the management teams of their companies under coverage, maintain
comprehensive financial models about these companies, and quickly digest and respond to new
information that hit the tape, communicating new developments and ideas to the investment
Bank’s sales force, traders, directly to institutional clients, to investment bankers, and to the
general investment public over he phone, directly through to the trading floor through an
intercom system and over the phone.
So are you a good fit for equity research? Formatted: Font: 14 pt
If you enjoy writing, being on the phone with clients and getting to know management teams,
while at he same time doing a lot of financial modeling and financial analysis, and getting home
at a reasonable hour (9pm vs. 2am) Equity Research might be for you. Research associates
(that would be your title coming in as an undergrad) go through similar training to that of sales
&trading analysts. After 2-3 months of corporate finance, accounting, capital markets, research
associates are assigned to a group, led by senior analyst with anywhere between o to 3 other
junior associates already under him and begin to cover a group of stocks (usually 5-15) within a
specific industry or region.
Compensation
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At larger investment banks, both IB analysts and ER associates start with the same base
compensation. However, investment banking bonuses range from a 10-50% higher than equity
research at the entry level. In fact, the difference at some firms is even more acute. There are
rumors that equity research bonuses at Credit Suisse were 0-5k this year. Additionally, IB gets
even more lucrative at more senior levels.
This is rooted in the economics of an investment bank vs. equity research. Unlike investment
banking, equity research doesn’t directly generate revenue. Equity research departments are a
cost center that support sales & trading activities. In addition, despite a regulatory separation
between equity research and investment banking (“Chinese Wall”), it also serves as a way to
maintain a relationship with corporations – the very clients that use the investment bank to help
raise capital, acquire companies, etc. Nonetheless, research’s indirect role in the generation of
revenue makes compensation generally lower.
Edge: Investment Banking
Lifestyle
Research associates are in the office at 7am and leave by 7-9pm. Working on weekends is
limited to special situations like an initiation report. This is very favorable compared to
investment banking, where analysts can work up to 100 hours a week.
Edge: Equity Research
Quality of work
If they are fortunate, Investment Banking analysts are exposed to non-public situations such as
IPOs and M&A from the beginning to the end of the process. This provides real insight as to
how a transaction is done from start to finish as well as how deals are actually negotiated. In
reality, however, for the first several years, the analyst role is somewhat limited. Analysts spend
a large portion of their time doing monotonous formatting and presentation work. The most
interesting and rewarding work is financial modeling.
Equity research associates find themselves almost immediately interacting with portfolio
managers and hedge fund managers, the firm’s internal sales force and traders, and
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communicating the senior analyst’s investment thesis after a company reports earnings. In
addition, they develop modeling skills by constantly updating and analyzing their companies’
operating forecasts. Another benefit is that he grunt work in research is more limited than in
banking – to the creation of research notes and the updating of the senior analyst’s marketing
material from time to time. However, unlike investment banking analysts, research associates
are usually not exposed to the M&A, LBO, or IPO process from start to finish, as they are only
privy to public information. As a result, they do not spend nearly as much time building those
types of financial models. The modeling focus is primarily on the operating model.
Edge: Equity Research
Exit Opportunities
Equity research associates usually aspire to switch over to the “buy-side.” That is, to work for
the portfolio managers and hedge fund managers that sell side research disseminates their
reports and ideas to. The buy-side offers the allure of even better lifestyle, and actually
investing (putting your money where your mouth is). That said, the buy-side is extremely
competitive, even for research associates. Many associates must enhance their profile by
receiving the CFA charter and or going to business school before getting into the buy side.
Investment banking analysts typically pursue MBAs, start their own business, or try to go
directly into private equity after their analyst stints. Generally equity research is looked at as
favorably as investment banking for certain buy-side firms, whereas transaction-focused firms,
like private equity and VC firms generally prefer investment bankers. MBA programs generally
look at investment banking and equity research equivalently, if perhaps a slight edge for
investment banking.
Edge: Investment Banking
Scorecard
 Compensation: Investment Banking
 Lifestyle: Equity Research
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 Quality of Work: Equity Research
 Exit Opportunities: Investment Banking
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Responsibilities of an Analyst Formatted: Font: 16 pt, Bold, Underline
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 The main responsibilities of Junior Analyst is to support the Associate in every Formatted: Font: 12 pt, Not Bold, No underline
format. Formatted: Left
 Majority of the work done by Junior Analyst is related to data and excel etc
 Also, Junior Analyst may be involved in doing primary research, industry

research, coordinating with clients etc
 Maintaining the industry database, charts, graphs and financial models etc. Formatted: Font: 12 pt, Not Bold, No underline
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5 Useful Tools for Equity Research Analysts Formatted: Centered
Common financial knowledge mandates that usage of various tools and techniques Formatted: Font: 12 pt, Not Bold, No underline
happens only at the analysis stage but it is not completely true. There are various tools
available for equity research analysts that can be used for data collection and report
writing as well.
Today, in this article, I am going to tell you about 5 useful tools for equity research
analysts. They are free of cost, easy to setup and can be used at various stages of
equity research.
#1. RSS feeds
If used prudently, the Rich Site Summary (RSS) feed technique is a very helpful and Formatted: Font: 12 pt, Not Bold, No underline
time saving tool for data collection.
Typically, the data collection for equity research is done using a fixed set of websites.
By using RSS feeds, you will get instant access to all the data related to your company
or industry.
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If you register RSS feeds on a domain, it removes the human element of manually
checking uploads and saves a lot of time. Whenever the website/s on which you have
signed up for RSS delivery publishes information related to your industry interest, an
email containing the information is automatically sent.
All you have to do is access the email, read the information and filter it for your use.
How to Access RSS?
Visit the site you wish to receive information from and look for RSS tabs like Join RSS
feed, Feed Burner signup for or the daily email alerts box. Just type in your email id and Formatted: Font: 12 pt, Not Bold, No underline
name (if asked for) and you are done. Sometimes, the websites send a confirmation
email. Just visit the email inbox and click on the confirmation link.
You are all set to receive filtered information.
#2. Google Alerts
Google Alerts is a free but extremely useful service provided by Google (of course!) that Formatted: Font: 12 pt, Not Bold, No underline
gives you daily, weekly or as-it-happens instant email updates of your created alerts. Formatted: Font: 12 pt, Not Bold, No underline
Activating Google Alerts is good in addition to RSS feeds, which will periodically send
you data uploaded on the internet related to your company or industry. It is a notification
service that gives you info on data uploaded by sending out periodic e-mails to the
registered email id.
How to Use Google Alerts?
It hardly takes a minute to setup Google Alerts. Visit their main page, linked above, and
type in your research parameter. See this example screenshot.
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As visible, you can customize it according to the result type, language and a specific
geographical region. Once setup, click Create Alert and see the information flowing in.
For more customized data filtering, check out the Google Alerts Cheat Sheet. It Formatted: Font: 12 pt, Not Bold, No underline
mentions many parameters you can use for customized data display. Formatted: Font: 12 pt, Not Bold, No underline
Lastly, you can make use of Yahoo! Pipes, which is a similar tool like Google Alerts but Formatted: Font: 12 pt, Not Bold, No underline
is better with drawing internal search parameter connections. Formatted: Font: 12 pt, Not Bold, No underline
#3. Excel
Excel is the most commonly used tool for any kind of financial analysis across the world Formatted: Font: 12 pt, Not Bold, No underline
and equity research is no exception. This tool is usually used for small and medium data Formatted: Font: 12 pt, Not Bold, No underline
sets to run financial analysis. Formatted: Font: 12 pt, Not Bold, No underline
There are numerous functions and formulae in Excel that are very popular amongst
equity analysts across the globe.
There are many open source tools like Open Office Spread Sheet, which are also used
for such equity research analysis, but not as widely as Microsoft Excel.
#4. SPSS Formatted: Font color: Auto
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Statistical Product and Service Solution (SPSS) is a very popular statistical tool used by Formatted: Font: 12 pt, Not Bold, No underline
researchers from various backgrounds for data mining, data analysis, text analytics,
data collaboration, surveys and deployment. The SPSS software is usually used where
the data sets are large and usually captured in a pattern.
There are innumerable functions in this tool which create various charts and graphs
depending on data analysis. The tool also enables the researchers to represent the
analyzed data and patterns in a pictorial manner.
Between Excel and SPSS, the second one is far more complex to deploy. Even though
an equity research analyst will require Excel training, it requires a little more training for
the same analyst to use SPSS properly.
#5. SAS Formatted: No underline
Developed by the SAS Institute in California, the Statistical Analysis System (SAS) is a Formatted: Font: 12 pt, Not Bold, No underline
software suite used for data management, business intelligence and predictive analysis
by many companies and analysts.
Unlike Excel or SPSS, SAS not just performs data analysis but also can be used very
effectively for data collection and analytics. However, a working knowledge of
programming language is important for you to fully use the potential offered by this tool.
It does not mean that if you do not know programming languages you cannot use SAS.
With a little bit of training, you should be able to use it as effectively as any other tool.
How to Access SPSS and SAS Software?
The SPSS software is available for a trial download at IBM whereas the SAS software Formatted: Font: 12 pt, Not Bold, No underline
needs to be purchased. Before buying any of them, make sure to undergo training. Formatted: Font: 12 pt, Not Bold, No underline
Without proper training, either of them won’t be of much use. Formatted: Font: 12 pt, Not Bold, No underline
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Who pays for Equity Research?
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 For Independent Equity Research firms: Independent equity research firms do Formatted: Font: (Default) Arial, 12 pt, Bold, Underline
color: Auto
not have a trading and sales division. They perform financial analysis with an Formatted: Font: (Default) Arial, 12 pt, Underline color:
Auto
idea of charging a Fees on per report basis. Also, see Equity Research vs Sales Formatted: Font: (Default) Arial, 12 pt, Not Bold, No
underline, Underline color: Auto
and Trading Formatted: Font: (Default) Arial, 12 pt
 For Major Equity Research firms: Fee income is earned by brokerage trades Formatted: Font: (Default) Arial, 12 pt, Bold, Underline
color: Auto
(Soft Dollars). To understand this in detail, let us look at the diagram below – Formatted: Font: (Default) Arial, 12 pt, Underline color:
Auto
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 As noted above, on one side is the Buy Side firms like Hedge Funds, Pension Formatted: Font: (Default) Arial, 12 pt, Underline color:
Auto, Font color: Auto
Funds, Insurance Companies, Mutual funds etc. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 On the other side are the sell side firms like JPMorgan, GoldMan Sacks, Credit Formatted: Font: (Default) Arial, 12 pt, Not Bold, No
underline, Underline color: Auto, Font color: Auto
Suisse etc. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 The buy side firms manage portfolio and they are required to invest their portfolio Formatted: Font: (Default) Arial, 12 pt, Not Bold, No
as per the investment objective. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 Investment objective may mandate these companies to keep a portion of their Formatted: Font: (Default) Arial, 12 pt, Not Bold, No
assets in Stocks etc. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
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 In such cases, the buy side analysts seek advise of the sell side analyst for Formatted: Font: (Default) Arial, 12 pt, Not Bold, No
investment decisions. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 The advise or the idea provided by the sell side analyst is literally for FREE. Formatted: Font: (Default) Arial, 12 pt, Bold, Underline
color: Auto, Font color: Auto
 Once the buy side analyst has take the decision of investing in the stock, the buy Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
Formatted: Font: (Default) Arial, 12 pt, Underline color:
side analyst may look forward to executing the trade through the Trading division Auto, Font color: Auto
of the sell side firm Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 The trading division will in turn charge a commission for executing the trade at Formatted: Font: (Default) Arial, 12 pt, Underline color:
the lowest price. Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 The commission in return are basically the earnings of the research firms. Formatted: Font: (Default) Arial, 12 pt, Underline color:
Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
Equity Research Professional Approach
So what is your work like as an Equity Research Professional. Equity Research analysts Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
follow stocks and make recommendations on whether to buy, sell, or hold those
securities using Fundamental Analysis. Equity Research is a very challenging job,
where an analyst may be required to spend more than 12-14 hours a day.
For creating a professional Equity Research Financial model, an expert analyst
recommended approach is as follows –
ECONOMIC ANALYSIS / INDUSTRY ANALYSIS / COMPANY Formatted: Font: (Default) Arial, 16 pt, Bold, Not Italic,
Underline, Font color: Auto
ANALYSIS Formatted: Centered
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 The very first thing you need to take care of while doing a professional analysis is Formatted: Font: (Default) Arial, 12 pt, Not Italic,
Underline color: Auto
to learn about the economic parameters affecting the industry, the industry
dynamics, competitors etc.
 For example, when you are analyzing Alibaba, you should know about each and Formatted: Font: (Default) Arial, 12 pt, Not Italic,
every sub divisions of Alibaba and its competitors. Formatted: Font: (Default) Arial, 12 pt, Bold, Not Italic,
Formatted: Font: (Default) Arial, 12 pt, Not Italic,
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Formatted: Centered
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FUNDAMENTAL ANALYSIS Formatted: Font: (Default) Arial, 16 pt, Bold, Not Italic,
 You should be awesome at Fundamental Analysis. Fundamental Analysis Formatted: Font: (Default) Arial, 12 pt, Not Italic,
means performing Ratio Analysis of the company under consideration. Formatted: Font: (Default) Arial, 12 pt
 Before you start ratio analysis, you should populate atleast the last 5 years of Formatted: Font: (Default) Arial, 12 pt, Not Italic,
financial statements (Income Statement, Balance Sheet and Cash Flows) in
excel. Formatted: Font: (Default) Arial, 12 pt
 You should prepare a blank excel sheet with Separate Income Statement, Formatted: Font: (Default) Arial, 12 pt, Not Italic,
Balance Sheet and Cash Flows and use neat formats Formatted: Font: (Default) Arial, 12 pt
 Populate the historical financial statements (IS, BS, CF) and do the necessary Formatted: Font: (Default) Arial, 12 pt, Not Italic,
adjustment for Non-recurring items (one time expenses or gains). Formatted: Font: (Default) Arial, 12 pt, Not Italic,
Underline color: Auto, Font color: Auto
Do the Ratio Analysis for Historical years Formatted: Font: (Default) Arial, 12 pt, Font color: Auto
 An example is presented below in Colgate Ratio Analysis Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
Italic, No underline, Underline color: Auto, Font color:
Auto
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PREPARING A PROFESSIONAL FINANCIAL MODEL Formatted: Font: (Default) Arial, 16 pt, Bold, Not Italic,
Formatted: Centered
 Company management does not provide the future financial projections of the
company. Therefore, it is important as a research analyst to project this data. Underline color: Auto
Forecasting the financials of the company is known as Financial Modeling. Formatted: Font: (Default) Arial, 12 pt

VALUATIONS – DCF Formatted: Font: (Default) Arial, 16 pt, Bold, Not Italic,
Formatted: Centered
 Valuation is primarily done using two methods – a) Discounted Cash flow and
b)Relative Valuations. Underline color: Auto
Once your financial model is ready, you can perform Discounted cash flows as given in Formatted: Font: (Default) Arial, 12 pt, Not Italic
the steps below – Formatted: Font: (Default) Arial, 12 pt
36
 Calculate FCFF as discussed in class and the handbook Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
Italic, No underline, Underline color: Auto
Apply a suitable WACC post the calculation of the capital structure
Find the Enterprise Value of the Firm (including the Terminal Value)
Find Equity Value of the Firm after the deduction of Net Debt
Divide Equity Value of the Firm by the total number of shares to arrive at
“Intrinsic Fair Value” of the company.
Recommend whether to “BUY” or “SELL” Formatted: Font: (Default) Arial, 12 pt
Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not

Italic, No underline
VALUATION – RELATIVE VALUATIONS Formatted: Font: (Default) Arial, 16 pt, Not Italic, Font
color: Auto
Formatted: Centered
 Relative valuation is based on comparing the valuation of the company under
consideration with valuation of other firms. There are valuation multiples used to
value companies like PE Multiple, EV/EBITDA, PBV ratio etc. Formatted: Font: (Default) Arial, 12 pt
37
The common approach is given below. Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
 Identify the comparable based on the business, Market Capitalization and other Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
filters Formatted: Font: (Default) Arial, 12 pt
 Identify the suitable valuation multiple to be used for this business. Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
 Use the average valuation multiple to find the valuation of the company Formatted: Font: (Default) Arial, 12 pt
 Suggest “Undervalued” or “Over-valued”. Italic, No underline, Underline color: Auto
RESEARCH REPORT Formatted: Font: (Default) Arial, 12 pt, Not Bold, Not
 Once you have prepared the financial modeling and find the fair valuation of the
Formatted: Font: (Default) Arial, 16 pt, Not Italic, Font
company, you need to communicate this to your clients through Research color: Auto
Formatted: Centered
Reports. This research report is a very professional in nature and is prepared
with lot of caution. Formatted: Font: (Default) Arial, 12 pt
38
39
LITERATURE
REVIEW
A literature review is the summary and critical evaluation of previous published and
unpublished researches made by various scholars and researchers. The source of
literature review may be newspapers, articles, journals, magazines, books, thesis,
reports etc. It may also include discussions, methodological issues and suggestions for
future research.
Samuel Obino Mokaya, Jacqueline Lovega Musau, Juma Wagoki and Kabare
Karanja (2013), studied on “Effects of Organizational Work Conditions on Employee
Job Satisfaction in the Hotel Industry in Kenya”, and assessed on the effects of
organizational work conditions, remuneration and promotion systems on employee job
satisfaction in the hotel industry in Kenya. The study found that the employees are
satisfied with the conducive working conditions, satisfactory remuneration package, and
a fair, equitable and satisfactory promotion system. The study suggested that
management should provide equal opportunities for training and development to its
40
employees to help improve their capacities for effective help improve their capacities for
effective delivery and satisfaction. Also management should form committee to oversee
promotion other than relying on manager’s decision alone, regularly review employees’
salaries and benefits to ensure that they are commensurate to their skills and work
experience, comparable to the general industry practices which would boost employees’
morale.
Bindu Anto Ollukkaran and Rupa Gunaseelan (2012) in their study on “A Study on
the Impact of Work Environment on Employee Performance” examined on the work
environment factors which have an influence on employee performance. The study
found that training facilities, monetary package, impact of rewards and recognitions,
safe working conditions, job security influences the employee performance. Also study
suggested that management should consul employees before decision making,
encourage their employees to experiment new methods and try out creative ideas,
organise more training development programs for improving the performance of
employees.
Sometimes, however a general confusion is faced. Investment banking is often

considered while mentioning equity research at various occasions. Although similar,
these terms hold their own stands and are distinct in various manners
Formatted: Heading 3, Line spacing: 1.5 lines
Formatted: Font: 16 pt, Underline
41
OBJECTIVES Formatted: Font: 16 pt
 The main Objective Of equity research is to study companies, analyze Formatted: Heading 3, Line spacing: 1.5 lines, No
bullets or numbering
financials. and look at quantitative and qualitative aspects mainly for decisions :
whether to invest or not
Formatted: Heading 3, Indent: First line: 0", Line

spacing: 1.5 lines
 Suggestion and comments for holdings sell or buy position can be given to Formatted: Heading 3, Line spacing: 1.5 lines, No
stockholders

spacing: 1.5 lines
 Equity Research Report adds significant credibility to portfolio. Formatted: Heading 3, Line spacing: 1.5 lines, No

spacing: 1.5 lines
 It helps to predict value of the certain equity under specific circumstances. Formatted: Heading 3, Line spacing: 1.5 lines, No

spacing: 1.5 lines
 It is analyzing Stock, its industry and its peer group to provide earnings Formatted: Heading 3, Line spacing: 1.5 lines, No
and valuation estimates

spacing: 1.5 lines
 Research is valuable because it fills information gaps so that each Formatted: Heading 3, Line spacing: 1.5 lines, No
individual investor does not need to analyze every stock. This division of labour
makes the entire market more efficient.
42
Formatted: No underline
ROLE OF EQUITY RESEARCHole of equity research Formatted: Font: (Default) Arial, 12 pt, Bold
Formatted: Font: (Default) Arial, 12 pt, Bold, Underline
• Equity Research plays a very critical role that fills the information gap between the Formatted: Font: (Default) Arial, 12 pt, No underline
buyers and sellers of shares. Formatted: Line spacing: 1.5 lines

• Reason is that at all levels (individual or institutional) may not have the resources
or the capabilities to analyze every stocks. Formatted: Font: 12 pt
43
• Additionally, full information is not provided by the management due to which
further in-efficiencies are created and stocks trade below or above the fair value. Formatted: Font: (Default) Arial, 12 pt
• Equity Research analyst spend lot of time, energy and expertise to analyze stocks, Formatted: Font: 12 pt
follow news, talking to the management and provide an estimate of stock
valuations. Formatted: Font: (Default) Arial, 12 pt
• Also, equity research tries to identify the value stocks out of the massive ocean of Formatted: Font: 12 pt
stocks and help the buyers to generate profits.
PURPOSE OF EQUITY RESEARCH Formatted: Font: 16 pt

As stated before, the purpose of equity research is to study companies,

analyze financials and look at quantitative and qualitative aspects, helping
investors of varying degrees to make an informed decision.
44
As the name suggests, ‘research’ plays the most important role here.
The number of investors is booming and so is the need for exploring the
nature of investments.
Investors wish to take calculated and informed decisions, and this is where
the role of equity research begins.
The purpose of equity research and the researcher is manifold.
To begin with, one gathers and analyses industry data and financial models of
a specific company or an industry.
It also involves understanding current market trends, both from the

perspectives of macro economy and micro economy, and report findings.
Since the equity research targets a specific audience, it is necessary to tailor
the findings to the audience demand.
Further, adequate stress is laid on the accuracy of information. If investors

take actions based on any kind of misinformation or misrepresentation, losses
are tremendous and harmful to both the investor and the company. Therefore,
equity analysts spend a considerable amount of time analyzing stocks and
valuating estimates.
Formatted: Font color: Auto
45
APPROACH Formatted: Font: 16 pt, Underline color: Auto, Font
color: Auto
We take a detailed analytical approach focused on identifying the value
generating potential within the business in a changing marketplace and
differentiating the good and bad costs.
46
Hierarchy in equity research firms Formatted: Font: (Default) Arial, 16 pt, Bold
Formatted: Font: (Default) Arial, 16 pt, Bold, Underline
• A typical hierarchy at an Equity Research firms starts with the Head of
Formatted: Normal, Left, Line spacing: 1.5 lines
Equities/Head of Equities at the top. Formatted: Font: 12 pt, No underline
• Thereafter there are Analysts (senior) covering different sectors. Each analyst Formatted: Line spacing: 1.5 lines
mostly cover around 10-15 companies in a specific sector. Formatted: Font: 12 pt

• Each Senior analyst may be supported by an Associate, who in turn may be
supported by a couple Formatted: Font: 12 pt
GOODS AND SERVICE TAX

Meaning of GST: Formatted: No underline
Formatted: Default, Indent: Left: 0", Hanging: 0.5",
Line spacing: 1.5 lines, Tab stops: 0.15", Left + 0.5",
It has been long pending issue to streamline all the different types of indirect taxes and Left
implement a “single taxation” system. This system is called as GST (GST is the Formatted: No underline
abbreviated form of Goods & Services Tax). The main expectation from this system is to Formatted: No underline
abolish all indirect taxes and only GST would be levied. As the name suggests, the GST Formatted: No underline
will be levied both on Goods and Services.

GST was first introduced during 2007-08 budget session. On 17th December 2014, the current Formatted: No underline
Union Cabinet ministry approved the proposal for introduction GST Constitutional
Amendment Bill. On 19th of December 2014, the bill was presented on GST in Lok
Sabha. The Bill will be tabled and taken up for discussion during the coming Budget
session. The current central government is very determined to implement GST
Constitutional Amendment Bill.
GST is a tax that we need to pay on supply of goods & services. Any person, who is providing Formatted: No underline
or supplying goods and services, is liable to charge GST.
It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following Formatted: No underline
the passage of Constitution 101st Amendment Bill.
The GST is governed by GST Council and its Chairman is Union Finance Minister of India - Formatted: No underline
Arun Jaitley.
This method allows GST-registered businesses to claim tax credit to the value of GST they paid Formatted: No underline
on purchase of goods or services as part of their normal commercial activity.
Administrative responsibility would generally rest with a single authority to levy tax on
47
goods and services. Exports would be considered as zero-rated supply and imports
would be levied the same taxes as domestic goods and services adhering to the
destination principle in addition to the Customs Duty which will not be subsumed in the
GST.
Introduction of Goods and Services Tax (GST) is a significant step in the reform of indirect Formatted: No underline
taxation in India. Amalgamating several Central and State taxes into a single tax would
mitigate cascading or double taxation, facilitating a common national market. The
simplicity of the tax should lead to easier administration and enforcement. From the
consumer point of view, the biggest advantage would be in terms of a reduction in the
overall tax burden on goods, which is currently estimated at 25%-30%, free movement of
goods from one state to another
Without stopping at state borders for hours for payment of state tax or entry tax and reduction in Formatted: No underline
paperwork to a large extent.
GST will be applicable from 1 July 2017. Formatted: No underline
What is Union Territory GST (UTGST) and why it is implemented? Formatted: No underline
The GST is around the corner and the very few can ascertain that a new law has been Formatted: No underline
incorporated i.e. Union Territories GST (UTGST). The GST council has included the
UTGST in order to complete the constitutional obligation which says The Constitution
(One Hundred and first Amendment) Act, 2016, has added a new clause, namely Clause
26B on “State” in Article 366. As per this clause, “State” with reference to Articles 246A,
268, 269, 269A, and 279A includes a Union territory with Legislature yet even ‘State’ for
the purposes of GST, added a Union territory with Legislature. The lawmakers,
stakeholders, tax consultants and business owners are still finding some ways to figure
out the new incorporated law UTGST as the law has been brought very quickly to suffice
SGST and other laws to tag them properly into the operation.
The purpose of UTGST bill is to apply a collection of tax on every Intra UT supply of goods and Formatted: No underline
service in the union territories in absence of legislature and has similar properties as that
of SGST. So all in all, the SGST cannot fulfill the needed provision here and for the
same UTGST has taken its place. Currently, UTGST is applied to union territories of
48
India namely Chandigarh, Lakshadweep, Daman and Diu, Dadra and Nagar Haveli,
Andaman and Nicobar Islands.
The main agenda has been taken up by the GST council for which the apex body has Formatted: No underline
introduced the UTGST which will continue to provide benefits as same as SGST. Apart
from that, New Delhi and Pondicherry will still enjoy the SGST provisions as both states
have their separate legislatures and can operate freely on the terms of SGST and have
also been considered as the states by the GST council.
Formatted: Font: Italic
How is GST applied? Formatted: No underline

Formatted: Font: Italic
GST is a consumption based tax/levy. It is based on the “Destination principle.” GST is applied Formatted: No underline
on goods and services at the place where final/actual consumption happens.
GST is collected on value-added goods and services at each stage of sale or purchase in the Formatted: No underline
supply chain. GST paid on the procurement of goods and services can be set off against
that payable on the supply of goods or services. The manufacturer or wholesaler or
retailer will pay the applicable GST rate but will claim back through tax credit
mechanism. But being the last person in the supply chain, the end consumer has to bear
this tax and so, in many respects, GST is like a last-point retail tax. GST is going to be
collected at point of Sale.
Figure 1 Formatted: No underline
The GST is an indirect tax which means that the tax is passed on till the last stage wherein it is Formatted: No underline
the customer of the goods and services who bears the tax. This is the case even today
for all indirect taxes but the difference under the GST is that with streamlining of the
multiple taxes the final cost to the customer will come out to be lower on the elimination
of double charging in the system.
Let us understand the above supply chain of GST with an example: Formatted: No underline
49
Table 1 Formatted: No underline
The current tax structure does not allow a business person to take tax credits. There is lot of Formatted: No underline
chances that double taxation takes place at every step of supply chain. This may set to
change with the implementation of GST.
Indian Government is opting for Dual System GST. This system will have two components Formatted: No underline
which will be known as
Central Goods and Service Tax (CGST) and State Goods and Service Tax (SGST). Formatted: No underline
The current taxes like Excise duties, service tax, custom duty etc. will be merged under CGST. Formatted: No underline
The taxes like sales tax, entertainment tax, VAT and other state taxes will be included in
SGST.
So, how is GST Levied? GST will be levied on the place of consumption of Goods and Formatted: No underline
services. It can be levied on:
Intra-state supply and consumption of goods & services Formatted: No underline
Inter-state movement of goods Formatted: No underline
Import of Goods & Services Formatted: No underline
Table 2 Formatted: No underline
What is the applicable GST rate? Formatted: No underline

The rate (percentage) of GST is not yet decided. As mentioned in the above table, there might Formatted: No underline
be CGST, SGST and Integrated GST rates. It is also widely believed that there will be 2
or 3 rates based on the importance of goods. Like, the rates can be lower for essential
goods and could be high for precious/luxury items.
Benefits of GST Bill implementation Formatted: No underline
The tax structure will be made lean and simple Formatted: No underline
The entire Indian market will be a unified market which may translate into lower business costs. Formatted: No underline
It can facilitate seamless movement of goods across states and reduce the transaction
costs of businesses.
It is good for export oriented businesses. Because it is not applied for goods/services which are Formatted: No underline
exported out of India.
50
In the long run, the lower tax burden could translate into lower prices on goods for consumers. Formatted: No underline
The Suppliers, manufacturers, wholesalers and retailers are able to recover GST incurred on Formatted: No underline
input costs as tax credits. This reduces the cost of doing business, thus enabling fairer
prices for consumers.
It can bring more transparency and better compliance. Formatted: No underline
Number of departments (tax departments) will reduce which in turn may lead to less corruption Formatted: No underline
More business entities will come under the tax system thus widening the tax base. This may Formatted: No underline
lead to better and more tax revenue collections.
Companies which are under unorganized sector will come under tax regime. Formatted: No underline
Challenges for implementing Goods & Services Tax system Formatted: No underline
 To implement the bill there has to be lot changes at administration level, Information Formatted: No underline
Technology integration has to happen, sound IT infrastructure is needed, the state

governments has to be compensated for the loss of revenues (if any) and many more. Formatted: No underline
 GST, being a consumption-based tax, states with higher consumption of goods and services Formatted: No underline
will have better revenues. So, the co-operation from state governments would be one of
the key factors for the successful implementation of GST
A four-tier GST tax slabs have been decided by the Finance ministry. Below are the details; Formatted: No underline
Zero Tax rate: There won’t be any tax on almost 50 % of items in the Consumer Price Index Formatted: No underline
basket, including grains used by the common man. Formatted: No underline

5% Tax slab: This is applicable on items of mass consumption used by common people.
There would be two standard rates of 12% and 18% under the GST regime.
All the items (especially luxury items) which are now taxed at around 30% will fall under 28%
GST rate slab.
An additional cess would also be levied on luxury cars, tobacco products & aerated drinks
besides the highest tax rate (28%). Formatted: No underline
The tax rate proposal will now be placed in Parliament for its approval. Formatted: No underline
Since GST replaces many cascading taxes, the common man may benefit after implementing it. Formatted: No underline
Small Traders (based on Annual Business turnover) may also benefit from it. Formatted: No underline
51
France was the first country to introduce this system in 1954. Nearly 140 countries are following Formatted: No underline
this tax system. GST is the next biggest tax reform in India. This reform could be a
continuing process until it is fully evolved.
A typical hierarchy at an Equity Research firmsstarts with the Head of Equities/Head of Formatted: Font: 12 pt, No underline
Equities at the top. Formatted: Indent: Left: 0", First line: 0", Line spacing:
1.5 lines
• Thereafter there are Analysts (senior) covering different sectors. Each analyst mostly
cover around 10-15 companies in a specific sector. Formatted: Line spacing: 1.5 lines
• Each Senior analyst may be supported by an Associate, who in turn may Formatted: Font: 12 pt
be sup
CHAPTER 2:
LITERATURE REVIEW
52
GST is an aspect an aspect of fiscal policy.
A value-added tax (VAT), known in some countries as a goods and services

tax (GST), is a type of general consumption tax that is collected incrementally, based
on the surplus value, added to the price on the work at each stage of production, which
is usually implemented as a destination-based tax, where the tax rate is based on the
location of the customer. VATs raise about a fifth of total tax revenues both worldwide
and among the members of the Organization for Economic Co-operation and
Development (OECD). As of 2014, 160 of the world's approximately 193
countries employ a VAT, including all OECD members except the United States.
IMPLEMENTATION
53
The standard way to implement a value-added tax involves assuming a business owes Formatted: Font: (Default) Arial, No underline
some fraction on the price of the product minus all taxes previously paid on the good.
By the method of collection, VAT can be accounts-based or invoice-based. Under

the invoice method of collection, each seller charges VAT rate on his output and passes
the buyer a special invoice that indicates the amount of tax charged. Buyers who are
subject to VAT on their own sales (output tax), consider the tax on the purchase
Invoices as input tax and can deduct the sum from their own VAT liability. The
difference between output tax and input tax is paid to the government (or a refund is
claimed, in the case of negative liability). Under the accounts based method, no such
specific invoices are used. Instead, the tax is calculated on the value added, measured
as a difference between revenues and allowable purchases. Most countries today use
the invoice method, the only exception being Japan, which uses the accounts method.
By the timing of collection, VAT (as well as accounting in general) can be

either accrual or cash based. Cash basis accounting is a very simple form of
accounting. When a payment is received for the sale of goods or services, a deposit is
made, and the revenue is recorded as of the date of the receipt of funds—no matter
when the sale had been made. Cheques are written when funds are available to pay
bills, and the expense is recorded as of the cheque date—regardless of when the
expense had been incurred.
The primary focus is on the amount of cash

in the bank, and the secondary focus is on
making sure all bills are paid. Little effort is
made to match revenues to the time period
in which they are earned, or to match
expenses to the time period in which they
are incurred. Accrual basis
accounting matches revenues to the time
period in which they are earned and matches expenses to the time period in which they
54
are incurred. While it is more complex than cash basis accounting, it provides much
more information about your business. The accrual basis allows you to track receivables
(amounts due from customers on credit sales) and payables (amounts due to vendors
on credit purchases). The accrual basis allows you to match revenues to the expenses
incurred in earning them, giving you more meaningful financial reports.
There are two main methods of calculating VAT:
The credit-invoice or invoice-based method
The subtraction or accounts-based method.
Using the credit-invoice method, sales transactions are taxed, with the customer
informed of the VAT on the transaction, and businesses may receive a credit for VAT
paid on input materials and services. The credit-invoice method is the most widely
employed method, used by all national VATs except for Japan.
The subtraction method, at the end of a reporting period, a business calculates the
value of all taxable sales then subtracts the sum of all taxable purchases and the VAT
rate is applied to the difference. The subtraction method VAT is currently only used by
Japan, although subtraction method VATs, often using the name "flat tax", have been
part of many recent tax reform proposals by US politicians.
With both methods, there are exceptions in the calculation method for certain goods and
transactions, created for either pragmatic collection reasons or to counter tax fraud and
evasion.
GST will be one single tax for all the indirect taxes in India.
The implementation of GST would replace the following taxes.
55
TAXES CURRENTLY LEVIED AND COLLECTED BY THE CENTRE:
 Central Excise duty
 Duties of Excise (Medicinal and Toilet Preparations)
 Additional Duties of Excise (Goods of Special Importance)
 Additional Duties of Excise (Textiles and Textile Products)
 Additional Duties of Customs (commonly known as CVD)
 Special Additional Duty of Customs (SAD)
 Service Tax
 Central Surcharges and Cesses as far as they relate to supply of goods and
services
56
State taxes that would be subsumed under the GST are:
 Central Exercise Duty
 Corruption Tax
 Value Added Tax (VAT)
 Food Tax
 Central Sales Tax (CST)
 Octroi
 Entertainment Tax
 Entry Tax
 Purchase Tax
57
 Luxury Tax
 Advertisement taxes
 Taxes applicable on lotteries
GST FRAMEWORK
58
Formatted: Font: (Default) Arial, No underline
Figure 2
The GST Framework could easily be one of the most important tax reforms to be tabled
for discussion in the Parliament. It does bring with some problems, like division of
taxation power between Centre and State. The GST will be applicable on the basis of
Destination principle.
So the GST has two components:-
One levied by Centre (hereinafter referred to as Central GST) and the other levied by
the States (hereinafter referred as State GST)
How will the application of GST affect ThoughtSol InfoTech Pvt. Ltd?
59
Implementation of the GST Bill will affect the distribution of goods and services and
improves operational efficiencies. While the rates prescribed by the Goods and Services
Tax (GST) council are a mixed bag for India, some segments such as adhesives, coal
and lignite, hair oil, luxury cars, soaps, two-wheelers, and toothpaste are expected to
benefit from lower duties. On the other hand, manufacturers of chocolates, paints,
sanitary ware and white goods will be adversely affected due to higher taxes. The ET
Intelligence Group analyses sector-wise impact of the GST rate structure.
The fitment of rates of goods was discussed today during the 14th GST Council meeting
held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates
for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The
information is being uploaded immediately after the GST Council’s decision and it will
be subject to further vetting during which the list may undergo some changes. GST
rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be
decided by the GST Council. The footnote below the table gives the list of such goods.
S. No. Chapter Nil 5% 12% 18% 28

%
60
Photographi 1. 3701 All goods not Formatted: Line spacing: 1.5 lines
c or Photographi specified
cinematogra c plates and elsewhere
phic goods film for x-ray 1. 3701
for medical Photographic
use. 2. plates and
Photographi film in the
c plates and flat,
films sensitized,
including unexposed,
cinematogra of any
phic film material
[3705, other than
3706]; such paper,
as paperboard
Children’s or textiles;
films instant print
certified by film in the
the Central flat,
Board of sensitized,
Film unexposed,
Certification whether or
to be not in packs;
“Children’s such as
Film”, Instant print
Documentar film,
y Shorts, Cinematogra
and Films phic film
certified as (other than
such by the for x-ray for
61
Central Medical
Board of use). 2.
Film 3702
Certification, Photographic
News Reels film in rolls,
and sensitized,
clippings, unexposed,
Advertiseme of any
nt Shorts, material
and Films, other than
Teaching paper,
aids paperboard
including or textiles;
film strips of instant print
educational film in rolls,
nature. sensitized,
unexposed.
3. 3703
Photographic
paper,
paperboard
and textiles,
sensitized,
unexposed.
4. 3704
Photographic
plates, film,
paper,
paperboard
and textiles,
62
exposed but
not
developed.
5. 3706
Cinematogra
phic film,
exposed and
developed,
whether or
not
incorporating
sound track
or consisting
only of
sound track.
6. 3707
Chemical
preparations
for
photographic
uses (other
than
varnishes,
glues,
adhesives
and similar
preparations)
; unmixed
products for
photographic
63
uses, put up
in measured
portions or
put up for
retail sale in
a form ready
for use.
64
Printed 1. Printed 4901 All goods Formatted: Line spacing: 1.5 lines
books, books, Brochur not specified

newspapers, including es, elsewhere
pictures and Braille leaflets 1.4903
other books and Children's
products of [4901] similar picture,
the printing and printed drawing &
industry, newspape matter, coloring
manuscripts, r, whether books. 2.
typescripts periodical or not in 4904 Music,
and plans s& single printed or in
journals sheets manuscript,
[4902], whether or
maps, not bound or
atlas, illustrated. 3.
chart & 4906 Plans
globe and
[4905] drawings for
[4902 architectural,
Newspap engineering,
ers, industrial,
journals commercial,
and topographic
periodical al or similar
s, whether purposes,
or not being
illustrated originals
or drawn by
containing hand; hand-
advertisin written texts;
65
g material. photographi
4905 c
Maps and reproduction
hydrograp s on
hic or sensitized
similar paper and
charts of carbon
all kinds, copies of the
including foregoing. 4.
atlases, 4907
wall Unused
maps, postage,
topograph revenue or
ical plans similar
and stamps of
globes, current or
printed. new issue in
the country
in which
they have,
or will have,
a recognized
face value;
stamp
impressed
paper;
banknotes;
cheque
forms; stock,
share or
66
bond
certificates
and similar
documents
of title. 5.
Transfers
(decalcoman
ias) [4908]
6. 4909
Printed or
illustrated
postcards;
printed
cards
bearing
personal
greetings,
messages or
announcem
ents,
whether or
not
illustrated,
with or
without
envelopes or
trimmings. 7.
4910
Calendars of
any kind,
67
printed,
including
calendar
blocks. 8.
4911 Other
printed
matter,
including
printed
pictures and
photographs
; such as
Trade
advertising
material,
Commercial
catalogues
and the like,
printed
Posters,
Commercial
catalogues,
Printed inlay
cards,
Pictures,
designs and
photographs
, Plan, and
drawings for
architectural
68
engineering,
industrial,
commercial,
topographic
al or similar
purposes
reproduced
with the aid
of computer
or any other
devices.
69
Table 3
A distinction between printers and multifunctional printers, which have copying

machines, scanners rolled into one, by making an exception for the latter in the 18%
category in Goods and Services Tax has peeved the IT industry that has again knocked
the doors of the government.
The last GST Council meeting on June 11 had decided to place printers in the 18% slab
following representations from the industry after confusion over whether they would be
in 28% slab or 18%.
But the notification of the rates said printers (other than multifunction printers) would
face 18%, the revised rate approved by the GST Council. What has flummoxed the
industry is the exception created for multifunction printers that fall in the same
Harmonized System of Nomenclature as simple printers. More than 80% of printers sold
in the country are multifunction printers.
The pre-GST tax incidence on printers is in the range of 16-18% with most states
levying value-added tax at rate of 5%. Industry says the government had assured that
the fitment exercise would ensure that it is in accordance with the current tax incidence
and therefore multifunction printers should be categorized under 18% bracket rather
than 28%.
It has said that information technology (IT) products such as multifunction printers are
the core element of Digital India initiative and the price hike due to high tax is expected
to have a counter effect. The GST rate on all printers should be synchronized with
similar kind of digital products such as laptops and desktops and the same shall be
70
taxed at 18%, it has said in the representation.
Laptops and desktops are set to become dearer when GST comes into effect, making
the industry, which has been arguing for a lower rate of tax to help boost the Digital
India drive, to raise concern about the new rates.
The GST Council has fixed the rate on laptops and desktops at 18 per cent, compared
with the current levy of 14-15 per cent. Related products such as monitors and printers
will be taxed at 28 per cent.
The Manufacturers Association for Information Technology had recommended a rate of

12 per cent on PCs, which would have made computers cheaper and helped in
increasing IT penetration, Anwar Shirpurwala, the industry body's executive director,
told ET. "IT products are the core element of Digital India and the price hike is expected
to have a counter effect," he added.
The sector has been segregated into two categories: one comprising products such as
desktops and laptops, and the other covering items like monitors and printers.
GST Impact on Laptops and Desktops
Now that GST has been implemented, laptops and desktops will attract a tax rate of
18% which was earlier 14-15%. Hence, if you have plans of buying a laptop or desktop
in recent times, you should be ready to pay a little more now!
GST Impact on Monitors and Printers
71
With GST, monitors and projectors will attract a GST rate of 28% which was earlier up
to 18.5%. So, your expense on these items has increased.
GST Impact on other IT accessories
GST rate on other IT accessories such as LAN and data cable will be 28% which was
earlier 17.5%. Other than these items like photocopying, fax machines, ink cartridges
are to levy 28% GST instead of 18% duty.
Laptop price before Laptop price after GST

Laptops/Desktops
GST tax
Dell Inspiron 15 Laptop ₹46,390 ₹48,246 (approx.) Formatted: Line spacing: 1.5 lines
Dell Inspiron 5447 Notebook ₹38,790 ₹40,341 (approx.) Formatted: Line spacing: 1.5 lines
Acer Aspire E1-570 Notebook ₹36,099 ₹37,542 (approx.) Formatted: Line spacing: 1.5 lines
HP Pavilion 15-N209TX ₹ 47,489 ₹49,388 (approx.) Formatted: Line spacing: 1.5 lines
Notebook
Toshiba Satellite C665-I5011 ₹60,000 ₹62,400 (approx.) Formatted: Line spacing: 1.5 lines
Laptop
72
Laptop price before Laptop price after GST
Laptops/Desktops
GST tax
Dell Inspiron 5000 APU Quad ₹38,000 ₹39,520 (approx.) Formatted: Line spacing: 1.5 lines
Core A8
HCL AE1V2892-X Laptop ₹40,019 ₹41,619 (approx.) Formatted: Line spacing: 1.5 lines
Sony VAIO VPCEH15EN ₹29,990 ₹31,189 (approx.) Formatted: Line spacing: 1.5 lines
Laptop
Toshiba Satellite P750-X5310 ₹70,000 ₹72,800 (approx.) Formatted: Line spacing: 1.5 lines
Laptop
Sony VAIO VPCZ136GG Laptop ₹1,09,900 ₹1,14,296 (approx.) Formatted: Line spacing: 1.5 lines
The Equity Research Process Formatted: Font: 16 pt

There are multiple steps involved in the equity research process. Here they are:
#1. Economic Analysis: It is a systematic practice undertaken to determine the Formatted: Font: 12 pt, No underline
usability of available resources, comparison between two or more resources, Formatted: Font: 12 pt
accounting opportunity costs and measuring the scope or viability of an investment. Formatted: Font: 12 pt, No underline
#2. Industry Analysis: It is a tool used for assessing current markets and Formatted: Font: 12 pt, No underline
understanding its complexities. Political, economic and market factors are reviewed to Formatted: Font: 12 pt, Font color: Auto
Formatted: Font: 12 pt, No underline, Font color: Auto
understand its influence over the development of the industry.
Formatted: Font: 12 pt, Font color: Auto
73
#3. Company Analysis: It is a series of activities undertaken to analyse the operations Formatted: Font: 12 pt, No underline, Font color: Auto
of a business, focusing on the cause and effect of decisions and how they are likely to Formatted: Font: 12 pt, Font color: Auto
benefit (or not) future investors.
#4. Financial Statement Analysis: The accounts of a company are evaluated to Formatted: Font: 12 pt, No underline, Font color: Auto
determine the financial soundness (or otherwise) of the company. Profit and loss Formatted: Font: 12 pt, Font color: Auto
statements and managerial practices are overseen to prepare an accurate financial
statement. Formatted: Font: 12 pt, Font color: Auto
#5. Financial and Valuation Modeling: This is the process of valuing the company and Formatted: Font: 12 pt, No underline, Font color: Auto
its assets. Formatted: Font: 12 pt, No underline, Font color: Auto

#6. Report Writing: All the above processes culminate into the report writing stage
where the equity analyst prepares an in-depth report accessible to relevant Formatted: Font: 12 pt, No underline, Font color: Auto
shareholders. Formatted: Font: 12 pt, No underline, Font color: Auto
#7. Presentation or Recommendation: Based on the report, recommendations are Formatted: Font: 12 pt, No underline, Font color: Auto
made for the benefit of the company and its shareholders. Formatted: Font: 12 pt, Font color: Auto
74
Formatted: Line spacing: 1.5 lines, Tab stops: 2.88",

Left
75
OBJECTIVES Formatted: Centered
 The main Objective Of equity research is to study companies, analyze financials.

and look at quantitative and qualitative aspects mainly for decisions : whether to
invest or not
 Suggestion and comments for holdings sell or buy position can be given to
stockholders
 Equity Research Report adds significant credibility to portfolio.
 It helps to predict value of the certain equity under specific circumstances.
 It is analyzing Stock, its industry and its peer group to provide earnings and
valuation estimates
Research is valuable because it fills information gaps so that each individual investor
does not need to analyze every stock. This division of labour makes the entire market
more efficient
76
77
CHAPTER 23:
COMPANY PROFILE
78
COMPANY BACKGROUND Formatted: Font: 16 pt
Formatted: Font: 16 pt, German (Germany)
Anushree Financial Services Pvt Ltd is a Private incorporated on 19 March 1997. Formatted: Font: 12 pt, No underline
It is classified as Non-govt company and is registered at Registrar of Companies,

Delhi. Its authorized share capital is Rs. 500,000 and its paid up capital is Rs.
493,000.It is inolved in Activities auxiliary to financial intermediation, except
insurance and pension funding.[This Group includes activities involved in or
closely related to financial inter-mediation other than insurance and pension
funding but not themselves involving financial inter-mediation Formatted: Font: 12 pt
ThoughtSol is the brave new face of the IT industry. Welcome to a company that was
born out of a simple thought - bring on a new sunshine. The sunshine of new levels of
service, new levels of commitment, new levels of hope. We strive to offer ever newer,
ever higher levels of delivery. What we bring to you is the change you would like to see.
ThoughtSol offers a high degree of skills and domain expertise across a wide set of
focused areas. These include Infrastructure Solutions, Technology Consulting and End
User Experience Management.
ThoughtSol helps customers leverage the power of IT for a 360° impact on their
businesses. Business drivers for our solutions range from increasing market share,
enhancing customer engagement, driving innovation, improving agility and efficiency of
operations, reducing costs or standardizing business processes, all in a secure manner.
ThoughtSol is an organization that has set lofty goals for it. Goals that are ultimately
aimed at providing a never before experience to all that are touched by it. Our goals are
aptly summed up by our thought line "Look Up". The founders aim to build an
organization that will create trust on a model of transparency, honesty and
professionalism.
At ThoughtSol, we firmly believe that ethical behavior is the backbone and foundation
on which a strong organization is built. That is why we discharge all our duties in an
ethical manner. We are honest and fair in our interactions with all stakeholders - our
clients, our partners and most importantly our in-house associates. Our responsibilities
79
extend beyond business. That is why we have established the ThoughtSol Foundation.
The Foundation aims to provide assistance to some of the more socially and
economically challenged sectors of the communities we work in..
VISION Formatted: Underline
Be acknowledged as a customer-centric company and the banking most trusted IT

solutions and services partner for our customers.
MISSION
Create a world class organization that believes in happiness first, and always.
MOTTO
Be young, nimble, and happy!
CULTURE Formatted: Underline
Anushree financial services pvt ltd.
ThoughtSol InfoTech has created a culture that emphasizes customer centricity,

teamwork and continuous process improvement. Our culture is expressed in the values
that embody our core ideology and defines who we are. Our values are based on the
foundation of unyielding integrity and act as a compass to guide our thoughts and
actions, serving as the pillars that uphold us as an organization.
80
VALUES Formatted: Font: Bold
Values Formatted: Font: Not Bold, Underline, Pattern: Clear
We Succeed When Our Customers Succeed
We Grow When Our People Grow
Teams Work, Boundaries Don't
Energy and Focus Transform Challenges into Opportunities
Outstanding Execution Delivers Impact
81
Innovation Keeps Us Ahead of the Curve Formatted: Font: 16 pt
A Culture of Transparency Formatted: Font: 16 pt

Anushree financial services pvt. ltd.ThoughtSol InfoTech believes that open,

transparent and regular communication with associates about developments, good or
bad, fosters trust and goes a long way in building loyalty.
Empowering associates to voice their ideas, concerns and feedback is a key part of
keeping them happy. An important channel for gathering feedback is the Associate
Satisfaction Survey, the results of which are driven with rigor and passion throughout
the company.
82
A CULTURE OF GIVINGCulture of Giving Formatted: Font: 16 pt

It involves us as individuals as well as our company-wide efforts. Our guiding principles

are:
Embed social and environmental code of conduct into our core operations and functions
Leverage our differentiating skills and competencies
Design & implement sustainable and scalable solutions
83
SUCCESS MANTRA Formatted: Font: 16 pt
We see success as the success of all that are associated with us is our success. From
customers to vendors to, most importantly¸ those who are part of the organization.
Success for us stands on the strong pillars of:
Leveraging our Core Competence
Building on our Great Teamwork
Always striving for and working toward Consistent Transparency
Taking a Long Term View of whatever we do
84
It is an undying effort to satisfy the most demanding customer and providing him with a
solution that is not available elsewhere. It is the edge we seek to provide.
85
COMPETITIVE ADVANTAGE Formatted: Font: 16 pt
We believe that learning and knowledge are our greatest possessions. We are always
learning. In fact, we believe that is how it should be. Every day and every experience
teaches us something new. This experience could come from interactions with our
customers, our partners and all those who touch us daily.
It is this openness and willingness to learn and then implement that learning to
constantly improve our customer offering is what sets us apart.
86
CORPORATE GOVERNANCE Formatted: Font: 16 pt

Corporate governance is about maximizing shareholder value legally, ethically and on a

sustainable basis.Thebasis. The At ThoughtSol, the goal of corporate governance is to
ensure fairness for every stakeholder – our customers, investors, partners, the
community. We firmly believe that corporate governance is a reflection of our culture,
our policies and our relationship with stakeholders and our commitment to values.
Accordingly, we always seek to ensure that we attain our performance rules with
integrity.
Our corporate governance practices begin with our Board of Directors. All our directors
possess rich industry experience. They bring to our Board varied perspectives and
insights. Our Board has established a Governance Committee to assist in fulfilling its
duties and responsibilities.
Our corporate governance philosophy is based on the following principles:
Going beyond the written word in upholding corporate governance standards.
Maintaining transparency.
Making a clear distinction between personal conveniences and corporate resources.
Communicating externally, in a truthful manner, about how the Company is run

internally.
Complying with all laws.
Having a simple and transparent corporate structure.
SIGNIFICANCE OF THOUGHTSOL LOGO
87
ThoughtSol was born of a desire to introduce an organization that was committed to
giving considered thought and bring light & energy in all its actions.
As the first part of our name suggests, everything we do is with a deep "Thought". Our
thoughts and the way we approach a situation is what sets us apart. It's the coming
together of minds with over 80 years of business experience. "Sol", Spanish for the
"sun", epitomizes our deepest belief – spread light & energy and brings happiness to all
that we touch.
The colors of our name carry forward our firm thoughts and beliefs. The purple signifies
our creative and imaginative ways of looking at any situation. The red in our logo
conveys our youthful thinking, while bringing a sense of excitement and warmth in our
conduct.
The logo consists of two distinct elements: the written word and the graphic. The overall
look of the logo is of the structured type. The font is clean, modern and prominent. This
conveys our clarity of thought and purpose. The clarity of the text also alludes to the
sharpness and definiteness that is associated with the IT business. The graphic
representing the sun is a visual depiction of the word "Sol". The combination of the word
and graphic gives it a visual relief and heightens its "stop-to-look factor".
ThoughtSol is not just any organization operating in the information technology sphere;
it's an organization that is dedicated to bringing a new thought and a smile to this
landscape.
COMPANY DETAILS
88
Formatted ...
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CIN U67120DL1997PTC085961 Formatted ...
Formatted ...
Company Name ANUSHREE FINANCIAL Formatted ...
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SERVICES PVT LTD
Formatted ...
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Company Status Active
Formatted ...
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RoC RoC-Delhi Formatted ...
Formatted ...
Registration 85961 Formatted ...
Number Formatted ...

Formatted ...
Formatted ...
Company Company limited by Shares
Formatted ...
Category Formatted ...
Formatted ...
Company Sub Non-govt company Formatted ...
Category Formatted ...

Formatted ...
Formatted ...
Class of Company Private
Formatted ...
Formatted ...
Date of 19 March 1997
Formatted ...
Incorporation Formatted ...
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Age of Company 20 years, 5 month, 26 days Formatted ...
Formatted ...
Formatted ...
Formatted ...
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MANAGEMENT TEAM
Formatted ...
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89
MR. VINET KUMAR,
CEO Formatted: Left, Line spacing: 1.5 lines

DIRECTORS OFDirectors of ANUSHREE FINANCIAL SERVICES
Formatted: Font: 18 pt, Bold
PVT LTD Formatted: Font: 18 pt, Bold, Underline
1.Director Identification Number

2.Name
3.Designation
4.Date of Appointment
1)00518945 Formatted: Font: 16 pt, Bold, No underline

Surendrakumar Formatted: Font: 16 pt, Bold, No underline
SURENDRA KUMAR
Formatted: Link, Font: (Default) Helvetica Neue, 16 pt,
Director Bold, No underline, Underline color: Auto, Font color:
Red
05 July 2006 Formatted: Font: 16 pt, Bold, Font color: Red

Formatted: Font: 16 pt, Bold, No underline, Underline
color: Auto
Formatted: Font: Bold, No underline, Underline color:
Auto
Formatted: Font: Bold
90
Formatted: Font: (Default) Arial, 12 pt, No underline,
Underline color: Auto, Font color: Auto
Formatted: Font: 18 pt, No underline, Underline color:

Surendra kumar has an experience of 25 years in the Auto, Font color: Auto
finance sector. Prior to founding Anushree Financial
Services. His past roles have given him rich and diverse
experience in the areas of Business Development,
Business Analysis, Sales Management, Relationship
Management, Leadership Enabling
Function and Profit Center Management. Auto, Font color: Auto
As a founding member of Progressive Anushree Financial Formatted: Font: 18 pt
Services, and during his tenure of 15 years there, Formatted: Font: 18 pt, No underline, Underline color:
Surendra was instrumental in growing the revenue of the
Formatted: Normal
Systems Integration Business manifold. He was
instrumental in developing, managing and growing
relationships with several key customers across Finance
and Operations customer relationship manager with
outstanding interpersonal and analytical skills.
91
2)00671650 Formatted: Font: 16 pt, Bold, No underline, Underline
color: Auto
KUSHKANTSINGHAL Formatted: Font: 16 pt, Bold

Formatted: Link, Font: (Default) Helvetica Neue, 16 pt,
Director Bold, No underline, Underline color: Auto, Font color:
Red
19 march 2007 Formatted: Font: 16 pt, Bold, Font color: Red
Formatted: Font: 16 pt, Bold, No underline, Underline
color: Auto
Formatted: Font: 16 pt, Bold, No underline, Font color:
Black
92
Formatted: Font: (Default) Arial, 12 pt, No underline,
Font color: Black

MR. Kush Kant is almost 20 years old in the Finance Auto, Font color: Auto
sector. He has worked with many other leadig financial
companies and Linked with Finance in various senior
leadership roles.MR. Kush Kant has led and managed
Converged Infrastructure practices, support and
professional services leveraging geographically distributed
teams.
Mr. Kush Kant is a BCom graduate from Bangalore Auto, Font color: Auto
University, Bangalore. He has done his MBA from
Symbiosis Pune.
KEY PERSONS Formatted: Font: 16 pt, Underline color: Auto, Font

color: Auto

1.Mrs. PREETI VOHRA Formatted: Font: 16 pt, No underline, Underline color:
Director – Programme Auto, Font color: Auto
93
2. Mr. AYUSH RAWAT Formatted: Font: 16 pt, No underline, Underline color:
Financial Advisor Formatted: Font: 16 pt
Formatted: Font: 36 pt, No underline, Font color: Black
Vinet has an experience of

22 years in the IT Industry.
Prior to founding ThoughtSol
InfoTech, he was Director-
Enterprise Sales at
Progressive InfoTech, a
leading System Integration
94
and Services company. His
past roles have given him
rich and diverse experience
in the areas of Business
Development, Business
Analysis, Sales
Management, Relationship
Management, Leadership
Enabling Function and Profit
Center Management.
95
As a founding member of
Progressive InfoTech, and
during his tenure of 15 years
there, Vinet was instrumental
in growing the revenue of the
Systems Integration
Business manifold. He was
instrumental in developing,
managing and growing
relationships with several
96
key customers across
geographies and Technology
Partners. During his stint,
Progressive InfoTech was
proud receipt of many
industry awards and
accolades for IT System
Integration business from the
likes of CRN, VAR, SME
Channel, HP and Oracle.
97
Vinet's key strength is as an

IT Business Strategist. He is
a goal driven and passionate
leader. He is an excellent
customer relationship
manager with outstanding
interpersonal and analytical
skills.
98
Vinet holds a B.E.

(Electronics) from Bangalore
University, Bangalore
Formatted: Font: 36 pt, Font color: Black
MR. Ratan Dargan, Formatted: Font: 36 pt
Director - Technology
Solutions
99
Ratan is almost 20 years old

in the Infrastructure
Technology Solutions design
and deployment space. He
has worked with Oracle
India, Progressive InfoTech
and Linked with Marketing in
various senior leadership
roles. Ratan has led and
managed Converged
100
Infrastructure practices,
support and professional
services leveraging
geographically distributed
teams.
Prior to co-founding
ThoughtSol InfoTech, Ratan
played multiple leadership
roles at Progressive
InfoTech. During his 12
101
years with the company as
Vice President – Enterprise
Sales and Head-Converged
Infra & Cloud, he was
instrumental in winning many
strategic high value deals
and running independent
P&L units. He was
instrumental and played a
key role in setting up of the
102
Technology Solutions
Practice at Progressive
InfoTech. During his tenure,
he also helped Progressive
InfoTech establish a thought
leadership position in the HP
Enterprise Solutions arena.
Before co-founding
ThoughtSol, Ratan led the
103
Storage Sales for Oracle in
North India.
Ratan distinguishes himself

in building and sustaining
strong customer loyalties. He
has an excellent track record
of aggressively building,
developing and executing
strategic vision for business
growth. His core strength lies
104
in designing & deploying
Data Centre Infrastructure
Solutions ranging from Data
Centre Transformation,
Server Virtualization,
Storage Optimization, Data
Protection, Network &
Security Solution and Unified
Communication.
105
Ratan is a Computer
Science & Engineering
graduate from Bangalore
University, Bangalore.
MR. SAKET VOHRA, Formatted: Font: 36 pt
DIRECTOR SERVICES Formatted: Font: 36 pt
106
Saket has a rich professional

experience of 22 years in the
IT industry. He has played
key roles in leading IT
Services companies like
IT&T and Progressive
InfoTech. This has exposed
him to global standards and
helped in his strong
leadership qualities.
107
During his tenure in these

organizations, Saket has
been involved in setting up
innovative new initiatives like
3rd Party Test and Repair
centre (TRC) for IT&T, and
turning it into a profit centre.
During his tenure in his
previous organization, he
had been actively involved
108
and lead projects like ISO
20000 and 27000
certifications successfully.
He is a lead auditor and
27000 trained masters
professional in ISO 20000,
and he understands the
changing environment of IT
with the changing needs of
business very well. His
109
quality of aligning with
business and frequently
changing needs deserve
special mention as he has
been taking on challenges
and moving forward with his
team.
His past experience inspired

Saket to be a co-founder at
ThoughtSol InfoTech. Saket
110
is a highly personable
customer service
professional with extensive
experience in Customer
Service Delivery and
Operations. His talent lies in
identifying customer needs
and presenting appropriate
product and service
offerings. He has
111
demonstrated abilities to
gain customer trust and
provide exceptional follow-
up, leading to increased
repeat and referral business.

Saket has a track record of

leading teams responsible
for designing and
implementation of reporting
procedures that reduce labor
112
costs and improve customer
satisfaction ratings.
He has been a people's man

and a strong believer of our
"Happy Employee, Happy
Customer" philosophy. He
has always endeavored to
continuously develop
people's skills by upgrading
113
both soft-human and hard-
technical competencies.
Saket holds a BCA degree

and ITIL Masters trained
(V2) from STQC.
KEY PERSONS Formatted: Font: 36 pt
114
Mrs. Bindiya Vohra Formatted: Font: 36 pt
Director – Sales
Mr. Yogesh Pal Formatted: Font: 36 pt
Assistant Vice President –

Govt. Sales
115
CORPORATE SOCIAL
RESPONSIBILITY
We believe that wellness and

happiness of the people is
our first and foremost CSR
duty. We also believe
wellness and happiness
cannot be 'created' but can
be provided enabling
conditions, a 'framework for
116
happiness', defined by our
work processes, learning
programs and organization
culture. We believe that work
life can be seen as a
platform for individuals to be
creative and reach their peak
potential and performance.
117
We will create an
environment where
creativity, happiness and
performance positively
reinforce each other. Our
programs, policies, and
frameworks will be tuned
towards improving the quality
118
of life of the workforce and
their families as well as of
the local community and
society at large.
Thus, ThoughtSol InfoTech

considers its most important
CSR goal as "developing its
people into balanced,
compassionate members of
humanity, capable and
119
willing to contribute to a
better world of tomorrow".

In this journey, we will be

guided by our values
(HAPPINESS). These
principles will equally apply
to the organizational
interaction with individuals
and groups and those
between the individuals and
120
teams themselves. With this
strong foundation of values
and happiness, we will
engage with our external
stakeholders – clients,
business partners, academic
institutions, investors and
statutory authorities in a
climate of respect, fairness,
121
trust, integrity and shared
value creation.
Being An IT System
Integration Company, we
would like to leverage our
expertise in our core
competencies to improve the
quality of life in certain
segments of the society.
Towards this, we will invest a
122
certain portion of our
business operations to
develop technology solutions
to address the targeted
areas.
We are mindful of the impact

of our actions on the
environment and the legacy
we leave for our future
generations. We will invest
123
our energies on
implementing sustainable
operations that will strive to
put back into the
environment at least as
much as we take out of it.
ALLIANCES Formatted: Font: 36 pt
Our services and technology

solutions are strengthened
124
by alliances with leading
technology partners. Our
network of alliance and
teaming relationships
creates business value,
reduces implementation risk
and accelerates speed-to-
market.
We work with our partners to

boost their revenue growth,
125
expand markets and
geographical reach, facilitate
the sales process, and
enhance product and service
offerings.
ThoughtSol and its alliance

partners jointly deliver
technology solutions that
address our clients' business
and technology issues.

126
Solution Partnership Formatted: Font: 36 pt

127
128


129


130
IT Product Partnership Formatted: Font: 36 pt

131

132
Cloud Partnership Formatted: Font: 36 pt
133

134
135
COMPETITORS Formatted: Font: 36 pt, Font color: Black

 CROMA Formatted: Font: 36 pt
Cromā is an Indian retail

chain for consumer

electronics and durables. It is
136
the nation's first large format
specialist retail chain for
consumer electronics and
durables with successful
expansion into Croma Zip
stores, Croma Kiosks and
latest online vertical,
www.croma.com.Tata
Group company Infiniti
Retail runs Cromā stores in
137
India. Infiniti Retail Ltd is a
100% subsidiary of TATA
Sons.
Presently, there are a total of

98 Cromā stores in 25 cities
in India. The stores are
spread across the states
of Maharashtra (Mumbai, Pu
ne, Nashik, Kolhapur, Auran
gabad), Gujarat (Ahmedabad
138
Formatted: Hyperlink.1, Font: (Default) Calibri, 36 pt
, Rajkot, Surat, Vadodara), D

elhi
NCR, Karnataka (Bangalore, Formatted: Hyperlink.1, Font: (Default) Calibri, 36 pt

Mysore), Punjab (Amritsar, J Formatted: Font: 36 pt

alandhar), Chandigarh, Tamil Formatted: Font: 36 pt

Nadu (Chennai) Formatted: Font: 36 pt
and Telangana (Hyderabad)
Cromā offers 6000 products

across 8 categories.
139
 VIJAY SALES
Vijay Sales is
an Indian electronics retail
store chain based out
of Mumbai. It is Formatted: Font: 36 pt
headquartered
in Jogeshwari, Mumbai. Vijay
Sales was started as a small
TV showroom
at Mahim by Nanu
140
Gupta in 1967. It currently
operates 67 stores across
the states
Formatted: Hyperlink.2, Font: (Default) Calibri, 36 pt,
of Maharashtra, Haryana, U Pattern: Clear

Pattern: Clear
P, Gujarat and Delhi. and Formatted: Font: 36 pt

Pattern: Clear
has more than 9,000 Formatted: Hyperlink.2, Font: (Default) Calibri, 36 pt,
Pattern: Clear
Products to choose and is

located in prime location all
over India and has 28 stores
in Mumbai, 11 stores
141
in Pune, 12 stores in Gujarat,
11 stores in Delhi, 4 stores
in Haryana, 2 stores in Uttar
Pradesh. A New Concept of
VS-DIGI stores (Powered by
Vijay Sales) are opened all
across India.
Formatted: Font: 36 pt, Pattern: Clear
Reliance Digital Formatted: Font: 36 pt
142
Reliance Digital is a
consumer durables and
information technology
concept from Reliance
Retail. It is a subsidiary
of Reliance Retail, which is a
wholly owned subsidiary
of Reliance Industries.
143
Reliance Digital is
a consumer
electronics company in India.
The first Reliance Digital
Store was opened on 24
April 2007 in Delhi. Currently
there are around 2000
Reliance Digital & Reliance
Digital Xpress Mini Stores in
around 600 cities in India.
144
Formatted ...
The stores are spread Formatted

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...
...
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across the states Formatted

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...
...
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of Maharashtra (Mumbai, Pu Formatted

Formatted
...
...
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ne), Gujarat (Ahmedabad), D Formatted

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...
...
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elhi NCR, Karnataka (Bangal Formatted
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...
...
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ore, Mangalore, Mysore, Hub Formatted

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li), Kerala, Tamil Formatted

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Nadu (Chennai, Madurai, Sal Formatted

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em, Coimbatore) Formatted

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and Telangana (Hyderabad). Formatted

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145
Reliance Digital Stores are
bigger in size than the other
format Digital Xpress Mini
stores. The company plans
to ramp up its current store
count of 1200 stores to 2500
by the end of 2017.
 NEXT (Indian Retailer)

146
Next Retail India Ltd is a
subsidiary of
the Videocon Industries Ltd
and engages in retailing
consumer electronics
in India. It was founded in
2003 and currently has 600
showrooms across 25 states
of India. It plans to open 400
new showrooms to increase
147
its size to 1,000 odd retail
stores by the end of the
fiscal year 2010–11. In 2007
it acquired Planet M, a music
and entertainment retail
chain for ₹2
billion (US$31 million) from

Bennett, Coleman & Co.
NEXT is a multi-brand, multi-

product retail chain which
148
stocks an entire range of
consumer durables, right
from Air-conditioners, FPDs
(Flat Panel Displays), CTVs,
Washing Machines,
Refrigerators, Microwaves,
Home Theatre Systems to
STBs (Set Top Boxes),
Mobile Phones, Gaming
Consoles, small home
149
appliances and much more!
NEXT retails world’s most
popular brands such as LG,
Samsung, Videocon, Sony,
Electrolux, Kelvinator,
Whirlpool, Onida, Philips,
Ken star, Sansui and its own
brand.
150
Formatted: Underline, Font color: Auto
COMPANY’S SHARE EQUITY Formatted: Font: 16 pt, Bold, Underline, Font color:
Auto
Share Capital & Number of Employees
Authorized Capital ₹500,000
Paid up capital ₹493,000 Formatted: Line spacing: 1.5 lines
Listing and Annual Compliance Details Formatted: Font: 14 pt, Underline color: Auto
Listing status Unlisted
Date of Last Annual General Meeting 30 September 2016 Formatted: Line spacing: 1.5 lines
Date of Latest Balance Sheet 31 March 2016 Formatted: Line spacing: 1.5 lines
Formatted: None, Space Before: 0 pt, After: 0 pt, Line

spacing: 1.5 lines, Border: Bottom: (No border)
151

Formatted: Font: Bold, Underline, Underline color:
Formatted: Font: Bold, Underline
Formatted: Font: 14 pt, Underline color: Auto
Core Values
Safety Formatted: Font: 14 pt
Quality service Formatted: Font: 14 pt, Underline color: Auto

Team work and professionalism Formatted: Font: 14 pt
Learning organization Formatted: Font: 14 pt, Underline color: Auto

Protection of environment and ecosystem Formatted: Font: 14 pt
Customer focus and satisfaction Formatted: Font: 14 pt, Underline color: Auto
Trust and empathy
152
Total transparency Formatted: Font: 14 pt, Underline color: Auto
Empowerment and motivated workforce
Innovation culture Formatted: Font: 14 pt, Underline color: Auto

CORPORATE SOCIAL RESPONSIBILITY Formatted: Font: 14 pt, Underline, Underline color:

We believe that wellness and happiness of the people is our first and foremost CSR
duty. We also believe wellness and happiness cannot be 'created' but can be provided
enabling conditions, a 'framework for happiness', defined by our work processes,
learning programs and organization culture. We believe that work life can be seen as a
platform for individuals to be creative and reach their peak potential and performance.
We will create an environment where creativity, happiness and performance positively
reinforce each other. Our programs, policies, and frameworks will be tuned towards
improving the quality of life of the workforce and their families as well as of the local
community and society at large.
153
Thus, Anushree Financial Services considers its most important CSR goal as
"developing its people into balanced, compassionate members of humanity, capable
and willing to contribute to a better world of tomorrow".
In this journey, we will be guided by our values (HAPPINESS). These principles will
equally apply to the organizational interaction with individuals and groups and those
between the individuals and teams themselves. With this strong foundation of values
and happiness, we will engage with our external stakeholders – clients, business
partners, academic institutions, investors and statutory authorities in a climate of
respect, fairness, trust, integrity and shared value creation.
We are mindful of the impact of our actions on the environment and the legacy we leave
for our future generations. We will invest our energies on implementing sustainable
operations that will strive to put back into the environment at least as much as we take
out of it.
COMPETITIVE ADVANTAGE Formatted: Font: Underline, Underline color: Auto,

Font color: Auto
We believe that learning and knowledge are our greatest possessions. We are always
learning. In fact, we believe that is how it should be. Every day and every experience
teaches us something new. This experience could come from interactions with our
customers, our partners and all those who touch us daily.
It is this openness and willingness to learn and then implement that learning to
constantly improve our customer offering is what sets us apart.
154
CORPORATE GOVERNANCE Formatted: Font: 16 pt, Underline, Underline color:
Corporate governance is about maximizing shareholder value legally, ethically and on a

sustainable basis. At Anushree Financial Services, the goal of corporate governance is
to ensure fairness for every stakeholder – our customers, investors, partners, the
community. We firmly believe that corporate governance is a reflection of our culture,
our policies and our relationship with stakeholders and our commitment to values.
Accordingly, we always seek to ensure that we attain our performance rules with
integrity.
155
Our corporate governance practices begin with our Board of Directors. All our directors
possess rich industry experience. They bring to our Board varied perspectives and
insights. Our Board has established a Governance Committee to assist in fulfilling its
duties and responsibilities.
Our corporate governance philosophy is based on the following principles:

Going beyond the written word in upholding corporate governance standards.
Maintaining transparency.
Making a clear distinction between personal conveniences and corporate resources.
Communicating externally, in a truthful manner, about how the Company is run
internally.
Complying with all laws.
Having a simple and transparent corporate structure.
ALLIANCES Formatted: Font: 16 pt, Underline, Underline color:

Our services and technology solutions are strengthened by alliances with leading
financial partners. Our network of alliance and teaming relationships creates business
value, reduces implementation risk and accelerates speed-to-market.
We work with our partners to boost their revenue growth, expand markets and
geographical reach, facilitate the sales process, and enhance product and service
offerings.
Anushree Financial Services and its alliance partners jointly deliver financial solutions
that address our clients' business issues.
156
157
Formatted: Font: 48 pt, Underline, Underline color:
RESEARCH Auto, Font color: Auto
METHODOLOGY Formatted: Font: 48 pt
WHAT IS RESEARCH? Formatted: Font: (Default) Times New Roman,

Underline, Underline color: Auto, Font color: Auto
"In the broadest sense of the word, the definition of research includes any gathering of
data, information and facts for the advancement of knowledge."
Steps in conducting research Formatted: Font: Underline, Underline color: Auto,

Font color: Auto
158
Research is often conducted using the hourglass model structure of research. The
hourglass model starts with a broad spectrum for research, focusing in on the required
information through the method of the project (like the neck of the hourglass), then
expands the research in the form of discussion and results. The major steps in
conducting research are:
1. Identification of research problem
2. Literature review
3. Specifying the purpose of research
4. Determine specific research questions or hypotheses
5. Data collection
6. Analyzing and interpreting the data
7. Reporting and evaluating research

8. Communicating the research findings and, possibly, recommendations
APPROACH
We take a detailed analytical approach focused on identifying the value

generating potential within the business in a changing marketplace and
differentiating the good and bad costs.
159
Data is broadly classified into two: Formatted: Font: Underline, Underline color: Auto
Primary Data Formatted: Underline

Secondary Data Formatted: Font:
Formatted: Normal, Add space between paragraphs of
the same style, Line spacing: single, No bullets or
PRIMARY DATA numbering
Formatted: Font: (Default) Times New Roman
Data observed or collected directly from first-hand experience is known as primary data.
Formatted: Normal, Add space between paragraphs of
Primary data are those collected by the investigator himself for the first time the same style, No bullets or numbering
and thus they are original in character, they are collected for a particular purpose. A Formatted: Line spacing: 1.5 lines
well-structured questionnaire was personally administrated to the selected Formatted: Left

Formatted: Font: Not Bold, No underline
sample to collect the primary data.
SECONDARY DATA
A secondary data is that data that is required to conduct the study and can be obtained
from books, journals, magazines, records etc. Secondary data is data taken by the
researcher from secondary sources, internal or external.
Secondary data is collected from following sources: -
Journals
Company websites.
Internet
The method used in the research methodology was majorly the source of
Secondary data.
160
I have collected and studied the data from various internet sites and journals and their
books of accounts. I have compiled the data in excel sheets to arrange them in a
meaningful manner which would help better understand the report and make
recommendations and interpretations.
161
CHAPTER 4:
162
RESEARCH
METHODOLOGY
163
Formatted: Centered
WHAT IS
RESEARCH?
"In the broadest
sense of the word,
164
the definition of
research includes any
gathering of data,
information and facts
for the advancement
of knowledge."
Steps in conducting
research
165
Research is often
conducted using the
hourglass model
structure of
research. The
hourglass model
starts with a broad
spectrum for
166
research, focusing in
on the required
information through
the method of the
project (like the neck
of the hourglass),
then expands the
research in the form
167
of discussion and
results. The major
steps in conducting
research are:
1. Identification of
research problem
2. Literature review
168
3. Specifying the
purpose of research
4. Determine specific
research questions or
hypotheses
5. Data collection
169
6. Analyzing and
interpreting the data
7. Reporting and
evaluating research
8. Communicating the
research findings
and, possibly,
recommendations
170
Data is broadly
classified into two:
 Primary Data
 Secondary Data
PRIMARY DATA Formatted: Font: 48 pt, Underline
171
Formatted: Centered
Data observed or
collected directly from
first-hand experience
is known as primary
data. Primary data
are those collected
by the investigator
himself for the first
172
time and thus they
are original in
character, they are
collected for a
particular purpose. A
well-structured
questionnaire was
personally
173
administrated to the
selected sample to
collect the primary
data.
SECONDARY DATA
A secondary data is
that data that is
174
required to conduct
the study and can be
obtained from books,
journals, magazines,
records etc.
Secondary data is
data taken by the
researcher from
175
secondary sources,
internal or external.
Secondary data is
collected from
following sources: -
 Journals
 Company websites.
176
 Internet
The method used in

the research
methodology was
majorly the source
of Secondary data.
177
I have collected and

studied the data from
various internet sites
and journals and their
books of accounts. I
have compiled the
data in excel sheets
178
to arrange them in a
meaningful manner
which would help
better understand the
report and make
recommendations
and interpretations.
179
180
CHAPTER 5:
FINDINGS AND
INTERPRETATIONS
181
EXAMPLE OF Formatted: Font: No underline

PROFIT AND LOSS ACCOUNT
REVENUE 2016 2015
Revenue from operations (gross) 189,934 140,000 Formatted: Line spacing: 1.5 lines
Other income 27,715 24,990 Formatted: Line spacing: 1.5 lines
Total Revenue 217,649 164,990 Formatted: Line spacing: 1.5 lines
EXPENSES
Cost of materials consumed 2000 3400 Formatted: Line spacing: 1.5 lines
182
Purchases of stock-in-trade 15,555 10,198 Formatted: Line spacing: 1.5 lines
Changes in inventories of finished goods, work in (410) (1443) Formatted: Line spacing: 1.5 lines
progress and stock-in-trade
Employee benefits expense 5000 3500 Formatted: Line spacing: 1.5 lines
Finance costs 5,278 3,629 Formatted: Line spacing: 1.5 lines
Other expenses 86,543 56781 Formatted: Line spacing: 1.5 lines
Total Expenses 113,966 72,436 Formatted: Line spacing: 1.5 lines
Profit before tax 103,683 92,554 Formatted: Line spacing: 1.5 lines
Tax expense Formatted: Line spacing: 1.5 lines
Current tax 15,453 13,456 Formatted: Line spacing: 1.5 lines
Deferred tax (256) (143) Formatted: Line spacing: 1.5 lines
183
15,197 13,313 Formatted: Line spacing: 1.5 lines
Net Profit 88,486 79,241 Formatted: Line spacing: 1.5 lines
184
185
186
187
188
189
190
Observation Formatted: Font: 16 pt
From the above Profit And Loss Account of ANUSHREE FINANCIAL SERVICESt of
ThoughtSol InfoTechPVT. LTDPvt. Ltd. during the year of 2015-16 there is an increase
in both revenue and expenses of the company. But
The Net Profit has also increased. So we can see that the future of company is bright.
Graphical Representation Formatted: Font: Underline
191
275,000
220,000
165,000
Total Revenue
Total Expenses
Net Profit
110,000
55,000
0
2015 2016
Figure 3
Growth of the company in last 2 years Formatted: Font: 16 pt
2015 – ANUSHREE FINANCIAL SERVICES ThoughtSol InfoPVT. LTD. Tech Pvt. Ltd Formatted: Line spacing: 1.5 lines
had about 10-12 Clients employing 5 key People.
2017 -–ANUSHREE FINANCIAL ASERVICES PVT. LTD.Today ThoughtSol InfoTech

Put... Ltd. has about 30-35 Clients employing over 15-20 People.
192
Comparison Formatted: Font: 16 pt
40
30
20
10
0
2015
2017
Figure 4
LIMITATIONS Formatted: Left, Line spacing: 1.5 lines
Many constraints were involved in doing this study. Some of them are as follows:
193
Formatted: Normal, Line spacing: 1.5 lines
The most significant limitation has been the individuals involved in this study were very Formatted: Font:
busy and did not spare much time in discussion. Formatted: Normal, Line spacing: 1.5 lines
Formatted: Font: Arial
It was difficult to contact with the higher authorities of the finance department. Formatted: Font:
Formatted: Normal, Line spacing: 1.5 lines
With implementation of G.S.T it was difficult to work as many changes were done Formatted: Line spacing: 1.5 lines
method and system of accounting. Formatted: Font:

Inexperience research staff
Narrow conception of marketing research Formatted: Normal, Left, Add space between
paragraphs of the same style, No bullets or numbering
The research was carried out for 2 months which provides to the
insufficient to tap the accuracy of the study Formatted: Font: 14 pt
Formatted: Left, Indent: Left: 0.5", No bullets or
Time factor was a big limitation in this study numbering
Formatted: Normal, Left, No bullets or numbering
Limited access to the company data
194
RECOMMENDATIONS Formatted: Underline
Communicate to the Team: Formatted: Font: Underline

The Company should talk to as many members of the team as possible, even the junior
most accountant. You will be surprised at the kind of insights they can give since they
are the ones who are involved in the day-to-day processing. They often have some
good ideas for eliminating unnecessary work, getting activities completed faster, and
finding new ways of collaborating with other teams. Listen to these ideas and if they are
good enough, implement them.
Training and Development: Formatted: Font: Underline
Cross-train team members, so that at no point in time are you faced with personnel
shortage. It is never a good idea to have all the knowledge housed with a few
individuals. It should be shared with the whole team. What would happen if those few
individuals were to suddenly leave or fall unwell? There would be a serious knowledge
gap. Avoid such situations by conducting regular process training; ensuring back-ups for
all roles, and ensuring all essential functions are well documented.
195
Leverage Technology:
The Company should use cloud computing technology because this not only makes
your data safe, but it also allows multiple people from multiple locations to access the
data and work on it. Companies can even provide work-from-home facilities if they have
all their data stored in the cloud.
Establish Deadlines: Formatted: Font: Underline
Set deadlines and make adhering to them mandatory. Indiscipline and lackadaisical
work ethics are two of the biggest time and money wasters for companies. Financial
statements have to be submitted on time. Compliance policies and internal controls
have to be met. Senior executives depend on financial data to make decisions. Create a
work calendar and make sure that all team members meet the deadlines come what
may.
Batch Processing:
196
Take advantage of batch processing. Do not process every single invoice and every Formatted: Font: Not Bold
receipt that comes one at a time. Create a system where they can all be gathered and
consolidated and processed in one goes. This will save time and effort.
Utilize Accounting Systems: Formatted: Font: Underline
The department should buy accounting systems that are easy to learn. Many
accountants are not necessarily technical geniuses. The last thing you want is to hand
them complex financial technology that confuses them. Invest in technology by all
means, but invest in a system that is easy to learn and use.
CONCLUSION
Formatted: Indent: Left: 0.54", Line spacing: 1.5 lines,
No bullets or numbering
197
 It was a great experience working with members of Anushree financial
services pvt ltd.ThoughtSol InfoTech Pvt. Ltd. I got to learn to many new things
for example: working on excel in day to day life of a company, corporate
etiquettes, learning about QuityEquity capitalGoods and Service Tax which is
one of the major economic reforms of this year.
Formatted: Normal
Formatted: List Paragraph, Indent: Left: 0.54", Line
spacing: 1.5 lines
Formatted: Normal, Line spacing: 1.5 lines, No bullets
or numbering
 Company is making tremendous efforts to stay in the market with all the big Formatted: Font:
competitors but I fell it is very difficult to stay.
Formatted: Normal, No bullets or numbering
The company can have separate department controlled by a dedicated manager
Formatted: Normal
and a team.
Formatted: Font:
Company may adopt more aggressive marketing to create more awareness Formatted: Normal, Centered, No bullets or
amongst the mass numbering
Formatted: Font:
To tackle the huge need of their services all over and to reduce the lead time of the
delivery of their service.
Formatted: Font:
Having sap newly installed, company can now have better and efficient grievances Formatted: Normal, Centered, Indent: Left: 0.25", No
handling system when it comes to the customers
Members are having less awareness about the adulteration, and it is important for the
Formatted: Font:
societies’ staff to educate them. Formatted: Font:
The company should expand its advertising so that more customers get to know Formatted: Font:
about the firm. Formatted: Font:

Formatted: Font:
Formatted: Font:
 ThoughtSol’s USP is After Sales Service thus they have technicians also
working with them. But since they are distributors of high leading brand IT
Formatted: Normal, Centered, No bullets or
products thus they hardly require any after sales service. So they should work on numbering
marketing more to increase fame of their company. Once achieved they should Formatted: Font: (Default) Arial
Formatted: Normal, Centered, Indent: Left: 0.25", No
also expand their company. bullets or numbering
198
Company is making tremendous efforts to stay in the market with all the big competitors
but I fell it is very difficult to stay.
BIBLIOGRAPHY: Formatted: Left, Line spacing: 1.5 lines
Formatted: Normal, No bullets or numbering
 COMPANY’S MANUAL BOOK Formatted: Font:

199
Formatted: Normal, Indent: Left: 0.25", No bullets or
numbering
 COMPANY’S RECORD
Formatted: Font:
 https://www.financewalk.com/equity-
Formatted: Bulleted + Level: 1 + Aligned at: 0.75" +
Indent at: 1"
research/www.thoughtsol.in/ Formatted: Hyperlink.3, Font: (Default) Calibri, 18 pt,
Font color: Black, Pattern: Clear
 https://www.google.co.in/search?q=thoughtsol+infotech+pvt+ltd&rlz Formatted: Font: 18 pt
200
201

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Summer Internship Project Report

ANUSHREE FINANCIAL SERVICES PVT. LTD.

Submitted in partial fulfillment of requirement of

BACHELOR OF COMMERCE (HONS)

B.COM Vth SEMESTER (Morning)

SUBMITTED TO: SUBMITTED BY:

Dr. JASLEEN KAUR PRASHANT VERMA

AssociateAssistant professor Enrollment

Formatted: Line spacing: 1.5 lines

STUDENT’S UNDERTAKING Formatted: Underline

I, Prashant Verma being a student of BCOM (HONS.) fifththird semester of

Prashant VermaDr. GARIMA SACHDEVA, Formatted: Font: Bold, Underline

Formatted: Line spacing: 1.5 lines

Special thanks to mr.Mr. Abhishek Singhal, Finance executive, Anushree

PARTICULARS PAGE NO. REMARKS

AcknowledgementACKNOWLEDGEME 3 (i) Formatted: Line spacing: 1.5 lines

NT Formatted: Font: Arial, Bold

Contents with page no. 4 Formatted: Font: Bold

nomenclature Formatted: Left, Line spacing: 1.5 lines

Objectives 1013 Formatted: Line spacing: 1.5 lines

Research Methodology 3753 Formatted: Line spacing: 1.5 lines

Analysis and Interpretations 4056 Formatted: Line spacing: 1.5 lines

Findings and Preferences 56

Limitations 4561 Formatted: Line spacing: 1.5 lines

Figure 1 17 Formatted: Line spacing: 1.5 lines

Figure 2 26 Formatted: Line spacing: 1.5 lines

Figure 3 58 Formatted: Line spacing: 1.5 lines

Figure 4 59 Formatted: Line spacing: 1.5 lines

Formatted: Line spacing: 1.5 lines

S.NO. TABLE NAME PAGE NO.

Table 1 19 Formatted: Line spacing: 1.5 lines

Table 2 20 Formatted: Line spacing: 1.5 lines

Table 3 33 Formatted: Line spacing: 1.5 lines

Formatted: Line spacing: 1.5 lines

LIST OF FIGURES Formatted: Font: Underline, Underline color: Auto,

LIST OF TABLES Formatted: Font: Underline, Underline color: Auto,

S.NO. TABLE NAME PAGE NO.

Formatted: Line spacing: 1.5 lines, Border: Top: (No

Formatted: Line spacing: 1.5 lines, Border: Top: (No

During the interns hip period at ANUSHREE FINANCIAL SERVICES PVT.

company documents and learn various new reforms and

Formatted: Left, Line spacing: 1.5 lines

EQUITY RESEARCH Formatted: Line spacing: 1.5 lines

Equity Research primarily means analyzing company's financials, perform ratio

• Additionally, full information is not provided by the management due to which

As stated before, the purpose of equity research is to study companies,

The purpose of equity research and the researcher is manifold.

It also involves understanding current market trends, both from the

Further, adequate stress is laid on the accuracy of information. If investors

• Each Senior analyst may be supported by an Associate, who in turn may be

Formatted: Font: 48 pt, Bold, Underline

CHAPTER 2: Formatted: Centered, Line spacing: 1.5 lines

#1. Economic Analysis: It is a systematic practice undertaken to determine the

#3. Company Analysis: It is a series of activities undertaken to analyse the operations

#4. Financial Statement Analysis: The accounts of a company are evaluated to

#7. Presentation or Recommendation: Based on the report, recommendations are

 The main Objective Of equity research is to study companies, analyze financials.

 Equity Research Report adds significant credibility to portfolio.

 It helps to predict value of the certain equity under specific circumstances.

 Research is valuable because it fills information gaps so that each individual

Formatted: Centered, Line spacing: 1.5 lines

Sometimes, however a general confusion is faced. Investment banking is often

Formatted: Font: 12 pt, Not Bold, No underline,

So what is equity research all about?

So are you a good fit for equity research? Formatted: Font: 14 pt

Edge: Investment Banking

Edge: Equity Research