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So we'll start with Hindustan Unilever 1213 it's about a 164-page document see there was a time when every shareholder was compulsorily sent a printed annual report in India which means if you go and buy a share of let's say 30 rupees on a stock exchange it was compulsory for a company to print an annual report the printing cough cost of which might be 30 rupees and career it to you and therefore during those there is the size of annual reports used to be smaller because there was a printing and courier cost, and then they were changing the guidelines, and then they said that now it is okay to send off copies okay so now what companies realize is that if you have to send soft coffee there is no incremental sending cost no courier cost person so all these shareholders are also possibly my customers so why not take an opportunity and use that for advertisement purpose okay, so you'd see that lot of annual reports today they will have a lot of advertisement content, so we will quickly run through the HUL annual report, so you'll find plenty of photographs advertisements like these this is your content we are more keen on looking at the consolidated financial statements today but what we also have is standalone financial statement is it visible what is the difference between the two stand alone and consolidated yes consolidated is the for the whole group including subsidiaries which means if I am making balance sheet of only Hindustan Unilever not any subsidiary together than it's a standalone statement but if we decide to add the balance sheet of all the subsidiaries together as well Club all those balances then we call them as consolidated vanishes okay so look at few of the contents here financial performance trends Board of Directors business model then you will also come across can you read this management discussion and analysis we call this is MDA section this is also part of your syllabus what does MDI give you what is the job of this MDF it gives you the opinion of management about the business ok how do they look at business going ahead one-year two-year five-year down the line what is the scenario in the cost sector revenue sector so mostly non-financial data but open in base data ok management so opinion about the business of the company then corporate governance report what is this for what is corporate governance every company that gets listed in India it has to sign a listing agreement with the exchanges and that listing agreement will have a clause 49 that Clause 14 and requires those companies to have this corporate governance structure and what it simply means is how do you ensure that the management of the company works in the best interest of the shareholders that area is called corporate governance I am repeating how do you ensure that management of the company the CEOs and CFOs they work in the best interest of the shareholders so corporate governance we will directly jump onto this balance sheet here visible first thing that...
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