I think, it should be seen in context with the size of the company. A very small company whose reports are audited by even smaller auditors, who may or may not be auditing other companies, who are qualified to audit, but are not well versed in a foreign language like English, despite being educated and working in a profession, dealing with many documents every single day. I could be wrong here, or I am wrong here, but it happens more with the rest of India than with Southern states, relatively. Sometimes I find the scanned copies of documents difficult to read, as they are not scanned properly. On the same note, read a reply about a member who read an AR, which was colorful, glittering and it made him suspicious.
Again, the size of the company, and the kind of business the company does matter, along with the perspectives of management, their values, their journey, their work culture etc. They really want to take care of their own people and do their part for society, and perhaps want to gain some good name in doing so. For gaining more insights, one can read or watch interviews of management to look at such activities in conjunction.
Hence, there is also the qualitative part of a business, one that cannot be quantifiable.
Just some thoughts, make your interpretations and draw your own inferences, as these are part of investing process.
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