Administration Manual - B.E.S.T. Undertaking.

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letter and arrange to discharge the same and forward it to concerned company within
stipulated period.
10. On receipt of put option/call option /redemption proceeds, arrange to deposit the same
under P.F.Trust Account.
CONSULTANTS OF THE UNDERTAKING
M/s.Darashaw & Co. has been appointed as a consultant to advice us at the time of
investment of BEST Undertaking, Provident Fund and GEF Investment from 1.12.1998
initially for 1 year and continues to act as a consultant till 30.11.2006 with the approval of
G.M. from time to time. The norms of our consultants are approved by G.M. from time to
time and are followed during every investment. Our consultants prepares guidelines for
investment in Bonds/Securities in which various states have been ranked viz. Rank I, II, III
according to financial status of these states. They have grouped various states as under :-
Rank I – Andhra Pradhes, Maharashtra, Gujarat, Tamil Nadu, Karnataka, Goa.
Rank II - Punjab, West Bengal, Rajasthan
Rank III - Kerala, Orissa, Himachal Pradesh, Arunachal Pradesh, Nagaland, Hariyana,
Chhatisgarh, Uttaranchal, New City Delhi, Zarkhand, Jammu & Kashmir.
Maximum investment in any state in Rank I, II, & III will be 15%, 10% and 5%
respectively. The above investment is again classified under various sections such as
Power, Finance, Infrastructure, Telecom etc. and in any sector we can invest upto 25%
of our port-folio ( SDS + Non SDS portfolio ). To safeguard our investment in any
single Institution some parameters are fixed such as to limit the investment in ‘AA’
and above rated papers upto 12% of our port folio and 8% investment having A and
below credit rating ( Maximum A- ) in any single Institution.
In order to attend targeted port folio on credit quality as ‘A’ up to 31.3.2006 we invest
our investible fund excluding G.Sec i.e. 25% catgegory as shown below :-
Year Ended 31 st March 2004 31 st March 2005 31 st March 2006