Annual Report Open Ended Debt-1 - IDFC Mutual Fund

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ANNUAL REPORT 2006 AUDITORS’ REPORT To the Board of Trustees of Standard Chartered Mutual Fund We have audited the attached Balance Sheet of Standard Chartered Mutual Fund - Grindlays Government Securities Fund ('the Scheme') consisting of three Plans viz. Investment Plan, Short Term Plan and Provident Fund Plan as at 31 March 2006 and the related Revenue Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Trustees of Standard Chartered Mutual Fund and the management of Standard Chartered Asset Management Company Private Limited. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report thereon as follows: • We have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for the purpose of the audit; and • The Balance Sheet and the related Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. • In our opinion and to the best of our information and according to the explanations given to us; - the Balance Sheet as at 31 March 2006 and the related Revenue Account for the year ended on that date, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable; - The Balance Sheet as at 31 March 2006 and the related Revenue Account for the year ended on that date together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and give a true and fair view: - In so far as it relates to the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2006; and - In so far as it relates to the Revenue Account, of the surplus for the year ended on that date. • In our opinion and to the best of our information and according to the explanations given to us, the methods used to value non-traded/thinly traded securities in good faith are fair and reasonable. For BSR & Co. Chartered Accountants Mumbai Date: August 2, 2006 Akeel Master Partner Membership No.: 46768 9
OPEN ENDED SCHEMES Balance Sheet as at March 31, 2006 (Currency: Indian Rupee) March 31, 2006 March 31, 2005 Schedule GSSIF-IP GSSIF-ST GSSIF-MT GDBF GGSF-IP GGSF-ST GGSF-PF LIABILITIES Unit capital 3 864,284,365 1,449,166,643 43,483,813 244,427,860 58,158,071 16,541,192 245,625,194 1,806,306,822 642,762,101 214,879,976 899,968,251 103,969,320 11,082,719 449,810,239 Reserves and surplus 4 291,801,777 64,158,497 2,272,297 35,249,471 13,450,345 3,349,851 9,639,504 529,596,334 125,102,391 7,131,425 123,162,538 17,090,306 1,399,907 (2,339,816) Current liabilities and provision 5 6,878,018 3,081,296 754,807 3,984,145 3,597,571 76,668 2,506,413 19,921,051 36,178,818 3,328,985 106,493,838 838,248 53,920 2,525,644 1,162,964,160 1,516,406,436 46,510,917 283,661,476 75,205,987 19,967,711 257,771,111 2,355,824,207 804,043,310 225,340,386 1,129,624,627 121,897,874 12,536,546 449,996,067 ASSET Investment 6 1,133,098,428 1,291,786,968 44,783,706 261,151,069 66,989,661 17,539,269 251,405,654 2,297,256,535 725,073,109 218,043,344 968,046,017 116,785,274 10,023,700 437,599,440 Deposits 7 - - - - - - - 8,750,000 11,250,000 3,750,000 126,250,000 - - - Current assets 8 29,865,732 224,619,468 1,727,211 22,510,407 8,216,326 2,428,442 6,365,457 49,817,672 67,720,201 3,547,042 35,328,610 5,112,600 2,512,846 12,396,627 1,162,964,160 1,516,406,436 46,510,917 283,661,476 75,205,987 19,967,711 257,771,111 2,355,824,207 804,043,310 225,340,386 1,129,624,627 121,897,874 12,536,546 449,996,067 Net Asset Value per unit Growth Option - Plan A 16.0435 13.8991 11.1192 12.6955 12.9421 12.0732 10.4578 15.5626 13.2501 10.6197 12.1738 12.3782 11.6363 9.9375 Growth Option - Plan B - 10.2387 - - - 10.4953 - - - - - 9.9830 Growth Option - Plan C - 10.2557 - - - - - - - - - - - Dividend (Monthly) Option - Plan A - 10.0143 - - - 10.0050 - - 10.0394 - - - 10.0053 - Dividend (Monthly) Option - Plan B - 10.0143 - - - - - - - - - - - - Dividend (Monthly) Option - Plan C - 9.9931 - - - - - - - - - - - - Dividend (Monthly) Option - Plan D - 9.9994 - - - - - - - - - - - - Dividend (Bi-Monthly) Option - Plan A - - 10.2564 - - - - - - 10.0640 - - - - Dividend (Quarterly) Option - Plan A 10.0258 - - 10.0533 10.0505 10.0727 10.0370 10.0289 - - 10.0281 9.9956 10.0188 9.8526 Dividend (Quarterly) Option - Plan B - - - - - - 10.0368 - - - - - - 9.8700 Dividend (Half-Yearly) Option - Plan A 10.0701 - - - 10.0756 - - 10.2141 - - - 10.0230 - - Dividend (Annual) Option - Plan A 10.0826 - - 10.1114 10.1138 10.1153 9.9466 - - 10.1335 10.0515 9.9376 Significant accounting policie 2 Notes to Account 11 The schedules referred to above form an integral part of the Balance Sheet. As per our report attached of even date. For BSR & Co. For Standard Chartered Asset Management Chartered Accountants Company Private Limited Akeel Master Paul Jebson Naval Bir Kumar Rajiv Anand Partner Chairman Managing Director Head-Investments Director Membership No. 046768 Place : Mumbai August 2, 2006 10
Page 1 and 2: OPEN ENDED DEBT SCHEMES GRINDLAYS S
Page 3 and 4: OPEN ENDED SCHEMES TRUSTEE REPORT R
Page 5 and 6: OPEN ENDED SCHEMES in the equity ma
Page 7 and 8: OPEN ENDED SCHEMES of the NFO. The
Page 9: OPEN ENDED SCHEMES AUDITORS’ REPO
Page 13 and 14: OPEN ENDED SCHEMES Revenue Account
Page 15 and 16: OPEN ENDED SCHEMES Schedules to the
Page 29 and 30: OPEN ENDED SCHEMES 11. NOTES TO ACC
Page 31 and 32: OPEN ENDED SCHEMES from the Scheme
Page 33 and 34: OPEN ENDED SCHEMES Annexure A (Cont
Page 35 and 36: OPEN ENDED SCHEMES Annexure A (Cont
Page 37 and 38: OPEN ENDED SCHEMES Annexure B Portf
Page 39 and 40: OPEN ENDED SCHEMES March 31, 2006 M
Page 41 and 42: OPEN ENDED SCHEMES March 31, 2006 M
Page 43 and 44: OPEN ENDED SCHEMES Annexure C: Hist
Page 53 and 54: OPEN ENDED SCHEMES Annexure - D: Re
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OPEN ENDED SCHEMES Annexure - D: Re
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OPEN ENDED SCHEMES Annexure - D: Re
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ANNUAL REPORT 2006 RISK FACTORS Ris
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Annual Report Open Ended Debt-1 - IDFC Mutual Fund

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