Annual Report Open Ended Debt-1 - IDFC Mutual Fund

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ANNUAL REPORT 2006 Cash Flow Statement for the year ended March 31, 2006 (Currency: Indian Rupee) GSSIF - IP GSSIF - ST GSSIF - MT GDBF April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to March31,2006 March 31, 2005 March31,2006 March 31, 2005 March31,2006 March 31, 2005 March31,2006 March 31, 2005 A. Cashflow from operating activities Surplus as per revenue account 57,211,183 164,156,780 125,602,694 183,304,156 4,749,619 18,430,646 32,208,952 (2,136,768) Adjustments for : Depreciation / (Provision for depreciation 31,728,969 (370,459,133) 12,953,866 (42,184,966) (48,065,560) (344,755) (26,710,208) 73,309,632 written back) in value of investments Operating Surplus Before Working 88,940,152 (206,302,353) 138,556,560 141,119,190 (43,315,941) 18,085,890 5,498,744 71,172,863 Capital Changes Adjustments for : (Increase)/Decrease in Other Current Assets 24,075,560 451,897,533 5,125,701 523,321,233 1,317,849 231,434,714 7,703,201 461,608,735 (Increase)/Decrease in Money 8,750,000 - 11,250,000 1,450,000,000 3,750,000 800,000,000 126,250,000 (120,000,000) Market Lending (Deposits) (Increase)/Decrease in Investments 1,131,473,891 13,749,087,111 (579,667,726) 6,395,854,785 221,076,041 2,902,304,592 734,020,260 6,851,879,202 Increase/(Decrease) in Current (4,644,034) (179,944,823) (2,124,813) (189,067,177) (2,210,747) (139,633,681) (7,044,474) (279,639,533) Liabilities and Provisions Net Cash Generated / (Used in) Operations (A) 1,248,595,569 13,814,737,468 (426,860,278) 8,321,228,031 180,617,202 3,812,191,515 866,427,731 6,985,021,267 B. Cashflow from financing activities Increase/(Decrease) in Unit Capital (942,022,457) (10,500,957,310) 806,404,541 (7,615,468,710) (171,396,164) (3,720,029,413) (655,540,391) (6,084,006,227) Increase/(Decrease) in (8,399,762) (18,919,389) (31,845,335) (368,060) (95,465,219) (5,771,045) Redemption Money payable Increase/(Decrease) in Unit Premium (276,993,347) (3,621,902,146) (116,285,103) (636,111,328) (7,844,234) (84,010,260) (112,940,780) (847,452,959) Reserve (including Equalisation Reserve) Dividend paid during the year (17,056,383) (152,152,648) (69,388,856) (134,237,798) (1,510,726) (26,518,237) (7,596,344) (88,977,953) (including dividend tax paid) Net Cash Generated / (Used in) (B) (1,244,471,949) (14,293,931,493) 588,885,248 (8,385,817,836) (181,119,183) (3,830,557,910) (871,542,734) (7,026,208,184) financing activities Net Increase/(Decrease) in Cash (A+B) 4,123,620 (479,194,025) 162,024,970 (64,589,806) (501,981) (18,366,394) (5,115,003) (41,186,917) and Cash Equivalents Cash and Cash Equivalents as 25,038,018 504,262,044 42,484,500 112,606,306 2,229,192 20,635,585 27,625,409 68,812,326 at the beginning of the year Cash and Cash Equivalents 29,161,638 25,068,019 204,509,470 48,016,500 1,727,211 2,269,191 22,510,406 27,625,409 as at the end of the year Net Increase/(Decrease) in 4,123,620 (479,194,025) 162,024,970 (64,589,806) (501,981) (18,366,394) (5,115,003) (41,186,917) Cash and Cash Equivalents Components of Cash and Cash equivalents Balance with schedule banks 29,161,638 25,038,019 204,509,470 42,484,500 1,727,211 2,229,191 22,510,406 27,595,409 Cheques on hand - 30,000 - 5,532,000 - 40,000 - 30,000 29,161,638 25,068,019 204,509,470 48,016,500 1,727,211 2,269,191 22,510,406 27,625,409 As per our report attached of even date. ForBSR&Co. For Standard Chartered Asset For Standard Chartered Trustee Chartered Accountants ManagementCompanyPrivateLimited CompanyPrivateLimited Akeel Master Paul Jebson NavalBirKumar RajivAnand Partner Chairman Managing Director Head-Investments Chairman / Director Membership No. 046768 Place : Mumbai Date : August 2, 2006 13
OPEN ENDED SCHEMES Schedules to the financial statements for the period ended March 31, 2006 (Currency: Indian Rupee) 1. Background Standard Chartered Mutual Fund (‘the Fund’) is sponsored by Standard Chartered Bank, U.K. (‘SCB’) and is constituted as a Trust under the Indian Trust Act, 1882 with Standard Chartered Trustee Company Private Limited (‘the Trustee’) as trustee. In accordance with the Securities and Exchange Board of India (SEBI) (Mutual Funds) Regulations, 1996 (‘the Regulations’) and amendments thereto the Trustees have entrusted the investment management function to Standard Chartered Asset Management Company Private Limited (‘the AMC’). Grindlays Super Saver Income Fund Grindlays Super Saver Income Fund (‘GSSIF’) is an open ended scheme. The Scheme has three plans, Investment Plan (‘GSSIF-IP’), Short Term Plan (‘GSSIF-ST’) and Medium Term Plan (‘GSSIF-MT). GSSIF – ST offers four further sub-plans viz. Plan A – available for investment by all categories of investors and Plan B (Institutional Plan) available for investment by non-individuals only, Plan C (super institutional plan) available for investments for corporates and Plan D available for investment by all categories of investors. All the sub-plans of GSSIF-IP offer a choice of four Investment Options viz., Dividend (Quarterly), Dividend (Half yearly), Dividend (Annual) and Growth Option. All the sub-plans of GSSIF-ST offer a choice of two Investment Options viz., Dividend (Monthly) and Growth. All the sub-plans of GSSIF-MT offer a choice of two Investment Options viz., Growth and Dividend (Bi- Monthly). Under all Dividend Options reinvestment facility is available. Grindlays Dynamic Bond Fund Grindlays Dynamic Bond Fund (‘GDBF’) is an open-ended income Scheme. As stated in the Offer document, the Scheme is designed to generate optimal returns with high liquidity by active management of the portfolio and investing in high quality money market and debt instruments. The Scheme offer a choice of three Investment Options viz., Dividend (Annual), Dividend (Quarterly) and Growth Option. Under all Dividend Options reinvestment facility is available. Grindlays Government Securities Fund Grindlays Government Securities Fund (‘GGSF’) has three plans Investment Plan (GGSF-IP), Short Term (GGSF-ST) and Provident Fund (PF) Plan (GGSF-PF). As stated in the Offer document, GGSF – IP is designed for investors seeking a long-term investment option and generally has a medium term maturity profile. It provides stable returns over a relatively longer tenor period of investments. GGSF - ST is designed for investors seeking stable returns over shorter periods and generally has a much shorter average maturity of assets thereby providing consistent returns even over a shorter period of investments. GGSF – PF is designed for PF trusts and investors seeking optimal returns by investing in government securities. GGSF-PF offers two further sub-plans viz. Plan A (Regular Plan) – available for investment by all categories of investors and Plan B (Institutional Plan) available for investment by non-individuals only. GGSF – IP offers a choice of four Investment Options viz., Dividend (Quarterly), Dividend (Half yearly), Dividend (Annual) and Growth Option. GGSF-ST offers a choice of three Investment Options viz., Dividend (Monthly), Dividend (Quarterly) and Growth. Both sub-plans A and B of GGSF – PF offers investment options of Growth, Dividend (Quarterly) and Dividend (Annual). Under all Dividend Options reinvestment facility is available. 2. Significant accounting policies 2.1 Basis of preparation of financial statements The financial statements are prepared and presented under the historical cost convention, as modified for investments which are ‘marked-to-market’, on the accrual basis of accounting and in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and amendments thereto, and the accounting standards issued by the Institute of Chartered Accountants of India. 2.2 Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of financial statements. The estimates and the assumptions used in accompanying financial statements are based upon managements evaluation of relevant facts and circumstances as at the date of financial statements. Actual results could differ from those estimates and assumptions used in preparing financial statements. Any revision to accounting estimates is recognized prospectively in the current and future periods. 2.3 Investments Basis of accounting • Transactions for purchase and sale of investments are recorded on trade date. Cost of investments includes brokerage. Any front enddiscount on privately placed investments is reduced from the cost of such investments. • Broken period interest paid/received is debited/credited to Interest Receivable account and is not included in the cost of purchase/sale value. • Inter scheme purchase/sale of securities are recorded at prevailing market rates. Valuation • Investments for the purpose of valuation are classified as traded and non traded in accordance with the provisions of the Regulations. • Investments are stated at market/fair value as follows: Traded debt securities Government securities • Government securities are valued at prices obtained from Credit Rating Information Services of India Limited (‘CRISIL’) in accordance with the guidance note for valuation of securities for Mutual funds issued by SEBI. 14
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ANNUAL REPORT 2006 RISK FACTORS Ris
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