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Abridged Annual Report for 2010-2011 Birla Sun Life Frontline Equity Fund
STATUTORY AUDITORS: S.R. Batliboi & Co. Chartered Accountants, 6th Floor, Express Towers, Nariman Point, LIST OF DIRECTORS OF BIRLA SUN LIFE Mumbai - 400 021 ASSET MANAGEMENT COMPANY LTD.: REGISTRAR & TRANSFER AGENTS: Mr. Kumar Mangalam Birla Computer Age Management Services Pvt. Ltd. Mr. Donald Stewart Rayala Towers, 158 Anna Salai, Mr. Ajay Srinivasan Chennai - 600 002 Mr. Ashok Goenka Mr. Sundar Raman CUSTODIAN: Mr. N.N. Jambusaria JP Morgan Chase Bank Mr. N.C. Singhal 6th floor, Mr. Venkatesh Mysore Paradigm B wing, Prof. R Vaidyanathan Mindspace, Mr. R.C.Bhargava Mumbai - 400 064 Mr. Pankaj Razdan Mr. Dikran Ohannessian ABRIDGED TRUSTEE REPORT Dear Investor, Greetings from Birla Sun Life Mutual Fund! The Directors of the Trustee Company have pleasure in presenting before you the Abridged Annual Report of the scheme "Birla Sun Life Frontline Equity Fund" of Birla Sun Life Mutual Fund for the financial year ended March 31, 2011. A. Scheme Performance, Future Outlook and Operations of the Scheme The total domestic assets under management of Birla Sun Life Mutual Fund as on March 31, 2011 were Rs. 54,256/- crores. The average domestic assets under management for the month of March 2011 stood at Rs. 65,076/- crores, an increase of over 4% from Rs. 62343 crores in March 31, 2010, whereas, based on the comparison of data as available, the Industry assets under management have shrunk by 6% for the same period. The numbers of live investor scheme accounts as on March 31, 2011 stood to 24.28 Lac. The performance of Birla Sun Life Frontline Equity Fund, an Open ended Growth Scheme as on March 31, 2011 is presented below: Scheme Name Returns (in percentage) 1 Year 3 Years 5 Years Since Inception NAV as on Net Assets March 31, 201 201 1 as on March 31, 201 1 201 (Rs. In crs) Birla Sun Life Frontline Equity Fund BSE200 11.32 8.15 13.42 17.26 7.17 10.98 29.13 16.19 89.90 2921.71
Note: During the annual period under review, certain Plan/Option offered under the scheme/s have been discontinued and consolidated into the following Plan/Option as per Addendum No. 01/2011. Discontinuation of (Source Plan/Option) Plan B - Dividend Plan B - Growth Consolidation into (Target Plan/Option) Plan A - Dividend Plan A - Growth
BIRLA SUN LIFE MUTUAL FUND - BIRLA SUN LIFE FRONTLINE EQUITY FUND 1. We have audited the attached balance sheet of Birla Sun Life Mutual Fund - Birla Sun Life Frontline Equity Fund ('the Scheme') as at 31 March 2011 and also the revenue account and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the management of Birla Sun Life Asset Management Company Limited, the Scheme's asset manager. 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 that: We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. The balance sheet, revenue account and cash flow statement dealt with by this report are in agreement with the books of account.
Scheme Name
Birla Sun Life Frontline Equity Fund
No of Investors
3584
(Amount in Rs)
4,483,357.43 2.
Scheme Name
Birla Sun Life Frontline Equity Fund F. Statutory Information:
No of Investors
799.00
The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lac for setting up the Fund, and such other accretions / additions to the same. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. Full Annual Report shall be disclosed on the website (www.birlasunlife.com) and shall be available for inspection at the Head Office of the mutual fund. On written request, present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price.
3. i. ii.
G. Redressal of complaints received against mutual funds during 2010-11 Please refer the Annexure 1 to this report on the last page for the details related to "Disclosure of investor complaints with respect to Mutual Funds". H. General Policies and Procedures for exercising the voting rights: In view of SEBI guidelines related to "Role of Mutual Funds in Corporate Governance of Public Listed Companies", the company has formulated its "Policy for Proxy Voting in Public Listed Companies". The said policy and details of actual exercise of proxy votes during the Financial Year 2010 - 2011 is available on its website www.birlasunlife.com." Acknowledgements The Trustees thank SEBI, AMFI, the Investors, Investor Service Centers, Distributors, Key Partners, Service Provides, BSLAMC and its employees for their commitment and looks forward to their continued support. For and on behalf of Birla Sun Life Trustee Company Private Limited
iii. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 ('the SEBI Regulations'). iv. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at 31 March 2011 are in accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable and approved by the Board of Directors of Birla Sun Life Trustee Company Private Limited, and are fair and reasonable. v. In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements give the information required by the SEBI Regulations as applicable, and give a true and fair view in conformity with the accounting principles generally accepted in India: a) b) c) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2011; in the case of the revenue account, of the surplus for the year ended on that date; and in the case of the cash flow statement, of the cash flows for the year ended on that date.
Prafull Anubhai Chairman For S. R. Batliboi & Co. June 29, 2011 Mumbai Firm Registration No. 301003E Chartered Accountants
per Surekha Gracias Partner Membership No: 105488 Mumbai, 29 June 2011
BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre , Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. ABRIDGED BALANCE SHEET AS AT MARCH 31, 2011 As at March 31, 2011 1 2 2.1 2.2 2.3 3 4 4.1 4.2 LIABILITIES Unit Capital Reserves & Surplus Unit Premium Reserves Unrealised Appreciation Reserve Other Reserves Loans & Borrowings Current Liabilities & Provisions Provision for doubtful Income/Deposits Other Current Liabilities & Provisions TOTAL ASSETS Investments Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Future & Option Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Government Securities Treasury Bills Commercial Paper Certificate of Deposits Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities Total Investments Deposits Other Current Assets Cash & Bank Balance CBLO/ Reverse Repo Lending Others Deferred Revenue Expenditure (to the extent not written off) TOTAL 71,503.20 80,601.05 45,077.16 95,438.88 1,453.07 294,073.36 (Rupees in Lakhs) As at March 31, 2010 57,528.80 48,661.34 37,097.26 61,645.84 2,108.98 207,042.22
1 1.1. 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 1.1.6 1.2 1.2.1 1.2.2 1.2.3 1.2.4 1.2.5 1.3 1.3.1 1.3.2 1.3.3 1.3.4 1.3.5 1.4 1.5 1.6 1.7 1.8 1.9 1.10 2 3 3.1 3.2 3.3 4
BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre , Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
ABRIDGED REVENUE ACCOUNT FOR THE YEAR ENDING MARCH 31, 2011
Current Year ended March 31, 2011 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3 4 5 6 7 7.1 7.2 7.3 8 9 9.1 9.2 10 INCOME Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions Other Income (A) EXPENSES Management fees Service tax on Management fees Transfer agents fees and expenses Custodian fees Trusteeship fees Commission to Agents Marketing & Distribution expenses Audit fees Other operating expenses (B) NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) Add: Balance transfer from Unrealised Appreciation Reserve, Reserves Less: Balance transfer to Unrealised Appreciation Reserve, Reserves Add / (Less): Equalisation Total Dividend appropriation Income Distributed during the year / period Tax on income distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance sheet 2,758.56 745.22 19,602.73 20.40 23,126.91 2,561.53 263.85 390.70 32.62 0.26 999.11 289.49 1.75 199.89 4,739.20 18,387.71 18,387.71 7,979.90 26,367.61 6,863.59 27,468.35 46,972.37 12,063.02 34,909.35 (Rupees in Lakhs) Previous Year ended March 31, 2010 1,128.52 304.10 15,176.64 2,510.10 13.41 19,132.77 651.64 67.12 282.66 20.13 0.14 856.27 484.02 1.75 113.79 2,477.52 16,655.25 (40,836.65) 57,491.90 16.41 57,508.31 37,013.40 56,964.72 77,459.63 10,985.26 66,474.37
BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre , Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. KEY STATISTICS FOR THE YEAR ENDED MARCH 31, 2011 Current Year ended March 31, 2011 1. NAV per unit (Rs.): Open Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option High Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Low Dividend Option Growth Option Dividend Option Growth Option End Dividend Option Growth Option Dividend Option Growth Option Closing Assets Under Management (Rs. in Lakhs) End Average (AAuM)1 Gross income as % of AAuM2 Expense Ratio: a. Total Expense as % of AAuM (plan wise) Dividend Option Growth Option b. Management Fee as % of AAuM (plan wise) Dividend Option Growth Option Net Income as a percentage of AAuM3 Portfolio turnover ratio4 Total Dividend per unit distributed during the year / period (plan wise) Dividend Option Returns: a. Last One Year Scheme - Growth Option Benchmark - BSE200 b. Since Inception Scheme - Growth Option Benchmark - BSE200 21.77 80.76 12.21 12.21 24.99 97.94 14.80 14.80 19.58 75.33 21.61 89.90 292,620 253,665 9.12% Previous Year ended March 31, 2010 13.15 41.40 N/A N/A 24.28 82.13 12.41 12.41 13.15 41.40 9.87 9.87 21.77 80.76 12.21 12.21 204,933 124,784 15.33%
2.
3. 4.
5. 6. 7. 8.
1. AAuM=Average daily net assets 2. Gross income = amount against (A) in the Revenue account i.e. Income. 3. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
1.1. It is confirmed that investments of the schemes are registered in the name of the Trustees for the benefit of the scheme's unitholders. 1.2. Open Positions of derivatives as of March 31, 2011 is Nil and March 31, 2010 is Rs.10,027,167 being 0.05% of net assets respectively. 1.3. Investments in Associates and Group Companies as at Year ended March 31, 2011 and March 31, 2010 are as follows : Issuer Nature of Instruments 2011 Grasim Industries Ltd. Maruti Suzuki India Ltd. Bajaj Auto Ltd. Axis Bank Ltd Hindalco Industries Ltd. PTC India Ltd. Equity Shares Equity Shares Equity Shares Equity Shares Equity Shares Equity Shares 452,521,670 37,864,500 178,077,525 163,896,095 Amount 2010 434,471,138 412,352,092 208,357,570 Aggregate investments by all Schemes 2011 750,622,260 546,485,707 435,201,278 781,530,391 2010 731,300,525 1,959,096,201 649,154,227 -
1.4. Open position of Securities Borrowed and / or Lent by the scheme as of the Year end March 31, 2011 and March 31, 2010 are NIL. 1.5. NPAs as at Year ended March 31, 2011 and March 31, 2010 are NIL. 1.6. Aggregate Unrealised Gain / Loss as at the Year ended March 31, 2011 and March 31, 2010 and their percentages to net assets are as under : Security Category Amount (Rs.) 2011 Equity Shares - Appreciation - Depreciation Futures & Options - Appreciation - Depreciation Debentures and bonds - Appreciation - Depreciation Mutual fund units - Appreciation - Depreciation 127,459 0.00 12,176,435 0.04 10,027,167 0.05 4,962,480,563 467,068,370 16.96 1.60 3,840,390,427 140,691,747 18.74 0.69 Percentage to Net Assets Amount (Rs.) 2010 Percentage to Net Assets
11.7. The aggregate value of investment securities purchased and sold during the year 2011 is Rs. 34,130,801,696 and Rs. 27,947,300,698 respectively being 134.55% and 110.17% of the average daily net assets. The aggregate value of investment securities purchased and sold during the year 2010 is Rs. 81,132 and Rs. 163,593 respectively being 0.00% and 0.00% of the average daily net assets. 1.8. Non-Traded securities in the portfolio of the scheme as at the Year ended March 31, 2011 is Rs. 12,176,435 and March 31, 2010 are NIL. 2 Details of Transaction with Associates under regulation 25(8). Commission Paid to associates/related parties/group companies of sponsor/AMC Name of Associate Aditya Birla Money Ltd. Aditya Birla Money Mart Ltd. Emkay Global Financial Services Ltd. Aditya Birla Finance Company Ltd. Axis Bank Ltd Nature of Association Associate of the sponsor Associate of the sponsor Associate of the sponsor Associate of the sponsor Associate of the AMC Period Covered April 10 - March 11 April 10 - March 11 April 10 - March 11 April 10 - March 11 April 10 - March 11 Business Given(Rs Cr) 0.15 20.02 0.09 0.01 1.74 % of total Business 0.01 1.14 0.01 0.00 1.13 Commission paid in Rs 30,944.85 3,719,428.45 22,160.28 6,286.62 286,489.72 % of total Commission 0.01 1.29 0.01 0.00 1.67
Brokerage Paid to associates/related parties/group companies of sponsor/AMC Name of Associate Aditya Birla Finance Ltd. ` Aditya Birla Money Ltd. Services Ltd. Name of Associate Aditya Birla Money Ltd 3 4 Nature of Association Associate of the sponsor Associate of the sponsor Period Covered April 09 - March 10 April 09 - March 10 Business Given(Rs Cr) 0.01 0.11 % of total Business 0.00 0.01 Commission paid in Rs 8,606.04 17,924.00 % of total Commission 0.00 0.01
None of the Investors held more than 25% of the total net assets of the scheme at the Year ended March 31, 2011 and March 31, 2010. Unit Capital movement during the Year ended March 31, 2011 and March 31,2010 are as under: Description Opening Units Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Description Opening Units Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option 153,257,730.521 55,995,889.126 Subscription 433,323,590.195 140,832,534.317 4,104,427.984 6,449,010.573 432,556,619.003 4,052,676.110 Subscription 254,354,231.113 134,946,443.053 2,462,812.732 4,628,803.699 2011 Redemption 174,134,481.142 68,833,676.263 4,998,530.471 8,681,479.809 2010 Redemption 154,024,701.713 60,685,414.740 1,568,710.245 2,396,334.463 Closing Units 432,556,619.003 136,143,008.703 2,535,717.739 4,052,676.110 Face Value 4,325,566,190.03 1,361,430,087.03 25,357,177.39 40,526,761.10 Closing Units 512,776,368.974 202,255,775.493 Face Value 5,127,763,689.74 2,022,557,754.93 -
5 6
Prior year amounts have been re-grouped and reclassified, wherever applicable, to conform to current years presentation. No contingent liabilities for the Year ended March 31, 2011 and March 31, 2010.
These abridged financial statements have been derived by the management from the audited financial statements, and have not been audited.
Disclosure of investor of investor complaints with respect to Mutual Funds Redressal of Complaints received during Name of the Mutual Fund Total Number of Folios Complaint Type of complaint# code 2010-2011 Birla Sun Life Mutual Fund 2428126 Action on (a) and (b) (a) No. of (b) No of complaints complaints pending at received the during the beginning year of the year Resolved Non Actionable* Pending as on March 31, 2011
0-3 months 2 0 0 0 0 0 0 0 0 0 0 0 1 3
Non receipt of Dividend on Units Interest on delayed payment of Dividend Non receipt of Redemption Proceeds Interest on delayed payment of Redemption Non receipt of Statement of Account/ Unit Certificate Discrepancy in Statement of Account Non receipt of Annual Report/ Abridged Summary Wrong switch between Schemes Unauthorized switch between Schemes Deviation from Scheme attributes Wrong or excess charges/load Non updation of changes viz. address, PAN, bank details, nomination, etc Others TOTAL
16 0 8 0 0 0 0 0 0 0 0 0 1 25
# including against its authorized persons/ distributors/ employees etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund Dear investor, Please note that as per addendum released on May 20, 2010 Birla Sun Life Asset Management Company Limited reserves the right to send Statutory Documents including the ANNUAL REPORT to your registered email id ONLY. In case you need printed copies of any particular scheme, you may visit our Investor Service Centers or get in touch with us through below mentioned contact details . Note: Kindly mention your folio number in all your communication with us.
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BIRLA SUN LIFE MUTUAL FUND, BIRLA SUN LIFE MUTUAL FUND, FUND, One India Bulls, Tower 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road. Mumbai - 400 400 One India Bulls, Tower 1, 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road. Mumbai -013 013
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