Administrator of the Specified Undertaking of the Unit Trust of India for year ended 31 March 2009 published in Government of India Gazette Publication No. 222 dated 26th November 2009, the Auditors' Report is published in terms of Section 21(4) of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002

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ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE

UNIT TRUST OF INDIA

• ADDENDUM

Mumbai, the 2nd February, 2010

In continuation of the Balance Sheets and Revenue Accounts for various schemes of Administrator of the Specified Undertaking of the Unit Trust of India for year ended 31'1 March 2009 published in Government of India Gazette Publication No. 222 dated 26th November 2009, the Auditors' Report is published in terms of Section 21(4) of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.

AUDITORS' REPORT

The Administrator, Specified Undertaking of Unit Trust of India (SUUTI), Mumbai

We have audited the .attached Balance Sheets of Schemes/Funds, i.e. 1. US 64 Bonds, 2. ARS Bonds, 3. DIP 91, and 4. MIP 96 IV, of Specified Undertaking of Unit Trust of India (SUUTI) as on 31 St March 2009 and also the related Revenue Accounts for the year ended on that date, annexed thereto. These financial statements are the responsibility of the management and have been prepared by the management, which are centralized at the

3473 iie)

corporate office, Mumbai, on the basis of financial data/information of various branches and main offices (including those of the erstwhile UTI, since converted . into UTI Financial Centers). 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

On the basis of the audit indicated herein, and as required by The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, and subject to the limitations of disclosure required therein and subject to our observations referred in annexure attached hereto and Notes to account referred in Schedule 'M', 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 and related Revenue Accounts are in agreement with the books of account.

c. In our opinion and to the best of our knowledge and according to the information and explanations given to us and read with the Notes as per Schedule 'M' and the statement of significant accounting policies:

i. the said Balance Sheets are full and fair containing all the necessary particulars and are properly drawn up in accordance with The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 so as to exhibit a true and fair view of affairs of the various Schemes/funds of SUUTI as on 31' March 2009.

I II

ii. the said Revenue Accounts of the Schemes / Funds i.e. 1. US 64 Bonds, 2. ARS Bonds, 3. DIP 91, and 4. MIP 96 IV show true and fair view of the Excess of Income over Expenditure .

FOR ASHOK BHARTIA & CO. Chartered Accountants

4shafirz

[ Ashok Bhartia I

0 NEWDELHI

oaf

Place : Mumbai Dated : 03.10.2009

AUDITORS REPORT

(annexure, to & forming part of said Report)

The Unit Trust of India Act, 1963 was repealed by the Government of India viz. "The Unit Trust of India (Transfer of Undertaking and repeal) Act 2002. In exercise of the powers conferred under the Act, the Central Government, vide its notification dated 15 th January 2003 had notified 1 st February 2003 as the "Appointed Day" for the purpose of transfer and vesting the undertaking of the erstwhile UTI into two entities viz. Specified Undertaking of Unit Trust of India (SUUTI) and UTI Mutual Fund. The accounts of SUUTI, therefore, relating to the above mentioned Schemes/Funds have been drawn up pursuant to the said Repeal Act.

Investments in Debentures and Bonds including term loans (relating to debt portfolio) include a large number of cases sanctioned in earlier years, although the stipulated period has since elapsed but complete security has not been created so far. As per the information made available (a): Out of 39 cases involving Rs. 168.55 crore where security was not created at all, 34 cases involving Rs.165.17 crore were under Recovery/BIFR /Liquidation and (b): out of 35 cases involving Rs.106.26 crore where security was not fully created, 29 cases involving Rs.98.42 crore were under Recovery /BIFR/Liquidation. In the absence of complete data & information, the reliability of the debt portfolio cannot be commented.

21..:3 4 4 )/ 0 3

The SUUTI has been generally maintaining proper records, showing full particulars including quantitative details and situation/location of fixed assets. However, physical verification of the fixed assets has not been carried out fully and the reconciliation of physically verified assets with book records is still in progress. Obsolete/discarded/dead items of fixed assets are yet to be determined And as such discrepancy found, if any, cannot be commented.

Certain provisions for outstanding items made in earlier years are still appearing in the Balance Sheet which in our opinion are in excess of required amount and should be written back.

5. SUUTI has been selling various properties during the financial year 2008-09 by giving advertisements in the different newspapers through UTI Infrastructure and Service Limited. In our opinion, considering the current market conditions, the policy needs to be revisited, to expedite the selling process, comply with the prescribed guidelines for selling the properties and to get the best price, which may have impact on the Financial Statements.

Further in our opinion the procedure followed to sell these properties have been restricted but not open e.g. placing the drop box for tender only at the place of location of the property, and fixation of particular time only on the last day of closing of the tender, which may deprive the person(s) who live far away but want to participate. Consequently few prime properties have been sold at almost reserve price.

Further the selling procedure of these properties could have been improved keeping in view of the exact thrust of the policies as laid down by the board so as to realize of best price, which we cannot comment.

FOR ASHOK BHARTIA & CO. Chartere Accountants

[ Ashok Bhartia I

n N EW DELHI c*

ACC

Place: Mumbai Dated: 03.10.2009

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AUDITORS' REPORT

The Administrator, Specified Undertaking of Unit Trust of India (SUUTI), Mumbai

We have audited the attached Balance Sheets of 2 Schemes viz. VENTURE CAPITAL UNIT SCHEME 1989 (VECAUS I) and VENTURE CAPITAL UNIT SCHEME 1991 (VECAUS III) of Specified Undertaking of Unit Trust of India (SUUTI) as at 31 St March 2009 and also the related Revenue Accounts for the year ended on that date annexed thereto. These financial statements are the responsibility of the management and have been prepared by the management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standard generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

On the basis of the Audit indicated herein, and as required by the 'The Unit Trust of India (Transfer of Undertaking and Repeal)Act, 2002', and subject to the limitations of disclosure required therein, we report that :

1. The Unit Trust of India Act, 1963 has been repealed by the Government of India viz. "The Unit Trust of India (Transfer of Undertaking and Repeal) Act 2002. In exercise of the powers conferred under the Act, the Central Government vide its notification dated 15 th January 2003 has notified February 2003 as the "Appointed Day" for the purpose of transfer and vesting the

undertaking of the erstwhile UTI into two entities viz. Specified Undertaking of Unit Trust of India (SUUTI) and UTI mutual Fund. ,

Subject to our observations referred herein above, we further report that;

We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit ;

The Balance Sheets and related Revenue Accounts are in agreement with the books of accounts ;

c. In our opinion and to the best of our knowledge and according to the information and explanations given to us and read with the notes as per Schedule 'H' and the statement of Significant Accounting policies.

the said Balance Sheets are full and fair containing all the necessary particulars and are properly drawn up in accordance with 'The Unit Trust of India (Transfer of Undertaking and Repeal)Act, 2002', so as to exhibit a true and fair view of affairs of the Scheme as on 31st March 2009.

The said Revenue Accounts of the Schemes show a true and fair view of the Excess of Income over Expenditure for VECAUS-I and VECAUS-III for the year ended on that date.

FOR ASHOK BHARTIA & CO.

Chartered Accountants

[ Ashok Bhartia Place: Mumbai Dated: 03.10.2009

K. N. PRITHVIRAJ, Administrator

[ADVT-II1/4/Exty./41/09]

Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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