fv 4. to W0-33004/99
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3THTETR171
EXTRAORDINARY
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14. 441
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No. 441
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12-1-u-, six(Riql
[f4-47F-III/4/373ThilircV41/09]
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)
6
THE GAZE I I EOF INDIA : EXTRAORDINARY
[PART
SEC.
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
[ Ashok Bhartia I
Place : Mumbai
Dated : 03.10.2009
4shafirz
0 NEWDELHI
oaf
[ sTPTIII—Llu54]
liFff *TT I.1 n31
8TRRIrroT
7
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
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
8
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART
4]
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
Place: Mumbai
Dated: 03.10.2009
n NEW DELHI c*
ACC
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9
PIT11111— ous 41
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
10
THE GAZETTE OF INDIA: EXTRAORDINARY
[PAN-111- -SFr. 4]
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.
II I -I 1 1111
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