Annual Report for Fixed Maturity Schemes - Tata Mutual Fund

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Annual Report 2011-2012 Statutory Details: SPONSORS Tata Sons Limited Bombay House, 24, Homi Modi Street, Mumbai - 400 001. Tata Investment Corporation Limited Elphinstone Building, 10, Veer Nariman Road, Mumbai – 400 001. TRUSTEE Tata Trustee Company Limited Mafatlal Centre, 9th Floor, Nariman Point, Mumbai – 400 021. AMC Tata Asset Management Ltd. Mafatlal Centre, 9th Floor, Nariman Point, Mumbai – 400 021. REGISTRAR Computer Age Management Services (Pvt.) Limited 148, Old Mahabalipuram Road, Okkiyam, Thuraipakkam, Chennai - 600 097 Karvy Computershare Private Limited (KCPL), 21, Avenue 4, Street No. 1, Banjara Hills, Hyderabad 500 034. 2
REPORT OF THE TRUSTEE TO THE UNITHOLDERS FOR THE YEAR ENDED 31 ST MARCH, 2012 Dear Unitholder, It gives us great pleasure to enclose schemewise audited financials as on 31 st March, 2012. This Report is in continuation of the ‘Performance and Portfolio of the Schemes’ Report as on 31 st March, 2012 published by us earlier. 1. Scheme Performance, Future Outlook and Operations of the Schemes The year that was: Equity: In the Financial Year 2011-2012 (FY 12), global worries on account of European Union sovereign debt crises, and India specific factors like persistent high inflation and slowdown in investments and infrastructure roll out resulted in a cautious and sombre mood in the Indian equity markets. While the European Union sovereign debt crises caused worries on world growth, rising inflation due to fiscal stimulus in the previous years and supply side constraints, limited the level of central bank monetary intervention, stressing monetary policy to its limit at a time when fiscal consolidation is tough to come by. Indian equity markets ended the FY12 with BSE Sensex down by 10.5% and Nifty down by 9.2%, and overseas investors took a bigger hit since the Indian rupee depreciated by 12.4% against the US dollar. The fall in the indices means that in terms of valuations, BSE Sensex was quoting at around 13-14 times forward earnings by the end of FY12, which is below the long term averages. We began FY12 with Standards and Poor’s reaffirming India’s investment grade rating with stable outlook, only to have a negative outlook comment come up in April 2012. On the monetary policy front too we had RBI hike its key policy rates by 1.75% in the fiscal to tackle inflation during the fiscal, a position that was reversed in April 2012 with a cut of 50 bps as outlook for economic growth was threatened. During the year, large cap stocks underperformed the mid-cap stocks reflecting their greater exposure to global concerns; however liquidity issues caused small-cap stocks to significantly underperform both the other capitalisation indices. Sectorally, investors bought the India domestic consumption story, with sectoral indices like auto, FMCG, health care, consumer durables and software(owing to its currency play angle) outperforming the BSE Sensex, while sectors like banks, capital goods, metal, oil & gas, power, PSU and realty underperformed the BSE Sensex. The Union Budget for fiscal 2013 (FY13) was presented in the background of fiscal and political constraints. The thrust areas of the budget are giving impetus to growth by focusing on incentivizing investments, fiscal consolidation through widening of tax base and reducing subsidy, financial inclusion and improvement of governance through the unique identification scheme and anti-corruption legislation. The budget targets a fiscal deficit of 5.1% in FY13 from 5.9% in FY12. The budget raised service tax and excise duty each from 10% to 12%, while widening the net of service tax net to include all services except a small negative list. The budget divestment targets are modest, but fuel subsidies seem understated. The budget figures are based on assumption of a 14% nominal GDP growth. GDP growth for the fourth quarter FY12 was reported at 5.3% YoY (9.2% YoY same period last year). On a yearly basis, analyzing by activity, the GDP grew by 6.5%YoY in FY12; industry posted weaker growth of 3.4%YoY from 7.2% YoY in FY11, and agriculture posted a growth of 2.8% YoY from 7% YoY in FY11, while services sector growth (constituting 59% of GDP) was strong at 8.9% YoY from 9.3% YoY in FY11. On an expenditure basis, investment growth almost halved to 5.5% YoY from 11.1% YoY in FY11. Consumption growth came at 5.4% YoY for FY12 from 8.1% YoY in FY11 due to slow down in both private and public consumption expenditure. Net exports on the other hand posted a deeper contraction of 7.4% YoY in FY12 from contraction of 6% YoY in FY11. In terms of corporate results for the broad market, thanks to high inflation, the sales of companies in value terms for the first three quarters of FY12 was at 20%+; however in line with slowing economic growth, the sales growth in value terms came down to mid-teens in the 4th quarter of FY12. The operating margins of companies were hurt by rising wage costs and higher raw material/ commodity prices and net profit margins were also hurt by higher interest costs especially for the highly leveraged companies. As a result, the net profit growth for the corporate lagged the sales growth of companies. Debt: Fiscal Year 2011-12 (FY 12) was a difficult year. The Index of Industrial Production (IIP) recorded a growth of 2.8 % during FY12 compared to 8.2% in FY11. The mining sector declined by 2%, while the manufacturing sector recorded a growth of 2.9% and electricity sector of 8.2%, as compared to growth of 5.2%, 9% and 5.6% respectively in FY11. Inflation, measured by the Wholesale Price Index (WPI), remained above 9.0% levels between April-November 2011 but moderated thereafter to end the year at 6.9% in March 2012. Average inflation for FY12 was 8.8% as compared to 9.5% in FY11. The decrease was largely driven by falling inflation in food articles, which declined from 15.8% in FY11 to 7.4% in FY12. Manufactured products inflation initially went up to above 8.0% levels till November 2011, but moderated to 4.9% by March 2012. 3
Page 1: annual report 2011 - 2012 • TATA
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AUDITORS’ REPORT TO THE BOARD OF
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Balance Sheet of Tata Fixed Income
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INCOME Revenue Account of Tata Fixe
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Investments purchased are initially
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1.6 Load Charges: Load represents a
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8. Transactions with Trustees, Inve
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Government Securities and Treasury
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13 Utilisation of Load charges i. D
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10. Net Asset Value Per Unit (Rs.)
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Investment Manager The Board of Dir
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. Recognition, de-recognition and m
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Broker The Investment Manager has a
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Tata Growth Fund 7,164,724.63 55,55
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Tata Liquid Fund Tata Dividend Yiel
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Tata Tax Saving Fund 24,056,882.98
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Tata Fixed Maturity Plan -Series 33
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Tata Sip Fund Scheme-2 11,993,157.0
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SHRIRAM TRANS. FIN. CO. LTD. Tata L
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Tata Pure Equity Fund 269,332,156.6
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Tata Growth Fund 2,531,067.33 0.00
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Current Year Commission Paid to Ass
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Commission Paid to Associate Broker
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Current Year Tata Tax Saving Fund T
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Current Year Tata Gilt Securities F
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Current Year Tata Tax Advantage Fun
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Brokerage Paid to Associate Brokers
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Brokerage Paid to Associate Brokers
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(Annexure 5) In term of SEBI Cir/IM
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Annual Report for Fixed Maturity Schemes - Tata Mutual Fund

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