IMT Nagpur

PGDM 2009-2011

Mutual Fund – Debt Schemes

Corporate Finance
Date of Submission: 14th Dec 2009

Submitted to:

Prof. Pavan Jain

Section: D

Submitted By:
Rochit Rajvanshi (2009195)

Rani Treasa Joseph (2009209)

Revati Naik (2009211)

Rijo Jacob Abraham (2009214)

Siddharth Seran (2009237)

Smritti Bansal (2009243)

Ruchika Puri (2009252)

Prakhar Chawla (2009225)

Shalini Singh (2009239)

Shashiraj (2009244)

[1]
TABLE OF CONTENTS:

1. Introduction
…………………………………………………………………………………………
…………..3
1. Mutual Funds - Definition

2. Operation Of A Mutual Fund

3. Types Of Mutual Funds

4. Merits Of Debt Fund Investment

5. Mutual Fund Market Analysis (Inclusive of Debt

Market)
2. Mutual Fund Debt Scheme features of 10 companies
…………………………………….…9
3. Comparative Analysis of 10 Mutual fund Debt
Schemes……………………………………34

[2]
 1. INTRODUCTION
1.1.MUTUAL FUNDS - DEFINITION

A mutual fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities.

The income earned through these investments and the capital appreciation realized
is shared by its unit holders in proportion to the number of units owned by them.
Thus a Mutual Fund is the most suitable investment for the common man as it offers
an opportunity to invest in a diversified, professionally managed basket of securities
at a relatively low cost.

1.2.OPERATION OF A MUTUAL FUND

1.3.TYPES OF MUTUAL FUNDS

By Structure

 Open-ended Fund/ Scheme

It is one that is available for subscription and repurchase on a continuous
basis. These schemes do not have a fixed maturity period. Investors can
conveniently buy and sell units at Net Asset Value (NAV) related prices which
are declared on a daily basis. The key feature of open-end schemes is
liquidity.

 Closed-ended Fund/Scheme
These schemes have a pre-specified maturity period. One can invest directly
in the scheme at the time of the initial issue. Depending on the structure of

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 the scheme there are two exit options available to an investor after the initial
offer period closes. Investors can transact (buy or sell) the units of the
scheme on the stock exchanges where they are listed. The market price at
the stock exchanges could vary from the net asset value (NAV) of the scheme
on account of demand and supply situation, expectations of unit holder and
other market factors. Alternatively some close-ended schemes provide an
additional option of selling the units directly to the Mutual Fund through
periodic repurchase at the schemes NAV.

 Interval Scheme
These combine the features of open-ended and close-ended schemes. The
units may be traded on the stock exchange or may be open for sale or
redemption during pre-determined intervals at NAV related prices

By Nature

 Equity Funds
These funds invest a maximum part of their corpus into equities holdings.
The structure of the fund may vary different for different schemes and the
fund manager’s outlook on different stocks. The Equity Funds are sub-
classified depending upon their investment objective, as follows:
 Diversified Equity Funds
 Mid-Cap Funds
 Sector Specific Funds and
 Tax Savings Funds (ELSS)
 Equity investments are meant for a longer time horizon, thus Equity
funds rank high on the risk-return matrix.
 Debt Funds
The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some of
the major issuers of debt papers. By investing in debt instruments, these
funds ensure low risk and provide stable income to the investors.
A debt fund may invest in short-term or long-term bonds, securitized
products, money market instruments or floating rate debt. The fee ratios on
debt funds are lower, on average, than equity funds because the overall
management costs are lower. The main investing objectives of a debt fund
will usually be preservation of capital and generation of income.

Debt funds are further classified as:

• Gilt Funds:
Invest their corpus in securities issued by Government, popularly
known as Government of India debt papers. These Funds carry zero
Default risk but are associated with Interest Rate risk. These schemes

[4]
 are safer as they invest in papers backed by Government. Gilt funds
stick to high quality-low risk debt, mainly government securities.
• Income Funds:
Invest a major portion into various debt instruments such as bonds,
corporate debentures and Government securities.
• MIPs:
Invests maximum of their total corpus in debt instruments while they
take minimum exposure in equities. It gets benefit of both equity and
debt market. These scheme ranks slightly high on the risk-return
matrix when compared with other debt schemes.
• Short Term Plans (STPs):
Meant for investment horizon for three to six months. These funds
primarily invest in short term papers like Certificate of Deposits (CDs)
and Commercial Papers (CPs). Some portion of the corpus is also
invested in corporate debentures.
• Liquid Funds:
Also known as Money Market Schemes, These funds provides easy
liquidity and preservation of capital. These schemes invest in short-
term instruments like Treasury Bills, inter-bank call money market, CPs
and CDs. These funds are meant for short-term cash management of
corporate houses and are meant for an investment horizon of 1day to
3 months. These schemes rank low on risk-return matrix and are
considered to be the safest amongst all categories of mutual funds.
 Balanced Funds

As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with pre-
defined investment objective of the scheme. These schemes aim to provide
investors with the best of both the worlds. Equity part provides growth and
the debt part provides stability in returns.

1.1.MERITS OF DEBT FUND INVESTMENT

While fixed deposits might appeal to conservative investors, in a growing

economy like India, inflation is a fact of life, which eats into the returns earned on
investments. From an inflation-adjusted perspective, fixed income mutual funds
compare very favorably to fixed deposits.

• Comparison with fixed deposits

In the investment world, it is not an either/or scenario between debt and
equity. Basic principle of sound investing postulates a diversified portfolio.
The main advantage of debt funds is relatively lower risk and steady income
additional to liquidity of investments. FDs generally have a lock-in-period
wherein in a pre-mature withdrawal by an investor would mean a monetary
penalty that would be charged to the investor. Moreover, debt funds could

[5]
 generate better yields during economic growth, dependent on the kind of
scheme chosen by the investor. A fund invests in range of securities leading
to diversification of risk, an important parameter for an investor.

• Better performance in slowdown

Debt funds also tend to perform better in periods of economic slowdown.
Analysts believe that debt should be looked upon as an effective hedge
against equity market volatility, which lends stability in terms of value and
income to a portfolio.

• Available Options
Debt funds have a fairly wide range of schemes offering something for all
types of investors. Liquid fund, Liquid plus funds, Short term income funds,
GILT funds, income funds and hybrid funds are some of the more popular
categories.

• Tax Benefit
For the purpose of determining the attractiveness of the investment, effective
return, that is, post-tax returns should be given more weight. Dividends from
debt mutual funds are taxed at a rate lower than highest marginal tax rate.

1.1.MUTUAL FUND MARKET ANALYSIS (INCLUSIVE OF DEBT MARKET)

In the past decade, Indian mutual fund industry has seen a dramatic
improvement, both quality as well as quantity wise. Putting the AUM of the Indian
Mutual Funds Industry into comparison, it constitutes less than 11% of the total
deposits held by the Indian banking industry. The main reason of its poor growth is
that the mutual fund industry in India is still in its nascent stage. Large sections of
Indian investors are yet to be educated with the concept. Hence, it is the prime
responsibility of all mutual fund companies, to market the product correctly abreast
of selling.

The mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.

First Phase - 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. The first
scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had
Rs.6,700 crores of assets under management.

Second Phase - 1987-1993 (Entry of Public Sector Funds)

This phase saw the entry of non-UTI mutual funds like SBI Mutual Fund followed by
Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian
Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct

[6]
92), LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47004 as assets
under management.

Crisis of 1992

The NAV of mutual funds in India declined when stock prices started falling in the
year 1992. Those days, the market regulations did not allow portfolio shifts into
alternative investments. There was rather no choice apart from holding the cash or
to further continue investing in shares. One more thing to be noted, since only
closed-end funds were floated in the market, the investors disinvested by selling at
a loss in the secondary market. The 1992 stock market scandal, the losses by
disinvestments and of course the lack of transparent rules, rocked confidence
among the investors.

Third Phase - 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era began giving the Indian
investors a wider choice of fund families. Also, 1993 was the year in which the first
Mutual Fund Regulation came into being, under which all mutual funds, except UTI
were to be registered and governed. The erstwhile Kothari Pioneer (now merged
with Franklin Templeton) was the first private sector mutual fund registered in July
1993. At the end of January 2003, there were 33 mutual funds with total assets of
Rs. 121805 crores.

Fourth Phase - since February 2003

This phase had a bitter experience for UTI. It was bifurcated into two separate
entities. One was the Specified Undertaking of the Unit Trust of India with AUM of
Rs.29835 crores (as on January 2003) did not come under the purview of the Mutual
Fund Regulations. The second was the UTI Mutual Fund Ltd, sponsored by SBI, PNB,
BOB and LIC registered with SEBI. The mutual fund industry entered a phase
of consolidation and growth. At the end of September, 2004, there were 29 funds,
which managed assets of Rs.153108 crores under 421 schemes.

Phase V. Growth and Consolidation - 2004 Onwards

The industry also witnessed several mergers and acquisitions recently, examples of
which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C
Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more
international mutual fund players have entered India like Fidelity, Franklin
Templeton Mutual Fund etc.

[7]
Future Growth

It is estimated that by 2010 March-end, the total assets of all

scheduled commercial banks should be Rs 4090000 crore. The annual composite
rate of growth is expected 13.4% during the rest of the decade. In the last 5 years
we have seen annual growth rate of 9%. According to the current growth rate, by
year 2010, mutual fund assets will be double.

Mutual Fund AUM’s Growth

Month/Year Mar-98 Mar- Mar- Mar- Mar- Mar- Sep- 4-Dec

00 01 02 03 04 04

MF AUM's 68984 9371 8313 9401 7530 1376 1511 1493

7 1 7 6 26 41 00

Change in % 26 13 12 25 45 9 1
over last yr

1.2.SHARPE RATIO
Definition: A ratio developed by Nobel laureate William F. Sharpe to measure risk-
adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free
rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a
portfolio and dividing the result by the standard deviation of the portfolio returns.
The Sharpe ratio formula is:

[8]
Significance:
The Sharpe ratio tells us whether a portfolio's returns are due to smart investment
decisions or a result of excess risk. This measurement is very useful
because although one portfolio or fund can reap higher returns than its peers, it is
only a good investment if those higher returns do not come with too much
additional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted
performance has been. A negative Sharpe ratio indicates that a risk-less asset
would perform better than the security being analyzed.

2. MUTUAL FUND FEATURES OF 10 COMPANIES

1. Company
CANARA ROBECO INCOME SCHEME – GROWTH
Name:

To generate income through investment in Debt and Money

Objective: Market Securities of different maturity and issuers of different
risk profiles.

Features: Type of Scheme: Open Ended

Inception Date: 37518
Face Value
10
(Rs/Unit):
Fund Size in Rs.
231.51 as on Oct 30, 2009
Cr.:

[9]
 Expense ratio (%): 2.07
Minimum
5000
Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%

If redeemed bet. 0 Months to 6

Exit Load:
Months; Exit load is 0.5%.

Increase/Decrease
in Fund Size since
-20.33
Sep 30, 2009 (Rs.
in crores):

NAV: Latest NAV: 19.35 as on Dec 3, 2009

Benchmark Index -
Crisil Composite 1,564.77 as on Dec 2, 2009
Bond Fund Index:
52 - Week High: 19.37 as on Nov 26, 2009
52 - Week Low: 17.20 as on Dec 5, 2008

Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1 3 6 1 3 5
Since
Mont Mont Mont Yea Yea Year
Inception
h hs hs r rs s
13.2 11.2
0.71 1.46 2.37 14 9.59
1 5

Risk Mean 0.56

Standard Deviation 0.79
Beta 4.77
Sharpe 0.57

Portfolio P/E NA
P/B NA
Dividend Yield NA
Market Cap NA
Large NA
Mid NA

[10]
 Small NA
Top 5 Holding (%) 88.01 as on Oct – 2009
No. of Stocks 4
Expense Ratio (%) 2.07

%age
%age of
of
Top 10 Change
Stock P/E Net Qty Value
holdings with last
Asse
month
ts
CBLO NA 54.71 NA 126.67 23.65
Treasury
NA 14.74 NA 34.12 0.41
Bill
19000
GOI NA 7.4 17.14 -37.15
00
L&T
Finance NA 6.61 150 15.31 1.3
Ltd
Housing
Developm
ent 31.4
4.54 100 10.51 0.59
Finance 1
Corporati
on Ltd
Indian Oil
Corporati 5.18 4.25 100 9.83 NA
on Ltd.
State
Bank of
Bikaner 5.08 4.2 1000 9.72 0.61
and Jaipur
Ltd
Current
NA 3.55 NA 8.22 -70.56
Assets
Sector
Banks 4.2
allocation
Petroleum, Gas
and
4.25
petrochemical
products
HFC 4.54

NBFC 6.61
22.1
Sovereign
4
58.2
Current Assets
6

[11]
2. Company Name: BIRLA SUN LIFE MIP - SAVINGS 5 - GROWTH

The scheme aims at long term capital appreciation by

Objective: investing in a judicious mix of high quality fixed income
securities and small portion in equity.

Features: Type of Scheme: Open Ended

Inception Date: May 1, 2004
Face Value
(Rs/Unit): 10
Fund Size in Rs.
Cr.: 1174 as on Nov 30, 2009
Expense ratio(%): 2.1
Minimum
Investment: 7
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0 Days to
Exit Load:
365 Days; Exit load is 1%.
Increase/Decrease
in Fund Size since
414.17
Sep 30, 2009 (Rs.
in crores):

NAV: Latest NAV: 16.31 as on Dec 4, 2009

Benchmark Index -
Crisil Composite
Bond Fund Index: 1,912.36 as on Dec 3, 2009
52 - Week High: 16.38 as on Jan 2, 2009
52 - Week Low: 14.68 as on Dec 8, 2008

Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1 3 6 1 3 5 Since
Mont Mont Mont Yea Yea Yea Inceptio
h hs hs r rs rs n
11.8 12.3
0.82 1.8 4.21 5 7 9.75 9.13

Risk Mean 0.35

[12]
 Standard 1.45
Deviation
Beta 0.56
Sharpe 0.17

Portfolio P/E 21.87 as on Nov - 2009

P/B 5.74 as on Nov - 2009
Dividend Yield 1.59 as on Nov - 2009
32,919.47 as on Nov -
Market Cap 2009
Large 2.25 as on Nov - 2009
Mid 2.15 as on Nov - 2009
Small 0.08 as on Nov - 2009
Top 5 Holding (%) 64.17 as on Nov - 2009
No. of Stocks 56
Expense Ratio (%) 2.1

%age of
%age
Top 10 Change
of Net Valu
holding Stock Sector P/E Qty with
Asset e
s last
s
month
Current 210.
Cash NA 17.92 NA 135.44
Assets 38
Industrial
Developm
150.
ent Bank Banks 9.18 12.8 NA 110.04
28
of India
Ltd
ICICI BANK 122.
Banks 24.47 10.47 NA 24.38
LTD. 9
Soverei 92.3
GOI NA 7.87 NA 144.89
gn 4
Soverei 85.1
GOI NA 7.25 NA 125.83
gn 5
Rural
Electrificat
47.9
ion FI 12.98 4.08 NA 16.21
3
Corporatio
n
Soverei 43.6
GOI NA 3.72 NA 15.68
gn 2
Power
Finance 43.0
FI 14.98 3.67 NA 19.46
Corporatio 3
n Ltd

[13]
 Andhra 42.4
Banks 5.9 3.62 NA -58.74
Bank 9
Central
42.1
Bank of Banks 6.91 3.59 NA 15.58
7
India

Sector allocation

FI 11.5
Current Assets 17.92
Sovereign 22.51
Banks 37.65

HDFC MONTHLY INCOME PLAN - LONG TERM PLAN –

3. Company Name:
GROWTH

The primary objective of the Scheme is to generate

regular returns through investment primarily in Debt and
Money Market Instruments. The Secondary objective of
Objective:
the scheme is to generate long term capital appreciation
by investing a portion of the Scheme’s assets in equity
and equity related instruments.

Feature
s: Type of Scheme: Open Ended

Inception Date: Dec 26, 2003

Face Value (Rs/Unit): 10
Fund Size in Rs. Cr.: 3148.57 as on Nov 30, 2009
Expense ratio(%): 1.77
Minimum Investment: 5000

Purchase Redemptions: Daily

NAV Calculation: Daily

Entry Load: Entry Load is 0%.

If redeemed bet. 0 Year to 1
Exit Load:
Year; Exit load is 1%.

[14]
 Increase/Decrease in Fund Size
683.01
since Sep 30, 2009 (Rs. in crores):

NAV: Latest NAV: 20.63 as on Dec 4, 2009

Benchmark Index -
Crisil Composite Bond
Fund Index: 1,912.36 as on Dec 3, 2009
52 - Week High: 20.67 as on Nov 25, 2009
52 - Week Low: 15.08 as on Dec 8, 2008

Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1 3 6 1 3 5
Since
Mon Mont Mont Yea Yea Yea
Inception
th hs hs r rs rs
37.9 12.1 13.5
2.44 5.72 10.33 8 3 3 12.95
0.13
Risk Mean

Standard Deviation 1.48

Beta 0.01

Sharpe 1.27

Portfolio P/E 21.51 as on Nov - 2009

P/B 4.41 as on Nov - 2009
Dividend Yield 1.39 as on Nov - 2009
Market Cap (Rs. in 48,573.19 as on Nov - 2009
crores)
Large 11.35 as on Nov - 2009
Mid 8.92 as on Nov - 2009
Small 1.65 as on Nov - 2009
Top 5 Holding (%) 40.35 as on Nov - 2009
No. of Stocks 92
Expense Ratio (%) 1.77

%age %age of
Top
of Change
10 Valu
Stock Sector P/E Net Qty with
holdin e
Asset last
gs
s month
Cash Current NA 10.96 NA 345. 65.25

[15]
 Assets 12
Housing
Developmen
t Finance
Corporation 246.
Ltd HFC 31.41 7.84 2,450 99 3,103.75
Power
Finance
Corporation 228.
Ltd FI 14.98 7.27 2,195 93 19.82
125,00,0 127.
GOI Sovereign NA 4.04 00 22 0.38
Rural
Electrificatio
n 121.
Corporation FI 12.98 3.87 1,200 72 15.45
Bharat Petroleum,
Petroleum Gas and
Corporation petrochemic 91.3
Ltd al products 4.46 2.9 900 7 20.46
Sundaram
Finance
Services 85.1
Ltd. NBFC 9.03 2.7 850 7 71.63
National
Housing 80.5
Bank FI NA 2.56 800 4 302.7
7,500,00 79.3
GOI Sovereign NA 2.52 0 9 -37.36
Export-
Import Bank 73.0
of India Ltd FI NA 2.32 700 4 53.84

Sector allocation

Auto & Auto

Ancillaries 4.18
Petroleum, Gas and
petrochemical
products 6.73
NBFC 7.73
Sovereign 10.15
Banks 10.8
Current Assets 10.96
HFC 11.81

[16]
 FI 20.9

RELIANCE MONTHLY INCOME PLAN –

4. Company Name: GROWTH

The primary objective of the scheme is to

generate regular income in order to make
Objective:
regular dividend payments to unit holders with
the secondary objective of growth in capital

Features: Type of Scheme: Open Ended

Inception Date: Debt
Face Value
Growth
(Rs/Unit):
Fund Size in Rs. 1414.48 as on Oct 30,
Cr.: 2009
Expense ratio(%): 1.89
Minimum
10000
Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0
Exit Load: Year to 1 Year; Exit
load is 1%.
Increase/Decrease
in Fund Size since
567.67
Sep 30, 2009 (Rs.
in crores):

19.82 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,912.36 as on Dec 3,
Bond Fund Index: 2009
19.84 as on Dec 3,
52 - Week High: 2009
15.13 as on Dec 8,
52 - Week Low: 2008

Risk and SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

[17]
return
1 3 6 1 3
5 Since
Mon Mont Mont Yea Yea
Years Inception
th hs hs r rs
12.8
2.47 6.41 10.64 32.4 4 13.77 12.26

Risk Mean 0.43

Standard Deviation 1.53
Beta 1.15
Sharpe 0.21

Portfolio P/E 23.71 as on Oct - 2009

P/B 4.35 as on Oct - 2009
Dividend Yield 0.75 as on Oct - 2009
41,798.51 as on Oct -
Market Cap 2009
Large NA
Mid NA
Small NA
Top 5 Holding (%) 39.51 as on Oct - 2009
No. of Stocks 23
Expense Ratio (%) 1.89

Percenta
%age of ge of
Top 10 Qt Valu
Stock Sector P/E Net Change
holdings y e
Assets with last
month
Current 146.
Cash Assets NA 10.38 NA 84 112.47
Tata Auto & Auto 20.1 112.
Motors Ltd Ancillaries 8 7.95 NA 45 84.98
Treasury 98.1
Bill Sovereign NA 6.94 NA 6 NA
State Bank
of Mysore Banks 5.57 6.76 NA 95.6 NA
Bank of 94.8
Baroda Banks 7.13 6.7 NA 4 NA
Housing
Developme
nt Finance
Corporatio 31.4
n Ltd HFC 1 6.09 NA 86.2 71.23

[18]
 Other Miscellaneo 76.7
Equities us NA 5.42 NA 1 NA
Petroleum,
Indian Oil Gas and
Corporatio petrochemic 63.8
n Ltd al products 5.18 4.52 NA 9 160.41
63.1
GOI Sovereign NA 4.46 NA 4 -31.27
Infrastruct
ure
Developme
nt Finance 26.6 62.6
Co. Ltd FI 6 4.43 NA 1 NA

Construction
Sector allocation materials 0.71
Software and
Consultancy Services 1.44
FMCG 1.52
Consumer Durables
and Electronics 1.53
Miscellaneous 5.42
Petroleum, Gas and
petrochemical
products 6.29
Auto & Auto
Ancillaries 8.73
Current Assets 10.38
HFC 10.39
FI 15.66
Banks 17.89
Sovereign 20.03

5. Company PRINCIPAL MONTHLY INCOME PLAN PLUS –

Name: GROWTH

The scheme aims to generate regular income

through investments in fixed income securities so
as to make periodical income distribution to the
Objective:
unitholders and also to generate long-term capital
appreciation by investing a portion of the schemes
assets in equity and equity related instruments

[19]
Features: Type of Scheme: Open Ended
Inception Date: Dec 30, 2003
Face Value
(Rs/Unit): 10
Fund Size in Rs. 72.73 as on Oct 30,
Cr.: 2009
Expense ratio(%): 2.25
Minimum
Investment: 5000
Purchase
Redemptions: Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0
Exit Load: Year to 1 Year; Exit
load is 1%.
Increase/Decrease
in Fund Size since
7.4
Sep 30, 2009 (Rs.
in crores):

17.79 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,912.36 as on Dec 3,
Bond Fund Index: 2009
17.82 as on Dec 2,
52 - Week High: 2009
14.09 as on Mar 12,
52 - Week Low: 2009

Risk
and
retur
n SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
3 6
1 1 3 5 Since
Mont Mont
Month Year Years Years Inception
hs hs
25.6
2.07 3.72 6.96 1 11.99 11.12 10.2

[20]
 Risk Mean 0.1
Standard Deviation 1.18
Beta 1.01
Sharpe 0

Portfolio P/E 27.04 as on Oct - 2009

P/B 3.67 as on Oct - 2009
Dividend Yield 1.12 as on Oct - 2009
Market Cap (Rs. 46,323.67 as on Oct -
in crores) 2009
Large NA
Mid NA
Small NA
Top 5 Holding 54.17 as on Oct - 2009
(%)
No. of Stocks 44
Expense Ratio 2.25
(%)

Top %age of
%age of
10 Qt Valu Change
Stock Sector P/E Net
holdin y e with last
Assets
gs month
Current
Cash Assets NA 17.23 NA 12.53 52.47
Treasury Bill Sovereign NA 13.74 NA 9.99 NA
Export-Import
Bank of India
Ltd FI NA 8.53 NA 6.2 0.01
Petroleum,
Gas and
Reliance petrochemic 23.4
Industries Ltd al products 3 7.57 NA 5.51 -0.18
Power Finance 14.9
Corporation Ltd FI 8 7.11 NA 5.17 0.05
Tata Sons Ltd. Diversified NA 4.29 NA 3.12 -0.08
ICICI BANK 24.4
LTD. Banks 7 4.27 NA 3.11 0.22
Housing
Development
Finance 31.4
Corporation Ltd HFC 1 4.15 NA 3.02 -0.37
GOI Sovereign NA 3.96 NA 2.88 -4.78

[21]
 State Bank of
Mysore Banks 5.57 3.53 NA 2.57 -0.15

Sector Allocation FMCG 2.09

Pharmaceuticals &
Biotechnology 2.23
HFC 4.15
Diversified 4.29
Petroleum, Gas
and petrochemical
products 10.02
Banks 10.6
FI 17
Current Assets 17.23
Sovereign 21.76

6. Company Name: DBS CHOLA MONTHLY INCOME PLAN

To generate Income through investments in a

Objective: range of Debt, Equity and Money Market
Instruments.

Features: Type of Scheme: Open Ended

Inception Date: July 31,2003
Face Value
10
(Rs/Unit):
Fund Size in Rs. 22.65 as on Nov
Cr.: 30,2009
Expense ratio(%): 2.25
Minimum
5000
Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%
If redeemed bet. 0
Exit Load: Year to 1 Year; Exit
Load is 1%
Increase/Decrease
in Fund Size since
0.18
Sep 30, 2009 (Rs.
in crores):

[22]
 18.59 as on Dec
NAV: Latest NAV: 4,2009
Benchmark Index -
Crisil Composite 1,912.36 as on Dec
Bond Fund Index: 3,2009
18.59 as on Dec
52 - Week High: 3,2009
16.26 as on Dec
52 - Week Low: 8,2008

Risk
and
return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1 3 6 5
1 3 Since
Mon Mont Month Year
Year Years Inception
th hs s s
1.99 2.32 5.59 14.9 11.89 10.3 10.25

Risk Mean -0.02

Standard Deviation 0.7
Beta 0.51
Sharpe -0.18

Portfolio P/E 28.68 as on Nov -2009

P/B 4.54 as on Nov -2009
Dividend Yield 0.84 as on Nov -2009
Market Cap (Rs. In 32,690.79 as on Nov
Crores) -2009
Large 7.79 as on Nov -2009
Mid 2.56 as on Nov -2009
Small 0.32 as on Nov -2009
Top 5 Holding (%) 75.41 as on Nov -2009
No. of Stocks 38
Expense Ratio (%) 2.25

%ag %age of
Top
e of Change
10
Stock Sector P/E Net Qty Value with
holdin
Asse last
gs
ts month
Birla NBFC 30.0 23.1 NA 5.25 NA
Global 7 8
Finance

[23]
 Ltd
Corporatio
n Bank Banks 5.99 19.1 NA 4.33 NA
National
Housing 13.3
Bank FI NA 3 NA 3.02 0.67
Current 10.9
Cash Assets NA 7 NA 2.48 -303.16
Magma
Shrachi
Finance
Ltd NBFC 8.87 8.83 NA 2 NA
Current
CBLO Assets NA 5.49 NA 1.24 -62.2
GOI Sovereign NA 5.47 NA 1.24 -36.26
Miscellaneo 7,98
Nifty us NA 2.78 8 0.63 -46.47

Sector allocation Diversified 0.15

Construction Materials 0.21
Engineering and
Capital Goods 0.43
Auto & Auto
Ancillaries 0.83
Current Assets 16.46
Banks 20.84

7. Company CANARA ROBECO MONTHLY INCOME PLAN -

Name: GROWTH
To generate income by investing in a wide
range of debt securities and Money Market
Objective: Instruments of various maturities and risk
profile and a small portion of investment in
equities and equity related instruments.

Features: Type of Scheme: Open Ended

Inception Date: 4-Apr-88
Face Value
10
(Rs/Unit):
Fund Size in Rs. 82.16 as on Nov 30,
Cr.: 2009
Expense ratio(%): 2.5
Minimum 5000

[24]
 Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0
Exit Load: Year to 1 Year; Exit
load is 1%.
Increase/Decrease
in Fund Size since
34.59
Sep 30, 2009 (Rs.
in crores):

26.69 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,912.36 as on Dec 3,
Bond Fund Index: 2009
26.71 as on Dec 3,
52 - Week High: 2009
20.62 as on Dec 8,
52 - Week Low: 2008

Risk
and
return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1 3 6
1 3 5 Since
Mon Mont Mont
Year Years Years Inception
th hs hs
2.03 2.06 3.85 29.56 11.42 14.2 6.94

Risk Mean 0.17

Standard Deviation 0.67
Beta 0.04
Sharpe 0.21

23.44 as on Nov -
Portfolio P/E 2009
P/B 3.67 as on Nov - 2009
Dividend Yield 0.97 as on Nov - 2009
73,604.80 as on Nov -
Market Cap 2009
Large 12.65 as on Nov - 2009

[25]
 Mid 6.06 as on Nov - 2009
Small 0.53 as on Nov - 2009
Top 5 Holding (%) 65.17 as on Nov - 2009
No. of Stocks 42
Expense Ratio (%) 2.5

%age
Top of
%age
10 Valu Chang
Stock Sector P/E of Net Qty
holdin e e with
Assets
gs last
month
Treasury 1,500,0 14.9
Bill Sovereign NA 18.18 00 3 NA
ICICI
BANK 24.4
LTD. Banks 7 11.82 1,000 9.71 100.88
State
Bank of
Hyderab
ad Banks NA 11.73 1,000 9.64 NA
Petroleum,
Indian Gas and
Oil petrochemi
Corporat cal 4,896.3
ion Ltd. products 5.18 11.65 200 9.57 9
Sundara
m
Finance
Ltd. NBFC 9.03 11.53 200 9.48 NA
Karnata
ka Bank
Ltd Banks 9.19 5.95 500 4.89 NA
Current
CBLO Assets NA 5.56 NA 4.57 -78.16
Current Current
Assets Assets NA 2 NA 1.65 -28.32

Pharmaceuticals &
Sector allocation Biotechnology 2.22
Current Assets 7.57
NBFC 11.53
Petroleum, Gas
and petrochemical
products 15.9
Sovereign 18.18

[26]
 Banks 35.03

8. Company Name: FORTIS FLEXI DEBT FUND - GROWTH

To generate income through investments in a
range of debt and money market instruments of
Objective: various maturities with a view to maximise income
while maintaining an optimum balance between
yield, liquidity and safety.

Features: Type of Scheme: Open Ended

Inception Date: 23-Sep-04
Face Value
10
(Rs/Unit):
Fund Size in Rs. 506.77 as on Oct 31,
Cr.: 2009
Expense ratio(%): 2.06
Minimum
5000
Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0
Exit Load: Months to 6 Months;
Exit load is 0.75%.
Increase/Decrease
in Fund Size since
21.06
Sep 30, 2009 (Rs.
in crores):

15.60 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,564.84 as on Dec 3,
Bond Fund Index: 2009
15.68 as on Nov 26,
52 - Week High: 2009
13.68 as on Jan 9,
52 - Week Low: 2009

Risk
and
return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

[27]
 1 3 6
1 3 5 Since
Mont Mont Mont
Year Years Years Inception
h hs hs
12.6
0.37 0.74 1.31 5 11.32 9.17 8.93

Risk Mean 0.39

Standard Deviation 1.64
Beta 0.17
Sharpe 6.41

Portfolio P/E N/A

P/B N/A
Dividend Yield N/A
Market Cap N/A
Large N/A
Mid N/A
Small N/A
49.55 as on Oct -
Top 5 Holding (%) 2009
No. of Stocks 8
Expense Ratio (%) 2.06

%ag
%age of
e of
Top 10 Secto Qt Val Change
Stock P/E Net
holdings r y ue with last
Asse
month
ts
IndusI
nd
Bank 13.7 69.5
Ltd. Banks 19.23 3 NA 7 602.64
Curre
nt 61.8
Repo Assets NA 12.2 NA 3 842.85
Fullert
on
India
Credit
Co. 49.2
Ltd. NBFC NA 9.72 NA 8 NA
Axis
Bank 38.7
Ltd. Banks 18.48 7.65 NA 5 60.57

[28]
 Mahin
dra &
Mahin
dra
Financi
al
Servic 31.6
es Ltd. NBFC 11.23 6.25 NA 7 -1.05
Punjab
Nation
al 24.9
Bank Banks 7.87 4.93 NA 9 0.29
IDBI
Home
Financ 24.9
e Ltd. HFC NA 4.92 NA 6 NA
ICICI
BANK 24.9
Ltd. Banks 24.47 4.92 NA 3 652.79

Sector allocation FI 2.63

HFC 4.92
Pharmaceuticals &
Biotechnology 4.92
Current Assets 14.78
NBFC 28.93
Banks 42.85

9. Company ICICI PRUDENTIAL INCOME FUND

Name: -GROWTH

Objective: Aims at maximizing income while maintaining

optimum balance of yield, safety and liquidity.

Features: Type of Scheme: Open Ended

Inception Date: 9-Jul-98
Face Value
10
(Rs/Unit):
Fund Size in Rs. 1432.31 as on Nov 30,
Cr.: 2009
Expense ratio(%): 1.88
Minimum
5000
Investment:
Purchase Daily

[29]
 Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load: Exit Load is 0%.
Increase/Decrease
in Fund Size since
-43.95
Sep 30, 2009 (Rs.
in crores):

29.84 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,564.84 as on Dec 3,
Bond Fund Index: 2009
30.18 as on Nov 26,
52 - Week High: 2009
27.12 as on Dec 8,
52 - Week Low: 2008

Risk
and SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
return
1 3 6
1 3 5 Since
Mon Mont Mont
Year Years Years Inception
th hs hs
0.8 1.9 1.75 12.03 11.22 9.04 10.05

Risk Mean 0.48

Standard Deviation 1.47
Beta 0.25
Sharpe 11.85

Portfolio P/E N/A

P/B N/A
Dividend Yield N/A
Market Cap N/A
Large N/A
Mid N/A
Small N/A
Top 5 Holding (%) 84.69 as on Nov - 2009
No. of Stocks 14
Expense Ratio (%) 1.88

[30]
 %age
Top %age of
10 of Net Qt Valu Chang
Stock Sector P/E
holdin Asset y e e with
gs s last
month
316.
GOI Sovereign NA 22.07 NA 1 17.07
Petroleum,
Gas and
Indian Oil petrochemi
Corporati cal 217.
on Ltd. products 5.18 15.16 NA 21 -8.47
179.
GOI Sovereign NA 12.56 NA 95 -33.35
State
Bank of 14.1 152.
India Banks 5 10.62 NA 06 -8.53
Neyveli
Lignite
Corporati Mining and 19.4 127.
on Ltd Minerals 1 8.88 NA 12 -8.59
Current Current 121.
Assets Assets NA 8.45 NA 08 87.84
72.4
GOI Sovereign NA 5.06 NA 4 -73.17
55.6
GOI Sovereign NA 3.88 NA 3 -79.4

Sector allocation FI 2.13

Current Assets 8.55
Mining and
Minerals 8.88
Banks 12.33
Petroleum, Gas
and petrochemical
products 15.16
Sovereign 50.04

10. Company
Name: HSBC MIP - SAVINGS PLAN - GROWTH

Objective: The primary objective is to seek generation of

reasonable returns through investments in
Debt and Money Market Instruments. The

[31]
 secondary objective of the Scheme is to invest
in equity and equity related instruments to
seek capital appreciation.

Features: Type of Scheme: Open Ended

Inception Date: 24-Feb-04
Face Value
10
(Rs/Unit):
Fund Size in Rs. 230.3 as on Oct 30,
Cr.: 2009
Expense ratio(%): 2.18
Minimum
10000
Investment:
Purchase
Daily
Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
If redeemed bet. 0
Exit Load: Year to 1 Year; Exit
load is 1%.
Increase/Decrease
in Fund Size since
39.82
Sep 30, 2009 (Rs.
in crores):

18.13 as on Dec 4,
NAV: Latest NAV: 2009
Benchmark Index -
Crisil Composite 1,912.36 as on Dec 3,
Bond Fund Index: 2009
18.15 as on Dec 3,
52 - Week High: 2009
14.65 as on Dec 8,
52 - Week Low: 2008

Risk
and
retur
n SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1 3 6
1 3 5 Since
Mon Mont Mont
Year Years Years Inception
th hs hs
25.1
3.61 5.11 8.79 4 11.17 11.55 10.84

[32]
 Risk Mean 0.07
Standard Deviation 1.03
Beta -0.04
Sharpe 0.85

18.99 as on Oct -
Portfolio P/E 2009
P/B 3.48 as on Oct - 2009
Dividend Yield 0.87 as on Oct - 2009
8,648.29 as on Oct -
Market Cap 2009
Large N/A
Mid N/A
Small N/A
Top 5 Holding (%) 54.58 as on Oct - 2009
No. of Stocks 34
Expense Ratio (%) 2.18

%age
of
Top Chan
%age of
10 Qt Valu ge
Stock Sector P/E Net
holdin y e with
Assets
gs last
mont
h
Current 33.7
NA 14.64 NA 99.66
CBLO Assets 3
Reverse Current 29.4
NA 12.79 NA 5.97
Repo Assets 5
20.8
Sovereign NA 9.06 NA 22.57
GOI 6
Housing
Developm
ent 31.4 15.0
HFC 6.52 NA NA
Finance 1 1
Corporati
on Ltd
Vijaya 14.9
Banks 5.41 6.51 NA 0.28
Bank 9
Canara 14.7
Banks 5.63 6.42 NA NA
Bank Ltd. 8
Bank of
Banks 7.78 4.26 NA 9.8 NA
India

[33]
 BHPC
Auto Sec
Tr Nov
Auto & Auto
2007 I - NA 4.01 NA 9.24 NA
Ancillaries
Tata
Motors
Services

Construction and
Sector allocation 1.39
Infrastructure
Consumer Durables 1.56
and Electronics
Auto & Auto
2.39
Ancillaries
FI 4.41
HFC 6.52
Sovereign 14.12
Banks 21.05
3. COMPARATIVE ANALYSIS OF THE 10 COMPANIES
A. On the Comparable Scheme Features
1. Fund Size

Maximum Fund Size: HDFC - 3148

Minimum Fund Size: DBS – 22.65

2. NAV(Net Asset Value)

Maximum NAV: ICICI – 29.84

Minimum NAV: FFD – 15.6

3. Standard Deviation

Maximum SD: FFD – 1.64

Minimum SD: DBS – 0.7

Most of the funds deviation that varies mainly within the range between 0.6 –
1.6.

4. Beta Value

[34]
 Maximum Beta: CRIS – 4.77
Minimum Beta: HSBC – -0.04

Canara Robeco Income Scheme – Growth has the highest beta value,
implying that the company’s deft fund value is proportional to approximately
4 times that of the market fund value.

5. Sharpe

Maximum Sharpe: ICICI – 1.15

Minimum Sharpe: HSBC – -0.04

6. Scheme Performance

Maximum Scheme Perf: CRIS – 14

Minimum Scheme Perf: HSBC – 11.17

Most of the schemes have done well considering the growing market for debt
funds in India.

A. On Company Style Box

Long Mid Short

C
R 1. Canara Robeco
E ICICI Prudential
Income Scheme –
DI Fortis Flexi Debt Fund - Growth, 2. Birla Sun
Income Fund High
Growth Life MIP - Savings
T -Growth
Growth, 3. DBS Chola
Q Monthly Income Plan
U
AL 1. HDFC Monthly Income Canara Robeco Mediu
IT Plan - Long Term Plan , Monthly Income Plan - m
Y 2. Reliance Monthly Growth
Income Plan - Growth, 3.
PRINCIPAL Monthly

[35]
 Income Plan Plus -
Growth, 4. HSBC MIP -

Low

AVERAGE MATURITY

3. COMPANY RATING USING SHARPE, SCHEME PERFORMANCE and

CRISIL RATING

The 10 Companies have been rated on the following scheme parameters:

1. Sharpe – Weightage 30%

2. Scheme performance (3 years) – Weightage 50%
3. CRISIL Rating – Weightage 20%
(Annexure 2 shows the data of derivation of Overall Score for CRISIL
rating of the Mutual Funds. The share of the scheme is multiplied by
the rating value and cumulated to derive the score)

The following is the Table that shows the final 10 Company rating:

Compa Sharp Weight Scheme Perf Weight Rating Weight

ny e age (3 yrs) age Score age Score
10.570
ICICI 11.85 0.3 11.22 0.5 7.0281 0.2 62
7.9145
FFD 6.41 0.3 11.32 0.5 1.65765 0.2 3
7.5077
CRIS 0.57 0.3 14 0.5 1.6839 0.2 8
7.4195
REL 0.21 0.3 12.84 0.5 4.6828 0.2 6
7.0402
HDFC 1.27 0.3 12.13 0.5 2.9714 0.2 8
PRIN 0 0.3 11.99 0.5 4.996 0.2 6.9942
6.7844
BSLM 0.17 0.3 12.37 0.5 2.7422 0.2 4
6.3185
HSBC 0.85 0.3 11.17 0.5 2.3927 0.2 4
6.2258
DBS -0.18 0.3 11.89 0.5 1.6742 0.2 4
6.1097
CRMI 0.21 0.3 11.42 0.5 1.6839 0.2 8

[36]
Analysis of ICICI’s high scores:

1. 37.46% of Funds in AAA rated Schemes (34.59 in PSU/PFI Bonds)

2. High Sharpe value (11.85) – implies high portfolio's returns due to
strategic investment

Appendix 1
Data used to evaluate the scheme CRISIL rating decide weightings for final
comparison

Rating Score
AAA 8
AA 7
A 6
BBB 5
BB 4
B 3
C 2

[37]
D 1
Sover
eign 7

1) Canara Robeco Monthly Income Plan - Growth

Name of the Instrument Rating % to NAV

Debt Instruments

L&T Finance Ltd AA+(CARE) 6.61

HDFC Ltd AAA(CRISIL) 4.54

Indian Oil Corporation Ltd AAA(CRISIL) 4.25

Government Securities

6.35% INDIA GOVERNMENT 02-JAN-20 Sovereign 7.4

Money Market Instruments

State Bank Of Bikaner & Jaipur A1+(ICRA) 4.2

CBLO 54.71

TREASURY BILLS 14.74

Other Current Assets 3.55

2) Birla Sun Life MIP - Savings 5 - Growth

Debt Value Rating %

(Rs in cr.)

Government Bond 264.32 22.51

06.90% CGL 2019 92.34 Sovereign 7.87

07.02% CGL 2016 85.15 Sovereign 7.25

07.32% GOI 2014 43.62 Sovereign 3.72

07.40% CGL 2012 35.3 Sovereign 3.01

06.35% CGL 2020 7.9 Sovereign 0.67

PSU/PFI Bonds/Banks 102.04 8.69

[38]
Rural Electrification Corporation 47.93 AAA 4.08
Ltd.

Power Finance Corporation Ltd. 41.83 AAA 3.56

Indian Oil Corporation Ltd. 8.52 AAA 0.73

IDBI Bank Ltd. 3.76 AA+ 0.32

Floating Rate Instruments 43.03 3.67

Power Finance Corporation Ltd. 43.03 AAA 3.67

Corporate Debt 27.66 2.36

LIC Housing Finance Ltd. 10.05 AAA 0.86

ICICI Home Finance Company Ltd. 4.35 LAAA 0.37

Housing Development Finance 4.34 AAA 0.37

Corporation Ltd

Tata Sons Ltd. 4.02 AAA 0.34

Reliance Industries Ltd. 3.61 AAA 0.31

Housing Development Finance 1.29 AAA 0.11

Corporation Ltd

Securitised Debt 3.48 0.3

Vodafone Essar Digilink Ltd. 3.48 F1+(SO) 0.3

Money Market Value Rating %

(Rs in cr.)

Money Market Instruments 470.42 40.07

IDBI Bank Ltd. 150.28 A1+ 12.8

ICICI Bank Ltd. 122.9 A1+ 10.47

Andhra Bank 42.49 F1+ 3.62

Central Bank of India 42.17 A1+ 3.59

Canara Bank 42.12 P1+ 3.59

Reliance Capital Ltd. 24.5 A1+ 2.09

Oriental Bank of Commerce 14.61 P1+ 1.24

[39]
Housing Development Finance 14.6 A1+ 1.24
Corporation Ltd

State Bank of Travancore 8.38 A1+ 0.71

Corporation Bank 8.35 P1+ 0.71

Cash / Call Value Rating %

(Rs in cr.)

Cash & Current Assets 210.38 17.92

3) HDFC Monthly Income Plan - Long Term Plan – Growth

Top Holdings Nov-30-2009

Debt Value Rating> %

(Rs in cr.)

Housing Development Finance 246.993 AAA 7.8

Corporation Ltd.$

Power Finance Corporation Ltd. 228.925 AAA 7.3

6.57% GOI 2011 127.225 SOV 4

Rural Electrification Corporation Ltd. 121.722 AAA 3.9

Bharat Petroleum Corporation 91.3696 AAA 2.9

Limited

Sundaram Finance Ltd. 85.1658 LAA+ 2.7

National Housing Bank 80.5448 AAA 2.6

9.39% GOI 2011 79.3875 SOV 2.5

Export-Import Bank Of India 73.0448 AAA 2.3

Tata Motors Ltd. (Guaranteed by 71.6486 AAA(SO) 2.3

SBI)

4) Reliance Monthly Income Plan – Growth

STATE BANK OF MYSORE 95.59 A1+ by ICRA

[40]
BANK OF BARODA 94.84 A1+ by ICRA

EXPORT IMPORT BANK OF INDIA 47.48 AAA

TATA MOTORS LTD. 112.45 AAA

INDIAN OIL CORPORATION LTD. 63.89 AAA

LIC HOUSING FINANCE LTD. 60.72 AAA

POWER FINANCE CORPORATION LIMITED 45.19 AAA

RURAL ELECTRIFICATION CORP LTD 40.02 AAA

INDIAN RAILWAY FINANCE CORPN. LTD. 26.27 AAA

BHARAT PETROLEUM CORPORATION LTD. 25.04 AAA

ACC LTD 10 AAA

HOUSING DEVELOPMENT FINANCE COR LTD 86.2 AAA

INFRASTRUCTURE DEVELOPMENT FINANCE 62.61 LAAA by ICRA

COMPANY LTD.

6.35%GOI 2020 (MD 2/01/2020 ) 63.14 Sovereign

7.02% GOI (MD 17/08/2016) 58.91 Sovereign

6.49% GOI (MD 08/06/2015) 28.7 Sovereign

6.90% GOI (MD 13/07/2019) 19.45 Sovereign

8.24% GOI (MD 15/02/2027) 15.01 Sovereign

182 DAYS TBILL (MD 30/04/2010) 98.16 Sovereign

JAMMU & KASHMIR BANK LIMITED 18.89 P1+

ALLAHABAD BANK 12.72 P1+

CERTIFICATE OF DEPOSIT 269.52

GOVT SECURITIES(GSE) 185.21

NON CONVERTIBLE DEBENTURES. 383.58

TREASURY BILLS. 98.16

ZERO COUPON BONDS. 148.81

Others / Unlisted Value

(Rs in cr.) Rating 0

[41]
Equity Less Than 1% of Corpus 76.71

TATA MOTORS LTD. NOVEMBER 2009 FUTURE 11.01

TATA CONSULTANCY SERVICES LTD NOV 2009 6.25

FUTURE

ORIENTAL BANK OF COMMERCE NOVEMBER 1.16

2009 FUTURE

5) Principal Monthly Income Plan Plus – Growth

Debt Value Rating %

(Rs in cr.)

Floating Rate Notes / Bonds 0.95 1.37

Indian Railway Finance Corporation 0.95 AAA 1.37

NCD / Deep Discount Bonds 28.27 40.8

Reliance Industries Ltd 5.25 AAA 7.57

Exim Bank Ltd 4.93 AAA 7.12

Power Finance Corporation Ltd 4.93 AAA 7.11

Tata Sons Ltd (TSL) 2.97 AAA 4.29

ICICI Bank Ltd 2.96 AAA 4.27

Housing Development Finance 2.88 AAA 4.15

Corporation Ltd

State Bank Of Mysore 2.45 AAA 3.53

Exim Bank Ltd 0.98 AAA 1.41

Grasim Industries Ltd 0.93 AAA 1.35

Sovereign 5.56 8.02

7.95% GOI M - 28/08/2032 2.75 Sovereig 3.96

n

7.95% GOI - 18-Feb-2026 1.86 Sovereig 2.68

n

8.24% GOI-M - 15-Feb-2027 0.95 Sovereig 1.38

n

[42]
Treasury Bills 9.52 13.7

91 DAYS TBILL 9.52 Sovereig 13.7

n

Securitized Debt 0.86 1.24

Lst Power Grid Corp 0.86 LAAASO 1.24

Cash / Call Value Rating %

(Rs in cr.)

Cash and Other Assets 11.94 17.2

6) DBS Chola Monthly Income Plan

Debt Value Rating %

(Rs in cr.)

CORPORATE DEBT 3 13.35

National Housing Bank 3 AAA 13.35

GOVT. DATED SECURITIES 1.95 8.66

CG - 6.90% - 13 Jul 2019 1.95 Sovereign 8.66

Money Market Value Rating %

(Rs in cr.)

MONEY MARKET INSTRUMENTS 12.52 55.68

State Bank of Hyderabad 5.23 A1+ 23.28

Infrastructure Development Fin Co 2.92 A1+ 12.98

HDFC Ltd 2.42 A1+ 10.72

Punjab National Bank 1.95 P1+ 8.7

Collateralised Borrowing And Lending 3.28 14.6

Obligation

Others / Unlisted Value Rating %

(Rs in cr.)

Nifty- NSE - Nov 09 -EQUITY 1.18 5.24

DERIVATIVES

[43]
Bank Nifty - NSE- Nov 09 -EQUITY 0.34 1.5
DERIVATIVES

Cash / Call Value Rating %

(Rs in cr.)

Cash and Current Assets -1.22 -5.43

7) Canara Robeco Monthly Income Plan – Growth

8) Fortis Flexi Debt Fund - Growth

Debt Value Rating %

(Rs in cr.)

Corporate Debt 87.75 22.5

Mahindra & Mahindra Fin Ser Ltd. 24.39 AA(IND) 6.25

Sundaram Finance Limited 18.73 AA+ 4.8

Reliance Capital Ltd. 8.15 CAREAAA 2.09

Cholamandalam DBS Finance Ltd. 8.09 LAA- 2.07

I L & F S Ltd. 7.84 CAREAAA 2.01

I L & F S Ltd. 7.76 CAREAAA 1.99

Rural Electrification Corp Ltd 4.17 AAA 1.07

Power Finance Corporation Limited 3.82 AAA 0.98

ICICI Bank Ltd. 2.54 AAA 0.65

Rural Electrification Corp Ltd 2.27 AAA 0.58

9) ICICI Prudential Income Fund -Growth

Debt Value Rating %

(Rs in cr.)

PSU/PFI Bonds 331.76 52.42

Indian Oil Corporation Ltd 101.74 AA+ 16.07

State Bank of India Ltd 71.27 AAA 11.26

Neyveli Lignite Corporation Ltd 59.62 AAA 9.42

[44]
Corporation Bank Ltd 45.94 AAA 7.26

National Housing Bank Ltd 42.11 AAA 6.65

Steel Authority Of India Ltd 11.09 AAAIND 1.75

Private Corporate Securities 18.19 2.87

Reliance Gas Transportation Ltd 18.19 AAA 2.87

Government Securities 250.06 39.51

6.35% GOI 2020 115.76 SOV 18.29

6.90% GOI 2019 44.57 SOV 7.04

10.25% GOI 2021 26.47 SOV 4.18

6.72 % GOI 2014 24.22 SOV 3.83

8.20% GOI 2022 22.83 SOV 3.61

8.24% GOI 2027 11.3 SOV 1.79

11.50% GOI 2011 4.92 SOV 0.78

10) HSBC MIP - Savings Plan - Growth

Debt Value Rating %

(Rs in cr.)

FIXED DEPOSITS 1 0.43

HSBC Bank 1 UNRATED 0.43

Securitised Debt - Fixed 9.24 4.01

BHPC Auto Secu. Trust Nov-07 I 9.24 AAA(SO) 4.01

(Tata Motors) PTC

Corporate/PSU Debt - Fixed 31.32 13.6

Housing Development Finance 15.01 AAA 6.52

Corporation

GE Capital Services India 5.28 AAA 2.29

Indian Railway Finance 5.12 AAA 2.22

Corporation

Power Finance Corporation 3.04 AAA 1.32

National Housing Bank 2.01 AAA 0.87

[45]
Kotak Mahindra Prime 0.86 LAA 0.37

Government Securities 32.52 14.12

6.90% Government Stock M 13- 20.86 Sovereign 9.06

July-2019

6.35 % Government Stock M 02- 7.53 Sovereign 3.27

Jan-2020

7.02% Government Stock M 17- 2.75 Sovereign 1.19

Aug-2016

9.39% Government Stock M 02- 1.37 Sovereign 0.6

July-2011

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