th audited annual report - canara robeco mutual fund annual report - 2012-… · mr. deveshwar...

20th AuditedAnnual Report2012 - 2013

Canara Robeco Asset Management Company Ltd.

Canara Robeco Asset Management Company Limited

Investment Manager to

CANARA ROBECO MUTUAL FUND

BOARD OF DIRECTORS

Mr. R. K. Dubey (Chairman)

Mr. M. A. K. Prabhu

Ms. Hester W. D. G. Borrie

Mr. Deveshwar Kumar Kapila

Mr. V. H. Ramakrishnan

Mr. Shital Kumar Jain

Mr. Antony Edwards

Mr. Sambasivan Venkatachalam

EXECUTIVES

Rajnish Narula, Chief Executive Officer Edwin Rietkerk, Chief Operating Officer (till 30th June, 2013)

Jorg Sunderman, Chief Operating Officer (from 1st July, 2013)

Y. Sambasiva Rao, Divisional Manager - Canara Bank (on deputation)

AUDITORS

M/s. Dhawan & Co.,

Chartered Accountants,

404-B, Bajrang Building,

Maruti Nagar Complex, Shiva Vallabh Road,

Dahisar (East), Mumbai - 400 068.

REGISTERED OFFICE

Construction House, 4th Floor, 5, Walchand Hirachand Marg,

Ballard Estate, Mumbai - 400 001.


Directors’ Report

TO THE MEMBERS :

Your Directors have pleasure presenting the Twentieth Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS:

Year ended31.03.2013

( R Lacs)

Year ended31.03.2012

( R Lacs)

Profit/(Loss) before depreciation

Depreciation

1,238.92

71.72

565.76

102.03

Profit/(Loss) before tax

Exceptional items (Profit on sale of Fixed Assets)

1,167.20

399.42

463.73

-

Profit/(Loss) before tax

Less : Provision for Income Tax

Provision for Wealth Tax

Less: (Charge)/Credit for deferred tax

Tax Adjustment for prior periods

1,566.62

250.00

3.86

(39.82)

(2.13)

463.73

50.00

4.70

(17.47)

6.83

Profit/(Loss) for the year

Add : Balance brought forward

1,354.71

1,318.90

419.67

899.23

Balance of Profit carried to Balance-Sheet 2,673.61 1,318.90

Canara Robeco Asset Management Company, the joint venture between Canara Bank and Robeco Groep N.V., completed 68 months of operations on 31st March 2013.

BUSINESS RESULTS & DIVIDEND:

For the year ended March 31, 2013 the revenue of the company by way of management fees and other income earned was at r 5,584.86 Lacs as compared to r 4,261.91 Lacs earned in the year ended March 31, 2012. The average assets under management stood at r 8,302.53 Crores (previous year: r 7,446.28 Crores). The AAUM grew at 11.50% during the period under consideration. The income from Offshore Advisory earned was r 355.65 Lacs as compared tor 215.14 Lacs earned in the year ended March 31, 2012.

The company has incurred expenses over the past year to the tune of r 4,417.66 Lacs as compared to r 3,798.19 Lacs incurred in the last financial year. While expenditure under personnel costs were kept under tight control, one of the significant items under expenditure was the marketing and distribution expenses incurred which was higher than the previous year (FY 2012-13: r 572.36 Lacs; FY 2011-12: r 265.86 Lacs).

In view of the need to conserve resources of the Company to meet planned expenditure, your Directors express their inability to recommend any dividend for the year ended 31st March, 2013.

KEY PERSONNEL:

1. Mr. Kiran Shetty has been designated as Fund Manager effective from 1st April, 2012.

2. Mr. M. Paparao has been designated as Investor Relation Officer with effect from 1st August 2012 in place of Ms. Manjiri Dolhare.

3. Mr. Soumendra Lahiri resigned as Head - Equities with effect from 14th September 2012.

4. Mr. Krishna Sanghavi has been appointed as Senior Fund Manager - Equities with effect from 5th September 2012.

5. Mr. Ravi Gopalakirshnan has been appointed as Head - Equities with effect from 12th September 2012.

6. Mr. Avinash Ramnath resigned as Head - Marketing with effect from 1st March 2013.

OPERATIONS:

In tune with the market demand, the following schemes were launched during the year:

Name Type Initial Subscription

Canara Robeco Gold Savings Fund Open Ended Fund of Fund r 16.82 Crore

Apart from capital appreciation under growth plans of various Schemes and daily/weekly dividends in Canara Robeco Liquid, Canara Robeco Treasury Advantage, Canara Robeco Floating Rate and Canara Robeco Interval Funds and Canara Robeco Fixed Maturity Plans, the following Schemes declared dividends during the year under dividend plans:

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n Canara Robeco Gilt PGS: R 0.60 per unit (6%) (once during the year)

n Canara Robeco InDiGo Fund: R 0.20 per unit (2%) (three times during the year) &R 0.45 per unit (4.5%) (once during the year)

n Canara Robeco Income: R 0.25 per unit (2.5%) (four times during the year)

n Canara Robeco Monthly Income Plan: R 0.25 per unit (2.5%) (three times during the year) &R 0.30 per unit (3%) (once during the year)

n Canara Robeco Equity TaxSaver: R 1.50 per unit (15%) (once during the year)

As on 31st March, 2013, the Company was managing 23 schemes of Canara Robeco Mutual Fund, of which 10 were debt oriented schemes, 7 were equity oriented schemes and 4 were hybrid schemes, 1 was an Exchange Traded Fund & 1 was a domestic Fund of Fund.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO:

Your Company, being a non-banking non-financial Company, no specific comments in terms of the provisions of Section 217 (1) (e) of the Companies Act, 1956 are called for on conservation of energy and technology absorption. Your Company has, however, used information technology relevant to its business in keeping with the size of its operations.

Earning in foreign currency aggregated to R 355.65 Lacs (previous year: R 246.49 Lacs).

Expenditure in foreign currency aggregated to R 72.51 Lacs (previous year: R 45.25 Lacs).

FIXED DEPOSITS:

The Company has not invited/accepted deposits from members/public. The Reserve Bank of India has classified the Company as a non-banking non-financial company.

PARTICULARS OF EMPLOYEES:

Information as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 forms the part of this Report by way of an annexure. The Directors’ Report is being sent to the shareholders of the Company excluding the said annexure. Any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the registered office of the Company.

DIRECTORS:

During the year, the following changes in the composition of the Board of Directors took place:

Appointment:

1. Mr. R. K. Dubey has been appointed as Director on the Board with effect from 15th March 2013.

Resignation:

1. Mr. S. Raman resigned from the Board and ceased to be a Director with effect from 29th September 2012.

Your Directors place on record their deep appreciation of the services rendered by Mr. S. Raman during his tenure on the Board.

Mr. D. K. Kapila & Mr. V. H. Ramakrishnan hold the office of Director liable to retirement by rotation and accordingly retire by rotation at the Annual General Meeting and are eligible for re-appointment.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors, based on the representation received from the Management Team, confirm that:

(a) in the preparation of the Annual Accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures ;

(b) they have, in the selection of accounting policies, consulted the statutory auditors and have applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit/(loss) for that period ;

(c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, as amended, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

(d) they have prepared the Annual Accounts on a going concern basis.

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AUDIT COMMITTEE:

The Audit Committee of the Board comprises of Mr. D. K. Kapila, Mr. M. A. K. Prabhu, Ms. Hester W. D. G. Borrie & Mr. S. K. Jain.

The Committee reviews the financials of the Company, the financials of schemes, regulatory inspection reports of the Company, reports of the internal and statutory auditors placed before them, from time to time.

AUDITORS:

Under Section 619 of the Companies Act, the Auditor of the Company shall be appointed by the Comptroller of Auditor General of India, New Delhi. Under Section 224(8) (aa) of the Companies Act, 1956, the remuneration of Auditors appointed under Section 619 by the Comptroller and Auditor General of India, shall be fixed by the Company in the General Meeting. Accordingly, notice of the Annual General Meeting will include an item pertaining to remuneration of the Auditors for the year 2013-2014.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their gratitude for the support and guidance received from SEBI, Board of Trustees of Canara Robeco Mutual Fund, joint venture partners, Canara Bank and Robeco Groep N.V., confidence reposed by the investor community and the dedicated work put in by the staff at all levels in the Company.

For and on behalf of the Board of Directors

Sd/- Place: Bangalore R. K. DUBEYDate : 26th April 2013 CHAIRMAN

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Independent Auditors’ Report

To the Members of CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED Mumbai

Report on the Financial Statements

We have audited the accompanying financial statements of CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED (‘the Company’) which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

This Revised Audit Report has been issued in supersession of our earlier Audit Report dated 26.04.2013 pursuant to revision in Audit Report format as per SA 700, issued by the Institute of Chartered Accountants of India. There is no change in the financial statements and in our opinion expressed therein.

Management’s Responsibility for the financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material mis-statement, whether due to fraud or error.

Auditor’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit option.

Oponion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner or required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

b) in the case of Statement of Profit and Loss, of the profit for the year ended on that data; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) as amended issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) 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;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) in our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

For and on behalf of DHAWAN & COChartered Accountants Firm Registration No: 002864N

Sd/-

PRAKASH N. MATHURPartner (M. No.: 086292)

Place: Mumbai Dated: May 27, 2013

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Annexure to the Auditors’ Report

Annexure referred to in paragraph 3 of our Auditors’ Report of even date of CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED for the year ended 31st March, 2013

i a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

c) During the year, the company has not disposed off substantial part of Fixed Assets.

ii As the Company does not have inventory, Clause 4 (ii) (a), (b) and (c) of paragraph 4 of the Order relating to inventory are not applicable to the company.

iii The Company has not granted/taken any loan from the companies, firms or other parties covered in the register maintained under Section 301 of the Act, 1956. Accordingly, clause 4 (iii) (b) to (g) of the order are not applicable.

iv In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal controls.

v According to the information and explanations given to us, we are of the opinion that there were no transactions made in pursuance of contracts or arrangements athat need to be entered into the register required to be maintained under section 301 of the Companies Act, 1956.

vi In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public, within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder. As informed, no order has been passed by the Company Law Board or National Company Law Tribunal or the reserve Bank of India or any court or any other Tribunal during the year to the company in this regard.

vii In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

viii We have been informed that Central Government has not prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956 in respect of the activities of the company.

ix a) The Company, during the year under review, has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Investor education protection fund, Employees state insurance, Income-Tax, Wealth Tax, Service Tax, Cess and other material Statutory Dues in the nature of sales tax, custom duty and excise duty are currently not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income–tax, Wealth Tax, Service Tax, and Cess were in arrears, as at 31.03.2013 for a period of more than six months from the date they became payable. However, in the absense any directives/notifiactions with regard to cess payable under sectio 441A of the Companies Act, 1956, the Company has not been able to ascertain its liability towards the same and hence no liability on this account has been provided in the books of accounts.

c) According to the information & explanation given to us, there are no dues of income tax, wealth tax, service tax and cess, which have not been deposited on account of any dispute.

x The company does not have accumulated losses at the end of financial year. Further, the company has not incurred cash losses during the financial year in the immediately preceding financial year covered by our audit.

xi In our opinion and according to the information and explanations given to us, the Company does not have any dues payable to financial institutions, banks or debenture holders. Therefore, clause 4(xi) of the Order is not applicable to the Company.

xii The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause of 4 (xiii) of the Order are not applicable to the company.

xiv In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xvi) of the Order are not applicable to the company.

xv According to the information and explanation given to us, the company has not given guarantees for loans taken by others from Banks or Financial Institutions.

xvi The Company has not availed any term loan. Accordingsly, the provisions of clause 4(xvi) of the Order are not applicable to the company.

xvii According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

xviii The Company, during the year under report, has not made any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix The Company has not issued any debentures during the period under audit. Hence, the provisions of clause 4(xix) of the Order are not applicable to the Company.

xx The company has not raised any money by public issues during the year under audit. Hence, the provisions of clause 4(xx) of the Order are not applicable to the Company.

xxi According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Mumbai Dated: May 27, 2013

For and on behalf of DHAWAN & CO

Chartered Accountants Firm Registration No: 002864N

Sd/-

PRAKASH N. MATHURPartner (M. No.: 086292)

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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2013

The preparation of financial statements of Canara Robeco Asset Management Company Limited for the year ended 31 March 2013 in accordance with the financial reporting framework prescribed under the Companies Act 1956 is the responsibility of the management of the company. The statutory auditor appointed by the Comptroller and Auditor General of India under Section 619(2) of the Companies Act, 1956 is responsible for expressing opinion on these financial statements under Section 227 of the Companies Act, 1956 based on independent audit in accordance with the auditing and assurance standards prescribed by their professional body, the Institute of Chartered Accountants of India. This is stated to have been done by them vide their Audit Report dated 27 May 2013.

I, on behalf of the Comptroller and Auditor General of India, have decided not to review the report of the Statutory Auditor on the accounts of Canara Robeco Asset Management Company Limited for the year ended 31 March 2013 and as such have no comments to make under Section 619(4) of the Companies Act, 1956.

For and on the behalf of the Comptroller and Auditor General of India

Sd/- (Y. N. Thakare) Principal Director of Commercial Audit & Ex-Officio Member, Audit Board-I, Mumbai

Place : Mumbai Date : 12 June 2013

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Balance Sheet as at 31st March, 2013

NoteNo

As at31st March 2013

(R)


(R)

I. EQUITY AND LIABILITIES

(1) Shareholders’ funds

(a) Share capital B.1 49,854,3570 201,043,570

(b) Reserves and surplus B.2 385,471,241 249,999,813

(2) Non-current liabilities

(a) Deferred tax liabilities (Net) B.3 3,865,963 7,848,433

(b ) Long Term provisions - -

(b ) Other Long Term Liabilities B.4 9,200,614 9,768,086

(3) Current liabilities

(a) Other current Liabilities B.5 110,184,719 70,138,263

(b) Short Term provisions B.6 4,185,526 2,421,909

TOTAL 1,011,451,633 541,220,074

II. ASSETS

(1) Non-current assets

(a) Fixed assets

(i) Tangible Assets B.7 43,964,366 58,077,957

(ii) intangible Assets B.7 1,064,118 1,066,271

(b) Long-term loans and advances B.8 87,859,136 56,639,853

(2) Current Assets

(a) Current investments B.9 790,942,980 346,383,403

(b) Trade receivables B.10 58,506,864 43,130,894

(c) Cash and cash equivalents B.11 5,448,615 2,771,346

(d) Short-term loans and advances B.12 23,665,554 33,150,350

TOTAL 1,011,451,633 541,220,074

Significant Accounting Policies & other Notes to Accounts form an integral part of Financial Statements.

As per our report of even date Sd/- Sd/- Sd/-For Dhawan & Co R. K. Dubey D.K.Kapila Hester W.D.G. BorrieChartered Accountants Director Director DirectorFirm Registration No. 002864N

Sd/- Sd/- Sd/- Sd/-Prakash M. Mathur Edwin Rietkerk Rajnish Narula Jignesh ModiPartner - (M.No.086292) Chief Operating Officer Chief Executive Officer Company SecretaryPlace : MumbaiDate : 26th April, 2013

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Statement of Profit and loss for the year ended 31st March 2013

NoteNo


(r)


(r)

I. Revenue from operations B.13 515,072,356 399,260,934

II. Other Income B.14 43,413,894 26,930,609

III. Total Revenue ( I+II) 558,486,250 426,191,543

IV. Expenses:

Employee benefits expense B.15 221,797,028 221,291,953

Depreciation and amortization expense B.7 7,172,896 10,202,648

Other expenses B.16 212,796,531 148,324,267

TOTAL 441,766,455 379,818,868

V. Profit before exceptional and extraordinary items and tax (III-IV) 116,719,795 46,372,675

VI. Exceptional Items (Profit on sale of fixed assets) 39,942,594 -

VII. Profit before Extraordinary items and tax (V-VI) 156,662,389 46,372,675

VIII. Extraordinary Items: - -

IX. Profit before tax (VII-VIII) 156,662,389 46,372,675

X. Tax Expense:

(1) Current tax 25,000,000 5,000,000

(2) Deferred Tax (3,982,471) (1,746,893)

(3) Wealth Tax 386,577 470,000

(4) Tax Adjustment for Prior Year (213,145) 683,188

XI Profit after Tax 135,471,428 41,966,380

XII Earnings per equity share: B.23

(1) Basic and diluted 3.45 2.09

Significant Accounting Policies & other Notes to Accounts form an integral part of Financial Statements.



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Schedules forming part of the Balance Sheet as at 31st March, 2013

A SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDED 31st MARCH 2013

The following accounting policies have been applied in dealing with items which are considered material in relation to the Company’s Accounts:

A.1 Basis of preparation of Accounts

The financial statements have been prepared and presented under the historical cost convention on an accrual basis of accounting and comply with the applicable Accounting Standards prescribed in the Companies (Accounting Standard) Rules, 2006 and the relevant provisions of the Companies Act, 1956(the Act). Except otherwise mentioned, the accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The preparation of the financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires that the Company’s management make estimates and assumptions that affect the reported amounts of income and expenses for the year , reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the financial statements. Actual results could differ from these estimates/assumptions.

A.2 Revenue Recognition

Revenue is recognized when there is certainty of ultimate collection. Management fee is recognized at specified rates provided in the offer document of the relevant schemes applied on the average daily net assets of each scheme on accrual basis as per SEBI regulations. Dividend income is recognized when the right to receive payment is established. All income to the extent ascertainable with reasonable certainty are accounted on accrual basis.

A.3 Fixed Assets

Fixed Assets are stated at cost of acquisition or construction including incidental costs related to their acquisition /installation less accumulated depreciation /amortization.

A.4 Depreciation

Depreciation on various assets is provided on written down value method at the rates provided in Schedule XIV of the Act or Management estimate whichever is higher except in the case of Electrical Fittings which is based on management’s estimates of useful life of the asset on which depreciation is charged @20%. Expenditure on fixtures in leased premises is depreciated over the lease period. Depreciation on the Fixed Assets added/disposed off/discarded during the year is provided on pro rata basis.

Leasehold improvements are amortized over a period equivalent to the initial period of lease from date of capitalization.

Intangible assets comprising of software purchased / developed and licensing costs are depreciated on straight line basis over the useful life of the software up to a maximum of three years commencing from the date on which such software is first utilized.

A.5 Foreign Exchange Transactions

Transactions in foreign currency are recorded at a rate that approximates the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated at the rate of exchange prevailing on the Balance Sheet date. Exchange differences arising on foreign currency transactions are recognized in the Profit and Loss Account.

A.6 Investments

Long-term investments are stated at cost. The excess of cost over face value is amortized over the period of holding of investment up to redemption. The provision for diminution in value of investments is made, if such diminution in the opinion of the management is other than temporary. Current investments are stated at lower of cost and fair market value.

A.7 Operating Leases

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased Assets are classified as operating leases. Operating lease payments/receipts are recognized as an expense/income in the profit and loss Account.

A.8 Employee and Retirement Benefits

(i) Provident Fund is a defined contribution scheme and the contributions are charged to the Profit & Loss Account of the year when the contributions to the respective funds are due.

(ii) The Company contributes to an approved Group Gratuity Policy with the Life Insurance Corporation of India. Gratuity liability are defined benefit obligations and are provided for on the basis of an actuarial valuation as per AS 15 (Revised) made at the end of each financial year based on the projected unit cost method.

(iii) Short term compensated absences are provided for based on estimates.

(iv) Actuarial gains/losses are immediately taken to the profit and loss account and are not deferred.

(v) Gratuity and Leave encashment in respect of deputed employees is calculated as per the terms of deputation and provided in the accounts on accrual basis.

A.9 Earnings Per Share

In determining earnings per share, the Company considers the net profit after tax and includes the post tax effect of any extra ordinary items. Basic earning per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earning per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all potential dilutive equity shares.

A.10 Taxes on Income

Tax expense comprises of current and deferred tax. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

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The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the Balance Sheet Date. Deferred tax assets arising from timing differences are recognised to the extent there is reasonable certainty that these would be realised in future.

Deferred tax assets, in case of unabsorbed losses and unabsorbed depreciation, are recognised only if there is virtual certainty that such deferred tax asset can be realised against future taxable profits.

A.11 Impairment of Fixed Assets

The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factor. An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.

A.12 Contingent Liabilities and Provisions

Contingent liabilities where outflow is possible but not probable to the extent not provided are disclosed by the way of note. Provisions are recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

A.13 Software Expenses

Expenses on subscription, license fees and costs towards right to use/access of application software are charged to revenue account in the year in which they are incurred.

A.14 Scheme Expenses

Recurring expenses of the schemes of Canara Robeco Mutual Fund in excess of limits prescribed under the SEBI Mutual Fund Regulation, 1996 are charged to Statement of Profit & Loss in the year end in which they are incurred.

Upfront brokerage/ commission paid to distributors for Equity Linked Saving Schemes of Canara Robeco Mutual Fund are treated as prepaid expenses incurred for the year and such brokerage and commission are expensed out over a period of three year. Any other brokerage/commission is expensed in the year in which they are incurred.

B. NOTES TO ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH 2013

B.1 Share Capital

Particulars As at 31st March 2013

(r)

As at 31st March 2012

(r)

EQUITY SHARESAUTHORISED CAPITALEquity Shares of r 10/- Par Value

50,000,000 (50,000,000) equity shares 500,000,000 500,000,000

ISSUED, SUBSCRIBED AND PAID UP CAPITALEquity Shares of r 10 par valueShares held by Canara Bank and its nominees

25,425,722 (10,253,222) equity shares fully paid up 254,257,220 102,532,220

Shares held by Robeco India Holding B.V. and its nominees 24,428,635 (9,851,135) equity shares fully paid up

244,286,350 98,511,350

TOTAL 498,543,570 201,043,570

The Company has only one class of shares referred to as equity shares. Each holder of equity shares is entitled to one vote per share.

B.1.2 The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2013 and March 31, 2012 is set out below:



Number of shares at the beginningAdd : Shares issued during the year Number of shares at the end

20,104,357 29,750,000 49,854,357

20,104,357 NIL

20,104,357

B.1.3 The details of shareholder holding more than 5% shares as at March 31, 2013 and March 31, 2012 are set out below:

Name of the shareholder As at 31st March 2013


No. of shares % held No. of shares % held

Canara Bank Robeco India Holding B V

25,424,522 24,428,630

51 49

10,252,022 9,851,130

51 49

10


B.2 Reserves and Surplus


(R)


(R)

Share Premium Account 21,351,442 21,351,442

TOTAL (A) 21,351,442 21,351,442

General Reserve 96,758,788 96,758,788

TOTAL (B) 96,758,788 96,758,788

Surplus as per statement of Profit & Loss

Opening Balance as on 01.04.2012 131,889,583 89,923,203

Add: Transferred from statement of Profit & Loss 135,471,428 41,966,380

TOTAL (C) 267,361,011 131,889,583

TOTAL (A+B+C) 385,471,241 249,999,813

B.3 Deferred Tax Liabilities (NET) The components of Deferred tax Liabilities and Deferred Assets are under:


(R)


(R)

Deferred Tax Liabilities

Depreciation on fixed assets 7,408,595 11,055,633

Deferred Tax Liabilities 7,408,595 11,055,633

Deferred Tax Asset on

Gratuity Provision 567,227 47,678

Provision for Bonus 2,975,405 3,159,522

Total Deferred Tax Asset 3,542,632 3,207,200

Net Deferred Tax Liability 3,865,963 7,848,433

Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable right to set off current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liability relate to income tax levied by the same taxation authority. Further, as a measure of prudence, no deferred tax assets has been recognised during the current year for carried forward lossses.

B.4 Other Long Term Liabilities


(R)


(R)

Deposits 30,000 30,000

Employee Benefits 9,170,614 9,738,086

TOTAL 9,200,614 9,768,086

B.5 Other Current Liabilities


(R)


(R)

Creditors for expenses 57,113,513 9,312,414

Other Liabilities 6,901,023 6,843,588

Employee benefits 46,170,183 53,982,261

TOTAL 110,184,719 70,138,263

B.6 Short Term Provisions


(R)


(R)

Compensated Absences 2,621,403 2,421,909

Provision for Gratuity 1,564,123 -

TOTAL 4,185,526 2,421,909

11

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12


B.8 Long Term Loans & Advances


(r)


(r)

Security Deposits 11,905,765 14,149,382

Advance Tax (Net of Provision for Taxes) 15,850,245 25,432,323

Prepaid expenses 1,137,296 1,732,988

Other Advances 58,965,830 15,279,271

Staff Loans(Unsecured) - 45,889

TOTAL 87,859,136 56,639,853

Other advance includes an amount of r 32,861,129/- (Previous year r 14,805,068/-) towards unamortized brokerage paid for equity linked saving scheme.

B.9 Current Investments (Trade)


(r)


(r)

Investments in Mutual Fund (Unquoted)(Associate enterprise) - Canara Robeco Treasury Advantage Fund 618,755.1580 units of face value Rs. 1000/- per unit (Previous year 279181.60 units of face value Rs. 1000/- per unit)NAV Rs. 1,240.71 per unit (Previous year Rs. 1,240.71 per unit) 767,695,712 346,383,403

- Canara Robeco Liquid Fund23,120.1070 units of face value Rs. 1,000/- per unit (Previous year Nil) NAV Rs. 1,005.50 per unit (Previous year NIL) 23,247,268 -

TOTAL 790,942,980 346,383,403

B.10 Trade Receivables


(r)


(r)

Unsecured & Considered Good

Debt outstanding for a period exceeding six months Nil Nil

Others 58,506,864 43,130,894

TOTAL 58,506,864 43,130,894

B.11 Cash & Cash Equivalents


(r)


(r)

Cash on hand 62,564 69,071

Balance with Banks in Current Accounts 5,386,051 2,702,275

TOTAL 5,448,615 2,771,346

B.12 Short Term Loans & Advances


(r)


(r)

Security Deposits 2,459,000 789,420

Prepaid expenses 5,567,598 5,722,371

Staff Loans & Advances 45,700 84,095

Other Advances 15,593,256 26,554,464

TOTAL 23,665,554 33,150,350

Other advance includes an amount of r 9,620,310/- (previous year r 15,208,802/-) towards unamortised brokerage paid for equity linked saving scheme.

B.13 Revenue from Operations

Particulars For the year ended 31st March 2013

(r)

For the year ended 31st March 2012

(r)

Management fee 479,506,744 374,611,799

Advisory fee 35,565,612 21,514,685

Other Operating Income - 3,314,450

TOTAL 515,072,356 399,260,934

Income from Management Fee includes r 1,09,56,494/- (previous year r 1,05,23,568/- ) from Canara Robeco Mutual Fund - General Administration Dept. (CRMF - GAD) & Erstwhile Unit holders Account for the year 2012-2013. The accounts of CRMF - GAD & Erstwhile Unit holders Account for the year 2012-2013 are not yet audited and hence the amount of r 1,09,56,494 /- has been taken as income on the basis of certificate obtained from the statutory auditors of CRMF - GAD.

13


B.14 Other Income


(r)


(r)

Interest Income 3,570,024 3,233,665

Dividend Income 38,059,577 22,476,569

Other Non operating Income 1,081,100 1,039,444

Foreign Exhcnage Gain 703,193 180,931

TOTAL 43,413,894 26,930,609

B.15 Employee Benefit Expenses


(r)


(r)

Salaries, Bonus and other allowances 197,315,120 194,736,851

Contribution to PF, Group Gratuity and other Funds 11,477,179 12,196,374

Other Welfare Expenses 13,004,729 14,358,728

TOTAL 221,797,028 221,291,953

Defined Contribution Plan An amount of r 67,50,116/- (Previous year r 64,31,647/-) has been recognized as an expense towards contribution to Employees Provident Fund.

Details of remuneration paid to CEO: Remuneration payable to the CEO (Manager) re-appointed with effect from September, 26, 2010, in term of provisions of section 198 and 269 and

Schedule XIII to the Act is an under :


(r)


(r)

Salary and Allowances 6,000,000 3,000,000

B.16 Other Expenses

Particulars For the year ended31st March 2013

(r)

For the year ended31st March 2012

(r)

Advertisement & Publicity 2,086,531 2,138,392 Business Development Expenses 3,022,137 2,982,326 Computer software & development 7,463,805 8,562,473 Directors Sitting Fees 360,000 380,000 Distribution & Marketing Expenses 57,236,279 26,586,354 Donations 75,000 130,000

Electricity & Water Charges 6,107,609 4,697,079

Fund Accounting 7,843,087 7,653,995 Insurance 142,939 115,788 Legal and Professional Charges 7,727,773 6,166,266 Lease Rental 28,412,078 25,194,735 Loss on Sale of Fixed Assets - 112,800 Miscellaneous Expenses 1,876,869 1,344,021 Outsourced Manpower expenses 14,905,185 10,938,011 Payment to Statutory Auditors --- Audit Fees 400,000 375,000 --- Tax Audit Fees 170,000 135,000 --- Others - 20,000 --- Reimbursement of expenses 6,350 2,500 Postage , Telegrams & Telephone 6,287,891 7,506,652 Printing & Stationery 2,359,969 2,797,109 Rates & Taxes 304,444 192,701 Recruitment, Seminar & Training 1,264,698 2,390,521 Repairs & Maintenance - Building 3,311,637 2,531,920 - Others 8,804,193 6,424,088 Scheme Expenses 20,086,908 219,030 Subscription 17,415,494 13,104,949 Travelling & Conveyance 15,125,655 15,622,557 TOTAL 212,796,531 148,324,267

14


B.17 Leases

The Company has taken various office premises under operating or leave & license agreements. These are generally not non cancelable and range between 11 months and 5 years under leave and license agreement or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits under certain agreements.

Lease payments are recognized in the Statement of Profit & Loss Account under note no. B.16.

The future minimum lease payments under not non-cancelable operating lease

Lease obligation Payable As at 31st March 2013

(r)


(r)

Not later than 1 year 25,542,555 27,989,480

Later than 1 year & not later than 5 years 74,083,787 54,133,705

Later than 5 years Nil 40,841

B.18 Contingent Liability

Contingent Liability to Canara Bank on receipt of Claim/Settlement of dispute towards property tax & other charges pertaining to the building occupied by the Company till 30th September, 2003. The sum involved is not quantified.

B.19 Activity in Foreign Currency

a) Earnings in foreign currency (on accrual basis).


(r)


(r)

Advisory Fees, Consultancy Fees 35,565,611 24,649,135

b) Expenditure in foreign currency (on accrual basis).


(r)


(r)

Travel 434,867 754,770

Salary / Reimbursement 6,000,000 3,000,000

Subscription & Gifts 816,450 770,263

c) Foreign currency exposures which are not hedged as at the Balance Sheet date

Particulars Payable As at31st March 2013

(r)

Receivables As at31st March 2013

(r)

Net (Receivables) / Payable As at

31st March 2012(r)

USD Nil 161,101 164,942

Euro Nil 6,506 6,404

B.20 Segment Reporting:

Based on guiding principles given in Accounting Standard – 17 “Segment Reporting”, the Company’s primary business segment is administering Mutual Fund Schemes. As the Company has a single primary business segment, the disclosure requirements of AS – 17 in this regard are not applicable. The company’s operations being confined to India only, there is no reportable secondary segment.

B.21 Related party transactions:

Related party disclosure as required by the Accounting Standard 18, “Related party Disclosures”, are given below :

Holding Company Canara Bank

Entity having significant Influence over the Company Robeco Groep N.V. Robeco India Holding B.V.

Fellow Subsidiaries Canbank Computer Services Ltd. (CCSL)Canbank Financial Services Ltd. (CFSL)Canbank Factors Ltd. (CFL)Canbank Venture Capital Fund Ltd. (CVCFL)Canara Bank Securities Limited (CBSL)Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd (CHOBCI)

Under Common Control of Holding Company Canfin Homes Ltd. (CHL)

Mutual Fund managed by the company Canara Robeco Mutual Fund (Schemes)

Under the common control of entity having significant Influence over the company

All the fellow subsidiaries of Robeco Groep N.V., Robeco India Holding B.V.Please refer annexure 1 for name of other entities

Key Management Personnel Members of the Management Team Comprising of : Mr. Rajnish Narula (Chief Executive Officer)Mr. Edwin Rietkerk (Chief Operating Officer)

Overseas Joint Venture Commercial Bank of India LLC

15


(IN ‘R ‘)

Sr. No.

Nature of Transactions Relationship Company/Person Name Expenditure Income Assets Liabilities

1 Rent Holding company Canara Bank 1,075,940 NIL NIL NIL

(757,478) (267,175) NIL 120,000

2 Bank Charges Holding company Canara Bank 32,466

(27,945)

3 Salary & other benefits Key Management Personnel

17,329,157 582,732 582,732 (NIL)

(12,418,382) (851,251) (851,251) (55,663)

Entity having significant influence over the Co.

6,000,000

3,000,000

4 Reimbursement of Salary & Other Benefits

Holding company Canara Bank 1,293,624 432,567

(930,573) (269,055)

5 Reimbursement of expenses

Entity having significant influence over the Co.

Robeco Groep N.V. 1,650,633 NIL 368,412

141,784 NIL 102,284

Under common control of entity having significant influence

Robeco Institutional Asset Mgmt B.V.

NIL NIL

(312,613) (312,163)

6 R & T charges for Scheme & ARN holders

Fellow Subsidiary Canbank Computer Services Ltd.

22,000 NIL

(12,000) (NIL)

7 Reimbursement of Maintenance charges

Holding company Canara Bank 449,288 89,858

(125,000) (125,000)

8 Scheme Exp Mutual Fund managed by company

Canara Robeco Mutual Fund (Schemes)

17,423,479 17,374,132

(419,030) (419,030)

9 Bank Balance Holding company Canara Bank 2,497,917

(1,126,137)

10 Advisory fees Under common control entity having significant influence

Robeco Hongkong Ltd 35,565,611 9,187,964

(21,514,685) (8,461,904)

11 Management fees Mutual Fund managed by company


479,506,744 49,172,083

(374,611,799) (34,548,992)

12 Brokerage Mutual Fund managed by company


2,784,171 415,994 3,237,092 2,784,171

(1,299,798) (77,318,000) (9,343,000) (1,299,798)

13 Investments Mutual Fund managed by company


790,942,980

(346,383,403)

14 Dividend Income Mutual Fund managed by company


38,059,576

(22,476,569)

15 Share Capital Entity having significant influence over the Co.

Robeco India Holding B.V.

145,775,000

(NIL)

Holding company Canara Bank 151,725,000

(NIL)

- Figures in brackets represent corresponding amount of Previous year.

- Related party relationship have been identified by the management and relied upon by the auditor.

B.22 Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet.

16


Profit and Loss account Net employee benefit expense (recognized in Employee Cost)

Particulars Gratuity 31st March 2013

(r)

Gratuity 31st March 2012

(r)

Current service cost 1,786,948 1,583,320

Interest cost on benefit obligation 1,093,116 813,306

Expected return on plan assets (924,695) (666,274)

Net actuarial( gain) / loss recognized in the year 87,786 857,658

Past Service Cost -

Net benefit expense 2,043,155 2,588,010

Actual return on plan assets 1,046,990 730,748

Balance sheet

Details of Provision for gratuity


(r)


(r)

Defined benefit obligation 13,913,910 11,509,182

Fair value of plan assets (12,349,787) (11,988,214)

Plan (asset)/ liability 1,564,123 (479,032)

Changes in the present value of the defined benefit obligation are as follows:


(r)


(r)

Opening defined benefit obligation 11,509,182 8,734,301

Interest cost 1,093,116 813,306

Current service cost 1,786,948 1,583,320

Benefits paid (685,417) (543,877)

Actuarial (gains)/ losses on obligation 210,081 922,132

Closing defined benefit obligation 13,913,910 11,509,182

Changes in the fair value of plan assets are as follows:


(r)


(r)

Opening fair value of plan assets 11,988,214 8,282,912

Expected return 924,695 666,274

Contributions by employer 3,518,431

Benefits paid (685,417) (543,877)

Actuarial gains / (losses) 122,295 64,474

Closing fair value of plan assets 12,349,787 11,988,214

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The principal assumptions used in determining gratuity and post-employment benefit obligations for the Company’s plans are shown below:


(r)


(r)

Discount rate 8.10 8.65

Expected rate of return on Plan assets 7.50 7.50

Salary Escalation Rate 10% for first 4 years & 7% thereafter

10% for first 5 year & 7% thereafter

17


B.23 Earning per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The numbers used in calculating basic and diluted earnings per equity shares are as follows:

Particulars For the year ended 31st March 2013

(r)

For the year ended 31st March 2012

(r)

A. Before Extra ordinary Items

Net Profit as disclosed under Profit & Loss Account 135,471,428 41,966,380

Weighted Average no. of equity shares during the year 39,258,467 20,104,357

Basic & Diluted EPS (r) 3.45 2.09

B. After Extra ordinary Items

Net Profit as disclosed under Profit & Loss Account 135,471,428 41,966,380

Weighted Average no. of equity shares during the year 39,258,467 20,104,357

Basic & Diluted EPS (r) 3.45 2.09

B.24 Employee benefit under other long term liabilities and other current liabilities includes bonus amounting to R 39,459,698/- (Previous YearR 53,542,813/-) payable to employees based on estimates/judgment of the Management.

B.25 Based on the information available with the Company, there are no amounts due to Micro Small and Medium Enterprises as defined in Micro Small and Medium Enterprises Development Act, 2006 on account of principal and/or interest as at the close of the year

B.26 Previous Years figures are regrouped and rearranged wherever necessary, to confirm to Current year classification.



18


ANNEXURE - 1

Name of Entities under common control of entity having significant influence over the Company

Sr. No.

Company NameSr. No.

Company Name

1 Robeco International Holding B.V. 23 Robeco Institutional Asset Management B.V.

2 Robeco US Holding, Inc. 24 Robeco SAM AG

3 Harbor Capital Advisors, Inc. 25 Robeco SAM USA Inc.

4 Harbor Funds Distributors Inc. 26 Robeco AG

5 Harbor Services Group Inc. 27 SAM Sustainable Asset Management AG

6 Robeco Investment Management, Inc. 28 Robeco Luxembourg S.A.

7 Robeco Investment Management, Inc. 29 Robeco Securities Lending B.V.

8 Robeco Securities L.L.C. 30 Robeco Miami B. V.

9 Robeco Trust Company 31 Robeco General Partner Funds B.V.

10 Robeco Institutional Asset Management US, Inc. 32 Robeco SAM Clean Tech III General Partner LLC

11 Robeco India Holding B.V. 33 RGS Capital LLC

12 Robeco France S.A.S. 34 Robeco General Partner Sustainable B.V.

13 Ro-Boetie S.A.S. 35 Robeco Manager Clean Tech II B.V.

14 Robeco Hong Kong Ltd. 36 Robeco Bestuurder Bewaarder B.V.

15 Robeco Taiwan Ltd. 37 Robeco General Partner European II B.V.

16 Robeco Teda (Tianjin) Investment Management Co. Ltd. 38 Robeco Manager Responsible II B.V.

17 Robeco Teda (Tianjin) Equity Investment Management Co. Ltd. 39 Robeco General Partner Global II B.V.

18 Corestone Investment Managers AG 40 SET Venture Partner, powered by Chrysalix and Robeco B.V.

19 Robeco Direct N.V. 41 Robeco Manager BSR B.V.

20 Robeco Nederland B.V. 42 Robeco Manager European III B.V.

21 Transtrend B.V. 43 Robeco Manager Global III B.V.

22 Kentyde B.V.

19


2012-13 2011-12

r r

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit/(Loss) before impairment loss and taxation 156,662,389 46,372,675

Adjustments for :

Depreciation 7,172,896 10,202,648

Loss/(Profit) on sale of Fixed assets (Net) (39,942,594) 112,800

Dividend received (38,059,577) (22,476,569)

Interest on Income Tax Refund (3,568,163) (3,223,943)

Provision for leave encashment 199,494 (1,152,062)

Provision for gratuity 1,601,323 (72,596,621) (451,389) (16,988,515)

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 84,065,767 29,384,160

Adjustment for:

(Increase)/Decrease in current assets (15,375,970) (3,229,199)

Increase/(Decrease) in current liabilities 39,441,784 3,994,289

(Increase)/Decrease in loans and advances (31,316,565) (7,250,751) 2,145,691 2,910,780

CASH GENERATED FROM/(USED IN) OPERATIONS 76,815,016 32,294,940

Taxes paid 12,023,190 (6,690,448)

NET CASH (USED IN)/FROM OPERATING ACTIVITIES (A) 64,791,826 38,985,388

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets (3,030,013) (5,549,981)

Proceeds from sale of fixed assets 49,915,455 167,077

Purchase of investments (786,559,577) (343,276,569)

Proceeds from sale of investments 342,000,000 280,000,000

Dividend received 38,059,577 22,476,569

NET CASH (USED IN)/FROM INVESTING ACTIVITIES (B) (359,614,558) (46,182,904)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of share capital 297,500,000 297,500,000 -

NET CASH (USED IN)/FROM FINANCING ACTIVITIES (C) 297,500,000 -

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS(A+B+C) 2,677,269 (7,197,516)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 2,771,346 9,968,862

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 5,448,615 2,771,346

CASH AND CASH EQUIVALENTS INCLUDED IN CASH FLOW STATEMENT

COMPRISE THE FOLLOWING BALANCE SHEET AMOUNTS:

CASH ON HAND 62,564 69,071

BALANCE WITH BANK IN CURRENT ACCOUNTS 5,386,051 2,702,275

5,448,615 2,771,346

Note: Previous year's figures have been regrouped / rearranged to conform the current year's presentation, whenever necessary.



Cash Flow Statement for the year ended 31st March, 2013

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Sales Office

KOLKATAHorizon, Block B, 5th Floor, 57, Chowringhee Road, Kolkata - 700 071. Phone: +91 33 30584716 / 17 / 18 [email protected]

MANGALORE227/2A, Essel Towers, Bunts Hostel Circle, Mangalore - 575 003. Phone: +91 824 2448804 [email protected] AHMEDABADUnit No.104, Onyx Building, Near Raj Hans Society, IDBI Cross Roads, Off. C.G. Road, Ahmedabad - 380 006. Phone: +91 079-40278936 Fax : +91 079-40264254 [email protected]

GOAShop No 3, Kamat Chamber, Opp. Hotel Neptune, Panajim, Goa - 403 001. Phone: +91 832 2422415 / 6450631 [email protected] MUMBAIConstruction House, 4th Floor, 5, Walchand Hirachand Marg, Mumbai - 400 001. Phone: +91 22 22621371/66585000/10 [email protected] PUNEDeccan Mall, Office 1 & 2, 2nd Floor, Deccan Gymkhana Pune - 411 004. Phone: +91 20 30923820/21/22/23/24 Fax: +91 20 25661454 [email protected] SURATM - 8/9, Jolly Plaza, Athwagate, Surat - 395 001. Phone: +91 261 6554243 [email protected] INDOREBansi Trade Centre 107, 1st Floor, 581/5 M.G. Road, Indore - 452 001. Phone: +91 731 6451222 [email protected]

CHANDIGARHCanara Bank, Circle Office, 3rd Floor, Sector 34-A, Chandigargh - 160 022. Phone: +91 172 2648007 [email protected] DELHI306, Kanchen Junga Bldg., 18, Barakambha Road, New Delhi - 110 001. Phone: +91 11 23326417 / 23314175 [email protected] BANGALORE# 4&5, Ground Floor, Business Point, Next to Brigade Towers, 137, Brigade Road, Bangalore - 560 025. Phone: +91 80 39871400 / 01 Fax: +91 80 30901092 [email protected] CHENNAI770-A, 1st Floor, Spencer Annexe, Anna Salai, Chennai - 600 002. Phone: +91 44 28492598 [email protected] HYDERABADV. V. Vintage Boulevard, 1st Floor, Municipal H. No.6-3-1093, Somajiguda, Raj Bhavan Road, Hyderabad - 500 082. Phone: +91 40 39132301 / 39132302 Fax: +91 40 39132300 [email protected] KOCHIDoor No. XL/6030, 1st Floor, Al-Falah Plaza (Opp. Oriental Bank of Commerce) Broadway North End, Kochi - 682 031. Phone: +91 484 2364846 [email protected]

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th audited annual report - canara robeco mutual fund annual report - 2012-… · mr. deveshwar...

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