A STUDY ON WORKING CAPITAL MANAGEMENT AND

RATIO ANALYSIS OF TATASTEEL

Project submitted to
S.A.V. ACHARYA INSTITUTE OF MANAGEMENT STUDIES
in partial fulfilment of the requirements for
Master in Management Studies

By
SANDIP A. RAUT
Roll No: 30
SPECIALIZATION: FINANCE
CLASS: MMS THIRD SEMESTER

Under the guidance of

PROF. PRITI BHUJBAL

S.A.V ACHARYA INSTITUTE OF MANAGEMENT STUDIES

JUNE2015

Students Declaration

I hereby declare that this report submitted in partial fulfilment of the requirement of
MMS Degree of University of Mumbai to S.A.V ACHARYA INSTITUTE OF
MANAGEMENTSTUDIES. This is my original work and is not submitted for award of
any degree or diploma or for similar titles or prizes.

Place :
Date

Shelu

Name

SandipRaut

Class

MMS, Sem.-II

Roll No

30

CERTIFICATE
This is to certify that the dissertation submission in partial fulfilment for the
award of Master of Management Studies of S. A. V. Acharya Institute of Management
Studies is a result of the bonafide research work carried out by SANDIP ANANT RAUT
under the Supervision guidance of Prof. PRITI BHUJBAL. No part of this report has
been submitted for award of any othersimilar titles or prizes. The work has also not been
published in any Journals/Magazines.

Place :
Date

Shelu

Project Guide

Director

(Prof. PritiBhujbal)

(Dr. C. Satyanarayana)

ACKNOWLEDGEMENT
I would like to give special acknowledgement to Dr. C. Satyanarayana Director of
S.A.V. Acharya Institute of Management Studies for his consistent support and
motivation.
I am grateful to Prof. Priti Bhujbal, my project guide, S.A.V. Acharya Institute of
Management Studies for their technical expertise, advice and excellent guidance. They
not only gave my report a scrupulous critical reading, but added many examples and
ideas to improve it.
I am indebted to my other faculty members who gave time and again reviewed portions
of this report and provide many valuable comments.
I would like to express my appreciation towards my friends for their encouragement and
support throughout this report.

Date:

SANDIP RAUT

TABLE OF CONTENT
Chapter
Number

Chapter Name

Page
Number

Chapter-I
1.1 Executive Summary
1.2 Introduction to the Subject
1.3 Introduction to the Industry
1.4 Introduction to the company
1.5 Literature Review

Chapter II

2.1 Research Methodology

2.2 Objectives of the Study
2.3 Importance of the Study
2.4 Data analysis and Interpretation

Chapter III

3.1 Analysis Findings and conclusion

3.2 Suggestions and Recommendations
3.3Conclusion
3.4 Annexure
3.5 Bibliography

Executive Summary
The project deals with understanding of mutual fund and analysis. During my project, I
got the opportunity to understand the concept, various AMC (Asset management

company) issuing various Mutual Fund according to the needs of the investors. During
my project, I came to know important regulations of SEBI for mutual fund operations.
Project deals with an analysis of RELIANCE AND TATA Mutual Funds various schemes
in which I tried to came out with a result which is best, for that purpose I conducted a
market research. During the project I suggested the investors how to invest and in which
fund they should invest.
During the project, I made an endeavor to understand the awareness of mutual funds
among the various classes of investors. The data collected mainly through fact sheets of
funds, broachers, and questionnaire and also from various sites of Reliance and Tata
mutual funds etc. the data analyzed and recommendation is given on the basis of the
conclusions.

INTRODUCTION TO THE SUBJECT

MEANING OF MUTUAL FUND
Mutual funds are in the form of Trust (usually called Asset Management Company) that
manages the pool of money collected from various investors for investment in various

classes of assets to achieve certain financial goals. We can say that Mutual Fund is trusts
which pool the savings of large number of investors and then reinvests those funds for
earning profits and then distribute the dividend among the investors.
services, Asset Management Companies charge small fees.
launches different schemes, each with a specific objective.
same objectives invests in that particular Scheme.

In return for such

Every Mutual Fund /

Investors who share the

Each Mutual Fund Scheme is

managed by a Fund Manager with the help of his team of professionals (One Fund
Manage may be managing more than one scheme also).
A mutual fund makes money in several ways:
* By earning dividends or interest on the investments it owns
* By selling securities that have appreciated in value.
Investors make money in the form of dividends and interest that are passed on to them
and the increase (or decrease) in the fund's value. The mutual fund manager keeps
constant watch on financial markets and adjusts the portfolio to achieve the highest
returns. By owning part of a fund, the hard work of selecting and monitoring stocks and
bonds is done for investors.
The majority of mutual funds available are open-ended funds. Open-ended funds can
have an unlimited number of investors or money in the fund. These funds are always
open to accept money from investors and to return the money back to investors. This
gives the investor the flexibility to enter into the scheme or to exit from the scheme or to
exit from the scheme as and when required as per their needs. Managers of closed-end
funds, on the other hand, decide upfront how many shares they will issue and when they
will sell them. The only way to purchase shares in a closed-end fund, once the original
shares have been sold, is to buy them from a current investor.
The mutual fund industry of India is continuously evolving. Along the way, several
industry bodies are also investing towards investor education. Yet, according to a report
by Boston Analytics, less than 10% of our households consider mutual funds as an
investment avenue. It is still considered as a high-risk option.

DEFINITION OF 'MUTUAL FUND'

An investment vehicle that is made up of a pool of funds collected from many investors
for the purpose of investing in securities such as stocks, bonds, money market
instruments and similar assets. Mutual funds are operated by money managers, who
invest the fund's capital and attempt to produce capital gains and income for the fund's
investors. A mutual fund's portfolio is structured and maintained to match the investment
objectives stated in its prospectus.

NET ASSET VALUE

Net Asset Value (NAV) is the total asset value (net of expenses) per unit of the fund and
is calculated by the AMC at the end of every business day. In order to calculate the NAV
of a mutual fund, you need to take the current market value of the fund's assets minus the
liabilities, if any and divide it by the number of shares outstanding. NAV is calculated as
follows:

For example, if the market value of securities of a Mutual Fund scheme is

500 lakh and

the Mutual Fund has issued 10 lakh units of 10 each to investors, then the NAV per unit
of the fund is 50.

TYPES OF MUTUAL FUND

A) BASED ON THE MATURITY PERIOD
Open-ended Fund
An open-ended fund is a fund that is available for subscription and can be redeemed on a
continuous basis. It is available for subscription throughout the year and investors can

buy and sell units at NAV related prices. These funds do not have a fixed maturity date.
The key feature of an open-ended fund is liquidity.
Close-ended Fund
A close-ended fund is a fund that has a defined maturity period, e.g. 3-6 years. These
funds are open for subscription for a specified period at the time of initial launch. These
funds are listed on a recognized stock exchange.

Interval Funds
Interval funds combine the features of open-ended and close-ended funds. These funds
may trade on stock exchanges and are open for sale or redemption at predetermined
intervals on the prevailing NAV.

B) BASED ON INVESTMENT OBJECTIVES

Equity/Growth Funds
Equity/Growth funds invest a major part of its corpus in stocks and the investment
objective of these funds is long-term capital growth. When you buy shares of an equity
mutual fund, you effectively become a part owner of each of the securities in your funds

portfolio. Equity funds invest minimum 65% of its corpus in equity and equity related
securities. These funds may invest in a wide range of industries or focus on one or more
industry sectors. These types of funds are suitable for investors with a long-term outlook
and higher risk appetite.
Debt/Income Funds
Debt/ Income funds generally invest in securities such as bonds, corporate debentures,
government securities (gilts) and money market instruments. These funds invest
minimum 65% of its corpus in fixed income securities. By investing in debt instruments,
these funds provide low risk and stable income to investors with preservation of capital.
These funds tend to be less volatile than equity funds and produce regular income. These
funds are suitable for investors whose main objective is safety of capital with moderate
growth.
Balanced Funds
Balanced funds invest in both equities and fixed income instruments in line with the predetermined investment objective of the scheme. These funds provide both stability of
returns and capital appreciation to investors. These funds with equal allocation to equities
and fixed income securities are ideal for investors looking for a combination of income
and moderate growth. They generally have an investment pattern of investing around
60% in Equity and 40% in Debt instruments.
Money Market/ Liquid Funds
Money market/ Liquid funds invest in safer short-term instruments such as Treasury
Bills, Certificates of Deposit and Commercial Paper for a period of less than 91 days. The
aim of Money Market /Liquid Funds is to provide easy liquidity, preservation of capital
and moderate income. These funds are ideal for corporate and individual investors
looking for moderate returns on their surplus funds.
Gilt Funds
Gilt funds invest exclusively in government securities. Although these funds carry no
credit risk, they are associated with interest rate risk. These funds are safer as they invest
in government securities.
Some of the common types of mutual funds and what they typically invest in:

Type of Fund

Typical Investment

Equity or Growth Fund

Equities like stocks

Fixed Income Fund

Fixed income securities like government and corporate

bonds

Money Market Fund

Short-term fixed income securities like treasury bills

Balanced Fund

A mix of equities and fixed income securities

Sector-specific Fund

Sectors like IT, Pharma, Auto etc.

Index Fund

Equities or Fixed income securities chosen to replicate a

specific Index for example S&P CNX Nifty

Fund of funds

Other mutual funds

C) OTHER SCHEMES
Tax-Saving (Equity linked Savings Schemes) Funds
Tax-saving schemes offer tax rebates to investors under specific provisions of the Income
Tax Act, 1961. These are growth-oriented schemes and invest primarily in equities. Like
an equity scheme, they largely suit investors having a higher risk appetite and aim to
generate capital appreciation over medium to long term.
Index Funds
Index schemes replicate the performance of a particular index such as the BSE Sensex or
the S&P CNX Nifty. The portfolio of these schemes consist of only those stocks that
represent the index and the weightage assigned to each stock is aligned to the stocks
weightage in the index. Hence, the returns from these funds are more or less similar to
those generated by the Index.
Sector-specific Funds
Sector-specific funds invest in the securities of only those sectors or industries as
specified in the Scheme Information Document. The returns in these funds are dependent
on the performance of the respective sector/industries for example FMCG, Pharma, IT,
etc. The funds enable investors to diversify holdings among many companies within an

industry. Sector funds are riskier as their performance is dependent on particular sectors
although this also results in higher returns generated by these funds.

IMPORTANCE OF MUTUAL FUNDS :Mutual fund is a single and large professionally managed investment organisation which
combines the funds of many individual investors having similar investment objectives.

They form an important part of capital market. The importance of mutual funds arise due
to its many benefits. Let us explain :1. Professional Management :Investors purchase units in mutual funds because they do not have time or expertise to
manage their own portfolio. Mutual funds are managed by professional managers who
have requisite knowledge and skill to make organised investmentstrategy.Thus small
investors invest in mutual funds to maximize their returns on investment.
2. Economies Of Scale :Mutual funds buy and sell large amount of securities at a time, this reduces,
transaction cost. Investors gain on account of low transaction costs.
3. Product Innovation :From time to time new products are introduced by mutual fund industry to its investors.
Schemes like children funds, commodity based funds, fixed maturity plans, exchange
traded funds hybrid funds(fund for funds) etc. all have attracted huge investments.
4. Safety And Liquidity :Mutual funds are controlled and regulated by SEBI hence they are safe. Further, investors
can easily encash their investments by selling their units to fund if it is an open-ended
scheme or selling them on stock exchange if it is a close-ended scheme.
5. Convenience And Flexibility :Mutual funds permit flexibility. If an investor is not satisfied with one mutual fund, he
can switch over to another. There are least formalities to invest in mutual funds.
6. Portfolio Diversification :Due to lack of resources an individual investor may not be able to invest in a diversified
portfolio of securities. Mutual funds invest in a number of companiesacrossvarious
sectors and industries. Currently there are about 38 mutual funds offering different
products. Thisdiversification reduces the risk of investment.

7. Reduction In Risk :-

Mutual funds help to reduce risk through diversification and professional management.
All funds are not invested in same investment avenue. Holding a portfolio that is
diversified across investment avenues is a wise way to manage risk.
8. Transparency :There is greater transparency in investment in mutual funds. They declare their portfolio
of investment every month. The investors can know where their funds are invested. In
case they are not happy with the portfolio, of fund they can withdraw their money at a
short notice.
9. Services To Investors :Mutual funds offer systematic withdrawal plans which are convenient to retired people.
The dividend and capital gains are reinvested automatically. Automatic reinvestment is a
type of forced savings which brings cumulative benefits to investors.
10. Stability to stock Market :Mutual funds invest in huge amounts in securities. They can easily absorbcertainlosses in
stock market. They regularly invest in stock market, which provides stability to stock
market.
11. Equity Research :Mutual funds also invest in equity research. This gives a lot of information and data for
investments. They also helps them to get a good portfolio.
12. Ancillary Services :Mutual funds also provides ancillary services such as :

Saving schemes for regular monthly investments in units.

Life Insurance Schemes.
Automatic reinvestment of dividend.

OBJECTIVE OF INVESTING IN MUTUAL FUNDS:

1. Professional Management
When you invest in a mutual fund, your money is managed by finance
professionals. Investors who do not have the time or skill to manage their own

2.

3.

4.

5.

6.

7.

portfolio can invest in mutual funds. By investing in mutual funds, you can gain
the services of professional fund managers, which would otherwise be costly for
an individual investor.
Diversification
Mutual funds provide the benefit of diversification across different sectors and
companies. Mutual funds widen investments across various industries and asset
classes. Thus, by investing in a mutual fund, you can gain from the benefits of
diversification and asset allocation, without investing a large amount of money
that would be required to build an individual portfolio.
Liquidity
Mutual funds are usually very liquid investments. Unless they have a prespecified lock-in period, your money is available to you anytime you want subject
to exit load, if any. Normally funds take a couple of days for returning your
money to you. Since they are well integrated with the banking system, most funds
can transfer the money directly to your bank account.
Flexibility
Investors can benefit from the convenience and flexibility offered by mutual funds
to invest in a wide range of schemes. The option of systematic (at regular
intervals) investment and withdrawal is also offered to investors in most openended schemes. Depending on ones inclinations and convenience one can invest
or withdraw funds.
Low transaction cost
Due to economies of scale, mutual funds pay lower transaction costs. The benefits
are passed on to mutual fund investors, which may not be enjoyed by an
individual who enters the market directly.
Transparency
Funds provide investors with updated information pertaining to the markets and
schemes through factsheets, offer documents, annual reports etc.
Well regulated
Mutual funds in India are regulated and monitored by the Securities and Exchange
Board of India (SEBI), which endeavors to protect the interests of investors. All
funds are registered with SEBI and complete transparency is enforced. Mutual
funds are required to provide investors with standard information about their
investments, in addition to other disclosures like specific investments made by the
scheme and the quantity of investment in each asset class

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest

private sector enterprise, with businesses in the energy and materials value chain. Group's
annual revenues are in excess of US$ 66 billion. The flagship company, Reliance
Industries Limited, is a Fortune Global 500 company and is the largest private sector
company in India.
Backward vertical integration has been the cornerstone of the evolution and growth of
Reliance. Starting with textiles in the late seventies, Reliance pursued a strategy of
backward vertical integration - in polyester, fibre intermediates, plastics, petrochemicals,
petroleum refining and oil and gas exploration and production - to be fully integrated
along the materials and energy value chain.
The Group's activities span exploration and production of oil and gas, petroleum refining
and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals),
textiles, retail, infotel and special economic zones.
Reliance enjoys global leadership in its businesses, being the largest polyester yarn and
fibre producer in the world and among the top five to ten producers in the world in major
petrochemical products.
Major Group Companies are Reliance Industries Limited, including its subsidiaries and
Reliance Industrial Infrastructure Limited.
Reliance Industries Limited (RIL) is an Indian conglomerate holding company
headquartered in Mumbai, Maharashtra, India. The company operates in five major

segments: exploration and production, refining and marketing, petrochemicals, retail and
telecommunications.
The group is present in many business sectors across India including petrochemicals,
construction, communications, energy, health care, science and technology, natural
resources, retail, textiles, and logistics. RIL is the second-largest publicly traded company
in India by market capitalisation and is the second largest company in India by revenue
after the state-run Indian Oil Corporation. The company is ranked No. 99 on the Fortune
Global 500 list of the world's biggest corporations, as of 2013. RIL contributes
approximately 14% of India's total exports.

MAJOR SUBSIDIARIES AND ASSOCIATES

On 31 March 2014, the company had 123 subsidiary companies and 10 associate
companies.
RELIANCE RETAIL is the retail business wing of the Reliance Industries. In March
2013, it had 1466 stores in India. It is the largest retailer in India. Many brands like
Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance
Wellness, Reliance Trends, Reliance Autozone, Reliance Super, Reliance Mart, Reliance
iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel
come under the Reliance Retail brand. Its annual revenue for the financial year 201213
was 108 billion (US$1.7 billion) with an EBITDA of 780 million (US$12 million).
RELIANCE LIFE SCIENCES works around medical, plant and industrial
biotechnology opportunities.
It specializes in manufacturing, branding, and marketing Reliance Industries' products in
bio-pharmaceuticals, pharmaceuticals, clinical research services, regenerative medicine,
molecular medicine, novel therapeutics, biofuels, plant biotechnology, and industrial
biotechnology sectors of the medical business industry.

RELIANCE

INSTITUTE

OF

LIFE

SCIENCES

(RILS),

established

by

DhirubhaiAmbani Foundation, is an institution offering higher education in various fields

of life sciences and related technologies.
Reliance Logistics is a single-window company selling transportation, distribution,
warehousing, logistics, and supply chain-related products, supported by in-house
telematics and telemetry solutions.
Reliance Logistics is an asset based company with its own fleet and infrastructure. It
provides logistics services to Reliance group companies and outsiders. Merged content
from Reliance Logistics to here. See Talk: RelianceIndustries Merge proposals.
RELIANCE CLINICAL RESEARCH SERVICES (RCRS), a contract research
organisation (CRO) and wholly owned subsidiary of Reliance Life Sciences, specialises
in the clinical research services industry. Its clients are primarily pharmaceutical,
biotechnology and medical device companies.
RELIANCE SOLAR, the solar energy subsidiary of reliance, was established to produce
and retail solar energy systems primarily to remote and rural areas. it offers a range of
products based on solar energy: solar lanterns, home lighting systems, street lighting
systems, water purification systems, refrigeration systems and solar air conditioners.
Merged content from Reliance Solar to here. See Talk: RelianceIndustries Merge
proposals.
RELICORD is a cord blood banking service owned by Reliance Life Sciences. It was
established in 2002. It has been inspected and accredited by AABB, and also has been
accorded a license by Food and Drug Administration (FDA), Government of India.
RELIANCE JIO INFOCOMM (RJIL), previously known as Infotel Broadband, is a
broadband service provider which gained 4G licences for operating across India. Now it
is wholly owned by RIL for 48 billion (US$750 million). Sandip Das, former ceo of
Maxis Malaysia, is the current group president of Reliance JioInfocomm.

RELIANCE INDUSTRIAL INFRASTRUCTURELIMITED (RIIL) is an associate

company of RIL. RIL holds 45.43% of total shares of RIIL. It was incorporated in
September 1988 as ChemburPatalganga Pipelines Limited, with the main objective being
to build and operate cross-country pipelines for transporting petroleum products. The
company's name was subsequently changed to CPPL Limited in September 1992, and
thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994.
RIIL is mainly engaged in the business of setting up and operating industrial
infrastructure. The company is also engaged in related activities involving leasing and
providing services connected with computer software and data processing. The company
set up a 200-millimetre diameter twin pipeline system that connects the Bharat Petroleum
refinery at Mahul, Maharashtra, to Reliance's petrochemical complex at Patalganga,
Maharashtra. The pipeline carries petroleum products including naphtha and kerosene. It
has commissioned facilities like the supervisory control and data acquisition system and
the cathodic protection system, a jackwell at River Tapi, and a raw water pipeline system
at Hazira. The infrastructure company constructed a 71,000 kilo-litre petrochemical
product storage and distribution terminal at the Jawaharlal Nehru Port Trust (JNPT) Area
in Maharashtra.

INTRODUCTION TO THE INDUSTRY

Tata Industries was set up by Tata Sons in 1945 as a managing agency for the businesses
it promoted. Following the abolition of the managing agency system, Tata Industries'
mandate was recast, in the early 1980s, to promote Tata's entry into new and high-tech
businesses.
Tata Industries has initiated and promoted Tata ventures in several sectors, including
control systems, information technology, financial services, auto components, advanced
materials, telecom hardware and telecommunication services.
Tata Group is an Indian Multinational corporation conglomerate company headquartered
in Mumbai, Maharashtra, India. It encompasses seven business sectors: communications
and information technology, engineering, materials, services, energy, consumer products
and chemicals. Tata Group was founded in 1868 by Jamsetji Tata as a trading company. It
has operations in more than 80 countries across six continents. Tata Group has over 100
operating companies with each of them operating independently.
Out of them 32 are publicly listed. The major Tata companies are Tata Steel, Tata Motors,
Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages,
Tata Teleservices, Titan Industries, Tata Communications and Taj Hotels. The combined
market capitalisation of all the 32 listed Tata companies was INR 8.4 Trillion ($ 141.27
billion) as of July 2014. Tata receives more than 58% of its revenue from outside India.

The Tata Group is owned primarily by various charitable trusts (established by Jamsetji
Tata's sons at his behest) that maintain a majority stake in the holding company. The
current chairman of the Tata group is Cyrus PallonjiMistry, who took over from Ratan
Tata in 2012. Tata Sons is the promoter of all key Tata companies and holds the bulk of
shareholding in these companies. The chairman of Tata Sons has traditionally been the
chairman of the Tata group. About 66% of the Equity (finance)of Tata Sons is held by
philanthropic trusts endowed by members of the Tata family.
The Tata Group and its companies & enterprises is perceived to be India's best-known
global brand within and outside the country as per an ASSOCHAM survey. The 2009,
annual survey by the Reputation Institute ranked Tata Group as the 11th most reputable
company in the world. The survey included 600 global companies. The Tata Group has
helped establish and finance numerous quality research, educational and cultural
institutes in India. The group was awarded the Carnegie Medal of Philanthropy in 2007 in
recognition of its long history of philanthropic activities.

AREAS OF BUSINESS
Tata Industries has two operating divisions which function as independent profit centres:
Tata Strategic Management Group: An independent management consulting division that
assists Tata as well as non-Tata companies in enhancing their competitive edge.
Tata Interactive Systems: Among the world's leading e-learning organisations, it offers
services such as project management, instructional design and graphics, and technical
know-how.
Tata Industries' main activities are:
To promote Tatas' entry into new businesses
To maintain shareholding in promoted companies
To invest in operating companies to facilitate growth
Head of group

Jamsetji Tata (1868-1904)

Dorabji Tata (19041932)
NowrojiSaklatwala (19321938)
J. R. D. Tata (19381991)
Ratan Tata (19912012)
Cyrus PallonjiMistry (2012Present)

This section lists the Tata companies and details their business:
Chemicals

Tata Chemicals

Rallis India

Tata Pigments Limited

General Chemical Industrial Products

Brunner Mond

Advinus Therapeutics

Magadi Soda Company

Consumer products

Tata Salt

I-shakti

Casa Dcor

Tata Swach

Tata Global Beverages

Tata Tea Limited is the world's second largest manufacturer of packaged tea and
tea products.

Tata Starbucks, is a 50:50 joint venture company, owned by Starbucks

Corporation and Tata Global Beverages

Eight O'Clock Coffee

Tetley

Tata Coffee

Himalayan, Mount Everest Mineral Waters natural mineral water brand

Tata Ceramics

Infiniti Retail (Crom)

Tata Industries

Titan Industries

Trent (Westside)

Landmark Bookstores

Tata Sky

Crossword

Voltas, consumer electronics company

Tata International Ltd.

Tanishq

Fastrack, Largest & Trendiest Youth Fashion Brand in India

Titan Eye+, World class Optical Stores from Titan Industries

Tata Refractories

Westland

Energy

Tata Power is one of the largest private sector power companies.

Tata Power Solar, a joint venture between Tata Power and BP Solar

Hooghly Met Coke and Power Company

Jamshedpur Utilities and Services Company

Tata Power Delhi Distribution Ltd (Formerly Known as North Delhi Power Ltd)

Powerlinks Transmission

Tata Power Trading

Tata Projects

Engineering

TAL Manufacturing Solutions

Tata AutoComp Systems Limited (TACO)

Hispano Carrocera

Tata Motors, manufacturer of commercial vehicles (largest in India) and

passenger cars

Jaguar Land Rover (Manager of Tata's British brands Jaguar cars and Land Rover)

Tata Daewoo Commercial Vehicle

Tata Projects

Tata Technologies Limited

Tata Marcopolo

Tata Consulting Engineers Limited

Tata Cummins

Telco Construction Equipment

TRF

Voltas Global Engineering Centre

Tata Advanced Materials

Tata Advanced Systems

Tata Motors European Technical Centre

Tata Petrodyne

Tata Precision Industries

Telcon Construction Equipment

Information systems and communications

Computational Research Laboratories

INCAT

Nelco

Nelito Systems

Tata Business Support Services

Tata Consultancy Services Ltd. (TCS) is one of the world's largest IT Services
companies.

Tata Elxsi

Neotel

Tata Interactive Systems

Tata Teleservices

Tata Teleservices (Maharashtra)

Virgin Mobile India

Tata Communications

CMC Limited

VSNL International Canada

Tatanet, Managed connectivity and VSAT service provider

Services

Tata Sons

TajAir

AirAsia India

Air Asia India joint venture with Air Asia

The Indian Hotels Company

Taj Hotels

Vivanta By Taj

The Gateway Hotels & Resorts

Ginger Hotels

Roots Corporation

Tata Housing Development Company Ltd. (THDC)

Tata Limited

TATA AIG General Insurance

TATA AIA Life Insurance

e-Nxt Financials ltd.

TKM Global, Logistics and Supply Chain

Tata AG

Tata Asset Management

Tata Financial Services

Tata Capital

Tata International AG

Tata Investment Corporation

Tata Advanced Systems Limited

Drive India Enterprise Solutions

Mjunction services

Tata Quality Management Services

Tata Realty and Infrastructure Limited

Tata Interactive Systems

Tata Africa Holdings

Tata AutoComp Systems

Tata Industrial Services

Tata NYK

Tata Services

Tata Strategic Management Group

Steel

Tata Steel

Tata Steel Europe

Tata Steel KZN

Tata Steel Processing and Distribution

JAMIPOL

NatSteel Holdings

Tata BlueScope Steel

Tata Metaliks

Tata Sponge Iron

Tayo Rolls

The Tinplate Company of India

Tata Bearings

TM International Logistics

Core sciences

Tata Institute of Fundamental Research

Tata Institute of Social Sciences

Reliance Mutual Fund, a part of the Reliance Anil DhirubhaiAmbani (ADA) Group, is
one of the fastest growing mutual funds in India. RMF offers investors a well-rounded
portfolio of products to meet varying investor requirements and has presence in 160 cities
across the country. RMF constantly endeavours to launch innovative products and
customer service initiatives to increase value to investors.
Reliance Mutual Fund (RMF) is one of India's leading mutual funds, with Average Assets
Under Management (AAUM) of ` 1,22,068 crore (as on 30th September, 2014) and 52.58
lakh folios (as on 30th September, 2014)
Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act,
1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and Reliance Capital
Trustee Co. Limited (RCTC), as the Trustee.
Reliance Mutual Fund has been registered with the Securities & Exchange Board of India
(SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance
Capital Mutual Fund was changed to Reliance Mutual Fund effective March 11,2004 vide
SEBI's letter no. IMD/PSP/4958/2004 dated March 11,2004. RMF was formed to launch
various schemes under which units are issued to the public with a view to contribute to
the capital market and to provide investors the opportunities to make investments in
diversified securities.

KEY INFORMATION
Mutual Fund
Setup Date
Incorporation Date
Sponsor
Trustee
Chairman
CEO / MD
CIO
Compliance Officer
Investor Service Officer
Assets Managed

Reliance Mutual Fund

Jun-30-1995
Feb-24-1995
Reliance Capital Limited
Reliance Capital Trustee Co. Ltd.
N.A
SundeepSikka
N.A
Mr. MuneeshSud
Mr. Bhalchandra Joshi
Rs. 126069.04 crore (Dec-31-2014)

THE MAIN OBJECTIVES OF RMF ARE

To carry on the activity of a mutual fund as may be permitted at law, and

formulate and devise various collective schemes of savings and investments for
people in India and abroad, and also ensure liquidity of investments for the unit
holders;

To deploy funds thus raised so as to help the unit holders earn reasonable returns
on their savings; and

To take such steps as may be necessary from time to time to realise the effects
without any limitation.

OUR SERVICE PROVIDERS

AUDITOR
1. Statutory Auditor to the Schemes of Reliance Mutual Fund
Haribhakti& Co.
Chartered Accountants
2. Internal Auditor to the Schemes of Reliance Mutual Fund
Price Waterhouse Coopers
Chartered Accountants

3. Statutory Auditors for Reliance Capital Asset Management Limited

BSR & Co. LLP
Chartered Accountants
Statutory Auditor to the Reliance Capital Trustee Co. Limited
Chartered Accountants
CUSTODIAN
The Trustee has appointed Deutsche Bank, AG located at Kodak House, Ground
Floor, 222 Dr. D.N. Road, Mumbai 400 001, as the Custodian of the securities
that are bought and sold under the Scheme. A Custody Agreement has been
entered into with Deutsche Bank in accordance with SEBI Regulations. The
Custodian is approved by SEBI under registration no. IN/CUS/003 to act as
Custodian for the Fund.
REGISTRAR
Reliance Capital Asset Management Limited (RCAM) has appointed M/s. Karvy
Computershare Private Ltd. (KCL) to act as the Registrar and Transfer Agent to
the Schemes of Reliance Mutual Fund (RMF). KCL is a Registrar and Transfer
Agent registered with SEBI under registration no. INR000000221. KCL has its
office at Madhura Estate, Muncipal No 1-9/13/C, Plot No 13 & 13C, Survey No
74 & 75, Madhapur Village, SerlingampallyMandal&Muncipality R R District,
Hyderabad 500 081.
RCAM and the Trustee have satisfied themselves after undertaking appropriate
due diligence measures that KCL has adequate facilities, including systems
facilities and back up to provide the services required.
BANKERS
Bankers to the Schemes to be notified from time to time.

INTRODUCTION TO THE COMPANY

Tata mutual fund, set up in 1995, is one of the leading private sector funds in the
country and is promoted by the Tata group. The sponsors of the fund are Tata Sons
Limited and Tata Investment Corporation Limited.
Tata Asset Management Limited is the investment manager of the mutual fund and has F
K Karavana of Tata Sons as its chairman. The management of the AMC is headed by
VedPrakashChaturvedi, managing director. Tata Sons holds a majority stake in the AMC
with the balance being held by Tata Investment Corporation.
Tata Mutual Fund offers a wide range of investment products for institutional and
individual investors and as of August 31, 2006, has assets of Rs. 12562.65 crores under
management.
In a financial scenario that sees a lot of volatility, the Tata name assures customers that
their money is in safe hands, that Tata Asset Management will act in their best interest
and that Tata Mutual Fund will resolve their financial needs
Tata Mutual Fund (TMF), a brand from Tata Asset Management, one of the oldest asset
management companies in India and one of Indias leading investment managers, is
based on the dictum that managing wealth is as important as creating it.
TMF is an Indian brand with a global network of
partnerships. The brand has established loyalty
among

its

client

base

through

product

differentiation, branding activities, the confidence of associates, performance of the funds

and overall experience of the customers.
The brand enjoys a high equity in the country, thanks to its expertise, trustworthiness,
maturity and modern outlook. Its appeal lies in the unique combination of its features,
comprising expertise in fund management and best-in-class service and trust. Over the
years, award winning fund performances have reinforced the TMF brand image as expert
money managers.
The performance of the brand reaffirms the trust placed in the fund by the customers.
Customers look forward not only to high returns which are in line with their appetite for
risk, but also to peace of mind, knowing that their funds will not be mismanaged.
In a financial scenario that sees a lot of volatility, the Tata name assures customers that
their money is in safe hands, that Tata Asset Management will act in their best interest
and that TMF will resolve their financial needs.
Tata Mutual Fund has earned the trust of lakhs of investors with its consistent
performance and world-class service.
Tata Mutual Fund manages Rs. 23,022.48 crores (average AUM for the quarter of April June 2014) worth of assets across its varied offerings. Tata Mutual Fund offers an
investment option for everyone, whether you are a businessman or salaried professional,
a retired person or housewife, an aggressive investor or a conservative capital builder.
The Tata Asset Management philosophy is centred on seeking consistent, long-term
results. Tata Asset Management aims at overall excellence, within the framework of
transparent and rigorous risk controls.
KEY INFORMATION
Mutual Fund
Setup Date
Incorporation Date

Tata Mutual Fund

Jun-30-1995
Mar-15-1994

Sponsor
Trustee
Chairman
CEO / MD
CIO
Compliance Officer
Investor Service Officer
Assets Managed

Tata Sons Limited & Tata Investment Corp. Ltd.

Tata Trustee Company Pvt Limited
Mr. FarokhSubedar
Mr. ArvindSethi
Mr. Ritesh Jain
Mr. Upesh Shah
Ms. KashmiraKalwachwala
Rs. 24250.65 crore (Dec-31-2014)

We constantly benchmark our efforts against the following tenets of performance:

Consistency
We strive to deliver consistent results through our value-based investing methodology,
keeping alive the belief of the late doyen of the Tata Group, Mr. J.R.D. Tata, that money
received from the people should go back to them several times over.

Flexibility
We offer a broad range of investment products across various asset classes with varying
risk parameters that cater to needs of different customer segments. We also provide our
customers with operational flexibility to suit their different investment needs.

Stability
Our commitment to the highest quality of service and our intense focus on integrity is a
key aspect of our business which has earned us the trust of our customers.

Services
We offer a wide range of services keeping in mind the challenges faced by the investors
with the aim to provide them a fulfilling and rewarding investing experience with us.

LITERATURE REVIEW
A large number of studies on the growth and financial performance ofmutual funds have
been carried out during the past, in the developed and developing countries. Brief reviews
of the following research works reveal the wealth of contributions towards the
performance evaluation of mutual fund, market timing and stock selection abilities of
fund managers.
In India, one of the earliest attempts was made by National Council ofApplied Economics
Research (NCAER) in 1964 when a survey ofhouseholds was undertaken to understand
the attitude towards andmotivation for savings of individuals. Another NCAER study in
1996analyzed the structure of the capital market and presented the views and attitudes of
individual shareholders.
SEBI NCAER Survey (2000) was carried out to estimate the number of households and
the population of individual investors, their economic and demographic profile, portfolio
size, and investment preference for equity as well as other savings instruments. Data was
collected from 30,00,000 geographically dispersed rural and urban households.
Some of the relevant findings of the study are : Households preference for instruments
match their risk perception; Bank Deposit has an appeal across all income class; 43% of
the non-investor households equivalent to around 60 million households apparently lack
awareness about stock markets; and, compared with low income groups, the higher
income groups have higher share of investments in Mutual Funds signifying that Mutual
funds have still not become truly the investment vehicle for small investors.
The review of earlier studies focuses mainly on subject of performance of Mutual Funds
and Portfolio of Mutual Fund. The existing Behavioral Finance studies are very few
and very little information is available about investor perceptions, preferences, attitudes
and behavior.

Research Methodology
1. Research Design:
A research design is a pattern or an outline of a research projects working. It is a
statement of only the essential element of a study, those that provide the basic guidelines
for the details of the project. It comprises a series of prior decision that taken together
provide master plans for executing a research projects.
A research design serves as a bridge between what has been established i.e., the research
objectives and what is to be done, in conduct of the study to relish those objectives. If
there were no research design, the research would have only foggy notions as about what
is to be done.
I have used of Exploratory Type. The research is of both qualitative as well as
quantitative type.

2. Unit of Analysis:
Investors
Characteristics of interest:

Clients knowledge about Mutual Fund.

Clients interest in getting knowledge of Mutual Fund.
Clients willingness to deal in Mutual Fund with Reliance and Tata.
Clients preference in selecting tax saving instrument of investment.
Clients preference in selecting dealer.

3. Sources of Data:
Primary Source:
The primary data is collected using sampling method and by survey using questionnaire.
Secondary Source:

Secondary data includes information regarding present market scenario, Information

regarding Mutual Funds and competitors are collected by internet, Magazines and
Newspaper and books.

4. Sample Planning:
Sample Size: 50 units.
Sample Extent: Mumbai city.

5. Sample design:
A sample design is a definite plan for obtaining a sample from a given population. It
refers to the technique or method the researcher would adopt in selecting items for the
sample.
I have used convenience sampling method

6. Data collection method:

I have used survey method to collect the data.
Questionnaire plan:I have used structured for gathering the required data
through contacting respondent personally

7. Type of information:
I have collected facts, awareness, attitude, future action plan and reason using
questionnaire.

8. Type of questions:
Close ended questions for dichotomous.
Multiple choice type

9. Data Analysis and Interpretation:

Data analysis is based on the data collected by way of questionnaires. The data is
tabulated and frequency distribution chart is prepared.

OBJECTIVE OF THE STUDY

To study the mutual fund industry in detail.

To study the investment procedure in detail.

To find out the market risk of sip plan.

To aware the client about mutual fund investment.

To suggest better investment option according to market behavior to the client.

Expansion of mutual fund investment.

To remove the past image of mutual fund from the mind of investors.

To show the beneficiary aspect of mutual fund.

To give the updated information to the investors about the high return and less
risk fund.

IMPORTANCE OF THE STUDY

Mutual funds offer inexperienced and experienced investors---who may not have
a lot of money to invest---the ability to invest in more than just one investment
tool without having to monitor or manage that investment personally and at a
reduced risk.

Every person who have no more knowledge about investment and he want to
invest anywhere so he can invest easily in mutual fund.

One of the mode to invest mutual fund thats SIP (Systematic Investment Plan) is
less risky to invest and every investor want to invest in less price.

Mutual fund is totally depend upon the NAV value (Net Assets Value)

By purchasing a combination of Mutuals, bonds and other securities--rather than

just one single Mutual purchase--their risk is spread out over many fields and
companies, instead of just one.

Purchasing into a mutual fund automatically provides the investor with an

experienced investment manager to oversee their investment. This is because the
mutual fund is composed of different investment securities and requires a
competent professional to oversee it from the onset.

It is one of the easiest ways of investing your saving money

RESEARCH ANALYSIS AND INTERPRETATION

REASONS FOR CHOOSING

5
4.5
4
3.5
3
TATA

2.5

RELIANCE

2
1.5
1
0.5
0
RETURN

RISK

SAFETY

TAX BENEFITS

INTERPRETATION:
After analysis we have got that lots of investors want to invest just for security purpose.
because most of the investors want to secure or their money, so for holding the money
they want to invest in somewhere so that they can safe their money for future .and a
persons who have no knowledge about security market, they can also be invest in mutual
funds.

MUTUAL FUND ADVISORS SUGGESTION ABOUT INVESTMENT

20%

10%
SHARES
MUTUAL FUND
INSURANCE

15%

FD'S
55%

INTERPRETATION:
Mutual fund advisor will suggest the investors to invest in mutual fund investment more
because it is les risky than any investment. In mutual fund the investor can invest in sip
(systematic investment plan) which is depend upon NAV (net asset value) which is less
risky and whenever investors want to close that scheme they can. And it is profitable
because its profit is based on average basis.

INVESTORS

WHO

KNOW

ABOUT

THE

MUTUAL

FUND

SERVICES PROVIDED BY RELIANCE AND TATA

90%
80%
70%
60%
50%

RELIANCE

40%

TATA

30%
20%
10%
0%
DON'T KNOW

KNOW

INTERPRETATION
After analysis we have known that most of the investors dont know about the mutual
fund services which has been provided by Reliance and tata just because of publicity.
30% of people know about the reliance mutual fund and 70% people dont know about it.
Various 20% of people know about the Tata mutual fund and 80% people dont know
about it

CLIENTS WANT TO
RELIANCE AND TATA

GET

ADVISORY

SERVICES

FROM

80%
70%
60%
50%
RELIANCE

40%

TATA
30%
20%
10%
0%
YES

NO

INTERPRETATION
Investors who have already invested in mutual fund they all want advisory services from
Reliance and Tata, in advisory services; we can know NAV (net assets value) of each
fund on daily basis.
So investors want to get those services so that they can take right decision on right time,
if he sees that he is getting loss in investing fund so by this services he can switch from
loss fund to profitable fund

MARKET SHARE OF RELIANCE AND TATA

SHARE

16%

RELIANCE
4%

TATA
OTHER

80%

INTERPRETATION
Reliance market have a total share of 16% in the current market where as Tata constitute
of 4% of total market share and 80% of other mutual fund institute.

AVERAGE ASSETS UNDER MANAGEMENT IN BILLION

1200
1000
800

RELIANCE
TATA

600
400
200
0
AVG AUM

INTERPRETATION
Reliance mutual fund have a average asset of 952.28 billions and Tata mutual fund have a
average asset of 172.66 billions.

WHICH TYPE OF INSTRUMENT CURRENTLY INVESTED IN

OTHERS

CURRENCY & COMMODITIES

DEBT FUNDS

MUTUAL FUND(EQUTIES)

0% 5% 10%15%20%25%30%35%40%

INTERPRETATION:
Now a days most of the investors want to invest in others funds such as:

FDs

INSURANCE

Etc.

After that the investors mostly focus on to invest in debt market just for reducing the risk.

After that they want to invest in equity market for getting more profit .

Then investors want to invest in commodity market just for saving money in near future .

A PERSON WANTS TO TAKE INFORMATION ABOUT MUTUAL

FUND

NO

YES

0%

10%

20%

30%

40%

50%

60%

70%

INTERPRETATION:
By above analysis we can know that most of the clients,
Persons or investors want to know about the mutual fund benefits, schemes, and
Each and every information, because now a days every persons or investors want to
Get information about everything so that on time he can utilize optimum utilization Of resources
in a right way and could get profit.

INVESTORS INTERESTED TO INVEST IN MUTUAL FUND

90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
INTERESTED

NOT INTERESTED

INTERPRETATION:
After analysis we have seen that most of the investors are not interested to invest in mutual fund
just because of:

Past image of mutual fund.

Because of unawareness.
They are unaware about the mutual fund benefits.
They dont want to take risk

FINDINGS
In Equity Schemes we have taken Reliance Vision Fund and Reliance growth
Fund . Both schemes are open ended but Reliance Growth fund is more valuable
for Reliance Mutual Fund than reliance vision Fund. InDeft scheme we have taken
Reliance money Manager Fund and Reliance Liquidity Fund .In it boths schemes
are

open

ended but

reliance

money

manager

is more

beneficial

for reliance mutual fund .In sector specific scheme we have taken Reliance media
and entertainment fund and Reliance Parma fund scheme both is more efficient for
Reliance
Fund.Above all the schemes of Reliance Mutual Fund Debtschemes

Mutual
are

best

schemes for Mutual Fund .There is a Good investment plan and saving scheme in
reliance Mutual Fund.

SUGGESTION AND RECOMMENDATION

Reliance Money have to add some extra features in itwith aggressive marketing
promotional strategy.
Advertisement on television is the main source of attraction so the company must
advertise its products heavily.
Product must be improved .
There should be provision of complain suggestion boxes at each branch.
It was a gratifying experience to be in corporate and work as a trainee with the brand
name of Reliance Mutual Fund. During my Project I came to know much more about the
mutual funds, how they work, what are the norms of SEBI to to regulate the AMCs. I
have learnt so many things also which I cannot explain in my report. I got the opportunity
during my project to comparatively analyze two funds and give the recommendations
also.
Whatever I learnt during the completion of my project on behalf of that I am
recommending to the Reliance Mutual Funds

Asset management companies need to proper educate the investor to increase the
awareness and break the myths about mutual fund.

Mutual and distributors like Reliance Mutual Fund should start a campaign to
educate the investors: there is a need of advertisement also to attract the investor.

AMCs should target rural market as a potential hub of customer. In rural area
people are getting wealth gradually and need a guidance to shift their portfolio
from old sources to new and modern sources.

Sales force should be well educated about every aspect of mutual fund so that
they can solve the queries of the investors.

CONCLUSION
Mutual Fund investment is better than other raising fund .Reliance Mutual Fund have
good returns in investment .A good brand is always welcomed over here people aremore
aware and conscious for the brand so they go for theyare ready to spend some extra bucks
for the quality .At last all con be concluded by that Reliance Money is stillgrowing
industry in India and is still exploring its potentialand prospects in here.
To conclude, I would like to say that studying on comparative analysis between Reliance
mutual funds and Tata mutual funds was a great experience and I have gained a lot of
practice knowledge and has added to my confidence level.

ANNEXURE

NAME: ___________________________________
DESIGNATION/ADDRESS: ____________________________________________
EMAIL ID: ______________________
PHONE NO.:___________________

1) As a financial advisor which investment options you will suggest your

customers:
a) Shares ( )
b) Insurance ( )
c) Mutual fund ( )
d) Fixed deposit ( )
2) Please indicate reason for choosing above :
a) Return ( )
b) Risk ( )
c) Safety ( )
d) Tax benefit ( )
e) Others ( )

3) Do you know about the mutual fund services provided by the Reliance :
a) Yes ( )
b) No ( )
4) Are you interested to invest in mutual fund :
a) Yes ( )
b) No ( )
5) Do you invest your money on which basis :

a)
b)
c)
d)

Return ( )
Safety ( )
Tax saving ( )
Others ( )

6) Do you want to collect information about mutual fund investment:

a) Yes ( )
b) No ( )

7) Will you like to work in Reliance Mutual Fund Ltd. , which deals with
mutual fund :
a) Yes ( )
b) No ( )
8) In which co. you believe more :
a) Tata
b) Reliance

9) Do you want the advisory services of Reliance :

a) Yes ( )
b) No ( )

10) Which type of instrument are currently invested in :

a) Mutual fund (equities) ( )
b) Debt funds ( )
c) Currency & Commodities ( )
d) Others_____________________

RELIANCE MUTUAL FUNDS

Balance Sheet
As at
31 March 2015

As at
31 March 2014

112,700,000
13,178,452,122
13,291,152,122

114,699,900
12,090,701,835
12,205,401,735

23,506,128
23,506,128

28,240,641
28,240,641

730,429,292
332,506,316
2,053,775,247
3,116,710,855

502,690,676
347,207,150
1,918,590,737
2,768,488,563

TOTAL

16,431,369,105

15,002,130,939

ASSETS
Non-current assets :(a)Fixed assets
Tangible assets
Intangible assets
(b)Non - current investment
(c)Deferred tax assets
(d)Long - term loans and
advances
(e)Other non - current assets

110,929,611
25,574,407
3,240,049,934
81,922,429

157,101,343
36,502,380
3,135,684,150
80,740,943

1,067,035,917

7,830,379,125

36,635,340
4,562,147,638

34,189,826
11,274,597,767

4,297,221,801
87,515,490
309,598,416

2,598,116,439
121,525,379
403,395,136

7,042,156,532

558,505,997

132,729,228
11,869,221,467

45,990,221
3,727,533,172

16,431,369,105

15,002,130,939

PARTICULARS
EQUITY AND LIABILITIES
Shareholders' Funds :(a)Share capital
(b)Reserves and surplus
Non Current Liabilities :Long - term provisions
Current Liabilities :(a)Trade payables
(b)Other current liabilities
(c)Short - term provisions

Current assets :(a)Current investment

(b)Trade receivables
(c)Cash and bank balance
(d)Short - term loans
advances
(e)Other current assets
TOTAL

and

TATA MUTUAL FUNDS

Balance Sheet
As at
31 March 2015

PARTICULARS

EQUITY
AND
LIABILITIES
Shareholders' Funds
(a)Share capital
5,509.53
(b)Reserves and surplus
201,047.72
206,557.25
Non Current Liabilities
Long - term provisions
357.34
Current Liabilities
(a)Trade payables
(b)Other current liabilities
(c)Short - term provisions
TOTAL
ASSETS
Non-current assets
(a)Fixed assets
Tangible assets
Intangible assets
(b)Non - current investment
(c)Deferred tax assets
(d)Long - term loans and
advances

5,509.53
192,280.21
197,789.74
356.02

668.30
157.44
11,015.35
11,841.09

656.70
185.56
10.393.13
11,235.39

218,755.65

209,381.15

18.72
0.54
192,365.35
-

24.34
0.94
179,903.51
-

311.51

317.59

192,696.12

180,246.34

Current assets
(a)Current investment
21,796.19
(b)Trade receivables
176.65
(c)Cash and bank balance
1,150.85
(d)Short - term loans and
621.65
advances
(e)Other current assets
2,314.22
26,059.56
TOTAL

As at
31 March 2014

218,755.68

14,257.02
0.68
4,224.30
8,449.88
2,202.93
29,134.81
209,381.15

RELIANCE MUTUAL FUNDS

Statement of Profit and Loss

For the year ended
31 March 2015

For the year ended

31 March 2014

6,618,042,633

5,899,816,525

Other income

1,183,717,598

1,226,924,127

Total revenue

7,801,760,231

7,126,740,652

Employee benefits expense

Administrative and other expenses
Marketing and publicity expenses
Depreciation
Diminution in value of long term
investments

1,365,573,911
1,530,660,681
940,073,456
71,734,396

1,325,231,804
1,176,233,865
1,403,693,127
78,417,643

6,325,073

Total expenses

3,908,042,444

3,989,901,512

Profit before exceptional items

3,893,717,787
and tax

3,136,839,140

PARTICULARS

INCOME
Revenue
from
management fees

operations

Expenditure

Exceptional items

Profit before tax

57,565,191
3,836,152,596

556,411,399
2,580,427,741

(797,000,000)

(605,744,875)

(910,196)
398,576,034
(398,576,034)
1,181,487
3,039,423,887

3,563,719
304,407,718
(304,407,718)
(2,864,663)
1,975,381,922

Income tax expense

Current tax (Net of MAT credit
entitlement)
Reversal of previous year provision
MAT credit asset
MAT credit utilized
Deferred tax credit

Profit After Tax

TATA MUTUAL FUNDS

Statement of Profit And Loss

For the year ended
31 March 2015

PARTICULARS

For the year ended

31 March 2014

INCOME
Revenue from operations 12,674.35
management fees
Profit on sale of long term
9,413.38
investment (net)
Other income
216.94

Total revenue

22,304.67

14,081.46
6,501.69
33.43

20,616.58

Expenditure
Employee benefits expense
725.68
Depreciation and amortization
10.90
expenses
Other expenses
800.25

936.38

Total expenses

1,536.83

1,464.55

Profit before tax

20,767.84

19,152.03

27.53
500.94

Income tax expense

Current tax (Net of MAT credit
2,900.00
entitlement)
Deferred tax credit
-

Profit After Tax

17,867.84

BIBLIOGRAPHY
https://www.reliancemutual.com

2,438.11
-

16,713.92

http://www.tatamutualfund.com
http://en.wikipedia.org/wiki/Mutual_funds_in_India
http://www.ril.com/html/aboutus/about_brands.html
http://www.tata.co.in/businesses/sectorsindex/Business-sectors