Reliance Capital Asset Management Limited A Reliance Capital Company 12th floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Abridged Annual Report 2014-2015 An open-ended Equity Growth Scheme Reliance Mutual Fund (A Trust under the Indian Trust Act, 1882) SPONSOR Reliance Capital Limited (Incorporated under the Companies Act, 1956) Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai - 400 710. Tel.: +9122 3032 7000, Fax: +9122 3032 7202 TRUSTEE Reliance Capital Trustee Co. Limited [CIN - U65910MH1995PLC220528] (Incorporated under the Companies Act, 1956) Corporate Office : 12th floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 022-30994600 Fax: 022-30994699 Website : www.reliancemutual.com Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai - 400 710. DIRECTORS OF RELIANCE CAPITAL TRUSTEE CO. LIMITED Mr. A. N. Shanbhag Mr. P. P. Vora Mr. S. Santhanakrishnan CA. Uttam Prakash Agarwal INVESTMENT MANAGER Reliance Capital Asset Management Limited [CIN - U65910MH1995PLC220793] (Incorporated under the Companies Act, 1956) Corporate Office : 12th floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 022-30994600 Fax: 022-30994699 Website : www.reliancemutual.com Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai - 400 710. DIRECTORS OF RELIANCE CAPITAL ASSET MANAGEMANT LIMITED Mr. Soumen Ghosh Mr. Kanu Doshi Mr. S. C. Tripathi Mr. Shinichi Okamoto Ms. Ameeta Chatterjee AUDITORS Haribhakti & Co. LLP Chartered Accountants 705, Leela Business Park, Andheri Kurla Road, Andheri (E), Mumbai 400 059, INDIA CUSTODIAN Deutsche Bank A.G. Deutsche Bank House, Hazarimal Somani Marg Fort, Mumbai 400 001, INDIA REGISTRAR Karvy Computershare Private Limited Karvy Selenium Tower B, Plot number 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad 500032, India. Ph : 040-3321500 Fax : 040-67162220 INTERNAL AUDITORS Price Waterhouse 252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400 028 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Trustee Report 1. Scheme Performance, Future Outlook and Operations of the Scheme Name of the Scheme / Benchmarks Date of Inception Compounded Annualised Returns as on 31.03.2015 (in %) 1 year 3 years 5 years Since Inception - 8-Oct-95 53.94 21.31 12.30 21.62 Growth S&P BSE100 28.16 17.41 9.62 11.97-1-Jan-13 54.98 NA NA 26.36 Direct - Growth S&P BSE100 28.16 NA NA 17.19 Past performance may or may not be sustained in future. Calculation assume that all payouts during the period have been re-invested in the units of the scheme at the then prevailing NAV. All the returns are of Growth Plan - Growth Option. Returns less than 1 year are on absolute basis and more than or equal one year are on compounded annualised basis Reliance Vision is a large cap oriented fund with a small exposure to mid -cap stocks. The fund focuses on investing in market leaders and businesses that can create sustainable alpha. The fund has outperformed the benchmark consistently for all the time periods under consideration since inception. Future Outlook - The Indian Mutual Fund industry is one of the fastest growing industries in the financial services sector with 44 AMCs currently operating in the country. The industry AAUM has changed with an absolute growth rate of 32% over last year with Rs. 10,88,908 crore of average assets as on March 31, 2015. Your Company intends to aggressively pursue growth opportunities in the mutual fund industry both domestic and international and therefore be the most preferred investment choice for investors. Your Company expects that an emerging market like India would experience a sustained higher growth rate. Given the country s high household savings rate along with the current low levels of investments by retail investors where only less than 3% of the household savings is channeled into capital markets, your Company believes that the Mutual Fund Industry is still in a nascent stage and has a huge opportunity for growth and expansion. Being one of the large players in the Industry, your Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach, enhancing customer service infrastructure with aggressive expansion strategies. 2. Brief background of Sponsors, Trust, Trustee Co. and AMC. a. Reliance Capital Limited [Sponsor] Reliance Mutual Fund has been sponsored by Reliance Capital Limited (RCL), which also happens to be the Settler of this Trust i.e. Reliance Mutual Fund. RCL is a RBI registered Non-Banking Finance Company (NBFC) and has its business interests in Asset Management, Life Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking, & other activities in the Financial Services Sector. b. Reliance Mutual Fund [Trust] Reliance Mutual Fund (RMF) has been set up as a Trust in accordance with the provisions of the Indian Trust Act, 1882 by RCL acting as its Settlor / Sponsor. The Trust came into being vide Trust Deed dated April 25, 1995 (the Original Trust Deed ), which was duly registered under the Indian Registration Act, 1908. The Original Trust Deed has also been subsequently amended from time to time. In order to consolidate all amendments to the Original Trust Deed, an Amended and Restated Trust Deed was executed on March 15, 2011 (the Amended and Restated Trust Deed ), which was then duly registered under the Indian Registration Act, 1908 and also submitted with the Securities & Exchange Board of India (SEBI). c. Reliance Capital Trustee Co Limited [Trustee] Reliance Capital Trustee Co. Limited (RCTC) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai 400710 and its Corporate Office at One Indiabulls Centre Tower One, 12th floor, Jupiter Mills Compound, Elphinstone Road, Mumbai 400 013. RCTC is a subsidiary of RCL. RCTC has been appointed as the Trustee of RMF vide Trust Deed dated April 25, 1995 and which Trust Deed has been amended from time to time. As Trustee to RMF, RCTC is discharging its duties and carrying out its responsibilities in terms of the applicable SEBI Regulations and as more particularly provided in the Trust Deed. d. Reliance Capital Asset Management Limited [Asset Manager] Reliance Capital Asset Management Limited (RCAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai 400710 and its Corporate Office at One Indiabulls Centre Tower One, 12th floor, Jupiter Mills Compound, Elphinstone Road, Mumbai 400 013. RCAM is a subsidiary of RCL. RCAM has been appointed as an Asset Manager of Reliance Mutual Fund by the Trustee i.e. RCTC, vide Investment Management Agreement (IMA) dated May 12, 1995. The IMA has been executed between RCTC and RCAM and has since been amended on August 12, 1997, on January 20, 2004 and then on February 17, 2011. 3. Investment Objective of the Scheme The primary investment objective of the scheme is to achieve long-term growth of capital by investment in equity and equity related securities through a research based investment approach. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends. 4. Significant Accounting Policies: Accounting policies followed by Reliance Mutual Fund are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996. 5. Unclaimed Dividend & Redemptions: Unclaimed Dividend Unclaimed Redemptions No. of investors Amount (Rs) No. of investors Amount (Rs.) 8995 169,07,047.07 3725 6,61,08,251.76 6. Details of Investor Complaints: The Statement on Status of Redressal of Complaints received against Reliance Mutual Fund during the financial year 2014-15 is annexed as Annexure A and forms part of the Trustee Report. 7. Role of Mutual Funds In Corporate Governance Of Public Listed Companies: In terms of the circular no. SEBI/ IMD/ CIR No. 18/198647/ 2010 dated March 15, 2010 & circular no. CIR/IMD/DF/05/2014 dated March 24, 2014 issued by SEBI,, Reliance Capital Asset Management Company Limited ( RCAM ) has framed a Voting Policy and relevant procedures ( Voting Policy ) for the purposes of exercising the voting rights in respect of shares held by the Schemes of Reliance Mutual Fund. This Voting Policy has also been adopted & approved by the Board of Directors of Reliance Capital Trustee Co. Limited. As required in terms of the regulatory requirements, RCAM has voted on all material resolutions, keeping in view the interests of the investors. For the financial year 2014-15, the Voting Policy along with the details of proxy votes exercised at the meetings of the investee companies and the required certificate from the Auditor have been appropriately disclosed on RCAM s website i.e. www.reliancemutual.com. In case any investor desires to have a physical copy of the Voting Policy and other relevant details, then the same will be available at request at the corporate office of the Company at 12th floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Phone Number- 022-30994600 8. Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh for setting up the Fund, and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website (www.reliancemutual. com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For and on behalf of Reliance Capital Trustee Co. Limited Place: Mumbai A.N. Shanbhag P.P. Vora Date: June 29, 2015 Director Director Abridged Annual Report 2014-2015 2
Annexure to Trustee Report Redressal of Complaints received during 2014-2015 Name of the Mutual Fund : Reliance Mutual Fund Total Number of Folios : 5560420 (as on 31 st March, 2015) Annexure - A Complaint code Type of complaint# (a) No. of complaints pending at the beginning of the year (b) No of complaints received during the year Within 30 days 30-60 days Resolved 60-180 days Action on (a) and (b) Beyond 180 days Non Actionable* I A Non receipt of Dividend on Units 0 10 10 0 0 0 0 0 0 0 0 I B Interest on delayed payment of Dividend 0 0 0 0 0 0 0 0 0 0 0 I C Non receipt of Redemption 0 168 165 2 0 0 0 1 0 0 0 Proceeds I D Interest on delayed payment of 0 23 23 0 0 0 0 0 0 0 0 Redemption II A Non receipt of Statement of Account/Unit Certificate 0 1 1 0 0 0 0 0 0 0 0 II B Discrepancy in Statement of 0 1318 1316 0 0 0 0 2 0 0 0 Account II C Data corrections in Investor 0 0 0 0 0 0 0 0 0 0 0 details II D Non receipt of Annual Report/ 0 0 0 0 0 0 0 0 0 0 0 Abridged Summary III A Wrong switch between Schemes 0 57 57 0 0 0 0 0 0 0 0 III B Unauthorized switch between 0 0 0 0 0 0 0 0 0 0 0 Schemes III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 III E Non updation of changes viz. 0 78 77 0 0 0 0 1 0 0 0 address, PAN, bank details, nomination, etc IV Others ** 3 644 630 4 1 0 0 12 0 0 0 Total 3 2299 2279 6 1 0 0 16 0 0 0 Particulars Count Total Complaints Received During 2014-2015 2299 Total Number of Folios 5560420 Percentage Complaints Against Folios 0.04 ** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. # including against its authorized persons/ distributors/ employees. etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund. Classification of complaints Type of Complaint TYPE I Delay/Non-receipt of money TYPE III Service related I A Dividend on Units III A Wrong switch between Schemes I B Interest on delayed payment of Dividend III B Unauthorized switch between Schemes I C Redemption Proceeds III C Deviation from Scheme attributes I D Interest on delayed payment of Redemption III D Wrong or excess charges/load TYPE II Statement of Account/Unit Certificate/Annual Report III E Non updation of changes viz. address, PAN, bank details, nomination, etc II A Non receipt of Statement of Account/Unit Certificate TYPE IV Others II B Discrepancy in Statement of Account II C Non receipt of Annual Report/Abridged Summary 0-3 months 3-6 months Pending 6-9 months 9-12 months Abridged Annual Report 2014-2015 3
INDEPENDENT AUDITORS REPORT To The Trustees of Reliance Mutual Fund Report on the Financial Statements We have audited the accompanying financial statements of the Reliance Vision Fund ( the Scheme ), which comprise the Balance Sheet as at March 31, 2015, the Revenue Account, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Trustee of Reliance Mutual Fund and Reliance Capital Asset Management Limited, the Scheme Investment Manager are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with the accounting principles generally accepted in India, including the accounting policies as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility also includes the design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements of the Scheme that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors 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 auditors judgment, 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 financial control relevant to the preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Reliance Mutual Fund has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. 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 opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations as applicable in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Scheme as at 31st March, 2015, its Surplus, and its cash flow of the Scheme for the year ended on that date. Report on Other Legal and Regulatory Requirements As required under the Regulations, we report that: 1. 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; 2. The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme; 3. In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards as specified in Ninth Schedule of the Regulations. 4. The methods used to value non traded securities, as determined by Reliance Capital Asset Management Limited and as approved by the Trustee of Reliance Mutual Fund are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable. For HARIBHAKTI & CO. LLP Chartered Accountants ICAI Firm Membership No.103523W CHETAN DESAI (Partner) Membership No. 017000 Place: Mumbai Date: 29 th June, 2015 Abridged Annual Report 2014-2015 4
Abridged Balance Sheet as at March 31, 2015 LIABILITIES Rupees in Lakhs RELIANCE VISION FUND As at 31.03.2015 As at 31.03.2014 1 Unit Capital 26,359.12 27,289.80 2 Reserves & Surplus 340,685.03 228,491.82 2.1 Unit Premium Reserves 12,671.24 13,926.06 2.2 Unrealised Appreciation Reserve 121,390.62 58,469.97 2.3 Other Reserves 206,623.17 156,095.79 3 Loans & Borrowings - - 4 Current Liabilities & Provisions 3,579.13 4,321.18 4.1 Provision for doubtful Income/Deposits - - 4.2 Other Current Liabilities & Provisions 3,579.13 4,321.18 TOTAL 370,623.28 260,102.80 ASSETS 1 Investments 1.1 Listed Securities: 362,757.46 254,931.84 1.1.1 Equity Shares 358,707.46 254,931.84 1.1.2 Preference Shares - - 1.1.3 Equity Linked Debentures - - 1.1.4 Other Debentures & Bonds - - 1.1.5 Securitised Debt securities - - 1.1.6 Derivatives - - 1.1.7 Others (ETF) 4,050.00-1.2 Securities Awaited Listing: - - 1.2.1 Equity Shares - - 1.2.2 Preference Shares - - 1.2.3 Equity Linked Debentures - - 1.2.4 Other Debentures & Bonds - - 1.2.5 Securitised Debt securities - - 1.3 Unlisted Securities - - 1.3.1 Equity Shares - - 1.3.2 Preference Shares - - 1.3.3 Equity Linked Debentures - - 1.3.4 Other Debentures & Bonds - - 1.3.5 Securitised Debt securities - - 1.4 Government Securities - - 1.5 Treasury Bills - - 1.6 Commercial Paper - - 1.7 Certificate of Deposits - 1,482.65 1.8 Bill Rediscounting - - 1.9 Units of Domestic Mutual Fund - - 1.10 Foreign Securities - - Total Investments 362,757.46 256,414.49 2 Deposits 6.20-3 Other Current Assets 7,859.62 3,688.31 3.1 Cash & Bank Balance 519.90 619.30 3.2 CBLO/ Reverse Repo Lending 4,669.48 151.29 3.3 Others 2,670.24 2,917.72 4 Deferred Revenue Expenditure - - (to the extent not written off) TOTAL 370,623.28 260,102.80 Notes to Accounts - Annexure I Abridged Revenue Account for the Year Ended March 31, 2015 Rupees in Lakhs RELIANCE VISION FUND Year Ended 31.03.2015 Year Ended 31.03.2014 1 INCOME 1.1 Dividend 3,726.23 3,022.60 1.2 Interest 347.60 385.78 1.3 Realised Gain / (Loss) on Foreign - - Exchange Transactions 1.4 Realised Gains / (Losses) on (0.05) - Interscheme sale of investments 1.5 Realised Gains / (Losses) on External 68,007.58 (4,278.50) sale / redemption of investments 1.6 Realised Gains / (Losses) on 180.80 (160.50) Derivative Transactions 1.7 Other Income 63.60 55.80 ( A ) 72,325.76 (974.82) 2 EXPENSES - - 2.1 Management fees 4,496.24 2,889.44 2.2 Service tax on Management fees 555.74 357.13 2.3 Transfer agents fees and expenses - - 2.4 Custodian fees - - 2.5 Trusteeship fees 1.49 0.52 2.6 Commission to Agents 2,042.31 1,119.09 2.7 Marketing & Distribution expenses 86.84 151.21 2.8 Audit fees 1.80 1.33 2.9 Investor education expense 63.93 39.99 2.10 Other operating expenses 1.34 2.11 ( B ) 7,249.69 4,560.82 3 NET REALISED GAINS / (LOSSES) FOR 65,076.07 (5,535.64) THE YEAR / PERIOD (A -B = C) 4 Change in Unrealised Depreciation in value (30.40) 8,901.41 of investments (D) 5 NET GAINS / (LOSSES) FOR THE YEAR / 65,045.67 3,365.77 PERIOD (E = C+D) 6 Change in unrealised appreciation in the 62,920.65 58,469.97 value of investments (F) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) 127,966.32 61,835.74 7.1 Add: Balance transfer from Unrealised 58,469.97 0.00 Appreciation Reserve 7.2 Less: Balance transfer to Unrealised 121,390.62 58,469.97 Appreciation Reserve 7.3 Add / (Less): Equalisation (4,801.32) 43,949.25 7.4 Net Gain/(Loss) Brought Forward From Previous Year 156,095.79 115,006.33 8 Total 216,340.14 162,321.35 9 Dividend Appropriation 9,716.97 6,225.56 9.1 Income Distributed during the year / 9,716.97 6,225.56 period 9.2 Tax on income distributed during the year / period - - 10 Retained Surplus / (Deficit) carried forward to Balance sheet 206,623.17 156,095.79 Notes to Accounts - Annexure I Abridged Annual Report 2014-2015 5
Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue Account for the Year Ended March 31, 2015 1 Investments:- 1.1. All the investments are held in the name of the Scheme, (except for Government Securities and Treasury Bills which are held in the name of the fund) as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996. 1.2. Open Position of derivatives (outstanding market value & % to Net Assets as of the Year end): Scheme Name 2014-2015 2013-2014 Long Positions Short Positions Long Positions Short Positions Market Value % to net assets Market Value % to net assets Market Value % to net assets Market Value % to net assets Futures RELIANCE VISION FUND 2,481.26 0.68% - - - - - - For details on derivative positions please refer to Annexure III. 1.3. Investments in Associates and Group Companies. 2014-2015 2013-2014 Scheme Name Issuer Instrument Amount Aggregate Investments Amount Aggregate Investments Reliance Communications Ltd Equity 1,634.12 11,907.46 - - Reliance Infrastructure Ltd Equity - - - - 1.4. Detail of Securities Borrowed and / or Lent by the scheme. Security Name Type Quantity 2014-2015 2013-2014 Steel Authority of India Ltd Security Lending 300,000-1.5. There are no NPA s as on March 31, 2015. 1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets. 2014-2015 2013-2014 Scheme Name Aggregate Unrealised Gain / % of Net Assets Aggregate Unrealised Gain / % of Net Assets (Loss) (Loss) RELIANCE VISION FUND 121,360.23 33.06% 58,469.97 22.86% 1.7. Aggregate Value of Purchase and Sale with Percentage to average assets. 2014-2015 2013-2014 Purchases Sales Purchases Sales Scheme Name Amount (Rs in lakhs.) % to average Net Assets Amount (Rs in lakhs.) % to average Net Assets Amount (Rs in lakhs.) % to average Net Assets Amount (Rs in lakhs.) % to average Net Assets RELIANCE VISION FUND 269,473.00 84.30% 291,801.80 91.29% 201,796.92 100.92% 243,688.27 121.87% 1.8. Non-Traded securities in the portfolio. 2014-2015 2013-2014 RELIANCE VISION FUND Amount % to Net Assets Amount % to Net Assets Equity - - - - Debt - - - - Money market - - 1,482.65 0.58% 2. Details of Transaction with Associates under regulation 25(8). Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/group companies of sponsor/amc Nature of Association/ Nature of relation Period covered Value of transaction ( in Rs. Cr. & % of total value of transaction of the fund ) Brokerage ( Rs Cr & % of total brokerage paid by the fund) Reliance Securities Limited Associate 2014-2015 99.63 1.96% 0.10 2.31% 2013-2014 1.62 0.04% 0.00 0.04% Commission Paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/ group companies of sponsor/amc Nature of Association/ Nature of relation Period covered Business given (Rs. Cr. & % of total business received by the fund) Commission paid ( Rs Cr& % of total commission paid by the fund) Indusind Bank Limited ** Associate 2014-2015 8.69 1.62% 0.15 0.66% 2013-2014 0.14 0.12% 0.01 0.10% Abridged Annual Report 2014-2015 6
Quant Capital Advisors Private Limited Associate 2014-2015 0.11 0.02% 0.00 0.01% 2013-2014 - - - - Reliance Securities Limited Associate 2014-2015 2.60 0.38% 0.22 0.76% 2013-2014 0.29 0.25% 0.09 0.77% Reliance Wealth Management Limited Associate 2014-2015 0.05 0.01% 0.00 0.00% 2013-2014 - - - - ** - Commission paid to Indusind Bank Ltd. is considered only till 13 February 2015, since w.e.f. 14 February 2015, Indusind Bank Ltd. ceases to be a group/ associate company 3 Large Holdings in the Scheme (i.e. in excess of 25% of the net assets) as on March 31, 2015 is NIL. 4 Unit Capital movement during the year ended ended : Refer ANNEXURE II. 5 Prior Year Comparatives: The figures of the previous period have been regrouped / rearranged, wherever applicable, to conform to current year s presentation. 6 Contingent Liability - NIL. 7 Expenses other than management fee is inclusive of service tax where applicable. 8 Other Income : Other Income includes exit load income (net of Service Tax) and miscellaneous income (if any). 9 Details of Credit Default Swap as follows- 1. No. of transactions during the year - NIL (Previous Year- NIL) 2. Amount of protection bought during the year - NIL (Previous Year- NIL) 3. No. of transactions where credit event payment was received during the year: a. Pertaining to current years transactions. - NIL (Previous Year- NIL) b. Pertaining to previous year (s) transactions- NIL (Previous Year- NIL) 4. Outstanding transactions as on year end: a. No. of transactions - NIL (Previous Year- NIL) b. Amount of protection - NIL (Previous Year- NIL) 5. Net income/ expense in respect of CDS transactions during year-to-date: a. Premium Paid - NIL (Previous Year- NIL) b. Credit event payments received (net of value of derivable obligations)- NIL (Previous Year- NIL) Abridged Annual Report 2014-2015 7
Key Statistics for the year ended March 31, 2015 RELIANCE VISION FUND Year Ended March 31, 2015 Year Ended March 31, 2014 1. NAV per unit (Rs.): Growth Plan Open 296.5208 237.3694 High 478.3059 296.5208 Low 292.0744 210.8829 End 453.6834 296.5208 Bonus Plan Open 49.8942 39.9474 High 80.5313 49.8942 Low 49.1463 35.4896 End 76.3860 49.8942 Dividend Plan Open 34.9134 30.4918 High 52.8330 35.7674 Low 34.3898 27.0901 End 48.3661 34.9134 Institutional Growth Plan Open 298.5328 238.5023 High 383.6876 298.5328 Low 294.0817 212.0673 End - 298.5328 Institutional Dividend Plan Open 223.7308 191.8910 High 338.9523 225.9114 Low 220.4514 170.6644 End 312.3850 223.7308 Direct Plan-Growth Plan Open 298.5502 237.4996 High 484.5861 298.5502 Low 294.1550 211.5374 End 459.8526 298.5502 Direct Plan-Bonus Plan Open 50.6087 40.0802 High 82.1575 50.6087 Low 49.8719 35.7782 End 77.9743 50.6087 Direct Plan-Dividend Plan Open 35.2277 30.5421 High 53.5758 36.0487 Low 34.7103 27.1948 End 49.1949 35.2277 2. Closing Assets Under Management (Rs. in Lakhs) End 367,044.15 255,781.62 Average (AAuM) 319,657.58 199,956.28 3. Gross income as % of AAuM 1 22.63% -0.49% 4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Other than Direct Plan 2.27% 2.28% Institutional Plan# 2.06% 2.10% Direct Plan 1.60% 1.67% RELIANCE VISION FUND Year Ended March 31, 2015 Year Ended March 31, 2014 b. Management Fee as % of AAuM (plan wise) Other than Direct Plan 1.41% 1.45% Institutional Plan# 1.41% 1.45% Direct Plan 1.41% 1.45% 5. Net Income as a percentage of AAuM 2 6. Portfolio turnover ratio 3 0.87 1.01 7. Total Dividend per unit distributed during the year (plan wise) Dividend Plan 5.00 3.00 Institutional Dividend Plan 30.00 16.00 Direct Plan-Dividend Plan 5.00 3.00 8. Returns: a. Last One Year Growth Plan 53.94% 24.52% Institutional Growth Plan NA 24.76% Direct Plan-Growth Plan 54.98% 25.29% Benchmark (S&P BSE 100 ) 28.16% 17.71% b. Since Inception Growth Plan 21.62% 20.12% Institutional Growth Plan NA 5.04% Direct Plan-Growth Plan 26.36% 7.77% Benchmark (S&P BSE 100 ) Growth Plan 11.97% 11.15% Institutional Growth Plan NA 5.90% Direct Plan-Growth Plan 17.19% 8.95% # Kindly refer addendum no.63 dated 28/09/2012 for detail about descontinued plan. 1. Gross income = amount against (A) in the Revenue account i.e. Income. 2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 4. AAuM=Average daily net assets For and on behalf of Reliance Capital Asset Management Limited Soumen Ghosh Director Kanu Doshi Director Sundeep Sikka CEO Sunil Singhania CIO-Equity Investments Place : Mumbai Date : June 29, 2015 For and on behalf of Reliance Capital Trustee Co. Limited A.N. Shanbhag Director P.P. Vora Director Ashwani Kumar Fund Manager Abridged Annual Report 2014-2015 8
ANNEXURE II Unit Capital movement during the year ended 31st March 2015 Scheme/Plan Name Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year Add : Subscription during the year / period Less : Redemption during the year / period Unit Capital (Closing Balance) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) RELIANCE VISION FUND (Face Value of Rs. 10 Each) 2014-2015 Growth Plan 60,659,920 606,599,199 - - - - 11,046,290 110,462,902 13,813,125 138,131,251 57,893,085 578,930,851 Bonus Plan 5,543,389 55,433,885 - - - - 25,976 259,758 1,715,368 17,153,681 3,853,996 38,539,963 Dividend Plan 205,743,839 2,057,438,388 - - - - 41,312,670 413,126,701 47,403,807 474,038,066 199,652,702 1,996,527,024 Institutional Growth Plan 134,035 1,340,352 - - - - - - 134,035 1,340,352 - - Institutional Dividend Plan 1 12 - - - - - - - - 1 12 Direct Plan-Growth Plan 237,219 2,372,194 - - - - 814,313 8,143,126 126,267 1,262,669 925,265 9,252,650 Direct Plan-Bonus Plan 9,618 96,179 - - - - 16,291 162,913 7,276 72,763 18,633 186,329 Direct Plan-Dividend Plan 570,025 5,700,253 - - - - 881,338 8,813,380 203,877 2,038,768 1,247,486 12,474,864 Total 272,898,046 2,728,980,462 - - - - 54,096,878 540,968,780 63,403,755 634,037,549 263,591,169 2,635,911,693 2013-2014 Growth Plan 37,612,089 376,120,890 - - 37,971,840 379,718,398 2,404,157 24,041,571 17,328,166 173,281,661 60,659,920 606,599,199 Bonus Plan 6,174,296 61,742,960 - - 571,819 5,718,186 21,569 215,690 1,224,295 12,242,951 5,543,389 55,433,885 Dividend Plan 199,564,499 1,995,644,992 - - 58,269,761 582,697,611 14,895,769 148,957,687 66,986,190 669,861,901 205,743,839 2,057,438,388 Institutional Growth Plan 134,035 1,340,352 - - - - - - - - 134,035 1,340,352 Institutional Dividend Plan 1 12 - - - - - - - - 1 12 Direct Plan-Growth Plan 69,127 691,270 - - 22,972 229,720 203,438 2,034,384 58,318 583,181 237,219 2,372,194 Direct Plan-Bonus Plan 1,593 15,928 - - 2,282 22,822 9,748 97,478 4,005 40,050 9,618 96,179 Direct Plan-Dividend Plan 168,521 1,685,211 - - 26,560 265,601 496,194 4,961,939 121,250 1,212,499 570,025 5,700,253 Total 243,724,162 2,437,241,616 - - 96,865,234 968,652,339 18,030,875 180,308,749 85,722,224 857,222,242 272,898,046 2,728,980,462 Abridged Annual Report 2014-2015 9
Annexure III Derivatives Disclosure A. Hedging Positions through Futures as on March 31, 2015 : NIL. Total %age of existing assets hedged through futures : NIL. For the Year ended March 31, 2015 following details specified for hedging transactions through futures which have been squared off/expired: Scheme Name Total Number of contract where future were bought Total Number of contract where future were sold Gross Notional Value of contracts where futures were bought (In Rs.) Gross Notional Value of contracts where futures were sold (In Rs.) Net Profit/Loss value on all contracts combined (In Rs.) RELIANCE VISION FUND 1,975 1,975 504,260,040 532,430,420 28,170,380 B. Other than Hedging Position through Futures as on March 31, 2015: Scheme Name Underlying Long / Short Futures Price when purchased ( In Rs.) Current price of the contract ( In Rs.) Margin maintained (In Rs. Lakhs) RELIANCE VISION FUND Bharat Heavy Electricals Ltd Long 237.39 233.45 84.68 RELIANCE VISION FUND Steel Authority of India Long 65.59 64.90 279.64 Total exposure due to futures (non hedging positions) as a %age of net assets: Scheme Name % RELIANCE VISION FUND 0.68% For the Year ended March 31, 2015 following details specified for non-hedging transactions through futures which have been squared off/expired: Scheme Name Total Number of contract where future were bought Total Number of contract where future were sold Gross Notional Value of contracts where futures were bought (In Rs.) Gross Notional Value of contracts where futures were sold (In Rs.) Net Profit/Loss Value on all contracts combined (In Rs.) RELIANCE VISION FUND 18,967 18,967 6,564,506,496 6,581,026,893 16,520,398 C. Hedging Position through Put Options as on March 31, 2015 : NIL Total % age of existing assets hedged through Put Options : NIL For the Year ended March 31, 2015 following details specified for hedging transactions through options which have already been exercised/expired : Scheme Name Total Number of contract entered into Gross Notional Value of contracts ( In Rs.) Net Profit/Loss on all contracts (treat premium paid as loss) ( In Rs.) RELIANCE VISION FUND 6,000 37,717,412 (21,968,561) D. Other than Hedging Position through Options as on March 31, 2015 : NIL Total Exposure through options as a %age of net assets : NIL For the Year ended March 31, 2015 following details specified with regard to non-hedging transactions through options which have already been exercised/ expired : NIL E. Hedging Positions through swaps as on March 31, 2015 : NIL Note on derivatives: The disclosure with respect to Investments in derivatives have been made on the basis of SEBI Circular on Abridged Scheme-wise Annual Report Format and periodic disclosures to the unitholders vide reference IMD/CIR No.8/132968/2008 dated July 24, 2008 and Review of norms for investment and disclosure by Mutual Funds in derivatives vide reference Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010. Abridged Annual Report 2014-2015 10
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