Auditor’s Report
The Board of Trustees,
Escorts Mutual Fund
We have audited the attached Balance Sheet as at March 31, 2009 and the Revenue Account for the period ended on that date of Escorts Mutual Fund – Unclaimed Dundee Mutual Fund. These financial statements are the responsibility of the Board of Trustees of Escorts Mutual Fund and the Management of Escorts Asset Management Ltd. (the “Management”). Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
We report that:
1. We have obtained all the information and explanations, which, to best of our knowledge and belief were necessary for the purposes of our audit.
2. The Balance Sheet and Revenue Account are in agreement with the books of account of the Fund.
3. As the Fund did not have any non-traded securities during the year, the question of valuation of non-traded securities “in good faith” does not arise.
4. In our opinion, the Balance Sheet and Revenue Account have prepared in accordance with the accounting policies and standards adopted by the Trustees of the Fund and as specified in the Ninth Schedule to the Securities & Exchange Board of India (Mutual Funds) Regulations, 1996. (The Regulations).
5. In our opinion and to the best of our information and according to the explanations given to us the said accounts read together with the Significant Accounting Policies and Notes to Accounts give the information required by the Securities and Exchange Board of Indian (Mutual Funds) Regulations,1996 and give a true and fair view in conformity with the accounting principles generally accepted in India.
a. In the case of the Balance Sheet, of the state of affairs of the Escorts Mutual Fund – Unclaimed Dundee Mutual Fund as at 31st March, 2009; and
b. In the case of Revenue Account of the Surplus of the Escorts Mutual Fund- Unclaimed Dundee Mutual Fund for the period ended on that date.
For S.N. DHAWAN & Co.
(SURESH SETH)
MEMBERSHIP NO.-10577
PLACE: NEW DELHI
DATE: