Auditor’s Report

 

The Board of Trustees,

Escorts Mutual Fund

 

We have audited the attached Balance Sheet of Escorts Mutual Fund as at March 31, 2009. The financial statements is 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 is 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 is in agreement with the books of  account of the Fund.

 

3.         Considering the nature of the Fund and its operation, a Revenue Account has not been prepared.

 

4.         In our opinion, the Balance Sheet have been 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 the Accounts give the information required by the Securities and Exchange Board of Indian (Mutual Funds) Regulations,1996 and in case of the Balance Sheet of affairs of the Fund as at 31st March 2009 give a true and fair view in conformity with the accounting principles generally accepted in India.

 

 

 

For S.N. DHAWAN & Co.

Chartered Accountants

 

 

(SURESH SETH)

PARTNER

MEMBERSHIP NO.-10577

 

PLACE: NEW DELHI

DATE: