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Fund Name 3 6 1 Yr Ratings Mth Mth (%) (%) (%) 3 Yr Anlsd (%) 5 Yr Anlsd (%) 0.00 0.00 0.00 0.00 0.00

Fund Name Reliance Equity Opportunities Institutional Bonus Reliance Equity Opportunities Fund Institutional Growth Reliance Banking Fund Institutional Growth Reliance Banking Institutional Bonus Reliance Growth Fund Institutional Bonus

NAV 31.10 31.10 79.20 79.20 441.97

5.67 19.82 129.95 0.00 5.67 19.82 129.95 0.00 5.15 8.50 120.51 0.00 5.15 8.50 120.51 0.00 2.83 11.78 112.46 0.00

Funds are ranked according to one-year returns. Copyright 2010 Morningstar. All rights reserved. View All Fund Category Performances 3 Mth YTD 1 Yr 3 Yr 5 Yr (%) (%) (%) Anlsd (%) Anlsd (%) Health 5.67 27.40 44.44 24.73 21.82 FMCG 10.28 34.39 42.67 19.75 20.38 Banking & Financial Services 21.94 43.21 36.37 17.93 29.58 Technology 7.18 14.04 28.37 6.47 16.33 Small/Mid Cap 9.65 20.17 25.86 3.96 0.00 Other Sector 9.99 20.08 23.69 1.61 16.04 Category

ELSS (Tax Savings)

9.57 17.37 22.30 4.69

19.49

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Sectors Sectors Value Change % BSE Sensex 20165.86 -94.72 -0.47 BSE Realty 3796.54 -62.23 -1.61 BSE Power 3230.95 -4.11 -0.13 BSE Dollex 3158.99 -8.41 -0.27 BSE Oil & gas 10980.52 7.04 0.06 BSE Metal 17022.52 -208.56 -1.21 BSE Midcap 8425.80 22.80 0.27 BSE FMCG 3630.30 -49.69 -1.35 View All

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Satyam: Analysis of a

scandal

In a special podcast, MIS Asia journalists discuss the Satyam scandal and its aftermath with two analysts-- IDC's Philip Carter and Springboard Research's Dane Anderson. By
Zafar Anjum 12 Jan 2009

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MIS Asia presents a discussion on the Satyam scandal that has rocked Indias corporate world and has attracted global attention. Satyam Computer Services, which is Indias 4th largest software services exporter, is now facing government enquiry and an uncertain future after its chairman B Ramalinga Raju resigned admitting that there were massive irregularities in the company accounts. The immediate reaction was that the companys share prices went down by 75 percent. The Bombay stock exchange sensitive exchange went down over 4 percent. The companys financial fraud is estimated to be of more than 1 billion US dollars. The scandal has caused an outcry in the Indian corporate sector and is being seen as Indias Enron.

In the wake of these startling facts, what will be the impact of these developments on Satyams clients, its employees, Indias outsourcing sector itselfthese and many more things are discussed in this special podcast -- with IDC's Philip Carter and Springboard
Research's Dane Anderson.
Tags: India, Outsourcing, Satyam

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The Satyam Fraud discussion is selling like a hot cake. Think to ponder is at the same time $ 50 Billion Madoff case is not being mentioned the way Satyam fraud of $1.2 Billion is being done. Imagine do people have forgot the materiality concept. Like all people are doing analysis, assuming ,ifs & buts and trying to unfold the Satyam saga . I also tried to do the same thing being a Chartered Accountant from India, thought whether can we get some clue of number fabrication from the annual statement. Tried to do some ration analysis of the previous 3-5 years figures. Would like to present the following ratios to the readers and tries to make some conclusion out of the number game. Looking at the above numbers it seems that each rations have been maintained well. Imagine the organization maintains the net profit ration in last 5 year at an average rate of 21%. First question which arise is it possible to maintain the same profit ratio of 20% when revenue is growing at an average of 32-35%. This is a kind of a trigger probably SEC of USA may be using for identifying organization doing income smoothing method for meeting the analysts target. While I tried to interpret the Net profit ratio with the growth of expense ration to get some clue here what I observed Hence from the above ratio it can be analysed that the revenue was growing @32- 35% whereas the expenses was growing more than the revenue growth. Hence it is difficult to absorb how the net profit growth rate was maintained. This can be achieved only if other income offset the differences. Looking at the financial Harish Kesharwani Y ear 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 Net Profit Ratio 20.44%

22.20% 21.76% 21.15% 21.19% Revenue Growth 30.65% 34.40% 33.78% 36.30% 25.59% Personnel Expenses to Revenue 62.01% 59.50% 58.28% 57.66% 52.64% Operating & Admin exp to Revenue 14.61% 14.99% 14.69% 15.12% 18.24% Y ear 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 Revenue Growth 30.65% 34.40%

33.78% 36.30% 25.59% Personnel Expenses Growth 36.16% 37.21% 35.22% 49.30% Operating & Admin Growth 27.34% 37.14% 29.98% 12.99%

statement the other income growth ration is as follows Thus it can be concluded that the difference has been compensated with increase in growth of other income. But whether this analysed would have helped in identifying the potential number game ? I doubt.. I tried to make some number sense by comparing the Debtors, Cash , Collection period, Account payable with revenue. The ratio looks like Thus it can be observed that the Debtors was growing more than the revenue, which shows the difficulty faced in collection by the company. This can happen 1 ) If revenue is inflated and the corresponding effect made in debtor, the same will not be collected which will increase the debtor collection period which stands at 98 days for FY 07-08 increase from84 in FY 03-04 and 2 ) If revenue not inflated debtors are becoming bad. Generally the various case of Improper revenue recognition was identified in 2-3 years because the debtor was getting beyond control. After above analysis I was checking for cash from operation for various years

which is as follows Thus it can be observed that cash from operation was positive in all the years. I would like to admit that based on ration analysis it would have been difficult for a laymen to make a conclusion regarding some suspicion. But after confession of Harish Kesharwani Y ear 2007-2008 2006-2007 2005-2006 2004-2005 Other Income Growth 41.27% 57.17% 38.95% 1.79% Rs. in crores Year 2007-2008 2006-2007 2005-2006 2004-2005 Debtor 2223.4 1649.8 1122.8 765.17 34.77% 46.94% 46.74% Revenue 8137.18 6229.08 4634.31

3464.22 30.63% 34.41% 33.78%Rs. in crores Y ear 2007-2008 2006-2007 2005-2006 2004-2005 Cash Flow from Operation 1412.92 1029.83 785 643 Mr.Raju and based on ration analysis I could make out the following modus operandi that would have been employed 1 ) Inflating sales year on year. 2 ) Majority of sales, cash would have been collected by inflating the bank statement.To show positive cash from operation. 3 )The sales would have been inflated from not so big client as it would have raised suspicion to auditor. 4 ) I suspect the connivance of bank official for altering the bank statement to provide the collection received from the inflated sales. 5 ) The other income was inflated to match the fictitious cash parked in fictitious deposit account which has helped in maintaing the net profit ration as explained above. 6 ) The majority of inflating would have been done from FY 2005-2006 onwards. 7 ) The restatement of account which is in progress will show negative cash from operation as the I suspect expense growth was more than the revenue growth. 8 ) I doubt that the poor expense control would have let to the disaster. 9 ) Whether the expense in earlier year was to siphon out funds can only be known when the restatement of account come.

Need to wait and watch. Disclaimers : The views mentioned are the personal views. Any reference should be at your own risk. The author is not any way responsible for any action taken based on the content of the article. Harish Kesharwani Ads by Google

Satyam Balance Sheet Analysis