The reserves and surplus of the Unit Trust of India (UTI) has depreciated a hefty Rs 6,014 crore during the financial year ended June 2001. The unaudited financial results published by the trust on Tuesday reveal that reserves and surplus of 67 schemes stood negative at Rs 1,850 crore for the period ended June 30, 2001. These schemes, however, had reported positive reserves of Rs 4,164 crore for the year ended June 30, 2000. Since UTI has not disclosed the reserves of its flagship scheme US 64 for the period ended June 30, 2001, the above aggregates exclude the financials of US-64.
The aggregate reserves in as many as 34 UTI schemes were negative at Rs 5,083 crore as on June 2001, compared with positive reserves of Rs 496 crore reported by these schemes at the end of June 2000. Indeed, even in the 33 schemes where reserves continued to be positive, there has been a depletion of Rs 435 crore in the financial year ended June 2001. Their reserves during the period declined from Rs 3,668 crore to Rs 3,233 crore.
UTI's Monthly income plan (MIP) schemes were the major losers with 15 of 20 MIP schemes registering negative reserves, aggregating Rs 1,960 crore at the end of June 2001 against positive reserves of Rs 684 crore in the previous year. The Children's Gift Growth Fund-1986 has been the single largest loser with its reserves strongly negative at Rs 1,654 crore, which is a further depletion of Rs 1,102 crore over its negative reserves of Rs 552 crore as on June 2000.
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The MIP 2000 scheme reported further depletion to its reserves: from Rs 59.86 crore as at the end of June 2000 to Rs 336.26 crore in end-June 2001. The reserves of MIP 97 turned a negative Rs 292.68 crore from last year's positive Rs 20.44 crore. Reserves of MIP 97- II dipped into negative territory (Rs 270.16 crore) from Rs 60.61 crore last year and that of IISFUS-98 dipped to a negative Rs 221.88 crore from Rs 16.10 crore last year.
Of the 67 schemes, the net asset values of as many as 35 schemes are quoting below their par value. In fact, the NAVs of 62 schemes declined over their values in June 2000. Only five schemes of the 67 schemes reported registered a growth in NAV over the values as on June 2000.