CRISIL CPR (Quarterly) Rankings of Mutual Fund Schemes for September '04

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1 CRISIL CPR (Quarterly) Rankings of Mutual Fund Schemes for September '04 Equity market provides cheer to investors, debt market arrests decline after a hiatus, and the liquid category maintains momentum Buoyancy in equities The domestic equity market saw a dramatic turnaround in the quarter ended September 2004 over the previous quarter with most investment categories registering large gains. Foreign and retail investors showed strong interest in equities following the Union Budget, largely because of the liberalisation in foreign investment norms in sectors such as telecom, insurance and civil aviation and the new tax provisions on capital gains tax. This triggered off a rally on the bourses, which helped most benchmark indices to regain the ground that they had lost in the preceding quarter. Investors also looked to pick up value in this period. Sustained buying in the small and mid-cap segments saw the CNX MIDCAP 200 index end the quarter with high point-to-point returns of per cent while the returns generated by the BSE Sensex and Nifty were also strongly positive at per cent and per cent respectively. Moreover, renewed investor interest in the pharmaceutical and software services sectors helped to augment the share prices of such companies. The gains on the bourses were, however, partially offset by some volatility as concerns were raised about hardening global crude oil prices and rising inflation. Investor sentiment nevertheless remained buoyant in the September-ended quarter because of the new measures pertaining to the capital gains tax as proposed in Budget 2004 and in anticipation of higher capital flows into the Indian market and good corporate results in the second quarter. The good news on the macro-economic front also brought cheer to the equity markets with the gross domestic product (GDP) growing by a reported 7.4 per cent in the first quarter of India's economic growth in is expected to be 5.6 per cent, driven by the buoyancy in the industrial and services sectors at expected growth rates of 6.8 per cent and 8.4 per cent respectively. This will be partially offset by the envisaged 2.5 per cent decline in farm output. Debt markets do not decline for a change The debt market witnessed high volatility because of concerns over rising inflation and speculation about an increase in domestic interest rates on the heels of the hike in the US interest rate. The CRISIL Fund~dX, the index that reflects the performance of long-term debt-oriented funds, remained more or less static for the quarter ended September The inflation rate is expected to slide from its current level of 7.8 per cent and is likely to be around 6.5 per cent by the end of this fiscal. Interest rates broke their steady upward movement towards the end of September the correction was driven by statements of a largely steady interest rate scenario from the government and the liquidity overhang. This brought some comfort to debt funds, whose valuations had been impacted so far this fiscal by rising interest rates. A key development in the debt fund segment in

2 recent times has also been the increase in the proportion of investments in floating rate income funds with investors seeking to benefit from a rising interest rate trajectory. CRISIL~CPR for the quarter CRISIL FundServices ranked 150 schemes across 8 categories on various CRISIL~CPR (Composite Performance Ranking) parameters in the quarter ended September These schemes accounted for 69 per cent of the Indian mutual fund industry s assets under management. CRISIL FundServices analyzed the performance of Equity, Income, Balanced, Gilt-Long Funds, and Monthly Income Plan (MIP) schemes over 2 years and that of Liquid, Floating Rate Funds and Income-Short schemes over a year. The key development in the quarter was a revisit of the CRISIL~CPR methodology. Among other things, CRISIL FundServices revised the computation of the superior return score by adopting a method that resolves the negative Sharpe Ratio conundrum. Also, the portfoliobased parameters have been assessed by examining the scheme s holdings in all the months of the quarter rather than the most recent quarter-ending date. CRISIL FundServices also revised the corpus size eligibility criteria for the Income and Income Short-Term categories given the relatively lower attractiveness of these categories in recent times and the expectation that this trend would continue going forward. Besides, CRISIL FundServices has introduced the Floating Rate Fund (Floater) category in the current ranking. This is the eighth category to be covered by the CRISIL~CPR. This takes cognizance of the growing popularity and relevance of floaters in recent times, especially in a scenario where there is an upward pressure on interest rates. The detailed revised methodology for the CRISIL~CPR is available at our website or it can be obtained on request from the CRISIL Rating Desk (Phone ). CRISIL FundServices s Composite Performance Rankings recognise the top performers in various investment categories available to mutual fund investors. This mutual fund performance ranking serves as a guidepost to fund investors in terms of asset allocations and in picking the better-performing schemes.

3 CRISIL CPR Fund Categories (Open End Schemes) Equity Diversified Income Income - Short Term Monthly Income Plan Liquid Gilt - Long Term Balanced Floaters CRISIL CPR Ranking Scale - Based on percentile of number of schemes considered in each category: CRISIL CPR~1 Top 10% Very Good Performance CRISIL CPR~2 Next 20% Good Performance CRISIL CPR~3 Next 40% Average Performance CRISIL CPR~4 Next 20% Below Average Performance CRISIL CPR~5 Last 10% Poor Performance

4 Category-wise Performance Equity Diversified Funds For the quarter ended September 2004, 36 schemes were eligible for the ranking in this category. DSP Merrill Lynch Opportunities Fund retained its CRISIL~CPR 1 slot. It was joined by DSP Merrill Lynch Equity Fund which moved up by one notch, together with HDFC Capital Builder Fund and Reliance Growth Fund, which moved up the ranking chart by two notches each. These schemes have improved their ranking because of their relatively higher superior return scores (CRISIL FundServices s unique measure of comparing the differential return earned by a fund vis-à-vis its volatility relative to its peers). DSP Merrill Lynch Equity Fund has performed well on the liquidity parameter, which has helped to propel its ranking. CRISIL~CPR 1 indicates Very Good Performance among the peer group. A relatively higher proportion of investments in mid-cap stocks helped to augment the performance of HDFC Capital Builder Fund and Reliance Growth Fund. During the quarter ended September 2004, HDFC Capital Builder Fund increased its exposure in the CNX MIDCAP 200 index from per cent to per cent while Reliance Growth Fund increased its exposure from per cent to per cent. The CRISIL Fund~eX, the benchmark for equity diversified funds, generated an annualised point-to-point return of per cent for the quarter. The most popular stocks among fund managers of general equity schemes in September 2004 were Infosys Technologies Ltd., Reliance Industries Ltd., State Bank of India, Grasim Industries Ltd., and Oil and Natural Gas Corporation of India (ONGC) while the most popular industry was the software services sector followed by pharmaceuticals and the banking sector. CRISIL FundServices s Popularity Index measures the propensity of a fund manager to commit a given percentage of his portfolio to a particular stock.

5 Equity Diversified Category - Quarter end September 04 Superior Industry Company CPR Jun-04 Return Concentrati Concentrat Equity Schemes Rank Change Rank Score on ion Liquidity Weightages 75% 10% 5% 10% DSP Merrill Lynch Equity Fund DSP Merrill Lynch Opportunities Fund - Growth HDFC Capital Builder Fund - Growth Reliance Growth Fund - Growth Alliance Basic Industries Fund - Growth Alliance Equity Fund - Growth Franklin India Bluechip Fund - Growth Franklin India Prima Fund - Growth HDFC Top 200 Fund - Growth Tata Pure Equity Fund - Growth UTI Growth Value Fund - Growth Cholamandalam Growth Fund - Cumulative HDFC Equity Fund - Growth HDFC Growth Fund - Growth Kotak 30 - Dividend Principal Growth Fund - Growth Prudential ICICI Power - Growth Reliance Vision Fund - Growth SBI Magnum Multiplier Plus Scheme Sundaram Growth Fund - Dividend Tata Select Equity Fund - Growth Templeton India Growth Fund - Dividend UTI Grand Master UTI Index Select Equity Fund UTI Master Growth Birla Advantage Fund - Growth Canbonus Franklin India Growth Fund 4 N.A Franklin India Prima Plus - Growth LICMF Equity Fund - Growth SBI Magnum Equity Fund UTI Master Plus Principal Equity Fund - Growth Prudential ICICI Growth Plan - Growth UTI Mastergain UTI Mastershare The next 20 per cent of the schemes in the ranking universe are clustered at CPR~2, which indicates Good Performance among the peers. While most of the schemes retained their ranking, Alliance Basic Industries Fund, HDFC Top 200 Fund, and UTI Growth Value Fund moved down the rankings to CRISIL~CPR 2 because of their relatively lower superior return scores. The CRISIL~CPR 3 cluster (which indicates Average Performance ) did not see too many changes in the rankings over the previous quarter. Tata Select Equity Fund and UTI Index Select

6 Equity Fund moved up the rankings by one notch each because of their relatively higher superior return scores. ING Vysya Select Stocks Fund has moved out of the rankings in the current quarter as its corpus level has fallen below the eligibility mark. Income Funds Twenty schemes were eligible for ranking in the Income category for the quarter ended September Principal Income Fund and Reliance Income Fund have retained their CRISIL~CPR 1 rank. In the CRISIL~CPR 2 cluster, Grindlays Super Saver Income Fund and Tata Income Fund have moved up the ranking by one notch because of a relatively higher superior return score. While the former has also done well on portfolio-related parameters such as company concentration, debt liquidity and asset quality, the latter has obtained good scores on the industry concentration parameter. CanIncome Growth Plan has entered the ranking at CRISIL~CPR 3. In the same cluster, Sundaram Bond Saver and UTI Bond Fund have moved up because of higher superior return scores, while Templeton India Income Builder Account has moved down the charts due to its relatively lower scores on almost all the parameters. Kotak Bond Wholesale and Prudential ICICI Income Plan LTP have moved out of the ranking exercise for the current quarter.

7 Income Category - Quarter end September 04 Debt Company Concentra Debt Sectoral Concentrati CPR Superior Jun-04 Return Average Debt Liquidit Debt Asset Income Schemes Rank Change Rank Score Maturity tion on y Quality Weightages 50% 10% 5% 5% 10% 20% Principal Income Fund - Growth Reliance Income Fund - Growth Birla Income Plus Plan B - Growth Grindlays Super Saver Income Fund - Inves HDFC Income Fund - Growth Tata Income Fund - Appreciation CanIncome - Growth Plan 3 N.A DSP Merrill Lynch Bond Fund - Growth JM Income Fund - Growth Sundaram Bond Saver - Growth Templeton India Income Builder Account Templeton India Income Fund - Growth UTI Bond Advantage Fund - Growth UTI Bond Fund - Growth HDFC High Interest Fund - Growth LICMF Bond Fund - Growth Prudential ICICI Income Plan - Growth SBI Magnum Income Fund - Growth Alliance Income Fund - Growth ING Vysya Income Fund - Growth Income Short-Term In the Income Short-Term category, CRISIL FundServices evaluated 17 eligible schemes for the quarter ended September Principal Income Fund Short-Term Plan and UTI Liquid Short- Term Plan continued to top the charts at CRISIL~CPR 1. Birla Bond Plus Retail and Reliance Short-Term Fund too retained their CRISIL~CPR 2 rank and were joined by LIC MF Short-Term Plan, which entered the ranking after meeting the minimum corpus eligibility criterion. In the CRISIL~CPR 3 cluster, most of the schemes retained their rankings except for Deutsche Short-Term Maturity Fund, which moved up as it had relatively higher scores on the asset size and company concentration parameters, and JM Short-Term Fund, which moved down one notch due to its relatively lower scores on the volatility, asset size and company concentration parameters. The CRISIL STBEX, which is a benchmark for short-term funds, generated point-topoint annualised returns of 2.71 per cent in this period.

8 Income - Short Term Category - Quarter end September 04 Company Sectoral CPR Chan Jun-04 Mean Volatili Asset Concentrat Concentr Asset Average Debt Short Schemes Rank ge Rank Return ty Size ion ation Quality Maturity DRP Weightages 30% 20% 5% 5% 5% 12.5% 12.5% 10% Principal Income Fund - Short Term Plan - G UTI Liquid Short Term Plan - Growth Birla Bond Plus - Retail - Growth LICMF Short Term Plan - Growth 2 N.A Reliance Short Term Fund - Growth Chola Freedom Income - Short Term Fund Deutsche Short Term Maturity Fund - Growth DSP Merrill Lynch Short Term Fund - Growth HDFC High Interest Fund - Short Term Plan JM Short Term Fund - Growth Kotak Bond Short Term Plan - Growth Prudential ICICI Short Term Plan - Growth Grindlays Super Saver Income Fund - Short HDFC Short Term Plan - Growth HSBC Income Fund - Short Term Plan - Grow SBI Magnum InstaCash - Short Term - Growt Templeton India Short Term Income Plan - G Monthly Income Plans In the MIP category, nine schemes were eligible for the ranking. FT India Monthly Income Plan retained its CRISIL~CPR 1 rank while Alliance Monthly Income and Templeton Monthly Income Plan remained at CRISIL~CPR 2. Birla Monthly Income Plan C and Tata Monthly Income Fund remained at CRISIL~CPR 3 and were joined by Prudential ICICI Monthly Income Plan, which moved up the ranking chart by one notch. The CRISIL MIPEX, the benchmark for monthly income plans, registered an annualised point-to-point return of 6.68 per cent for the quarter ended September 2004.

9 Monthly Income Plan Category - Quarter end September 04 Superior Industry Company Debt CPR Jun-04 Return Concentr Concentrat Asset Debt Equity Average MIP Schemes Rank Change Rank Score ation ion Quality Liquidity Liquidity Maturity Weightages 55% 5% 5% 15% 10%*(100-K) 10%*K 10% FT India Monthly Income Plan - Growth Alliance Monthly Income - Growth Templeton Monthly Income Plan - Growth Birla Monthly Income Plan C - Growth Prudential ICICI MIP Plan - Cumulative Tata Monthly Income Fund - Dividend - Monthl Principal MIP - Growth Accumulation Plan SBI Magnum Monthly Income Plan - Growth UTI Monthly Income Scheme - Growth 5 N.A Liquid Funds Twenty-five schemes were ranked in the liquid fund category for the quarter ended September Liquid funds have attracted considerable investor attention in recent times because of their risk and maturity profile. This category has witnessed the largest number of ranking changes among all mutual fund categories. This is largely because of the changes in the parametric weightages on concentration in fixed deposits, downside risk probability and average maturity. Templeton India Treasury Management Account retained the CRISIL~CPR 1 rank, and was joined by HDFC Cash Management Fund Savings Plan and Reliance Liquid Fund Treasury Plan. In the CRISIL~CPR 2 cluster, all the schemes changed their ranks in relation to the June quarter. Grindlays Cash Fund, HDFC Liquid Fund, Tata Liquid Fund-RIP, and UTI Liquid Cash Plan moved up a notch each to CRISIL~CPR 2 while Prudential ICICI Liquid Plan moved down one slot from its earlier rank. JM High Liquidity Fund and Sundaram Money Fund moved up by one notch to CRISIL~CPR 3 while Alliance Cash Manager Fund, Birla Cash Plus Retail and Principal CMF Liquid moved down one notch. Alliance Cash Manager Fund moved down the rankings because of its relatively lower scores on the mean, volatility, asset size and downside risk probability parameters. UTI Money Market Fund has moved out of the ranking for the current quarter as its corpus has fallen below the eligibility criterion and Templeton India Liquid Fund has been merged with Templeton India Treasury Management Account.

10 Liquid Category - Quarter end September 04 Compan Liquid Schemes CPR Rank Change Jun-04 Rank Mean Return Volatility Asset Size Average Maturity DRP Asset Quality y Concent ration Weightages 30% 20% 10% 7.5% 17.5% 10% 5% HDFC Cash Management Fund - Savings Pl Reliance Liquid Fund - Treasury Plan - Grow Templeton India Treasury Management Acc Grindlays Cash Fund - Growth HDFC Liquid Fund - Growth Prudential ICICI Liquid Plan - Growth Tata Liquid Fund - RIP - Growth UTI Liquid Cash Plan - Growth Alliance Cash Manager - Growth Birla Cash Plus - Retail - Growth Deutsche Insta Cash Plus Fund - Growth HSBC Cash Fund - Growth ING Vysya Liquid Fund - Growth JM High Liquidity Fund - Growth LICMF Liquid Fund - Growth Principal CMF - Liquid - Growth Sundaram Money Fund - Growth Chola Liquid Fund - Regular - Cumulative DSP Merrill Lynch Liquidity Fund - Growth Kotak Liquid - Growth Sahara Liquid Fund - Growth UTI Liquid Advantage Fund - Growth CanLiquid - Growth Reliance Liquid Fund - Super Cash Plan - G SBI Magnum InstaCash - Growth Gilt-Long Funds The gilt funds category was the only one to end the quarter in negative territory. The CRISIL MF-Gilt Index generated a negative annualised point-to-point return of 0.67 per cent. Fourteen gilt schemes were eligible for the CPR ranking for the quarter ended September Templeton India G-Sec Fund Long-Term Plan retained its CRISIL~CPR 1 rank while Chola Gilt Investment Cumulative and LIC MF G-Sec Fund moved up one notch each over their previous ranking to CRISIL~CPR 2. Templeton India G-Sec Fund Composite Plan moved down one notch to CRISIL~CPR 2. The ranking changes were due to changes in the schemes relative superior return scores. In the CRISIL~CPR 3 cluster, CanGilt (PGS) and Prudential ICICI Gilt Investment moved up one notch each, the former having scored well on the liquidity and average maturity parameters. Birla Gilt Plus Regular moved down by one spot to CRISIL~CPR 3.

11 Grindlays G-Sec Fund-Investment Plan and UTI Gilt Advantage Fund Long Term Plan have moved out of the ranking as their corpus levels have dropped. CRISIL CPR Rankings Gilt - Long Term Category - Quarter end September 04 Gilt Schemes CPR Rank Change Jun-04 Rank Superior Return Score Average Maturity Liquidity Weightages 70% 10% 20% Templeton India G-Sec Fund - Long Term Plan - Growth Chola Gilt Investment - Cumulative Templeton India G-Sec Fund - Composite Plan - Growth LICMF G-Sec Fund - Growth Kotak Gilt - Investment - Regular - Growth CanGilt (PGS) - Growth DSP Merrill Lynch Govt Sec Fund (Plan A) - Growth Birla Gilt Plus - Regular Plan - Growth Tata Gilt Securities Fund - Appreciation Prudential ICICI Gilt - Investment - Growth Birla Gilt Plus - PF Plan - Growth HDFC Gilt Fund - Long Term Plan - Growth UTI G-Sec Fund - Growth SBI Magnum Gilt Fund - Long Term - Growth Balanced Funds The CRISIL Fund~bX, the benchmark for balanced funds, generated annualised point-to-point returns of per cent for the quarter ended September 2004, helped by the upsurge in the equity market. Seventeen schemes were eligible for ranking in this category for the quarter ended September DSP Merrill Lynch Balanced Fund and HDFC Prudence Fund continued their reign at CRISIL~CPR 1. Prudential ICICI Balance Fund moved up by one notch to CRISIL~CPR 2. It was joined by Birla Balance Fund and FT India Balance Fund, which retained their ranks. In the CRISIL~CPR 3 cluster, GIC Balanced Fund and UTI Unit Scheme 1995 (US-95) moved up by one notch each while Alliance 95 Fund and SBI Magnum Balanced Fund moved down by one rank each. The schemes shifted ranks because of changes in their relative superior return scores. ING Vysya Balanced Fund has moved out of the ranking exercise for the current quarter since its corpus has fallen below the eligibility mark.

12 Balanced Category - Quarter end September 04 Balanced Schemes CPR Rank Change Jun-04 Rank Superior Return Score Industry Company Concentr Concentrat ation ion Debt Asset Quality Debt Liquidity Equity Liquidity Weightages 70% 10% 10% 5%*(100-K) 5%*(100-K) 10%*K DSP Merrill Lynch Balanced Fund - Growth HDFC Prudence Fund - Growth Birla Balance Fund - Growth FT India Balanced Fund - Growth Prudential ICICI Balance Fund - Growth Alliance 95 Fund - Growth GIC Balanced Fund Kotak Balance Principal Balanced Fund - Growth SBI Magnum Balanced Fund Tata Balanced Fund - Growth UTI Unit Scheme 1995 (US-95)-Growth Canganga HDFC Balanced Fund - Growth JM Balanced Fund - Growth Cantriple Sundaram Balanced Fund - Growth Floating Rate Funds CRISIL FundServices ranked 12 schemes in this category for the period ended September 30, The category reported an average point-to-point annualised return of 4.56 per cent for the 6 months ended September 30, 2004, as compared to the CRISIL Fund~dx at per cent and CRISIL MF Gilt Index at per cent in the same period. HDFC Floating Rate Income Fund Short-Term Plan Growth topped the charts at CRISIL~CPR 1 while Grindlays Floating Rate Fund Growth and Prudential ICICI Floating Rate Plan-Option B Growth ranked at CRISIL~CPR 2. Six schemes were tied at CRISIL~CPR3. These were Birla Floating Rate Fund-Long Term Growth, Birla Floating Rate Fund Short-Term Growth, DSP Merrill Lynch Floating Rate Fund Growth, Templeton Floating Rate Income Fund Long- Term Plan Growth, Templeton Floating Rate Income Fund Short-Term Plan Growth and UTI Floating Rate Fund Short-Term Plan Growth.

13 Floater Category - Quarter end September 04 CPR Mean Asset Concentrat Asset Floaters Rank Return Volatility Size ion (FDs) Quality DRP Weightages 35% 20% 10% 5% 10% 20% HDFC Floating Rate Income Fund - Sho Grindlays Floating Rate Fund - Growth Prudential ICICI Floating Rate Plan - O Birla Floating Rate Fund - Long Term Birla Floating Rate Fund - Short Term DSP Merrill Lynch Floating Rate Fund Templeton Floating Rate Income Fund Templeton Floating Rate Income Fund UTI Floating Rate Fund - STP - Growth JM Floater Fund - Short Term Plan - Gr Kotak Floater - Short Term - Growth HDFC Floating Rate Income Fund - Lon Note: An entity wishing to use the CRISIL CPR rankings in its prospectus / offer document / advertisement / promotion/ sales literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking entity, CRISIL FundServices, CRISIL Limited For the methodology log on to For further details on CRISIL Composite Performance Ranking (CPRs), please contact: Mr. Alok Agrawal / Sumit Mehra / Deepak Khurana CRISIL FundServices, CRISIL Limited CRISIL House, , Andheri-Kurla Road, Andheri (East), Mumbai Phone: +91 (22) to 09 Fax: +91 (22) , mfservice@crisil.com

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