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12 th Floor, The Ruby Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000 INDEPENDENT AUDITOR’S REPORT To the Trustees of ICICI Prudential Mutual Fund – ICICI Prudential NV20 ETF Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of ICICI Prudential NV20 ETF (“the Scheme”), which comprise the Balance sheet as at 31 March 2020, the Revenue Account and the Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Scheme give a true and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”): (a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2020; (b) in the case of the Revenue Account, of the deficit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Basis for Opinion We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (‘ICAI’). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements’ section of our report. We are independent of the Scheme in accordance with the ‘Code of Ethics’ issued by ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the financial year ended 31 March 2020. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements. Key audit matters How our audit addressed the key audit matter Information Technology systems and controls As a Mutual Fund, the reliability of IT systems plays a key role in the business operations. Since large volume of transactions are processed, the IT controls are required to ensure that systems process data as expected and that changes are made in an appropriate manner. Our audit procedures focused on the IT infrastructure and applications relevant to financial reporting of the Fund: · Assessed the information systems used by the Fund for: (i) IT General Controls (ITGC) and (ii) Application controls;

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12th Floor, The Ruby Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India
Tel: +91 22 6819 8000
INDEPENDENT AUDITOR’S REPORT
To the Trustees of ICICI Prudential Mutual Fund – ICICI Prudential NV20 ETF
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of ICICI Prudential NV20 ETF (“the Scheme”), which comprise the Balance sheet as at 31 March 2020, the Revenue Account and the Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Scheme give a true and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2020; (b) in the case of the Revenue Account, of the deficit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (‘ICAI’). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements’ section of our report. We are independent of the Scheme in accordance with the ‘Code of Ethics’ issued by ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the financial year ended 31 March 2020. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.
Key audit matters How our audit addressed the key audit matter
Information Technology systems and controls
As a Mutual Fund, the reliability of IT systems plays a key role in the business operations. Since large volume of transactions are processed, the IT controls are required to ensure that systems process data as expected and that changes are made in an appropriate manner.
Our audit procedures focused on the IT infrastructure and applications relevant to financial reporting of the Fund: · Assessed the information systems used by the Fund
for: (i) IT General Controls (ITGC) and (ii) Application controls;
Key audit matters How our audit addressed the key audit matter
The IT infrastructure is critical for smooth functioning of the Fund’s business operations as well as for timely and accurate financial accounting and reporting.
Due to the pervasive nature and complexity of the IT environment and large volume of transactions we have considered IT systems and controls as a key audit matter.
· Aspects covered in the IT systems General Control audit were (i) User Access Management (ii) Program Change Management (iii) Other related ITGCs; - to understand the design and test the operating effectiveness of such controls in the system;
· Performed tests of controls (including other compensatory controls wherever applicable) on the IT application controls and IT dependent manual controls in the system; and
· Tested the design and operating effectiveness of compensating controls in case deficiencies were identified and, where necessary, extended the scope of our substantive audit procedures.
Existence and Valuation of investments
The investments held by the Scheme as at 31 March 2020 mainly comprised of Listed Equity Shares.
There is a risk on existence of investments and that the fair value of investment not determined appropriately. Accordingly, the existence and valuation of investments is considered as a key audit matter.
Our audit procedures focussed in relation to existence and valuation of investments: · Assessed the design and implementation of controls
over existence and valuation of investments; · On a sample basis, tested the key controls on
existence and valuation of Investments; · Traced the existence of investments held by the
Scheme from the confirmation provided by the Custodian with the holding as per the books of account as at 31 March 2020; and
· On a sample basis, tested the valuation of investments as per the investment valuation policy approved by the board of directors of the trustees, and in accordance with the SEBI Regulations.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Management of ICICI Prudential Asset Management Limited and the Trustees (together referred to as the “Management”) are responsible for the other information. The other information comprises the information included in the Trustee report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Financial Statements
The Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the SEBI regulations for safeguarding of the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent, the design, implementation and maintenance of adequate internal controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Scheme’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.
• Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the Management, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide to the Management with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the financial year ended 31 March 2020 and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the SEBI Regulations, we report that:
(a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of our audit;
(a) In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations; and
(b) The balance sheet, the revenue account and the cash flow statement, dealt with by this report are in agreement with the books of accounts of the Scheme.
For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005
Sd/- ______________________________ per Shrawan Jalan Partner Membership Number: 102012 UDIN: Place of Signature: Mumbai Date:
NV20ETF NV20ETF
Balance Sheet
Schedule Amount Amount
Unitholders' Funds 10,21,95,774 3,85,15,629
10,22,06,219 3,99,49,062
10,22,06,219 3,99,49,062
- -
Significant Accounting Policies and Notes forming part of the Accounts Annexure A
As per our Report of even date
For S.R. Batliboi & Co. LLP For ICICI Prudential Asset Management Company Limited.
ICAI Firm Registration No: 301003E/E300005
Chartered Accountants
Sd/- Sd/-
Partner Managing Director
Membership No. 102102
Place: Mumbai Sd/-
Kayzad Eghlim 0
Sd/-
Schedule Amount Amount
(other than inter-scheme transfer)
Other Income 57 2
EXPENSES & LOSSES
Net Change in Marked to Market value of Investments 2,62,00,974 82,83,050
Loss on sale/redemption of Investments 70,87,076 8,63,753
(other than inter-scheme transfer)
Management Fees 911 1,68,125
Trusteeship Fees 152 83
Other Operating Expenses 8 1,23,968 28,618
Surplus/(Deficit) for the Year (2,30,38,605) 1,90,86,003
1,03,87,537 2,84,68,300
Add: Write back of provision for Unrealised Appreciation Reserve 40,68,183 1,23,51,233
Less: Provision for unrealised appreciation Reserve - 40,68,183
Add/(Less) : Income Equalisation 12,80,95,000 2,15,00,750
10,91,24,578 4,88,69,803
Amount available for Income Distribution 16,30,40,731 5,39,16,153
Surplus carried forward to Balance Sheet 16,30,40,731 5,39,16,153
Significant Accounting Policies and Notes forming part of the Accounts Annexure A
As per our Report of even date
For S.R. Batliboi & Co. LLP For ICICI Prudential Asset Management Company Limited.
ICAI Firm Registration No: 301003E/E300005
Chartered Accountants
Sd/- Sd/-
Partner Managing Director
Membership No. 102102
Place: Mumbai Sd/-
Kayzad Eghlim 0
Sd/-
Amount Amount
Surplus / (Deficit) for the year (2,30,38,605) 1,90,86,003
Add/(Less): Net Change in Marked to Market value of Investments 2,62,00,974 82,83,050
Adjustments for:-
Increase/(Decrease) in Current liabilities (14,22,988) 13,17,296
(Increase)/Decrease in Fixed deposit (4,545) (9,578)
Net cash generated from/(used in) operations ( A ) (8,60,86,581) 6,87,84,889
- -
Increase/(Decrease) in Unit capital 1,57,50,000 (1,25,00,000)
Increase/(Decrease) in Unit premium (5,71,26,250) (7,81,02,000)
Income Equalisation during the year 12,80,95,000 2,15,00,750
Adjustments for:-
(Increase)/Decrease in Sundry debtors for units issued to investors - 2,05,289
Net cash (used in)/generated from financing activities ( B ) 8,67,18,750 (6,88,95,961)
- -
Net Increase/(Decrease) in Cash and cash equivalents (A+B) 6,32,169 (1,11,072)
Cash and Cash Equivalents as at the beginning of the year 17,40,971 18,52,043
Cash and Cash Equivalents as at the close of the year 23,73,140 17,40,971
Components of cash and cash equivalents
Balances with banks in current accounts 72,543 49,997
Collateralised Lending / Tri-Party Repo 23,00,597 16,90,974
- -
As per our Report of even date
For S.R. Batliboi & Co. LLP For ICICI Prudential Asset Management Company Limited.
ICAI Firm Registration No: 301003E/E300005
Chartered Accountants
Sd/- Sd/-
Partner Managing Director
Membership No. 102102
Place: Mumbai Sd/-
Kayzad Eghlim 0
Sd/-
Amount Amount
2 RESERVES & SURPLUS
Unit Premium Reserve
Closing Balance (8,33,22,987) (2,61,96,737)
Change in net unrealised appreciation in value of investment (40,68,183) (82,83,050)
Closing Balance - 40,68,183
7,97,17,744 3,17,87,599
Management Fees Payable 984 3,147
Trusteeship Fees Payable 16 5
Other Liabilities 583 1,943
10,445 14,33,433
Amount Amount
Equity Shares 9,99,37,656 3,72,84,831
17,977 13,432
Contracts for Sale of Investments 35 9,01,708
Outstanding and Accrued Income (1,22,589) 8,120
Collateralised Lending / Tri-Party Repo 23,00,597 16,90,974
22,50,586 26,50,799
Other Deposits 41 -
Investor Education and Awareness 18,427 8,853
Other Expenses 40,726 4,402
NV20ETF NV20ETF NV20ETF
Historical Per Unit Statistics (on the basis of closing units) 10
13
(`) (`) (`)
Growth Option 45.46 57.25 46.04
B i Income other than profit on sale of Investment 1.3151 1.8012 0.7244
ii Income from profit on interscheme Sales / transfer of investment - - -
iii Income from profit on sale of Investment 3.3061 40.5118 1.3643
iv Transfer to Revenue Account from past year’s Reserve - - -
C Aggregate of Expenses, Write off, amortisation and charges 3.2143 1.6338 0.3158
D Net Income 1.4069 40.6791 1.7729
E i Net Change in Marked to Market value of Investments (11.6563) (12.3113) 3.3125
ii Unrealised Appreciation/(Depreciation) per unit (9.8464) 6.0466 6.4236
F Trading Price
Highest during the Year / Period 58.8300 57.3400 51.7100
Lowest during the Year / Period 37.3500 45.6900 39.3600
Price-earning Ratio (Traded Price / Net Income including
Net change in Marked to Market value of Investments) (4.8920) 2.0213 9.0416
G Ratio of Recurring Expenses to Average Net Assets in percentage
Regular 0.15% 0.44% 0.49%
H Ratio of Gross Income (excluding transfer to revenue account from past year’s reserve but
including Net Change in unrealised appreciation/depreciation) to Average Net Assets in
percentage * -24.85% 36.02% 12.81%
With reference to SEBI Circular (SEBI/HO/IMD/DF2/CIR/P/2018/92) dated June 05, 2018 the
disclosure of Repurchase Price & Resale price on AMFI website is not required . Therefore, the
disclosure of highest and lowest Repurchase/Resale price has not been given.
Note 2: * Annualised
Note 3: # less than 0.0001
Note 4: "Aggregate of Expenses, Write off, amortisation and charges" includes loss on sale/redemption of
all Investments
I. Significant Accounting Policies
ii.
iii.
iv.
v.
vi.
d. Other Securities i.
ii.
iii.
iv.
v.
vi.
vii.
Interest Rate Swap (IRS) are valued based on average of prices as released by CRISIL & ICRA, appointed by AMFI.
Where any IRS is purchased/entered by any scheme of Mutual Fund and the price from the agency(ies) appointed by AMFI is not available on that day, such IRS
shall be valued, at net present value on that day and till the day preceding the next business day on the basis of expected future cash flows. Future cash flows for
IRS contract will be computed daily based as per terms of contract and discounted by suitable OIS rates available on Reuters/ Bloomberg/ any other provider as
approved by valuation Committee.
An investment is regarded as non-performing, if interest/principal amount has not been received or has remained outstanding for one quarter from the day such
income/installment has fallen due. Such securities are valued as per guidelines stated in SEBI Regulations.
Units of unlisted mutual fund schemes and units of listed mutual fund schemes which are not traded are valued at the last declared NAV on AMFI website as on the
valuation date. Units of listed mutual fund schemes which are traded are valued at the last quoted closing price on the principal stock exchange.
Units of Infrastructure Investment Trust (InvIT) and Real Estate Investment Trust (REIT) are valued at the last quoted closing price on the principal stock exchange. If
no trade is reported on the principal stock exchange on a particular valuation date, traded securities are valued at the last quoted closing price on any other
recognised stock exchange. When units of InvIT and REIT is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the
selected stock exchange or any other stock exchange, as the case may be, on any day immediately prior to valuation day or latest NAV declared by the investment
manager of the trust, whichever is later, is considered for valuation provided that such date is not more than thirty days prior to the valuation date. When a security is
not traded on any stock exchange for a continuous period of thirty days prior to the valuation date, it is valued as per the price provided by an independent valuation
agency(ies). In case the valuation is not available from independent valuation agency(ies), the same is determined by the Valuation Committee based on the
principles of fair valuation.
Equity linked debentures are valued using the simple average of prices released by CRISIL & ICRA, as suggested by AMFI.
All Government securities (including T-bills), irrespective of residual maturity, are valued based on simple average of security level prices as released by CRISIL & ICRA,
as suggested by AMFI.In case necessary details to value government securities (including T-bills) are not available, the valuation committee will determine fair value
based on available information.
Debt and Money Market Securities with residual maturity upto 30 days where such securities are not traded by the schemes of the Mutual Fund on the date of valuation
shall be valued based on amortization on a straight-line basis to maturity from last valuation price, as long as the amortised price is within ±0.025% of the reference price
which shall be the average of the security level price as released by agency(ies) appointed by AMFI . In case the variance exceeds ±0.025%, the valuation of the security
is adjusted to bring it within the ±0.025% band. Securities in which any scheme of the Mutual Fund has traded on the date of valuation are valued based on simple
average of security level prices as released by agency(ies) appointed by AMFI.
Debt and Money Market Securities with residual maturity of over 30 days as on the date of valuation are valued using the simple average of prices released by CRISIL &
ICRA, as suggested by AMFI.
Significant Accounting Policies and Notes forming part of the Financial Statements for the year/period ended March 31,
2020
The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, which are ‘marked-to-market’. The
significant accounting policies, which are in accordance with the SEBI Regulations and have been approved by the Boards of Directors of the AMC and the Trustee, are stated
below.
Transactions for purchase and sale of investments are recorded on trade date.
The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage, transaction costs, CCIL charges
and any other charges customarily included in the broker’s note.
In case of purchase of interest bearing securities, if interest is paid for the period from the last interest due date upto the date of Settlement,the same is treated as interest
receivable and debited to 'Accrued Income’ and in case of sale, if interest is received for the period from the last interest due date upto the date of Settlement,the same is
credited to ‘Accrued Income’.
During the FY 19-20, the cost of Investments is net of front-end fees and incentives effective from 18th November 2019 onwards, prior to which it was recognized as income.
In case of devolvement, the cost is net of underwriting commission earned. In case of physical gold, the acquisition cost includes various levies like customs duty, stamp duty,
and other charges, as applicable. Investments in Foreign securities are accounted at the exchange rate prevailing on the date of accounting the trade. Differences in exchange
rate till settlement are recognised as foreign exchange gain /loss.
Where any security is purchased by any scheme of Mutual Fund and the security level price from the agency(ies) appointed by AMFI is not available on that day, such
security shall be valued on amortization basis considering the weighted average purchase yield on that day and till the day preceding the next business day.
Investment in gold is valued at the AM fixing price of gold quoted on the London Bullion Market Association [LBMA] declared in US Dollars as increased by premium
and fixing charges and by converting it into Indian Rupees at the RBI reference rate, as increased by statutory taxes and levies, as applicable from time to time, after
adjusting for eligible input tax credit.
Units of fund domiciled outside India are valued on the basis of latest available NAV of such fund. Foreign currency is converted into Indian Rupees as per RBI
reference rate.
American Depository Receipts and Global Depository Receipts are valued based on the closing prices at the Overseas Stock Exchange on which the respective
securities are listed (applying prevailing foreign currency exchange rate).
Equity/Index derivatives, where traded, are valued at the last quoted closing price. Non Traded futures and options are valued based on settlement price / any other
equivalent price provided by the respective stock exchange. In case of futures and options, change in the marked to market value of the contract is treated as
unrealised gain/loss.
Foreign securities are valued based on the last quoted closing prices at the Overseas Stock Exchange on which the respective securities are listed. However, the
AMC shall select the appropriate stock exchange at the time of launch of a scheme in case a security is listed on more than one stock exchange and the reasons for
the selection will be recorded in writing. Any subsequent change in the reference stock exchange used for valuation will be necessarily backed by reasons for such
change being recorded in writing by the AMC. However, in case of extreme volatility in other markets post the closure of the relevant markets, the AMC shall value
the security at suitable fair value.
Bonus shares and right entitlements are recognized on the respective ex-dates on the principal stock exchange where shares are traded.
All investments are stated at their market / fair value at the balance sheet date.
For the purpose of the financial statements, the Fund marks all investments to market and carries investments in the Balance Sheet at the market value. Unrealised gain, if
any, arising out of appreciation of the investments, is transferred to Unrealised Reserve at the portfolio level.
Traded securities are valued at the last quoted closing price on the principal stock exchange. If no trade is reported on the principal stock exchange on a particular
valuation date, traded securities are valued at the last quoted closing price on any other recognised stock exchange.
When a security is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the selected stock exchange or any other
stock exchange, as the case may be, on the earliest previous day is used provided such date is not more than thirty days prior to the valuation date.
When a security is not traded on any stock exchange for a period of thirty days prior to the valuation date, the security is considered as ‘non-traded’ security. When
trading in an equity/equity related security in a month, is both, less than Rs. 5 lacs and the total volume are less than 50,000 shares, it is considered as a thinly
traded security. Non-traded/Thinly traded/Unlisted securities are valued at fair value by the Asset Management Company (‘AMC’) in accordance with the provisions of
the SEBI Regulations.
4. Income Recognition
a. Open ended Scheme:
a.
b.
c.
9. Historical Per unit Statistics forms a part of Annual Financial statements.
10. Borrowing
1. Net Asset Value Per Unit (NAV)
2. The Cost and Market/Fair Value of investments
3. Industry-wise classification of investment
4. The Aggregate value of purchase and sale of investments during the year/period as a percentage of average NAV
Wherever the Scheme has Plans/Options, a consolidated Balance Sheet and Revenue Account is prepared for all the plans/ options under each scheme.
The statement showing Net Asset Value (NAV) and dividend distributed (wherever applicable) per unit is disclosed in Annexure I.
The statement showing Cost and Market / Fair Value of investments including unrealised appreciation / depreciation in the value of Investments is disclosed in Annexure II.
All investments of the scheme except Government Securities and Treasury Bills are registered in the name of the Trustees for the benefits of the Schemes Unitholders. All
investments in Government Securities and Treasury Bills are held in an SGL account in the name of “ICICI Prudential Mutual Fund”.
The Statement showing Industry-wise classification of investment is disclosed in Annexure III.
The Aggregate value of purchase and sale of investments during the year/period as a percentage of average Net assets are disclosed as mentioned in below Annexures:
Securities where the certificates are not traceable for a protracted period.
Assets other than investments, which in the opinion of the Trustees have suffered substantial impairment in their value.
No entry load is charged on applications received for fresh purchase of units after August 1, 2009.
Exit load collected (after reducing applicable Goods & Services Tax) is credited as income to the scheme.
Unutilised amount of load collected upto September 30, 2012, is carried forward to subsequent years unless the same is considered excess by the Trustees. In the event,
if the load is considered excess by the Trustees, the same is recognised as income of the scheme.
In order to meet temporary liquidity needs for the purpose of redemption of units, the Schemes, in accordance with the Regulation 44(2) of SEBI (Mutual Funds)
Regulations, 1996, borrows amount which is within the regulatory limit of 20% of the previous day's net assets of the Scheme and repaid within the regulatory time limit of
six months. The cost of borrowing upto the portfolio yield of the scheme is charged to scheme and the cost of borrowing above portfolio yield is charged to Asset
Management Company based on SEBI Circular SEBI/HO/IMD/DF2/OW/P/2019/4263/1 dated 21 February 2019. Before the said circular, the cost of borrowing was
charged to Schemes/ Asset Management Company based on the policy approved by the Board of Trustees/AMFI Circular 135/BP/71/2017-18 dated March 23, 2018. The
cost of borrowing charged to schemes has been disclosed under Revenue Account as Interest on loan. Interest on loan is not considered as part of recurring expenses.
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount, the exchange rate between the reporting currency and
the foreign currency at the date of the transaction.
Foreign currency monetary items are reported using an exchange rate prevalent on the valuation date / date of the transaction. Foreign currency non-monetary items are
reported using an exchange rate prevailing on the fair valuation date.
Exchange differences arising on the settlement of monetary items or on reporting monetary items of the scheme at rates different from those at which they were initially
recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they arise.
Provision is made by charge to the Revenue Account, in respect of:
Non Performing Debt Securities as per the Guidelines prescribed by SEBI Regulation.
Interest Outstanding for more than one quarter beyond the due date.
The balance amount of the purchase/sale price after reducing the face value of unit is transferred to Income Equalisation account and the net balance in this account is
credited or debited to the Revenue Account at the year end.
Distributable surplus per unit is arrived after excluding both unit premium reserve and unrealised appreciation from net asset value (NAV).
In case of a close-ended scheme, accounting for Income Equalisation is not required under SEBI Regulation. The difference between face value and net asset value
(NAV) of the units repurchased is credited/debited to “Unit Premium Reserve”. During the year, pursuant to roll over (extension of maturity date) of few schemes, the unit
holders were given an option to either redeem their existing holdings on maturity or roll-over. Consequent to redemption from certain investors, difference between
redemption proceeds and face value i.e. realised gain has been adjusted against ‘Retained Surplus’.
Cash and Cash equivalents includes balances with bank in current accounts, deposit placed with scheduled banks (with original maturity of upto three months) and
Collateralised Lending / Tri-Party Repo/ Reverse Repo.
Dividend income is accrued on ex-dividend date. Dividend income on foreign securities is recognised net of applicable taxes withheld in the respective countries. Dividend
income on foreign securities is converted into Indian rupees at the rate of exchange prevalent on ex-dividend date.
Profit or loss on sale of investments is arrived at by applying weighted average cost on trade date.
Interest on debentures and other fixed income investments is recognised on accrual basis.
Income on security in default beyond its maturity date is recognised on cash basis.
Other income of miscellaneous nature is accounted for when there is certainty of receipt.
In case of open-ended scheme, when units are purchased / sold by the Scheme at NAV based price, amount representing unrealised appreciation per unit and unit
premium reserve per unit is transferred to Unit Premium Reserve.
5. Load
6. Management fees
7. Income and Expenditure as a % of Average Net Asset Value
8. Movement in Unit Capital
9. Related Party disclosure
a.
b.
c.
d.
12. Disclosure under Regulation 25 (11) of SEBI (Mutual Funds) Regulations, 1996.
13. Investments made by schemes in Sponsor/Associates/ Group companies are given in Annexure XI.
14. Investors holding units in the Scheme over 25% of the NAV as on March 31, 2020 are Nil. (Previous year – Nil)
15. Disclosure as required under Regulation 25(8):
a.
b.
c.
d.
16.
17.
18.
19.
Disclosure for derivative transactions as required by SEBI circular Cir/IMD/DF/11/2010 dated August 18, 2010, has been made in common Annexure - Annexure XIV.
Aggregate fair value of non-traded/ illiquid investments valued in good faith has been disclosed in Annexure XV.
Details of borrowings by the Schemes have been disclosed in Annexure XVI.
A complete list of investments of the Schemes is provided in Annexure XVII.
Common Annexure (Annexure X)– Table A shows Investments made by the Schemes of ICICI Prudential Mutual Fund in companies or their subsidiaries that have invested
more than 5% of the net assets of any scheme during the year ended March 31, 2020.
Common Annexure (Annexure X) – Table B shows Investments made by the Schemes of ICICI Prudential Mutual Fund in companies or their subsidiaries that have invested
more than 5% of the net assets of any scheme in the previous year. (Excluding companies disclosed under Table A.)
Subscription by schemes (excluding Secondary Market Purchases) in the issues lead managed by the associate company is given in Annexure XIIa.
Subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger or manager is given in
Annexure XIIb.
Underwriting obligations taken by the scheme in respect of issues of securities of associate companies and devolvement is Nil (PY: Nil)
Charges paid to associates are given in common Annexure - Annexure XIII.
Details of purchase and sale of securities between Schemes have been disclosed in common Annexure - Annexure IX(c).
Details of investments made by one scheme in another scheme have been disclosed in Annexure IX(d).
Details of investment management fees paid to ICICI Prudential Asset Management Company Limited and receivable/payable from/to ICICI Prudential Asset Management
Company Limited as at March 31, 2020 has been disclosed in Annexure VI.
Details of charges paid to associates are given in common Annexure - Annexure XIII.
Details of investments by the Asset Management Company, in the Schemes of Mutual Fund, outstanding as on March 31, 2020 has been disclosed in Annexure XVIII(a).
Details of investments by ICCI Bank Ltd., in the Schemes of Mutual Fund, outstanding as on March 31, 2020 has been disclosed in Annexure XVIII(b).
Name of the Party Relationship
ICICI Prudential Trust Limited Trustee of the Fund
Details of investments by the Trustee Company, in the Schemes of Mutual Fund, outstanding as on March 31, 2020 has been disclosed in Annexure IX(a).
Details of trusteeship fees paid to ICICI Prudential Trust Limited and outstanding as at March 31, 2020 has been disclosed in Annexure IX(b).
During the year, load balance has been utilized for meeting distribution expenses, commission to agents and publicity expenses. Details of utilizations have been disclosed in
Annexure V.
Management fees are paid on the basis of terms of the Scheme Information Document to ICICI Prudential Asset Management Company Limited. Management fees are
computed after adjusting for units held by AMC and interscheme investments, if any. In respect of Debt and Liquid schemes the management fee is not charged on amount
invested in short term deposits of scheduled commercial banks.
The Statement showing Scheme wise management fees paid is provided in Annexure VI.
The Statement showing the total income and expenditure as a percentage of the average daily Net Assets during the financial year/ period is disclosed in Annexure VII.
(Total Income includes profit/loss on sale of investments, profit/loss inter-scheme transfers, interest on borrowing and excludes net change in marked to market value of
investments. Total expenditure excludes net change in marked to market value of investments).
The Statement of movement in Unit Capital during the year / period is disclosed in Annexure VIII.
Equity Securities Annexure IVa
Total Annexure IVc
2019-20 2018-19
944.41 756.25
7,169.79 6,396.05
2,097.46 3,071.94
3,538.48 3,135.94
2,478.26 944.41
27. Contingent Liability as at March 31, 2020: Nil (Previous year: Nil)
28. Previous year figures are regrouped wherever necessary.
29.
As per our Report of even date For and on behalf of ICICI Prudential Asset Management Company Limited
For S.R. Batliboi & Co. LLP Sd/-
ICAI Firm Registration No: 301003E/E300005 Nimesh Shah
Chartered Accountants Managing Director
Place: Mumbai
0 0
Sd/-
Place: Mumbai
The audited results for the year ended March 31, 2020 have been placed by ICICI Prudential Asset Management Company Limited and approved by the Trustees in the
meeting of the Board of Directors of ICICI Prudential Trust Limited.
Opening Balance
Accretion to Investor Education & Awareness Fund including income earned on investment
Less: Uitilisation towards investor education and awareness initiatives
Less: Amount contributed to AMFI
Closing Balance
Unclaimed Dividend
Unclaimed Redemption
This disclosure has been carried out for all the schemes and the amount is set aside at a pool level.
Additionally, pursuant to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/37 dated February 25, 2016 and an addendum issued by the AMC in this regard (dated May 18,
2016), the AMC had introduced separate plans under ICICI Prudential Liquid Fund for deployment of unclaimed amounts. Consequently, unclaimed amounts are deployed in
respective investor’s folios under the aforesaid plans, in accordance with the said addendum and hence disclosed separately on AMC’s website.
Movement of Investor Education Fund balance for ICICI Prudential Mutual Fund during the Financial Year ended March 31, 2020 is as follows:
Particulars Amount (Rs. in Lakhs)
The scheme code along with scheme name, allotment date and type is given in Annexure XIX.
Details of Credit Default Swaps transactions for all the scheme of ICICI Prudential Mutual Fund during the current year is Nil (PY: Nil).
The schemes operate in one segment only viz. to primarily generate attractive returns based on the scheme’s investment objective. Further, the scheme does not have any
geographical segments.
Particulars
2019-20 2018-19
Other income includes exit load income, compensation received from AMC, provision for expenses written back which are no longer required, reversal of management fees
charged in earlier years etc.
Government securities include investments of Face Value Rs.42,060,000,000 (PY: Rs. 41,260,000,000) placed as collateral with the Clearing Corporation of India Ltd. and
Rs.1,650,000,000 (PY Rs.1,220,000,000) with the Professional Clearing Member for clearing of derivative trades.
NV20ETF
year / period*
ICICI Prudential NV20 ETF Growth Option 10 45.46 22,47,803 - 57.25 6,72,803 -
* includes Dividend Distribution tax, if any.
$ Last declared Net Asset Value Per Unit
Annexure I referred in Notes to the
Financial Statements
Figures in `
2019-20 2018-19
NV20ETF
discount)
Unrealised
appreciation/
(depreciation)
ICICI Prudential NV20 ETF Equity Shares 1,220.71 999.38 (221.33) 332.17 372.85 40.68
Total 1,220.71 999.38 (221.33) 332.17 372.85 40.68
In case of Derivative Instruments, unrealised appreciation/depreciation is computed based on notional value at the time of purchase and notional value as at March 31.
Annexure II referred in Notes to the Financial
Statements
Statement showing Cost and Market/Fair Value of investments including unrealised appreciation / depreciation in the value of Investments
Scheme Investment Industry
discount)
% Of
Classification
ICICI Prudential NV20 ETF Equity Shares Auto 44.83 4.49% 18.79 5.04%
Banks - - 13.61 3.65%
Ferrous Metals 34.14 3.42% 17.99 4.82%
Gas 13.33 1.33% 8.30 2.23%
Media & Entertainment 11.00 1.10% - -
Non - Ferrous Metals 11.45 1.15% 8.90 2.39%
Oil 23.79 2.38% 12.39 3.32%
Petroleum Products 43.75 4.38% 74.79 20.06%
Power 76.89 7.69% 26.02 6.98%
Software 415.10 41.54% 149.63 40.13%
999.38 100.00% 372.85 100.00%
Financial Statements
(`. in Lakhs)
As at March 31, 2020 As at March 31, 2019
Statement showing Industry-wise classification of investment
NV20ETF
% to Average
Net Assets
ICICI Prudential NV20 ETF 921.37 1,664.12 180.61% 780.46 84.71% 536.36 413.34 77.06% 1,084.10 202.12%
* Excludes transactions in futures & options / Interest Rate Swaps
Annexure IVa referred in Notes to
the Financial Statements
(`. in Lakhs)
2019-20 2018-19
Statement of Aggregate value of purchase and sale of equity investments as % of Average Net Assets
NV20ETF
Scheme
Net Assets Sales *
ICICI Prudential NV20 ETF 921.37 - - - - 536.36 - - - -
*Includes Units of Mutual Funds, debt and money market and Fixed Deposits.
*Excludes Collaterised Lending/Reverse Repo/Tri-Party Repo
Annexure IVb referred in Notes to
the Financial Statements
(`. in Lakhs)
2019-20 2018-19
Statement of Aggregate value of purchase and sale of other than equity investments as % of Average Net Assets
NV20ETF
% to Average
Net Assets
ICICI Prudential NV20 ETF 921.37 1,664.12 180.61% 780.46 84.71% 536.36 413.34 77.06% 1,084.10 202.12%
* Excludes transactions in futures & options, Interest Rate Swaps, Collaterised Lending, Reverse Repo and Tri-Party Repo.
* Includes Units of Mutual Funds, debt and money market and Fixed Deposits.
Annexure IVc referred in Notes to
the Financial Statements
(`. in Lakhs)
2019-20 2018-19
Statement of Aggregate value of purchase and sale of all investments as % of Average Net Assets
NV20ETF
the Financial Statements
publicity expenses utilised from Load
NV20ETF
AMC
ICICI Prudential NV20 ETF 0.01 921.37 ^^ - 0.01 1.68 536.36 0.31% - 0.03
^^ Less than 0.01% or 0.01 Lakhs * Annualised
Statement of Management fees
Annexure VI referred in
Notes to the Financial
Net Assets *
Assets
ICICI Prudential NV20 ETF 33.00 3.58% 1.38 0.15% 921.37 276.05 51.47% 2.35 0.44% 536.36
* Annualised
Total Income includes profit/loss on sale of investments, profit/loss inter-scheme transfers, interest on loan excluding net change in marked to market value of investments.
Total Expenditure excludes net change in marked to market value of investments.
Annexure VII referred in
Notes to the Financial
Scheme Plan
NV20ETF Units Amount in lakhs(`) Units Amount in lakhs(`) Units Amount in lakhs(`) Units Amount in lakhs(`)
ICICI Prudential NV20 ETF Growth Option 6,72,803 67.28 21,62,500 216.25 (5,87,500) (58.75) 22,47,803 224.78
ICICI Prudential NV20 ETF Total 6,72,803 67.28 21,62,500 216.25 (5,87,500) (58.75) 22,47,803 224.78
Statement showing Unit Capital Movement (2019-20) Annexure VIII referred in Notes to the Financial
Statements
Balance at the beginning of the year (Includes
Units issued during NFO Issued during the year/period Repurchased during the year/period Balance at close of the year / period
Scheme Plan
NV20ETF Units Amount in lakhs(`) Units Amount in lakhs(`) Units Amount in lakhs(`) Units Amount in lakhs(`)
ICICI Prudential NV20 ETF Growth Option 19,22,803 192.28 5,00,000 50.00 (17,50,000) (175.00) 6,72,803 67.28
ICICI Prudential NV20 ETF Total 19,22,803 192.28 5,00,000 50.00 (17,50,000) (175.00) 6,72,803 67.28
Balance at the beginning of the year (Includes
Units issued during NFO Issued during the year/period Repurchased during the year/period Balance at close of the year / period
Statement showing Unit Capital Movement (2018-19) Annexure VIII referred in Notes to the Financial
Statements
NV20ETF
ICICI Prudential Trust Ltd ICICI Prudential NV20 ETF - - - - - -
Statement showing details of Investment Annexure IX(a) referred in Notes to the Financial Statements
( ` in Lakhs)
Fee payable
ICICI Prudential Trust Limited ICICI Prudential NV20 ETF 0.0015 0.0002 0.0008 0.0001
Annexure IX(b) referred in
Notes to the Financial
N.A. ICICI Prudential NV20 ETF - - - - - -
Statement showing details of Intra scheme investments Annexure IX(d) referred in Notes to the Financial Statements
( ` in Lakhs)
NV20ETF
Name of Associate/Group Company Scheme which has invested in Associate / Group Company Cost of Investment
Market Value of
Financial Statements
( ` in Lakhs)
NV20ETF
Name of Associate/Group Company Scheme which has invested in Associate / Group Company Cost of Investment
Market Value of
Financial Statements
( ` in Lakhs)
- - - -
- - - -
the issues lead managed by the associate company
( ` in Lakhs)
Subscription to any issue of equity or debt on private placement basis where the sponsor
or its associate companies have acted as arranger or manager
2019-20
( ` in Lakhs)
- - - -
- - - -
( ` in Lakhs)
( ` in Lakhs)
Subscription to any issue of equity or debt on private placement basis where the sponsor or its
associate companies have acted as arranger or manager
Statement showing Subscription by scheme (excluding Secondary Market Purchases) in the issues
lead managed by the associate company
Scheme Particulars
2020 (excludes accrual of
2019 (excludes accrual of
ICICI Prudential NV20 ETF Aggregate value of non traded securities - -
Total - -
(`. in Lakhs)
NV20ETF
ICICI Prudential NV20 ETF N.A. N.A. N.A. N.A. N.A.
Statement showing Borrowings as on March 31, 2020 Annexure XVI referred in Notes to the Financial Statements
NV20ETF
ICICI Prudential NV20 ETF N.A. N.A. N.A. N.A. N.A.
Statement showing Borrowings as on March 31, 2019 Annexure XVI referred in Notes to the Financial Statements
Annexure XVII
Market Value (` in
accrual of discount) % to Net Assets
ICICI Prudential NV20 ETF Equity Shares Bajaj Auto Ltd. 25.04 2.45%
Bharat Petroleum Corporation Ltd. 23.56 2.30%
Coal India Ltd. 29.30 2.87%
GAIL (India) Ltd. 13.34 1.30%
HCL Technologies Ltd. 45.38 4.44%
Hero MotoCorp Ltd. 19.78 1.94%
Hindustan Unilever Ltd. 156.94 15.36%
Indian Oil Corporation Ltd. 20.19 1.98%
Infosys Ltd. 154.29 15.10%
ITC Ltd. 138.85 13.59%
NTPC Ltd. 37.97 3.72%
Power Grid Corporation of India Ltd. 38.93 3.81%
Tata Consultancy Services Ltd. 153.85 15.05%
Tata Steel Ltd. 20.19 1.98%
Tech Mahindra Ltd. 33.70 3.30%
Vedanta Limited 11.45 1.12%
Wipro Ltd. 27.89 2.73%
Equity Shares Total 999.38 97.79%
Net Current Assets Net Current Assets 22.58 2.21%
Net Current Assets Total 22.58 2.21%
Total 1,021.96 100.00%
Schedule of Investments
Management Company Limited
NV20ETF
Scheme As on March 31, 2020 As on March 31, 2019
ICICI Prudential NV20 ETF 18.47 26.14
Statement showing details of Investment by ICICI Bank Limited
NV20ETF
Scheme As on March 31, 2020 As on March 31, 2019
ICICI Prudential NV20 ETF - -
Annexure XVIII (a) referred in Notes to the Financial Statements
( ` in Lakhs)
Annexure XVIII (b) referred in Notes to the Financial Statements
( ` in Lakhs)
NV20ETF ICICI Prudential NV20 ETF 17-Jun-16 Open ended
Annexure XIX referred in Notes to the Financial Statements