iifcl mutual fundiifclmf.com/wp-content/uploads/2017/09/iifcl-mutual-fund.pdf · 2017-09-12 · During the Financial Year 2016-2017, the IIFCL Mutual Fund (IDF) has launched its second

2016-17

IIFCL MUTUAL FUND (IDF)

INDEXTrustee Report

Portfolio

Independent Auditor's Report

Balance Sheet

Revenue Account

Cash Flow

Perspective Historical per unit Statistics

Schedules

1

3

8

10

11

12

13

14

1

2

3

4

5

6

7

8

S.No. Contents Page No.

IIFCL MUTUAL FUND (IDF) ANNUAL REPORT 2016-17

INDEXTrustee Report

Portfolio

Independent Auditor's Report

Balance Sheet

Revenue Account

Cash Flow

Perspective Historical per unit Statistics

Schedules

1

3

8

10

11

12

13

14

1

2

3

4

5

6

7

8

S.No. Contents Page No.


IIFCL MUTUAL FUND (IDF)th

8 Floor, HT House Building,

18 & 20, Kasturba Gandhi Marg,

New Delhi - 110001

TRUSTEE'S REPORT

Dear Investors,

Greetings from IIFCL Mutual Fund (IDF) !!!!

The Board of Trustees of IIFCL Mutual Fund (IDF) ("the Trustee") is pleased to present its Fourth

Annual Report and the Audited Financial Statements of the scheme of IIFCL Mutual Fund for the st

year ended 31 March, 2017.

IIFCL Mutual Fund continues to be one of the key players in India in Infrastructure Debt Fund st (IDF) space. The Asset under Management (AUM) of the fund as on 31 March, 2017 was at

st `415.17 crores as against `374.40 crores as on 31 March, 2016, representing an increase of

10.89%.

During the Financial Year 2016-2017, the IIFCL Mutual Fund (IDF) has launched its second

scheme with a fund size of `200 crores.

IIFCL Mutual Fund Infrastructure Debt Fund Series - I:

Maiden Scheme "IIFCL Mutual Fund Infrastructure Debt Fund - Series I" was launched under st th'Private Placement' on Dec 1 2013 and closed successfully on Feb 6 2014. The scheme is

Close Ended under Growth option and rated as "AAA idf-mf" by two domestic rating agencies.

Units of IIFCL Mutual Fund IDF Series I are listed on BSE Ltd.

IIFCL Mutual Fund Infrastructure Debt Fund Series - II:

During the financial year, IIFCL Mutual Fund (IDF) successfully launched their second IDF

series, i.e. IIFCL Mutual Fund IDF Series II with a fund size of `200 Crore with the commitments

received from six institutional investors.The scheme was closed 12.04.2017 and listed in BSE

Ltd on 18.04.2017.


IIFCL MUTUAL FUND (IDF)th

8 Floor, HT House Building,

18 & 20, Kasturba Gandhi Marg,

New Delhi - 110001

TRUSTEE'S REPORT

Dear Investors,

Greetings from IIFCL Mutual Fund (IDF) !!!!

The Board of Trustees of IIFCL Mutual Fund (IDF) ("the Trustee") is pleased to present its Fourth

Annual Report and the Audited Financial Statements of the scheme of IIFCL Mutual Fund for the st

year ended 31 March, 2017.

IIFCL Mutual Fund continues to be one of the key players in India in Infrastructure Debt Fund st (IDF) space. The Asset under Management (AUM) of the fund as on 31 March, 2017 was at

st `415.17 crores as against `374.40 crores as on 31 March, 2016, representing an increase of

10.89%.

During the Financial Year 2016-2017, the IIFCL Mutual Fund (IDF) has launched its second

scheme with a fund size of `200 crores.

IIFCL Mutual Fund Infrastructure Debt Fund Series - I:

Maiden Scheme "IIFCL Mutual Fund Infrastructure Debt Fund - Series I" was launched under st th'Private Placement' on Dec 1 2013 and closed successfully on Feb 6 2014. The scheme is

Close Ended under Growth option and rated as "AAA idf-mf" by two domestic rating agencies.

Units of IIFCL Mutual Fund IDF Series I are listed on BSE Ltd.

IIFCL Mutual Fund Infrastructure Debt Fund Series - II:

During the financial year, IIFCL Mutual Fund (IDF) successfully launched their second IDF

series, i.e. IIFCL Mutual Fund IDF Series II with a fund size of `200 Crore with the commitments

received from six institutional investors.The scheme was closed 12.04.2017 and listed in BSE

Ltd on 18.04.2017.


B. OPERATIONS OF THE SCHEME:

The Fund seeks to generate appreciation/wealth in capital in various permissible Instruments / securities

as per SEBI (MF) regulations.

The entire corpus of the fund has been deployed in operating “8” assets diversifying into Renewable Energy,

Power – Generation and Transmission, Roads & Bridges and Social and Commercial Infrastructure.

stPortfolio of IIFCL Mutual Fund Infrastructure Debt Fund Series-I as on 31 March, 2017:

Sr.No.

Name of InstrumentMarket value( ` in lakhs)

% to NetAssets

MONEY MARKET INSTRUMENT Treasury Bill1� 91 DAY T-BILL 15 JUN 17 494.16 1.19%2� 91 DAY T-BILL 22 JUN 17 493.62 1.19%

Total 987.79 2.38%

BONDS & NCDs Listed I awaiting listing on the stock exchanges3� GVR Infra Projects Limited� 6,315.05� 15.19%

4� Green Infra Wind Farm Assets Limited� 5,260.35� 12.65%

5� Feedback Energy Distribution Company Limited� 5,160.96� 12.41%

6� Velankani Information Systems Private Limited� 2,593.55� 6.24%

7� GMR Warora Energy Limited� 2,500.00� 6.01%



10� East North Interconnection Company Limited� 1,014.85� 2.44%

11� Velankani Information Systems Private Limited� 829.94� 2.00%



Total� 29,814.29 71.72%

Unlisted14� D. P. Jain & Co Infrastructure Private Limited 4,168.12 10.03%

15� DPJ-DRA Tollways Private Limited 1,426.54 3.43%

Total 5,594.66 13.46%

Fixed Deposit 4,575.04 11.01%

Total 4,575.04 11.01%

Cash & Cash Equivalents Net Receivable/Payable 599.80 1.44%

Total 599.80 1.44%

Grand Total 41,571.58 100.00%

ANNUAL REPORT 2016-173

1. SCHEME PERFORMANCE, OPERATIONS OF THE SCHEME, FUTURE OUTLOOK & INVESTOR SERVICES

A. SCHEME PERFORMANCEst The performance of the scheme (IIFCL MF IDF Series - I) as on 31 March, 2017, vis-a-vis the

respective benchmark indices and previous year's performance is tabulated as under:-

## Face Value is `10, 00,000/- th$$ `300 crore was raised initially, inception date is 10 February, 2014

** CRISIL Composite Bond Fund Index

Note: Past performance may or may not be sustained in the future


2

Particulars 31.03.2015 31.03.2016 31.03.2017

Unit NAV (in `) ## 11,12,687.50 12,48,010.25 13,85,719.32

AUM ( ` Crore) $$ 333.8 374.4 415.71

Annual Yield 10.13% 12.13% 11.03%

Annual Yield of the Benchmark** i.e CRISIL Composite Bond Fund Index

14.59% 8.22% 11.09%

Yield since inception 9.87% 10.92% 10.96%

Yield of Benchmark (since inception) 14.02% 11.26% 11.20%

B. OPERATIONS OF THE SCHEME:

The Fund seeks to generate appreciation/wealth in capital in various permissible Instruments / securities

as per SEBI (MF) regulations.

The entire corpus of the fund has been deployed in operating “8” assets diversifying into Renewable Energy,

Power – Generation and Transmission, Roads & Bridges and Social and Commercial Infrastructure.

stPortfolio of IIFCL Mutual Fund Infrastructure Debt Fund Series-I as on 31 March, 2017:

Sr.No.

Name of InstrumentMarket value( ` in lakhs)

% to NetAssets

MONEY MARKET INSTRUMENT Treasury Bill1� 91 DAY T-BILL 15 JUN 17 494.16 1.19%2� 91 DAY T-BILL 22 JUN 17 493.62 1.19%

Total 987.79 2.38%

BONDS & NCDs Listed I awaiting listing on the stock exchanges3� GVR Infra Projects Limited� 6,315.05� 15.19%

4� Green Infra Wind Farm Assets Limited� 5,260.35� 12.65%

5� Feedback Energy Distribution Company Limited� 5,160.96� 12.41%

6� Velankani Information Systems Private Limited� 2,593.55� 6.24%




10� East North Interconnection Company Limited� 1,014.85� 2.44%




Total� 29,814.29 71.72%

Unlisted14� D. P. Jain & Co Infrastructure Private Limited 4,168.12 10.03%

15� DPJ-DRA Tollways Private Limited 1,426.54 3.43%

Total 5,594.66 13.46%

Fixed Deposit 4,575.04 11.01%

Total 4,575.04 11.01%

Cash & Cash Equivalents Net Receivable/Payable 599.80 1.44%

Total 599.80 1.44%

Grand Total 41,571.58 100.00%


1. SCHEME PERFORMANCE, OPERATIONS OF THE SCHEME, FUTURE OUTLOOK & INVESTOR SERVICES

A. SCHEME PERFORMANCEst The performance of the scheme (IIFCL MF IDF Series - I) as on 31 March, 2017, vis-a-vis the

respective benchmark indices and previous year's performance is tabulated as under:-

## Face Value is `10, 00,000/- th$$ `300 crore was raised initially, inception date is 10 February, 2014

** CRISIL Composite Bond Fund Index

Note: Past performance may or may not be sustained in the future


2

Particulars 31.03.2015 31.03.2016 31.03.2017

Unit NAV (in `) ## 11,12,687.50 12,48,010.25 13,85,719.32

AUM ( ` Crore) $$ 333.8 374.4 415.71

Annual Yield 10.13% 12.13% 11.03%

Annual Yield of the Benchmark** i.e CRISIL Composite Bond Fund Index

14.59% 8.22% 11.09%

Yield since inception 9.87% 10.92% 10.96%

Yield of Benchmark (since inception) 14.02% 11.26% 11.20%

C. FUTURE OUTLOOK

IDF provides an additional funding option for infrastructure projects by pooling long term institutional capital. Though Banks still dominate the infrastructure lending space, in recent times, more and more infrastructure companies are opting for the capital market route to finance infrastructure. Internationally, institutional investors such as Pension Funds and Insurance Companies are keen to look at IDF as their entry to infrastructure asset class.

D. INVESTOR COMPLAINT

As stipulated under SEBI circular no. Cir/IMD/DF/2/2010 dated May 13, 2010, there were no investor complaints received during the financial year 2016-17 in respect of the Fund. The report as stipulated by SEBI is provided in Annexure 1.

2. BRIEF BACKGROUND OF SPONSOR, TRUST , TRUSTEES AND THE ASSET MANAGEMENT COMPANY (AMC)

A. SPONSOR

India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of IIFCL Mutual Fund (IDF). IIFCL was thincorporated under the Companies Act, 1956 as a wholly-owned Government of India Company on 5

January, 2006 as a Special Purpose Vehicle and commenced operations from April, 2006 to provide long term financial support to infrastructure projects in India through Direct Lending, Subordinate Debt, Takeout Finance and Credit Enhancement. IIFCL has been registered as a NBFC-ND-IFC with RBI since September

st2013. The authorized and paid up capital of the company as on 31 March, 2017 stood at `5,000 Crore and

`4002.31Crore respectively.

As on 31st March 2017,IIFCL has made cumulative gross sanctions of over `1,09,158/- Crore (under Direct

Lending, Takeout and Refinance) and has made Cumulative disbursements of over ̀ 55,919/- Crore.

Financial Performance of IIFCL (the Sponsor) (past three years):

IIFCL is a strategic investor in the maiden scheme “IIFCL Infrastructure Debt Fund Series-I” and “IIFCL Infrastructure Debt Fund Series-II”with investment of ̀ 130 crore and ̀ 100 crore respectively.

B. TRUST

IIFCL Mutual Fund (IDF) has been constituted as a Trust on 17th August, 2012 in accordance with provision of the Indian Trust Act, 1882 (2 of 1882) with IIFCL as the Sponsor and the Board of Trustee as the Trustee. The Trust Deed has been registered under the India Registration Act, 1908. SEBI as on 24th January, 2013 registered IIFCL Mutual Fund (IDF) under Registration No. 071/13/01.

C. BOARD OF TRUSTEES OF IIFCL MUTUAL FUND (IDF)

The Sponsor has appointed a Board of Trustees (the “Trustees”) for managing IIFCL Mutual Fund (IDF). The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed.

The Trustee ensures that the Mutual Fund and the Schemes floated are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, and also reviews the activities carried out by the AMC.


S.No. Name of Members Designation

1 Sh.Sanjeev Ghai Chairman

2 Sh. K. K. Taneja Independent Trustee (ceased to be the Trustee w.e.f 15th June,2016)

3 Sh. J.M.Singh Independent Trustee

4 Sh. H.K. Parikh Independent Trustee

5 Sh. A.K Deb Independent Trustee

6 Sh. B.S.Shekhawat Independent Trustee (appointed as Trustee w.e.f 28th June,2016 & ceased as trustee w.e.f 29th June,2017)

D. THE ASSET MANAGEMENT COMPANY

IIFCL Asset Management Company Limited (IAMCL) is a public limited company incorporated under Companies Act, 1956 on 28th March, 2012.It is a 100% subsidiary of India Infrastructure Finance Corporation Limited (IIFCL).

IAMCL has been appointed to act as an Asset Management Company (AMC) of the IIFCL Mutual Fund (IDF) by the Trustee vide Investment Management Agreement (IMA) dated 17th August 2012.The Mutual Fund was registered with SEBI on 24th January,2013.

The composition of Board of Directors comprises of:


1. Sh. S.B. Nayar Chairman & Director th (ceased as Chairman & Director w.e.f 11 June,2017)

2. Sh. Sanjeev Kaushik Chairman & Additional Directorth (appointed as Chairman & Director w.e.f 29 June, 2017)

3. Dr. E.S. Rao Director & CEO

4. Sh. Deepak Kumar Chatterjee Director

5. Sh. M N Sarma Independent D irector st (Ceased as Director w.e.f 21 June,2017)

6. Dr. Pawan Singh Independent Director

7. Sh. Sudhir Arya I ndependent Director (appointed as Independent th Director w.e.f. 30 June, 2016


4

The Board of Trustees of IIFCL Mutual Fund (IDF) comprises of:

Particulars 2016-17 (Reviewed) 2015-16 (Audited)

2014-15 (Audited)

Net Worth 7,424 7,264 6,796

Total Income 3,902 4,659 4,061

Profit After Tax 68 468 753

( in Crore )`

C. FUTURE OUTLOOK

IDF provides an additional funding option for infrastructure projects by pooling long term institutional capital. Though Banks still dominate the infrastructure lending space, in recent times, more and more infrastructure companies are opting for the capital market route to finance infrastructure. Internationally, institutional investors such as Pension Funds and Insurance Companies are keen to look at IDF as their entry to infrastructure asset class.

D. INVESTOR COMPLAINT

As stipulated under SEBI circular no. Cir/IMD/DF/2/2010 dated May 13, 2010, there were no investor complaints received during the financial year 2016-17 in respect of the Fund. The report as stipulated by SEBI is provided in Annexure 1.

2. BRIEF BACKGROUND OF SPONSOR, TRUST , TRUSTEES AND THE ASSET MANAGEMENT COMPANY (AMC)

A. SPONSOR

India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of IIFCL Mutual Fund (IDF). IIFCL was thincorporated under the Companies Act, 1956 as a wholly-owned Government of India Company on 5

January, 2006 as a Special Purpose Vehicle and commenced operations from April, 2006 to provide long term financial support to infrastructure projects in India through Direct Lending, Subordinate Debt, Takeout Finance and Credit Enhancement. IIFCL has been registered as a NBFC-ND-IFC with RBI since September

st2013. The authorized and paid up capital of the company as on 31 March, 2017 stood at `5,000 Crore and

`4002.31Crore respectively.

As on 31st March 2017,IIFCL has made cumulative gross sanctions of over `1,09,158/- Crore (under Direct

Lending, Takeout and Refinance) and has made Cumulative disbursements of over ̀ 55,919/- Crore.

Financial Performance of IIFCL (the Sponsor) (past three years):

IIFCL is a strategic investor in the maiden scheme “IIFCL Infrastructure Debt Fund Series-I” and “IIFCL Infrastructure Debt Fund Series-II”with investment of ̀ 130 crore and ̀ 100 crore respectively.

B. TRUST

IIFCL Mutual Fund (IDF) has been constituted as a Trust on 17th August, 2012 in accordance with provision of the Indian Trust Act, 1882 (2 of 1882) with IIFCL as the Sponsor and the Board of Trustee as the Trustee. The Trust Deed has been registered under the India Registration Act, 1908. SEBI as on 24th January, 2013 registered IIFCL Mutual Fund (IDF) under Registration No. 071/13/01.

C. BOARD OF TRUSTEES OF IIFCL MUTUAL FUND (IDF)

The Sponsor has appointed a Board of Trustees (the “Trustees”) for managing IIFCL Mutual Fund (IDF). The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed.

The Trustee ensures that the Mutual Fund and the Schemes floated are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, and also reviews the activities carried out by the AMC.



1 Sh.Sanjeev Ghai Chairman

2 Sh. K. K. Taneja Independent Trustee (ceased to be the Trustee w.e.f 15th June,2016)

3 Sh. J.M.Singh Independent Trustee

4 Sh. H.K. Parikh Independent Trustee

5 Sh. A.K Deb Independent Trustee

6 Sh. B.S.Shekhawat Independent Trustee (appointed as Trustee w.e.f 28th June,2016 & ceased as trustee w.e.f 29th June,2017)

D. THE ASSET MANAGEMENT COMPANY

IIFCL Asset Management Company Limited (IAMCL) is a public limited company incorporated under Companies Act, 1956 on 28th March, 2012.It is a 100% subsidiary of India Infrastructure Finance Corporation Limited (IIFCL).

IAMCL has been appointed to act as an Asset Management Company (AMC) of the IIFCL Mutual Fund (IDF) by the Trustee vide Investment Management Agreement (IMA) dated 17th August 2012.The Mutual Fund was registered with SEBI on 24th January,2013.

The composition of Board of Directors comprises of:


1. Sh. S.B. Nayar Chairman & Director th (ceased as Chairman & Director w.e.f 11 June,2017)

2. Sh. Sanjeev Kaushik Chairman & Additional Directorth (appointed as Chairman & Director w.e.f 29 June, 2017)

3. Dr. E.S. Rao Director & CEO

4. Sh. Deepak Kumar Chatterjee Director

5. Sh. M N Sarma Independent D irector st (Ceased as Director w.e.f 21 June,2017)

6. Dr. Pawan Singh Independent Director

7. Sh. Sudhir Arya I ndependent Director (appointed as Independent th Director w.e.f. 30 June, 2016


4

The Board of Trustees of IIFCL Mutual Fund (IDF) comprises of:

Particulars 2016-17 (Reviewed) 2015-16 (Audited)

2014-15 (Audited)

Net Worth 7,424 7,264 6,796

Total Income 3,902 4,659 4,061

Profit After Tax 68 468 753

( in Crore )`

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3. INVESTMENT OBJECTIVES OF THE SCHEME

IIFCL Mutual Fund Infrastructure Debt Fund Series-I & Series - II

The investment objective of the Scheme is to generate appreciation in capital/wealth by investing in various permissible instruments/ securities belonging to the infrastructure sector.

There is no assurance or guarantee that the objective of the Scheme will be realized.

4. SIGNIFICANT ACCOUNTING POLICIES

The Significant Accounting Policies form part of the notes to the Accounts annexed to the Balance Sheet of the scheme. The Accounting policies are in accordance with the Securities and Exchange Board of India (Mutual Funds), Regulations, 1996.

5. UNCLAIMED DIVIDEND AND REDEMPTIONS

The Fund runs only one scheme - IIFCL Mutual Fund Infrastructure Debt Fund Series I during the financial year 2016-17. The scheme is 10 years close ended Infrastructure Debt Fund which was closed on 6th February, 2014 and is offering only Growth Option.

6. LIABILITY AND RESPONSIBILITY OF TRUSTEE

The main responsibility of the Trustee is to safeguard the interest of the unit holders and inter- alia ensure that IIFCL Asset Management Co. Limited (IAMCL) function in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and the provisions of the trust deed, Statement of Additional Information and Scheme Information Document of the respective schemes.

From the information provided to the Trustee and the review that Trustee has done, the Trustee believes that IAMCL has operated in the interest of the unit holders.

7. STATUTORY INFORMATION

a) IIFCL is not responsible or liable for any loss resulting from the operation of the Schemes of the Fund

beyond their initial contribution (to the extent contributed) of ` 0.1 Lakh for setting up the Fund, and such other accretions / additions to the same.

b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

c) Full Annual Report shall be disclosed on the website (www.iifclmf.com) and shall be available for inspection at the Head Office of the Mutual Fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund /AMC at a price.

ACKNOWLEDGEMENT

The Trustees thanks Government of India, SEBI, AMFI , BSE , Depositories, Custodian ,investors/unit holders ,key partners ,service providers ,IIFCL Asset Management Company Limited and its employees for their commitment and look forward for their continued support.

For and on behalf of the Board of Trustees of IIFCL Mutual Fund (IDF)

Sanjeev GhaiChairman

Place: New DelhithDate : 29 June, 2017


6

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3. INVESTMENT OBJECTIVES OF THE SCHEME

IIFCL Mutual Fund Infrastructure Debt Fund Series-I & Series - II

The investment objective of the Scheme is to generate appreciation in capital/wealth by investing in various permissible instruments/ securities belonging to the infrastructure sector.

There is no assurance or guarantee that the objective of the Scheme will be realized.

4. SIGNIFICANT ACCOUNTING POLICIES

The Significant Accounting Policies form part of the notes to the Accounts annexed to the Balance Sheet of the scheme. The Accounting policies are in accordance with the Securities and Exchange Board of India (Mutual Funds), Regulations, 1996.

5. UNCLAIMED DIVIDEND AND REDEMPTIONS

The Fund runs only one scheme - IIFCL Mutual Fund Infrastructure Debt Fund Series I during the financial year 2016-17. The scheme is 10 years close ended Infrastructure Debt Fund which was closed on 6th February, 2014 and is offering only Growth Option.

6. LIABILITY AND RESPONSIBILITY OF TRUSTEE

The main responsibility of the Trustee is to safeguard the interest of the unit holders and inter- alia ensure that IIFCL Asset Management Co. Limited (IAMCL) function in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and the provisions of the trust deed, Statement of Additional Information and Scheme Information Document of the respective schemes.

From the information provided to the Trustee and the review that Trustee has done, the Trustee believes that IAMCL has operated in the interest of the unit holders.

7. STATUTORY INFORMATION

a) IIFCL is not responsible or liable for any loss resulting from the operation of the Schemes of the Fund

beyond their initial contribution (to the extent contributed) of ` 0.1 Lakh for setting up the Fund, and such other accretions / additions to the same.

b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

c) Full Annual Report shall be disclosed on the website (www.iifclmf.com) and shall be available for inspection at the Head Office of the Mutual Fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund /AMC at a price.

ACKNOWLEDGEMENT

The Trustees thanks Government of India, SEBI, AMFI , BSE , Depositories, Custodian ,investors/unit holders ,key partners ,service providers ,IIFCL Asset Management Company Limited and its employees for their commitment and look forward for their continued support.

For and on behalf of the Board of Trustees of IIFCL Mutual Fund (IDF)

Sanjeev GhaiChairman

Place: New DelhithDate : 29 June, 2017


6

Opinion

6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2017;

(b) in the case of the Revenue Account, of the net surplus 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.

Report on Other Legal and Regulatory Requirements

7. As required by section 55(4) of the Regulations, we report that:

(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; and

(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme.

9. In our opinion, the methods used to value non-traded securities as at March 31, 2017, as determined by IIFCL Asset Management Company Limited under procedures approved by the Trustee of IIFCL Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities nd Exchange Board of India, are fair and reasonable.


Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of IIFCL Mutual Fund (IDF) - Infrastructure Debt Fund Scheme

Report on the Financial Statements

1. We have audited the accompanying financial statements of IIFCL Mutual Fund - Infrastructure Debt Fund Series - I (the "Scheme"), which comprise the Balance Sheet as at March 31, 2017, and the related Revenue Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Trustee's and Management's Responsibility for the Financial Statements

2. The Trustee of IIFCL Mutual Fund and the Management of IIFCL Asset Management Company Limited (the "Management") are 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 the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the "Regulations"). This responsibility includes the design, implementation and maintenance of internal control 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the financial statements 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 the entity's internal control. Our procedures included confirmation of securities owned and unit capital balances as at March 31, 2017 by correspondence with the custodian/others and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


8

For Price Waterhouse Chartered Accountants LLPFirm Registration No: 012754N/N500016Chartered Accountants

Sharad AgarwalPartnerMembership No. :118522

Place : MumbaiDate : June 29, 2017

Sd/-

Opinion

6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2017;

(b) in the case of the Revenue Account, of the net surplus 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.

Report on Other Legal and Regulatory Requirements

7. As required by section 55(4) of the Regulations, we report that:

(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; and

(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme.

9. In our opinion, the methods used to value non-traded securities as at March 31, 2017, as determined by IIFCL Asset Management Company Limited under procedures approved by the Trustee of IIFCL Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities nd Exchange Board of India, are fair and reasonable.


Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of IIFCL Mutual Fund (IDF) - Infrastructure Debt Fund Scheme

Report on the Financial Statements

1. We have audited the accompanying financial statements of IIFCL Mutual Fund - Infrastructure Debt Fund Series - I (the "Scheme"), which comprise the Balance Sheet as at March 31, 2017, and the related Revenue Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Trustee's and Management's Responsibility for the Financial Statements

2. The Trustee of IIFCL Mutual Fund and the Management of IIFCL Asset Management Company Limited (the "Management") are 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 the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the "Regulations"). This responsibility includes the design, implementation and maintenance of internal control 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the financial statements 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 the entity's internal control. Our procedures included confirmation of securities owned and unit capital balances as at March 31, 2017 by correspondence with the custodian/others and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


8




Sd/-



BALANCE SHEET AS AT MARCH 31, 2017


10


For and on behalf ofBoard of Trustees of IIFCL Mutual Fund (IDF)

For and on behalf ofIIFCL Asset Management Company Limited


ScheduleYear ended 31.03.2017

in `Year ended 31.03.2016

in `

INCOME & GAINS

Interest on Bonds & Debentures 383,752,080 349,279,466

Interest on Fixed deposit 31,646,985 19,054,069

Discount on Treasury Bills 20,256,130 30,396,872

Miscellaneous Income 3,750,000 -

439,405,195 398,730,407

EXPENSES & LOSSES

Loss on sale/redemption of investments (net) 54,880 -

Management fees 44,198,007 40,277,566

Service tax on management fees 6,595,030 5,605,804

Transfer agents fees and expenses 114,912 113,726

Custodian fees and Transaction charges 44,909 39,383

Trusteeship fees 84,287 -

Statutory Audit Fees (Including Service Tax) 230,000 169,460

Internal Audit Fees 172,500 171,750

Other operating expenses 175,635 54,060

Insurance Expenses 554,682 592,899

Investor Education Expenses 790,141 695,382

TOTAL 53,014,983 47,720,030

Less: Expenses to be Reimbursed by Investment Manager (209,267) -

Net Realised Gains for the Year 386,599,479 351,010,377

Net Change in Unrealised Depreciation in Value of Investments - -

Net Gains for the Year 386,599,479 351,010,377

Net Change in Unrealised Appreciation in Value of Investments 26,522,911 54,959,269

Net Surplus including Net Change in Unrealised Appreciation in Value of Investments

413,122,390 405,969,646

Net Change in Unrealised Appreciation in Value of Investments transferred to Unrealised Appreciation Reserve

(26,522,911) (54,959,269)

Net Surplus for the Year 386,599,479 351,010,377

Retained surplus brought forward 659,640,783 308,630,406

Retained Surplus carried forward to Balance sheet 1,046,240,262 659,640,783

Notes to Accounts 7

The schedules referred to the above and the notes to accounts form an integral part of the accounts.

As per our attached report of even date


REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017

IIFCL MUTUAL FUND INFRASTRUCTURE DEBT FUND SERIES I


Sd/-Sd/-(Sanjeev Ghai)Chairman & Trustee��

Sd/-(Dr. Pawan Singh)Director

Sd/-(H.K. Parikh)Trustee

Sd/-(Dr. E.S. Rao)Director & CEO


Place : DelhiDate : June 29, 2017


Schedule As at 31.03.2017in `

As at 31.03.2016 in `

LIABILITIES

Unit Capital 1 3,000,000,000 3,000,000,000

Reserves & Surplus 2 1,157,157,965 744,035,575

Current Liabilities and Provisions 3 2,762,374 6,250,814

4,159,920,339 3,750,286,389

ASSETS

Investments 4 3,639,673,900 3,200,366,340

Deposits 5 458,561,665 522,792,666

Other Current Assets 6 61,684,774 27,127,383

4,159,920,339 3,750,286,389

Notes to Accounts 7



Sd/-(Prasanna P. Panda)Chief Investment Officer















BALANCE SHEET AS AT MARCH 31, 2017


10





ScheduleYear ended 31.03.2017

in `Year ended 31.03.2016

in `

INCOME & GAINS

Interest on Bonds & Debentures 383,752,080 349,279,466

Interest on Fixed deposit 31,646,985 19,054,069

Discount on Treasury Bills 20,256,130 30,396,872

Miscellaneous Income 3,750,000 -

439,405,195 398,730,407

EXPENSES & LOSSES

Loss on sale/redemption of investments (net) 54,880 -

Management fees 44,198,007 40,277,566

Service tax on management fees 6,595,030 5,605,804

Transfer agents fees and expenses 114,912 113,726

Custodian fees and Transaction charges 44,909 39,383

Trusteeship fees 84,287 -

Statutory Audit Fees (Including Service Tax) 230,000 169,460

Internal Audit Fees 172,500 171,750

Other operating expenses 175,635 54,060

Insurance Expenses 554,682 592,899

Investor Education Expenses 790,141 695,382

TOTAL 53,014,983 47,720,030

Less: Expenses to be Reimbursed by Investment Manager (209,267) -

Net Realised Gains for the Year 386,599,479 351,010,377

Net Change in Unrealised Depreciation in Value of Investments - -

Net Gains for the Year 386,599,479 351,010,377

Net Change in Unrealised Appreciation in Value of Investments 26,522,911 54,959,269

Net Surplus including Net Change in Unrealised Appreciation in Value of Investments

413,122,390 405,969,646

Net Change in Unrealised Appreciation in Value of Investments transferred to Unrealised Appreciation Reserve

(26,522,911) (54,959,269)


Retained surplus brought forward 659,640,783 308,630,406

Retained Surplus carried forward to Balance sheet 1,046,240,262 659,640,783

Notes to Accounts 7




REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017










Schedule As at 31.03.2017in `

As at 31.03.2016 in `

LIABILITIES

Unit Capital 1 3,000,000,000 3,000,000,000

Reserves & Surplus 2 1,157,157,965 744,035,575

Current Liabilities and Provisions 3 2,762,374 6,250,814

4,159,920,339 3,750,286,389

ASSETS

Investments 4 3,639,673,900 3,200,366,340

Deposits 5 458,561,665 522,792,666

Other Current Assets 6 61,684,774 27,127,383

4,159,920,339 3,750,286,389

Notes to Accounts 7
















PERSPECTIVE HISTORICAL PER UNIT STATISTICS




CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017


12

IIFCL MUTUAL FUND (INFRASTRUCTURE DEBT FUND) SERIES I

As at 31.03.17

As at 31.03.16

As at 31.03.15

a. Net assets value, at the end of the periodGrowth Option

1,385,719.3218 1,248,010.2490 1,112,687.4953

b. Gross Income

(i) Income other than profit on sale of investments 145218.3983 126558.7792 106522.4581

(ii) Income from profit / (loss) on inter scheme sales/transfer of investment

- - -

(iii) Income from profit / (loss) on sale of investment to third party (18.2933) 0.0000 (46.5155)

(iv) Transfer to revenue account from past years’ reserve - - -

c. Aggregate of expenses, writeoff, amortisation and charges (excluding change in unrealised depreciation in investments)

17653.3677 15906.6765 14059.6866

d. Net Income (excluding change in unrealised depreciation in investments)

127546.7373 110709.3527 92466.8180

e. Unrealised appreciation / (depreciation) in value of investments

8840.9703 0.0000 9811.8408

f. Redemption Price:

Highest Price

Growth Option 1,385,719.3218 1,179,248.5192 1,112,687.4953

Lowest Price

Growth Option 1,274,613.2782 1,112,687.4953 1,016,770.4545

Purchase Price (no purchase of units was made during the year or in the preceeding year)

Highest Price

Growth Option 1,385,719.3218 1,179,248.5192 1,112,687.4953

Lowest Price

Growth Option 1,274,613.2782 1,112,687.4953 1,016,770.4545

g. Price Earning Ratio @ NA NA NA

h. Ratio of expenses to average daily net assets by percentage

1.34% 1.37% 1.33%

i. Ratio of gross income to average daily net assets by percentage (excluding transfer to revenue account from past years’ reserve but including unrealised appreciation / depreciation on investments).

11.81% 13.06% 10.98%

The per unit calculations are based on the number of units outstanding at the end of the financial year/period.

@ Price Earning Ratio is not applicable since the units of the scheme being closed are not traded.

( In )`

Year ended 31.03.2017

in `


in `

A. Cashow from Operating Activity


Add / (Less): Net change in unrealised depreciation in the value of investments

- -

Operating Prot Before Working Capital Changes 386,599,479 351,010,377

Adjustments for:-

Increase in Other Current Assets (24,557,908) (647,889)

Increase in Investments (412,784,650) (269,741,621)

Increase in Deposits 244,552 (1,302,117)

(Decrease)/Increase in Current Liabilities and Provisions (3,488,440) (5,117,136)

Net Cash Generated From / (used in) Operating Activities ( A ) (53,986,967) 74,201,614

B. Cashow from Financing Activities

Increase/(Decrease) in Unit Capital - -

Net Cash Used in Financing Activities ( B ) - -

Net Increase/(Decrease) in Cash & Cash Equivalents (A+B) (53,986,967) 74,201,614

Cash and Cash Equivalents as at the beginning of the year 521,518,242 447,316,628

Cash and Cash Equivalents as at the close of the year 467,531,275 521,518,242

Net Increase/(Decrease) in Cash & Cash Equivalents (53,986,967) 74,201,614

Components of cash and cash equivalents

With Banks - in Current account 10,027,175 27,693

Fixed Deposits with Scheduled Banks

- Fixed Deposits 457,504,100 521,490,549

467,531,275 521,518,242

Note: The above cashflow statement has been prepared under the indirect method set out in Accounting Standard 3 - Cash Flow Statement, issued by the Institute of Chartered Accountants of India.














PERSPECTIVE HISTORICAL PER UNIT STATISTICS




CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017


12

IIFCL MUTUAL FUND (INFRASTRUCTURE DEBT FUND) SERIES I

As at 31.03.17

As at 31.03.16

As at 31.03.15

a. Net assets value, at the end of the periodGrowth Option

1,385,719.3218 1,248,010.2490 1,112,687.4953

b. Gross Income

(i) Income other than profit on sale of investments 145218.3983 126558.7792 106522.4581

(ii) Income from profit / (loss) on inter scheme sales/transfer of investment

- - -

(iii) Income from profit / (loss) on sale of investment to third party (18.2933) 0.0000 (46.5155)

(iv) Transfer to revenue account from past years’ reserve - - -

c. Aggregate of expenses, writeoff, amortisation and charges (excluding change in unrealised depreciation in investments)

17653.3677 15906.6765 14059.6866

d. Net Income (excluding change in unrealised depreciation in investments)

127546.7373 110709.3527 92466.8180

e. Unrealised appreciation / (depreciation) in value of investments

8840.9703 0.0000 9811.8408

f. Redemption Price:

Highest Price

Growth Option 1,385,719.3218 1,179,248.5192 1,112,687.4953

Lowest Price

Growth Option 1,274,613.2782 1,112,687.4953 1,016,770.4545

Purchase Price (no purchase of units was made during the year or in the preceeding year)

Highest Price

Growth Option 1,385,719.3218 1,179,248.5192 1,112,687.4953

Lowest Price

Growth Option 1,274,613.2782 1,112,687.4953 1,016,770.4545

g. Price Earning Ratio @ NA NA NA

h. Ratio of expenses to average daily net assets by percentage

1.34% 1.37% 1.33%

i. Ratio of gross income to average daily net assets by percentage (excluding transfer to revenue account from past years’ reserve but including unrealised appreciation / depreciation on investments).

11.81% 13.06% 10.98%

The per unit calculations are based on the number of units outstanding at the end of the financial year/period.

@ Price Earning Ratio is not applicable since the units of the scheme being closed are not traded.

( In )`


in `


in `

A. Cashow from Operating Activity


Add / (Less): Net change in unrealised depreciation in the value of investments

- -

Operating Prot Before Working Capital Changes 386,599,479 351,010,377

Adjustments for:-

Increase in Other Current Assets (24,557,908) (647,889)

Increase in Investments (412,784,650) (269,741,621)

Increase in Deposits 244,552 (1,302,117)

(Decrease)/Increase in Current Liabilities and Provisions (3,488,440) (5,117,136)

Net Cash Generated From / (used in) Operating Activities ( A ) (53,986,967) 74,201,614

B. Cashow from Financing Activities

Increase/(Decrease) in Unit Capital - -

Net Cash Used in Financing Activities ( B ) - -

Net Increase/(Decrease) in Cash & Cash Equivalents (A+B) (53,986,967) 74,201,614

Cash and Cash Equivalents as at the beginning of the year 521,518,242 447,316,628

Cash and Cash Equivalents as at the close of the year 467,531,275 521,518,242

Net Increase/(Decrease) in Cash & Cash Equivalents (53,986,967) 74,201,614

Components of cash and cash equivalents

With Banks - in Current account 10,027,175 27,693

Fixed Deposits with Scheduled Banks

- Fixed Deposits 457,504,100 521,490,549

467,531,275 521,518,242

Note: The above cashflow statement has been prepared under the indirect method set out in Accounting Standard 3 - Cash Flow Statement, issued by the Institute of Chartered Accountants of India.
















SCHEDULES FORMING PART OF BALANCE SHEET AS AT MARCH 31, 2017


14

Schedules

1 UNIT CAPITAL As at 31.03.2017 As at 31.03.2016

Units in ` Units in `

Initial capital issued and subscribed:

Units of Rs.10 lakh each fully paid up 3,000 3,000,000,000 3,000,000 3,000,000,000

Outstanding:

Opening Balance 3,000 3,000,000,000 3,000 3,000,000,000

Unit Capital at the end of the year 3,000 3,000,000,000 3,000 3,000,000,000

Growth Option 3,000 3,000,000,000 3,000 3,000,000,000


2 RESERVES AND SURPLUS As at 31.03.2017 As at 31.03.2016

in ` in `

Retained Surplus

Brought forward fom revenue account 1,046,240,262 659,640,783

Closing balance 1,046,240,262 659,640,783

Unrealised Appreciation Reserve on Investments

Opening balance 84,394,792 29,435,523

Less: Reversed during the year - -

Add: Net change in Unrealised appreciation as at year end

26,522,911 54,959,269

Closing balance 110,917,703 84,394,792

1,157,157,965 744,035,575

3 CURRENT LIABILITIES & PROVISIONS As at 31.03.2017 As at 31.03.2016

in ` in `

Sundry creditors

Management Fees Payable 1,046,226 2,340,867

Statutory Audit Fees Payable 230,000 169,460

Internal Audit Fees Payable 58,750 63,575

Service Tax payable on Management fees 156,933 144,746

Statutory Dues Payable(TDS Payable) - 121,804

Payable to AMC - 2,005,326

Other Payable 93,830 -

Current Liabilities Sub Total (A) 1,585,739 4,845,778

Provisions

Provision for Investor Education and Awarness Initiatives (Note 19)

1,176,635 1,405,036

Provisions Sub Total (B) 1,176,635 1,405,036

2,762,374 6,250,814

4 INVESTMENTS As at 31.03.2017 As at 31.03.2016

(Refer Note 4 to Notes to Accounts) in ` in `

(Refer to the attached Statement of Portfolio Holding as at March 31, 2017)

Cost Market/Fair value Cost Market/Fair value

Bonds & Debentures

Listed or awaiting listing 2,890,000,000 2,981,429,020 2,250,000,000 2,311,807,990

Private placement / unlisted 540,000,000 559,466,380 570,000,000 592,398,950

Treasury Bills (T bills) 98,756,199 98,778,500 295,971,549 296,159,400

3,528,756,199 3,639,673,900 3,115,971,549 3,200,366,340

5 DEPOSITS As at 31.03.2017 As at 31.03.2016

in ` in `

Fixed Deposits with Scheduled Banks 457,504,100 521,490,549

Fixed Deposits with Scheduled Banks towards Investor Education Fund (Note 19)

1,057,565 1,302,117

458,561,665 522,792,666

6 OTHER CURRENT ASSETS As at 31.03.2017 As at 31.03.2016

in ` in `

Balances with Scheduled Banks

- In Current Account 10,010,235 15,616

- Towards Investor Education Fund (Note 19) 16,940 12,077

AMC Receivable 68,056 -

Interest Receivable on :

- Bonds & Debentures 48,632,544 22,864,347

- Fixed Deposits 2,857,203 3,644,529

- Investor Education Fund (Note 19) 31,426 27,310

Advance, Deposits, etc. (TDS receivable) 68,370 563,504

61,684,774 27,127,383




SCHEDULES FORMING PART OF BALANCE SHEET AS AT MARCH 31, 2017


14

Schedules

1 UNIT CAPITAL As at 31.03.2017 As at 31.03.2016

Units in ` Units in `

Initial capital issued and subscribed:

Units of Rs.10 lakh each fully paid up 3,000 3,000,000,000 3,000,000 3,000,000,000

Outstanding:

Opening Balance 3,000 3,000,000,000 3,000 3,000,000,000


Growth Option 3,000 3,000,000,000 3,000 3,000,000,000


2 RESERVES AND SURPLUS As at 31.03.2017 As at 31.03.2016

in ` in `

Retained Surplus

Brought forward fom revenue account 1,046,240,262 659,640,783

Closing balance 1,046,240,262 659,640,783

Unrealised Appreciation Reserve on Investments

Opening balance 84,394,792 29,435,523

Less: Reversed during the year - -

Add: Net change in Unrealised appreciation as at year end

26,522,911 54,959,269

Closing balance 110,917,703 84,394,792

1,157,157,965 744,035,575

3 CURRENT LIABILITIES & PROVISIONS As at 31.03.2017 As at 31.03.2016

in ` in `

Sundry creditors

Management Fees Payable 1,046,226 2,340,867

Statutory Audit Fees Payable 230,000 169,460

Internal Audit Fees Payable 58,750 63,575

Service Tax payable on Management fees 156,933 144,746

Statutory Dues Payable(TDS Payable) - 121,804

Payable to AMC - 2,005,326

Other Payable 93,830 -

Current Liabilities Sub Total (A) 1,585,739 4,845,778

Provisions

Provision for Investor Education and Awarness Initiatives (Note 19)

1,176,635 1,405,036

Provisions Sub Total (B) 1,176,635 1,405,036

2,762,374 6,250,814

4 INVESTMENTS As at 31.03.2017 As at 31.03.2016

(Refer Note 4 to Notes to Accounts) in ` in `

(Refer to the attached Statement of Portfolio Holding as at March 31, 2017)

Cost Market/Fair value Cost Market/Fair value

Bonds & Debentures

Listed or awaiting listing 2,890,000,000 2,981,429,020 2,250,000,000 2,311,807,990

Private placement / unlisted 540,000,000 559,466,380 570,000,000 592,398,950

Treasury Bills (T bills) 98,756,199 98,778,500 295,971,549 296,159,400

3,528,756,199 3,639,673,900 3,115,971,549 3,200,366,340

5 DEPOSITS As at 31.03.2017 As at 31.03.2016

in ` in `

Fixed Deposits with Scheduled Banks 457,504,100 521,490,549

Fixed Deposits with Scheduled Banks towards Investor Education Fund (Note 19)

1,057,565 1,302,117

458,561,665 522,792,666

6 OTHER CURRENT ASSETS As at 31.03.2017 As at 31.03.2016

in ` in `

Balances with Scheduled Banks

- In Current Account 10,010,235 15,616

- Towards Investor Education Fund (Note 19) 16,940 12,077

AMC Receivable 68,056 -

Interest Receivable on :

- Bonds & Debentures 48,632,544 22,864,347

- Fixed Deposits 2,857,203 3,644,529

- Investor Education Fund (Note 19) 31,426 27,310

Advance, Deposits, etc. (TDS receivable) 68,370 563,504

61,684,774 27,127,383



16

6.50% BANK OF INDIA 16MAY17 FD 92 9,999,000

6.50% BANK OF BARODA 16MAY17 FD 92 9,999,000

6.50% IDBI BANK 17MAY17 FD 92 9,999,000



6.50% BANK OF INDIA 21MAY17 FD 91 203,500



6.50% IDBI BANK 22MAY17 FD 92 9,999,000

6.50% BANK OF BARODA 23MAY17 FD 92 704,000


6.50% IDBI BANK 23MAY17 FD 92 9,999,000

6.50% IDBI BANK 31MAY17 FD 92 5,178,000

6.50% BANK OF INDIA 02JUN17 FD 92 1,120,000

6.50% IDBI BANK 02JUN17 FD 92 9,000,000

6.50% CENTRAL BANK 08JUN17 FD 92 3,900,000

6.50% IDBI BANK 08JUN17 FD 92 9,999,000



6.50% BANK OF BARODA 08JUN17 FD 92 9,999,000

6.50% IDBI BANK 09JUN17 FD 92 9,420,700

6.50% IDBI BANK 13JUN17 FD 92 4,413,000

6.50% IDBI BANK 15JUN17 FD 92 9,999,000



6.50% IDBI BANK 21JUN17 FD 92 9,999,000


6.50% UCO BANK 22JUN17 FD 92 4,992,000



6.50% IDBI BANK 22JUN17 FD 92 9,999,000


6.50% IDBI BANK 23JUN17 FD 92 5,126,800





6.50% IDBI BANK 26JUN17 FD 92 9,999,000

6.50% IDBI BANK 27JUN17 FD 92 5,863,000

6.50% IDBI BANK 30JUN17 FD 92 5,733,000

Total (Cost Rs.457,504,100) 457,504,100

Confirmation has been received from CITI Bank NA, Mumbai Branch at the end of the financial year for the investments held by them.

($) Fair value of non traded securities as determined in accordance with the guidelines for valuation of securities of Mutual Funds and amendments thereto as applicable by IIFCL Asset Management Company Limited under procedures approved by the Trustee of IIFCL Mutual Fund.

(@) ( # ) Denotes Percentage to Net Asset Value.


IIFCL MUTUAL FUND INFRASTRUCTURE DEBT FUND SERIES IStatement of Portfolio Holding as at March 31, 2017(Referred to in Schedule 4 to the Balance Sheet as at March 31, 2017 and the

Revenue Account for the year ended March 31, 2017)

Description Quantity Market Value/ Fair Value

in `

Fixed rates bonds - Corporate (97.29%)

GVRIPL 13.25% 13AUG22 NCD $ 600 631,505,400

DPJIPL 13.25% 12AUG22 NCD $ 400 416,812,400

DPJ DRA TWS PVT LTD 12.75% 06SEP20 NCD $ 140 142,653,980

14.40% GMR WARORA NCD 25SEP2022 SRS I $ 250 250,000,000

14.40% GMR WARORA NCD 25SEP2023 SRS II $ 250 250,000,000

14.40% GMR WARORA NCD 25NOV2023 SRS III $ 250 250,000,000

GIWFAL 12.00% 30DEC23 NCD $ 500 526,035,000

11.00% VISL 31 MAY 2023 SERIES A $ 250 259,355,250

11.00% VISL 31 MAY 2023 SERIES C $ 80 82,993,680

VELANKANI INFO SYS LTD 11.00% 31MAY23 NC $ 70 72,991,940

ENICL SR-11 8.85% 30SEP19 NCD $ 100 101,484,900

VELANKANI INFO SYSTEM LTD 14% 31MAY20 $ 40 40,967,350

FEEDBACK ENERGY DIST CO.LTD13.5% 20JAN23 $ 500 516,095,500

Total (Cost Rs. 3,430,000,000) 3,430 3,540,895,400

Treasury Bills (2.71%)

91 DAY T-BILL 22JUN17 500,000 49,362,350

91 DAY TBILL 15JUN17 500,000 49,416,150

Total (Cost Rs. 98,756,199) 1,000,000 98,778,500

TOTAL INVESTMENTS (Cost Rs. 3,528,756,199) 1,003,430 3,639,673,900

Term Deposits (11.01%) @ Tenure Face Value

6.50% BANK OF INDIA 07APR17 FD 92 9,999,500

6.50% BANK OF BARODA 07APR17 FD 92 9,999,000



6.50% IDBI BANK 21APR17 FD 92 9,999,000


6.50% IDBI BANK 01MAY17 FD 92 900,000

6.50% IDBI BANK 02MAY17 FD 92 900,000

6.50% IDBI BANK 08MAY17 FD 92 9,999,000




6.50% IDBI BANK 09MAY17 FD 92 9,999,000



6.50% IDBI BANK 11MAY17 FD 92 9,999,000

6.50% IDBI BANK 12MAY17 FD 92 4,331,600


6.50% IDBI BANK 16MAY17 FD 92 9,999,000


16



6.50% IDBI BANK 17MAY17 FD 92 9,999,000



6.50% BANK OF INDIA 21MAY17 FD 91 203,500



6.50% IDBI BANK 22MAY17 FD 92 9,999,000

6.50% BANK OF BARODA 23MAY17 FD 92 704,000


6.50% IDBI BANK 23MAY17 FD 92 9,999,000

6.50% IDBI BANK 31MAY17 FD 92 5,178,000


6.50% IDBI BANK 02JUN17 FD 92 9,000,000


6.50% IDBI BANK 08JUN17 FD 92 9,999,000




6.50% IDBI BANK 09JUN17 FD 92 9,420,700

6.50% IDBI BANK 13JUN17 FD 92 4,413,000

6.50% IDBI BANK 15JUN17 FD 92 9,999,000



6.50% IDBI BANK 21JUN17 FD 92 9,999,000


6.50% UCO BANK 22JUN17 FD 92 4,992,000



6.50% IDBI BANK 22JUN17 FD 92 9,999,000


6.50% IDBI BANK 23JUN17 FD 92 5,126,800





6.50% IDBI BANK 26JUN17 FD 92 9,999,000

6.50% IDBI BANK 27JUN17 FD 92 5,863,000

6.50% IDBI BANK 30JUN17 FD 92 5,733,000

Total (Cost Rs.457,504,100) 457,504,100

Confirmation has been received from CITI Bank NA, Mumbai Branch at the end of the financial year for the investments held by them.

($) Fair value of non traded securities as determined in accordance with the guidelines for valuation of securities of Mutual Funds and amendments thereto as applicable by IIFCL Asset Management Company Limited under procedures approved by the Trustee of IIFCL Mutual Fund.

(@) ( # ) Denotes Percentage to Net Asset Value.


IIFCL MUTUAL FUND INFRASTRUCTURE DEBT FUND SERIES IStatement of Portfolio Holding as at March 31, 2017(Referred to in Schedule 4 to the Balance Sheet as at March 31, 2017 and the

Revenue Account for the year ended March 31, 2017)

Description Quantity Market Value/ Fair Value

in `

Fixed rates bonds - Corporate (97.29%)

GVRIPL 13.25% 13AUG22 NCD $ 600 631,505,400

DPJIPL 13.25% 12AUG22 NCD $ 400 416,812,400

DPJ DRA TWS PVT LTD 12.75% 06SEP20 NCD $ 140 142,653,980

14.40% GMR WARORA NCD 25SEP2022 SRS I $ 250 250,000,000

14.40% GMR WARORA NCD 25SEP2023 SRS II $ 250 250,000,000

14.40% GMR WARORA NCD 25NOV2023 SRS III $ 250 250,000,000

GIWFAL 12.00% 30DEC23 NCD $ 500 526,035,000

11.00% VISL 31 MAY 2023 SERIES A $ 250 259,355,250

11.00% VISL 31 MAY 2023 SERIES C $ 80 82,993,680

VELANKANI INFO SYS LTD 11.00% 31MAY23 NC $ 70 72,991,940

ENICL SR-11 8.85% 30SEP19 NCD $ 100 101,484,900

VELANKANI INFO SYSTEM LTD 14% 31MAY20 $ 40 40,967,350

FEEDBACK ENERGY DIST CO.LTD13.5% 20JAN23 $ 500 516,095,500

Total (Cost Rs. 3,430,000,000) 3,430 3,540,895,400

Treasury Bills (2.71%)

91 DAY T-BILL 22JUN17 500,000 49,362,350

91 DAY TBILL 15JUN17 500,000 49,416,150

Total (Cost Rs. 98,756,199) 1,000,000 98,778,500

TOTAL INVESTMENTS (Cost Rs. 3,528,756,199) 1,003,430 3,639,673,900

Term Deposits (11.01%) @ Tenure Face Value





6.50% IDBI BANK 21APR17 FD 92 9,999,000


6.50% IDBI BANK 01MAY17 FD 92 900,000

6.50% IDBI BANK 02MAY17 FD 92 900,000

6.50% IDBI BANK 08MAY17 FD 92 9,999,000




6.50% IDBI BANK 09MAY17 FD 92 9,999,000



6.50% IDBI BANK 11MAY17 FD 92 9,999,000

6.50% IDBI BANK 12MAY17 FD 92 4,331,600


6.50% IDBI BANK 16MAY17 FD 92 9,999,000



18

Fixed Income and related securities

Category Policy

Traded Assets other than Government Securities and Treasury Bills

For securities with residual maturity >60 days: · At valuation prices provided by CRISIL or any other agency for individual securities (without any

discretionary spread)· In case prices not available as mentioned above: At weighted average Yield To Maturity

For securities with residual maturity <= 60 days:· At weighted average YTM

A security will qualify as traded security if:· For securities with residual maturity >1 Year: At least two trades and aggregate volume of INR 25

crores face value or more on a public platform · For securities with residual maturity<= 1 Year : At least five trades and aggregate volume of INR 250

crores face value or more on a public platform

Note: · Outlier trades, if any, will be ignored after suitable justification by Fund Managers.

Non-traded Assets

For securities with residual maturity <= 60 days:· Assets to be amortized on straight line amortization as long as their valuation remains within

±0.10% band of the price derived from the reference rate for each bucket (reference rate for every 15-day bucket will be provided by CRISIL or other agencies)

· In case of amortised value falling outside the above band, the YTM of the asset will have to be adjusted in order to bring the price within the ±0.10% band with suitable justification

For securities with residual maturity >60 days: · Valuation prices provided by CRISIL or any other agency for individual securities (without any

discretionary spread)· In case prices not available as mentioned above:

· CRISIL Bond Valuer. No cap on illiquidity premium / discounts. · Illiquidity changes:

o Fund Manager will freeze the credit spread of each security at the time of purchase. This credit spread can be changed based on primary market supply, significant trading activity in the secondary market in same or similar assets, prospects of a credit event, etc.

o Any security specific change in credit spread (>20 bp) will be documented with suitable justification

Any portfolio vide change to credit spreads having regard to prevalent matrix yields will also be documented.

For Government Securities and Treasury Bills

Discounting on the basis of yield to maturity (YTM) at the time of purchase

Inter-scheme Transfers

Inter-Schemes transfers would not be done

Self-Trades A self-traded security having a single trade with face value of at least INR 5 crore, will be recognized at weighted average YTM for valuation across all schemes.

B Signicant Accounting Policies

1.1 Preparation of Financial Statements of the Scheme

The scheme maintains the books of accounts on accrual basis. The financial statements of the Scheme have been prepared in accordance with the requirements of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the “SEBI Regulations”), the Ninth Schedule which lay down the accounting policies and standards to be adopted and the disclosures to be made.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It also requires the Board of Directors of the Investment Manager to exercise its judgment in the process of applying the Fund's accounting policies.

1.2 Unit Capital

Unit Capital represents the net outstanding units as at the Balance Sheet date.

Upon issue and redemption of units, the net premium or discount to the face value of units is credited or debited respectively to the Unit Premium Reserve account.

1.3 Investments

a) Accounting for investment transactions

Transactions for purchase of investment are accounted on the date of the transaction at cost including transaction costs as applicable but excluding custodian transaction charges. The front end fee receivable, if any, is reduced from the cost of such investment. Bonus entitlements are recognized as investments on the 'ex-bonus date'. Rights entitlements are recognized as investments on the 'ex-rights date'.

Transactions for sale of investments are recorded at sale price.

b) Valuation of investments

During the year, the Fund has valued its investments in accordance with the Regulations, as amended from time to time in valuing the Scheme's investments:

Scheme Name Date of Launch NFO periodDate of Allotment

Investment Objective

IIFCL Mutual Fund Infrastructure Debt Fund - Series I

31-Dec-13December 31, 2013 - February 10, 2014

10-Feb-14

The investment objective of the Scheme is to generate appreciation in capital by investing in various permissible instruments/ securities belonging to the Infrastructure Sector.

Schedule 7: Statement of Signicant Accounting Policies and Notes forming part of the nancial statement of IIFCL stMutual Fund (IDF) for the year ended 31 March 2017.

A Background

In conformity with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations), IIFCL Asset Management Company Limited has been set up to act as the Asset Management Company (AMC) to IIFCL MUTUAL FUND (IDF)

th(Fund). In terms of the Investment Management Agreement (IMA) dated 17 August 2012, entered into between IIFCL Mutual Fund (IDF)'s Board of Trustees and the AMC, the AMC has been appointed as the Investment Manager to the Schemes of the Fund. This Mutual Fund has got only one closed ended Infrastructure debt scheme series-I which was launched in the financial year 2013-14.

India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of IIFCL MUTUAL FUND (IDF).

IIFCL MUTUAL FUND (IDF)SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017

AND THE REVENUE ACCOUNT FOR THE YEAR APRIL 1, 2016 TO MARCH 31, 2017



18

Fixed Income and related securities

Category Policy

Traded Assets other than Government Securities and Treasury Bills

For securities with residual maturity >60 days: · At valuation prices provided by CRISIL or any other agency for individual securities (without any

discretionary spread)· In case prices not available as mentioned above: At weighted average Yield To Maturity

For securities with residual maturity <= 60 days:· At weighted average YTM

A security will qualify as traded security if:· For securities with residual maturity >1 Year: At least two trades and aggregate volume of INR 25

crores face value or more on a public platform · For securities with residual maturity<= 1 Year : At least five trades and aggregate volume of INR 250

crores face value or more on a public platform

Note: · Outlier trades, if any, will be ignored after suitable justification by Fund Managers.

Non-traded Assets

For securities with residual maturity <= 60 days:· Assets to be amortized on straight line amortization as long as their valuation remains within

±0.10% band of the price derived from the reference rate for each bucket (reference rate for every 15-day bucket will be provided by CRISIL or other agencies)

· In case of amortised value falling outside the above band, the YTM of the asset will have to be adjusted in order to bring the price within the ±0.10% band with suitable justification

For securities with residual maturity >60 days: · Valuation prices provided by CRISIL or any other agency for individual securities (without any

discretionary spread)· In case prices not available as mentioned above:

· CRISIL Bond Valuer. No cap on illiquidity premium / discounts. · Illiquidity changes:

o Fund Manager will freeze the credit spread of each security at the time of purchase. This credit spread can be changed based on primary market supply, significant trading activity in the secondary market in same or similar assets, prospects of a credit event, etc.

o Any security specific change in credit spread (>20 bp) will be documented with suitable justification

Any portfolio vide change to credit spreads having regard to prevalent matrix yields will also be documented.

For Government Securities and Treasury Bills

Discounting on the basis of yield to maturity (YTM) at the time of purchase

Inter-scheme Transfers

Inter-Schemes transfers would not be done

Self-Trades A self-traded security having a single trade with face value of at least INR 5 crore, will be recognized at weighted average YTM for valuation across all schemes.

B Signicant Accounting Policies

1.1 Preparation of Financial Statements of the Scheme

The scheme maintains the books of accounts on accrual basis. The financial statements of the Scheme have been prepared in accordance with the requirements of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the “SEBI Regulations”), the Ninth Schedule which lay down the accounting policies and standards to be adopted and the disclosures to be made.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It also requires the Board of Directors of the Investment Manager to exercise its judgment in the process of applying the Fund's accounting policies.

1.2 Unit Capital

Unit Capital represents the net outstanding units as at the Balance Sheet date.

Upon issue and redemption of units, the net premium or discount to the face value of units is credited or debited respectively to the Unit Premium Reserve account.

1.3 Investments

a) Accounting for investment transactions

Transactions for purchase of investment are accounted on the date of the transaction at cost including transaction costs as applicable but excluding custodian transaction charges. The front end fee receivable, if any, is reduced from the cost of such investment. Bonus entitlements are recognized as investments on the 'ex-bonus date'. Rights entitlements are recognized as investments on the 'ex-rights date'.

Transactions for sale of investments are recorded at sale price.

b) Valuation of investments

During the year, the Fund has valued its investments in accordance with the Regulations, as amended from time to time in valuing the Scheme's investments:

Scheme Name Date of Launch NFO periodDate of Allotment

Investment Objective


31-Dec-13December 31, 2013 - February 10, 2014

10-Feb-14

The investment objective of the Scheme is to generate appreciation in capital by investing in various permissible instruments/ securities belonging to the Infrastructure Sector.

Schedule 7: Statement of Signicant Accounting Policies and Notes forming part of the nancial statement of IIFCL stMutual Fund (IDF) for the year ended 31 March 2017.

A Background

In conformity with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations), IIFCL Asset Management Company Limited has been set up to act as the Asset Management Company (AMC) to IIFCL MUTUAL FUND (IDF)

th(Fund). In terms of the Investment Management Agreement (IMA) dated 17 August 2012, entered into between IIFCL Mutual Fund (IDF)'s Board of Trustees and the AMC, the AMC has been appointed as the Investment Manager to the Schemes of the Fund. This Mutual Fund has got only one closed ended Infrastructure debt scheme series-I which was launched in the financial year 2013-14.

India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of IIFCL MUTUAL FUND (IDF).

IIFCL MUTUAL FUND (IDF)SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017

AND THE REVENUE ACCOUNT FOR THE YEAR APRIL 1, 2016 TO MARCH 31, 2017



20

1.5 Expenses

· All expenses are accounted for on accrual basis.

1.6 Entry Load / Exit Load

No Entry / Exit load is charged.

C Notes attached to and forming part of the Financial Statements for the year ended 31st March, 2017

1 Investments

a) The trustees shall be accountable for, and be the custodian of the funds and property of the respective schemes and shall hold the same in trust for the benefit of the unit holders in accordance with SEBI Regulations and the provisions of trust deed. All the investments of the schemes are registered in the name of the respective scheme as per Clause 7 of the Seventh Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

b) No Investments made in companies which have invested more than five percent of the net asset value of the Scheme of IIFCL MUTUAL FUND (IDF) in terms of Regulation 25 (11) :

c) Unrealized Gain / (Loss) :

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 2016-2017 2015-2016

Bonds & Debentures (in )` 110,895,400 84,206,940

Treasury Bills (Treasury Bills) (in )` 22,302 187,851

2 Management Fees :-

a) In accordance with the terms of arrangement with Investment Manager and as per SEBI Regulations, the scheme has provided for Management Fees (Exclusive of Service Tax) and the Annualized rate as a % of the Average Daily Net Assets Value Attributable to the Unit Holders and the same is worked out as under:-

Current Year : 2016-2017

Scheme Growth Option

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 1.12%

Previous Year : 2015-2016



3 Transactions with Trustees, Investment Manager, their associates and with entities controlled by Sponsors (in relation to services received by Mutual Fund).

As explained above, India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of Mutual Fund. The nature of transactions with Trustees, Investment Manager, their associates and with entities controlled by Sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings as described to the terms “associates” and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarized below:

1) Associates and entities that exercise control over or are controlled by the Board of Trustee and the Investment Manager or whose director, officer or employee is a director, officer or employee of the Investment Manager;

2) Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the Investment Manager.

Equity and related securities

Asset ClassTraded / Non Traded

Basis of Valuation

Equity Shares, Preference Shares, Equity Warrants

Traded

On the valuation day, at the last quoted closing price on the National Stock Exchange (NSE)/ Bombay Stock Exchange (BSE) or other stock exchange, where such security is listed. If not traded on the primary stock exchange, the closing price on the other stock exchange will be considered. NSE will be the primary stock exchange.

Non Traded

1. When a security is not traded on any stock exchange on the date of valuation, then the previous closing price on NSE / any other Stock Exchange will be used, provided such closing price is not exceeding a period of 30 calendar days.

2. In all other cases a. Equity Shares: Valuation price will be in accordance with the norms prescribed,

i.e. valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity.

b. Preference Shares: Intrinsic value will be consideredc. Equity Warrants / Rights entitlement / partly paid up rights shares:

Valuation price will be arrived, after applying appropriate discount (valuation committee delegated the power to decide the discount factor), after reducing the exercise price / issuance price from the closing price of the underlying cash equity security.

d. Demerger: Where at least one resultant company is not immediately listed, valuation price will be worked out by using cum-price, before demerger reduced for quoted price of the listed resultant company(s). OR In case of a demerger pending listing, the resultant company (s) shall be valued at the intrinsic value arrived at on the date of corporate action

Thinly Traded

Valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity.

Definition of thinly traded equity/ equity related security: When trading in an equity/equity related security in a calendar month is both less than INR 5 lacs and the total volume is less than 50,000 shares, it shall be considered as a thinly traded security

Futures & Options

Traded

Non Traded

On the valuation day, at the closing price provided by the respective stock exchanges.

When a security is not traded on the respective stock exchange on the date of valuation, then the settlement price / any other derived price provided by the respective stock exchange.

Following assets will be valued:

a)� Bank Fixed Deposits to be valued at cost

b)� CBLO / Reverse Repo at cost plus accruals / amortization

1.4 Revenue recognition

a) Income on investments is recognized on accrual basis except where there is uncertainty about ultimate recovery / realisation. Such income is recognised when the uncertainty is resolved.

b) Interest on fixed income securities is recognized as income on a daily basis over the period of holding. Interest paid for the period from the last interest due date upto the date of purchase, is not treated as a cost of purchase, but debited to “Interest accrued but not due account”. Similarly, interest received at the time of sale for the period from the last interest due date upto the date of sale is not treated as an addition to sale value but credited to “interest accrued but not due account”. In respect of discounted securities, the discount to redemption value is amortised and recognised as interest income equally over the period to redemption.

c) Profit or loss on sale of investments is recognized on the trade dates and is determined on the basis of the weighted average cost method.

d) Discounts and premium on Debt Securities, Government Securities and Treasury Bills are amortized on a Straight-Line Basis over the period upto redemption.



20

1.5 Expenses

· All expenses are accounted for on accrual basis.

1.6 Entry Load / Exit Load

No Entry / Exit load is charged.

C Notes attached to and forming part of the Financial Statements for the year ended 31st March, 2017

1 Investments

a) The trustees shall be accountable for, and be the custodian of the funds and property of the respective schemes and shall hold the same in trust for the benefit of the unit holders in accordance with SEBI Regulations and the provisions of trust deed. All the investments of the schemes are registered in the name of the respective scheme as per Clause 7 of the Seventh Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

b) No Investments made in companies which have invested more than five percent of the net asset value of the Scheme of IIFCL MUTUAL FUND (IDF) in terms of Regulation 25 (11) :

c) Unrealized Gain / (Loss) :

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 2016-2017 2015-2016

Bonds & Debentures (in )` 110,895,400 84,206,940

Treasury Bills (Treasury Bills) (in )` 22,302 187,851

2 Management Fees :-

a) In accordance with the terms of arrangement with Investment Manager and as per SEBI Regulations, the scheme has provided for Management Fees (Exclusive of Service Tax) and the Annualized rate as a % of the Average Daily Net Assets Value Attributable to the Unit Holders and the same is worked out as under:-







3 Transactions with Trustees, Investment Manager, their associates and with entities controlled by Sponsors (in relation to services received by Mutual Fund).

As explained above, India Infrastructure Finance Company Ltd (IIFCL) is the sponsor of Mutual Fund. The nature of transactions with Trustees, Investment Manager, their associates and with entities controlled by Sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings as described to the terms “associates” and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarized below:

1) Associates and entities that exercise control over or are controlled by the Board of Trustee and the Investment Manager or whose director, officer or employee is a director, officer or employee of the Investment Manager;

2) Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the Investment Manager.

Equity and related securities

Asset ClassTraded / Non Traded

Basis of Valuation

Equity Shares, Preference Shares, Equity Warrants

Traded

On the valuation day, at the last quoted closing price on the National Stock Exchange (NSE)/ Bombay Stock Exchange (BSE) or other stock exchange, where such security is listed. If not traded on the primary stock exchange, the closing price on the other stock exchange will be considered. NSE will be the primary stock exchange.

Non Traded

1. When a security is not traded on any stock exchange on the date of valuation, then the previous closing price on NSE / any other Stock Exchange will be used, provided such closing price is not exceeding a period of 30 calendar days.

2. In all other cases a. Equity Shares: Valuation price will be in accordance with the norms prescribed,

i.e. valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity.

b. Preference Shares: Intrinsic value will be consideredc. Equity Warrants / Rights entitlement / partly paid up rights shares:

Valuation price will be arrived, after applying appropriate discount (valuation committee delegated the power to decide the discount factor), after reducing the exercise price / issuance price from the closing price of the underlying cash equity security.

d. Demerger: Where at least one resultant company is not immediately listed, valuation price will be worked out by using cum-price, before demerger reduced for quoted price of the listed resultant company(s). OR In case of a demerger pending listing, the resultant company (s) shall be valued at the intrinsic value arrived at on the date of corporate action

Thinly Traded

Valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity.

Definition of thinly traded equity/ equity related security: When trading in an equity/equity related security in a calendar month is both less than INR 5 lacs and the total volume is less than 50,000 shares, it shall be considered as a thinly traded security

Futures & Options

Traded

Non Traded

On the valuation day, at the closing price provided by the respective stock exchanges.

When a security is not traded on the respective stock exchange on the date of valuation, then the settlement price / any other derived price provided by the respective stock exchange.

Following assets will be valued:

a)� Bank Fixed Deposits to be valued at cost

b)� CBLO / Reverse Repo at cost plus accruals / amortization

1.4 Revenue recognition

a) Income on investments is recognized on accrual basis except where there is uncertainty about ultimate recovery / realisation. Such income is recognised when the uncertainty is resolved.

b) Interest on fixed income securities is recognized as income on a daily basis over the period of holding. Interest paid for the period from the last interest due date upto the date of purchase, is not treated as a cost of purchase, but debited to “Interest accrued but not due account”. Similarly, interest received at the time of sale for the period from the last interest due date upto the date of sale is not treated as an addition to sale value but credited to “interest accrued but not due account”. In respect of discounted securities, the discount to redemption value is amortised and recognised as interest income equally over the period to redemption.

c) Profit or loss on sale of investments is recognized on the trade dates and is determined on the basis of the weighted average cost method.

d) Discounts and premium on Debt Securities, Government Securities and Treasury Bills are amortized on a Straight-Line Basis over the period upto redemption.



22

5 Large Holding in the scheme (i.e. in excess of 25% of the Net Assets Value) �

� ��Current Year: 2016-2017

� Previous Year: 2015-2016

6 Summary of NAV per unit.

Current Year: 2016-2017


Scheme Plan/OptionNet Asset Value Per Unit

31st March 2017in `

IIFCL Mutual Fund Infrastructure Debt Fund - Series I Growth 1,385,719.3217


31st March 2016in `


Name Amount Invested % Of the Net Assets Value

India Infrastructure Finance Company Limited 130 Crore 43.33

Canara Bank 100 Crore 33.33




7 � Income and Expense ratio

The income including net profit/loss on sale or redemption of investments and excluding change in unrealised appreciation/depreciation in value of investments.


Scheme Income Ratio Expense Ratio

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 11.81% 1.34%




Name of the Company Nature of Payment2016 - 2017

in `

% Equity Capital held by the sponsors* stand its subsidiary/associates as at 31

March, 2017.

IIFCL Asset Management Company Limited

Management Fees (Including Service Tax)

50,793,037 100%


in `


March, 2016.



45,883,370 100%

4 The aggregate value of investments purchased and sold (including redeemed) during the year/period and these amounts as a percentage of average daily net assets are as follows:

Scheme Name Purchases2016-2017

in `

Sales2016-2017

in `

Purchase as % to average daily net

assets

Sale as % to average daily

net assets


1,931,764,800 1,539,181,400 48.95% 39.00%


in `

Sales2015-2016

in `


assets


net assets


2,369,344,750 2,130,000,000 68.22% 61.33%

*INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED

Note: Investment in FDs not considered in above figures.

Investment Manager

The Board of Trustee of IIFCL Mutual Fund (IDF) has appointed IIFCL Asset Management Company Limited (IAMCL) as the Investment Manager for the Mutual Fund pursuant to an agreement dated 17.08.2012

The Investment Manager also provides certain secretarial and administrative services to the Mutual Fund. Under the terms of the arrangement, the Scheme pays the Investment Manager a fee not greater than as defined in the Offer Document as a % of the daily average net assets value attributable to the unit holders on each day. The Investment Manager is IAMCL (a subsidiary of IIFCL).

Broker

The Investment Manager has not appointed any broker for carrying out investment trades on behalf of the Scheme.

Transactions during the year in relation to services received by the Scheme from the Sponsor or from entities over which they exercise control and other disclosures required under Regulation 25(8) of the SEBI Regulations are as given below.



22

5 Large Holding in the scheme (i.e. in excess of 25% of the Net Assets Value) �

� ��Current Year: 2016-2017


6 Summary of NAV per unit.

Current Year: 2016-2017



31st March 2017in `



31st March 2016in `








7 � Income and Expense ratio

The income including net profit/loss on sale or redemption of investments and excluding change in unrealised appreciation/depreciation in value of investments.








in `


March, 2017.



50,793,037 100%


in `


March, 2016.



45,883,370 100%

4 The aggregate value of investments purchased and sold (including redeemed) during the year/period and these amounts as a percentage of average daily net assets are as follows:


in `

Sales2016-2017

in `


assets


net assets


1,931,764,800 1,539,181,400 48.95% 39.00%


in `

Sales2015-2016

in `


assets


net assets


2,369,344,750 2,130,000,000 68.22% 61.33%

*INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED

Note: Investment in FDs not considered in above figures.

Investment Manager

The Board of Trustee of IIFCL Mutual Fund (IDF) has appointed IIFCL Asset Management Company Limited (IAMCL) as the Investment Manager for the Mutual Fund pursuant to an agreement dated 17.08.2012

The Investment Manager also provides certain secretarial and administrative services to the Mutual Fund. Under the terms of the arrangement, the Scheme pays the Investment Manager a fee not greater than as defined in the Offer Document as a % of the daily average net assets value attributable to the unit holders on each day. The Investment Manager is IAMCL (a subsidiary of IIFCL).

Broker

The Investment Manager has not appointed any broker for carrying out investment trades on behalf of the Scheme.

Transactions during the year in relation to services received by the Scheme from the Sponsor or from entities over which they exercise control and other disclosures required under Regulation 25(8) of the SEBI Regulations are as given below.



24

19 Investor Education Fund:

An annual charge of 2 basis points (0.02% p.a.) of daily net assets, being part of total recurring expenses is set aside for Investor Education and Awareness Initiatives (IEAI) in accordance with SEBI (Mutual Funds) Regulations, 1996 and guidelines issued thereunder. These funds set aside are used only for meeting expenses for Investor Education and Awareness Initiatives.

Further, in accordance with AMFI best practice guidelines circular no 135/BP/56/2015-16 dated April 20, 2015, the cumulative balance of the IEAI is transferred on periodic basis to a separate bank account maintained for the purpose.

As per SEBI circular no. IMD/DF2/RS/813/2016 dated January 08, 2016, 50% of the unutilised portion of investor awareness and education fund as on March 31, 2016 has been transferred to AMFI. Also from April 1, 2016 onwards, 50% of the 2 bps accrual on daily net assets set aside by mutual fund for investor education and awareness initiative has been transferred to AMFI.

Movement of IEAI balances during the financial year ended 31 March, 2017 and 31 March, 2016 is given below:

Particulars March 31, 2017

Opening balance 1,405,036

Add : Accrual for the period April 1, 2016 to February 28, 2017 719,438

Add : Accrual for the period March 1, 2017 to March 31, 2017 70,703

Add : Accrued Interest on Term Deposit 31,426

Less : 50% of Opening balance and accrual till February, 17 transferred to AMFI 1,049,968

Less : utilization during the current year 0

Closing balance 1,176,635


Opening balance 686,058

Additions during the current year 718,978


Less : utilisation during the current year 0


(In )`

Transaction during the year:-

Transaction with Investment Manager of the Scheme

Nature of transactions (Amount in )`

31-Mar-17 31-Mar-16

Investment Management Fees (Excluding Service Tax) 44,198,007 40,277,566

Reimbursement of expenses on behalf of the Scheme 1,311,081 1,089,591

Balances as at end of the year

Investment Management Fees Payable 1,046,226 2,340,867

Payable to AMC for expense incurred on behalf of Scheme (68,056) 2,005,326

Unit Capital Balance

India Infrastructure Finance Company Limited 1,300,000,000 1,300,000,000

Canara Bank 1,000,000,000 1,000,000,000

8� There was no investment in Derivatives including Credit Default swaps in any of the Schemes of the Mutual Fund during the Financial Year.

9� Underwriting obligations undertaken by the Scheme with respect to issue of securities by associate companies during the year/period under review: Nil (P Y- NIL)

10� Devolvement during the year: Nil (P Y- NIL)

11� Subscription by the scheme in the issues lead managed by sponsors or its associate companies: Nil (P Y- NIL)

12 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: Nil (P Y- NIL)

st13 Contingent Liabilities as at 31 March 2017 are Nil (P Y- NIL)

14 No Provision for Income Tax has been made since the income of the scheme is exempt U/S 10 (23D) of the Income Tax Act 1961.

15 Segment Reporting

The Schemes are primarily engaged in the business of investing the amounts received from investors as unit capital, in accordance with their investment objectives, to generate returns. Since there is only one business segment and no geographical segments, the segmental reporting disclosures as required by Accounting Standard (AS) - 17, issued by the Institute of Chartered Accountants of India have not been made.

16 Citibank NA provides custodial services to the Schemes for which it receives custody fees (including transaction & registration charges).

17 Custodian Conrmation

Confirmation has been received from Citibank N.A. at the end of the year for the investments held by the scheme. All investments, except Treasury Bills and Fixed Deposits receipts are held in safe custody of the custodian. Investments in Treasury Bills are held in an SGL account maintained with IDBI bank in the name of “IIFCL Mutual Fund”.

18 Disclosure under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended

The Schemes have entered into transactions with certain related parties. The information required in accordance with Accounting Standard (AS) -18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India and Regulation 25(8) of the SEBI Regulations, is as follows.

Related Party Relationships

Name Description of Relationship

India Infrastructure Finance Company Limited# Sponsor of the Fund

IIFCL Mutual Fund (Trust)# Trustee of the Fund

IIFCL Asset Management Company Limited Investment manager of the Fund

IIFCL Mutual Fund (IDF) - Infrastructure Debt Fund Scheme# Scheme of the Fund under common control of Sponsor

Canara Bank# Holding 33% of Net Asset Value of the scheme

Shri. S.B. Nayar# Key Managerial Personnel

Dr. E.S. Rao# Key Managerial Personnel

Mr. P. P. Panda# Key Managerial Personnel

Mr. Sumiran Bansal# Key Managerial Personnel

# No Transaction during the year.



24

19 Investor Education Fund:

An annual charge of 2 basis points (0.02% p.a.) of daily net assets, being part of total recurring expenses is set aside for Investor Education and Awareness Initiatives (IEAI) in accordance with SEBI (Mutual Funds) Regulations, 1996 and guidelines issued thereunder. These funds set aside are used only for meeting expenses for Investor Education and Awareness Initiatives.

Further, in accordance with AMFI best practice guidelines circular no 135/BP/56/2015-16 dated April 20, 2015, the cumulative balance of the IEAI is transferred on periodic basis to a separate bank account maintained for the purpose.

As per SEBI circular no. IMD/DF2/RS/813/2016 dated January 08, 2016, 50% of the unutilised portion of investor awareness and education fund as on March 31, 2016 has been transferred to AMFI. Also from April 1, 2016 onwards, 50% of the 2 bps accrual on daily net assets set aside by mutual fund for investor education and awareness initiative has been transferred to AMFI.

Movement of IEAI balances during the financial year ended 31 March, 2017 and 31 March, 2016 is given below:


Opening balance 1,405,036

Add : Accrual for the period April 1, 2016 to February 28, 2017 719,438

Add : Accrual for the period March 1, 2017 to March 31, 2017 70,703


Less : 50% of Opening balance and accrual till February, 17 transferred to AMFI 1,049,968

Less : utilization during the current year 0



Opening balance 686,058

Additions during the current year 718,978


Less : utilisation during the current year 0


(In )`

Transaction during the year:-

Transaction with Investment Manager of the Scheme

Nature of transactions (Amount in )`

31-Mar-17 31-Mar-16

Investment Management Fees (Excluding Service Tax) 44,198,007 40,277,566

Reimbursement of expenses on behalf of the Scheme 1,311,081 1,089,591

Balances as at end of the year

Investment Management Fees Payable 1,046,226 2,340,867

Payable to AMC for expense incurred on behalf of Scheme (68,056) 2,005,326

Unit Capital Balance

India Infrastructure Finance Company Limited 1,300,000,000 1,300,000,000

Canara Bank 1,000,000,000 1,000,000,000

8� There was no investment in Derivatives including Credit Default swaps in any of the Schemes of the Mutual Fund during the Financial Year.

9� Underwriting obligations undertaken by the Scheme with respect to issue of securities by associate companies during the year/period under review: Nil (P Y- NIL)

10� Devolvement during the year: Nil (P Y- NIL)

11� Subscription by the scheme in the issues lead managed by sponsors or its associate companies: Nil (P Y- NIL)

12 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: Nil (P Y- NIL)

st13 Contingent Liabilities as at 31 March 2017 are Nil (P Y- NIL)

14 No Provision for Income Tax has been made since the income of the scheme is exempt U/S 10 (23D) of the Income Tax Act 1961.

15 Segment Reporting

The Schemes are primarily engaged in the business of investing the amounts received from investors as unit capital, in accordance with their investment objectives, to generate returns. Since there is only one business segment and no geographical segments, the segmental reporting disclosures as required by Accounting Standard (AS) - 17, issued by the Institute of Chartered Accountants of India have not been made.

16 Citibank NA provides custodial services to the Schemes for which it receives custody fees (including transaction & registration charges).

17 Custodian Conrmation

Confirmation has been received from Citibank N.A. at the end of the year for the investments held by the scheme. All investments, except Treasury Bills and Fixed Deposits receipts are held in safe custody of the custodian. Investments in Treasury Bills are held in an SGL account maintained with IDBI bank in the name of “IIFCL Mutual Fund”.

18 Disclosure under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended

The Schemes have entered into transactions with certain related parties. The information required in accordance with Accounting Standard (AS) -18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India and Regulation 25(8) of the SEBI Regulations, is as follows.

Related Party Relationships

Name Description of Relationship

India Infrastructure Finance Company Limited# Sponsor of the Fund

IIFCL Mutual Fund (Trust)# Trustee of the Fund

IIFCL Asset Management Company Limited Investment manager of the Fund

IIFCL Mutual Fund (IDF) - Infrastructure Debt Fund Scheme# Scheme of the Fund under common control of Sponsor

Canara Bank# Holding 33% of Net Asset Value of the scheme

Shri. S.B. Nayar# Key Managerial Personnel

Dr. E.S. Rao# Key Managerial Personnel

Mr. P. P. Panda# Key Managerial Personnel

Mr. Sumiran Bansal# Key Managerial Personnel

# No Transaction during the year.


26

20 Aggregate Fair Value of Non-Traded Investments

Aggregate fair value of non-traded (including private placement) investments as determined by IIFCL Asset Management Company Limited under the procedures approved by the Trustee as on March 31, 2017 is as follows:

Scheme Name Fair Value (in )` Fair Value (in )`

31-Mar-17 31-Mar-16

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 2,820,000,000 2,904,206,940

21 Figures of the previous year have been regrouped or re-arranged wherever necessary to make them comparable with

current year's gures. As per Our Report of even date attached














26

20 Aggregate Fair Value of Non-Traded Investments

Aggregate fair value of non-traded (including private placement) investments as determined by IIFCL Asset Management Company Limited under the procedures approved by the Trustee as on March 31, 2017 is as follows:

Scheme Name Fair Value (in )` Fair Value (in )`

31-Mar-17 31-Mar-16

IIFCL Mutual Fund Infrastructure Debt Fund - Series I 2,820,000,000 2,904,206,940

21 Figures of the previous year have been regrouped or re-arranged wherever necessary to make them comparable with

current year's gures. As per Our Report of even date attached













IIFCL Asset Management Company LimitedRegistered & Corporate Office:301-312, 3rd Floor, Ambadeep Building ,

14, Kasturba Gandhi Marg, New Delhi-110001.

CIN: U65991DL2012GOI233601

Ph. 011-43717125/26 Fax: 011-23737565,23730251

www.iifclmf.com Email: [email protected]

If undelivered, please return to:

Mutual Fund Investments are subject to market risks, read all the scheme related documents carefully.

BOOK POST/UPC/COURIER

2016-17IIFCL MUTUAL FUND (IDF)

Documents

iifcl mutual fundiifclmf.com/wp-content/uploads/2017/09/iifcl-mutual-fund.pdf · 2017-09-12 · During the Financial Year 2016-2017, the IIFCL Mutual Fund (IDF) has launched its second