IIFCL MUTUAL FUND (IDF)iifclmf.com/.../uploads/2016/04/IIFCL-MUTUAL-FUND-IDF.pdfANNUAL REPORT 2018-19 IIFCL MUTUAL FUND (IDF) IIFCL MUTAUL FUND (IDF) 5th Floor, Plate-A, NBCC Tower

ANNUAL R E P O R T

2018-2019

IIFCL MUTUAL FUND(IDF)

ANNUAL REPORT 2018-19 IIFCL MUTUAL FUND (IDF)

Contents

Trustee Report

Portfolio

Independent Auditor's Report

Balance Sheet

Revenue Account

Cash Flow Statement

Schedules

1

7

12

17

18

21

24

S.No.

1

2

3

4

5

6

7

Page No.


IIFCL MUTAUL FUND (IDF)5th Floor, Plate-A, NBCC Tower

Block-02, East Kidwai Nagar,

New Delhi-110023

SIXTH ANNUAL TRUSTEE'S REPORT TO THE UNITHOLDERS OF

IIFCL MUTAL FUND (IDF)

Dear Investors,

Greetings from IIFCL Mutual Fund (IDF)

The board of Trustee of IIFCL Mutual Fund (IDF) ("the Trustee") is pleased to present its Sixth Annual Report and the Audited Financial Statements of the schemes of IIFCL Mutual Funds for

stthe year ended 31 March, 2019.

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, 2019 was at Rs. st

559.3033 crores as against Rs. 650.2754 crores as on 31 March, 2018. Reduction in AUM is due to provisioning of NPA accounts.

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 1 December, 2013 and closed successfully on 6 Febuary, 2014. The scheme is close ended Growth option and rated as "AAA idf-mf" by CARE and Brickworks rating at the lime of launching. Units of IIFCL Mutual Fund IDF Series I are listed on BSE Ltd. CARE has revised the Rating of IIFCL Mutual Fund (IDF) Scheme (Series I&II) with effect

thfrom April 30 , 2019 from AAA to AA+ for Series-I and Brickworks rating from BWR AAAidf

thmfs to BWR AA+idf mfs w.e.f. 11 March, 2019.

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 Rs.200 Crore with the commitments received from six institutional investors. The scheme is close ended under Growth option and rated as "AAA idf-mf" by CARE and Brickworks rating at the time of launching. CARE has revised the Rating of IIFCL Mutual Fund (IDF) Schemes (Series I&II) with effect

thfrom April 30 , 2019 from AAA to AA+ for Series II and Brickworks rating from BWR AAAidf

thmfs to BWR AA+idf mfs w.e.f. 11 March, 2019.

1


1. 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 incorporated under the Companies Act, 1956 as a wholly-owned Government of India

thCompany 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 2013. The authorized and paid up

stcapital of the company as on 31 March, 2019 stood at Rs. 5000 Crore and Rs. 4202 Crore respectively.

stAs on 31 March, 2019, IIFCL has made cumulative gross sanctions of over Rs. 1,26,583 Crore and has mad cumulative disbursements of over Rs. 65,899 Crore.

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 Rs.130 Crore (43.33%) and Rs.100 Crore (50%) respectively.

B. TRUST

thIIFCL Mutual Fund (IDF) has been constituted as a Trust on 17 August 2012 in accordance with provision of the Indian Trust Act, 1882 (2 of 1882) with IIFCL as the Sponsor and the Board of Trustees as the Trustees. The Trust Deed has been registered under the Indian Registration Act,

th1908. SEBI as on 24 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 Trustee (the "Trustees") for overviewing IIFCL Mutual Fund (IDF). The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulation and the Trust Deed.

The Trustee ensures that the Mutual Fund and the Schemes floated managed by the AMC are in accordance with the Trust Deed, SEBI (Mutual Fund) Regulations, 1996, directions and guidelines/circulars as amended from time to time issued by SEBI, and also review the activities carried out by the AMC.

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

S.No.1.2.3.4.5.6.7.

Name of Directors Designation

Sh. P.R. JaishankarSh. J.M. Singh #¹

4Sh. Ishwar Singh #Sh. A.K. DebSh.. Rajneesh Karnatak#²Sh. Rajiv Rawat#³

5Sh. A.K. Mishra#

ChairmanIndependent TrusteeIndependent TrusteeIndependent TrusteeIndependent TrusteeIndependent TrusteeIndependent Trustee

2


st#¹ Ceased as Independent Trustee w.e.f. 1 , August 2018#² Appointed as Trustee w.e.f. 19 September, 2018

th#³ Appointed as Trustee w.e.f. 19 September, 20184 st# Ceased as Trustee w.e.f. 1 , June, 20185 th# Appointed as Trustee w.e.f. 26 July, 2018

D. THE ASSET MANAGMENT COMPANY (AMC)

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

st th Finance Company Limited (IIFCL) having its new registered office w.e.f. 1 January, 2019 at 5Floor, Plate-A, NBCC Tower, Block-02, East Kidwai Nagar, New Delhi-110023 have executed

ththe investment Management Agreement (IMA) on 17 August, 2012 whereby trustee company appointed IAMCL to act as an Asset Management Company (AMC) of the IIFCL Mutual Fund (IDF).

th

The Compostion of Board of Directors of IAMCL comprises of:

S.No.1.2.3.4.5.6.7.

Name of Directors Designation

Sh. Pankaj JainSh. Anil Kumar Taneja

1Sh. Deepak Kumar Chatterjee*Sh. M N Sarma*²Dr. Pawan Singh*³

4Sh. Sudhir Arya*5Sh. Sandeep Aggarwal*

ChairmanChief Executive OfficerDirectorIndependent DirectorIndependent DirectorIndependent DirectorIndependent Director

th*¹ Ceased as Director w.e.f. 16 , June 2018st*² Ceased as Independent Director w.e.f. 1 , June, 2018st*³ Ceased as Independent Director w.e.f. 1 , April, 2019

4 th* Ceased as Independent Director w.e.f. 30 , July, 20195 th * Appointed as Independent Director w.e.f. 5 September, 2019

The Fund Manager for the IIFCL Mutual Fund (IDF) Schemes during the Financial Year 2018-19 was as under

S.No.1.2.3.

Name of Fund Manager PeriodSh. Sumiran BansalSh. Prasanna Prakash PandaSh. Sumer Singh

Upto 2 June, 2018th 5from June, 2018 to 16 January, 2019th th 26

thfrom 17 January, 2019 to till date

2. INVESMENT OBJECTIVES OF THE SCHEMESIIFCL Mutual Fund Infrastructure Debt Fund Series-I & Series-IIThe investment objectives of the Scheme is to generate appreciation in capital/wealth by investing in various permissible instruments/ securities belonging to the infrastructure sector.

3

Provision for impairment in Non-Performing AssetsIIFCL Mutual Fund (Infrastructure Debt Fund) - Series-I• IIFCL Mutual Fund Infrastructure Debt Fund - Series I has invested in non-convertible

debentures (NCD) of GVR Infra Projects Limited (the Company) aggregating to Rs. 600,000,000 which is due for maturity on August 13, 2022. The Company has paid its coupon dues up to May 13, 2017 regularly. However, the Company defaulted in coupon payments due from August 13, 2017 onwards. The NCD was classified as a non-performing asset (NPA) with effect from November 13, 2017. No further interest has been accrued. A provision for non-performing asset aggregating to Rs. 60,000,000 was made representing 10% of the book value of the investments during the year ended March 31, 2018 as per SEBI Regulation. During the year ended March 31,2019, an additional provision of 540,000,000 representing the balance book value of investment in the company has been made resulting in the book value of the investment being written down to zero. The Scheme has filed its claim with National Company Law Tribunal (NCLT).

• IIFCL Mutual Fund Infrastructure Debt Fund - Series I has invested in the commercial paper (CP) of infrastructure Leasing & Financial Services Limited (the Company) which was seheduled to mature on September 26, 2018 with maturity / face value of Rs. 116,500,000. The Company defaulted on payment on maturity. Provision of Rs. 116,500,000 has been made representing 100% of the maturity value during the year ended March 31, 2019. The Scheme has filed its claim with NCLT.


3. SCHEME PERFORMANCE, OPERATIONS OF THE SCHEME, FUTURE OUTLOOK & INVESTOR SERVICE

A. SCHEME PERFORMANCE

IIFCL Mutual Fund Infrastructure Debt Fund Series-I

The performance of the IIFCL Mutual Fund (IDF) Series-I as on 3 March, 2019, vis-a-vis the respective benchmark indices and previous year's performance is tabulated as under:-

st 1

## Face Value is Rs. 10,00,000th

$$¹ Rs. 300 Crore was raised, inception date is 10 Febuary, 2014Note: Past performance or may be sustained in the future.

Particulars 31.03.2019 31.03.2018

Unit NAV (in Rs.)##AUM (Rs. Crores) $$¹ Annual Yield

Yield Since Inception

Yield of Benchmark (Since Inception)

Annual Yield of the Benchmark i.e. CRISILComposite Bond Fund Index

13,12,430.0662

393.73

-10.00%

6.72%

5.44%

9.11%

14,58,323.4477

437.50

5.24%

5.11%

9.55%

9.70%

4

Provision for impairment in Non-Performing AssetsIIFCL Mutual Fund (Infrastructure Debt Fund) - Series II

•IIFCL Mutual Fund Infrastructure Debt Fund - Series II has invested in NCD of IL&FS

Transportation Network Limited (the Company) aggregating to Rs.302,160,000 which is due for

maturity on April 15, 2022. The Company has paid its coupon dues up to June 30, 2018 regularly.

Pursuant to rating downgrade of the company on September 10, 2018 and September 28, 2018 by

credit rating agencies, provision for non-performing asset on the book value of NCDs

outstanding in the Scheme of Rs. 302,160,000 has been created during the year ended March 31,

2019. Income accrued on these NCDs upto September 17, 2018 aggregating to Rs. 5,973,699 has

been reversed. Accordingly, no further income has been accrued on these NCDs post credit rating

downgrade below investment grade. The Scheme has filed its claim with NCLT.•IIFCL Mutual Fund Infrastructure Debt Fund-Series II has invested in the commercial paper (CP)

of Infrastructure Leasing & Financial Services Limited (the Company) which was scheduled to mature on October 19, 2018 with maturity / face value of Rs. 306,000,000. Pursuant to rating downgrade of the Company on September 8, 2018 and September 17, 2018 by credit rating agencies, provision for non-performing asset on the book value (cost plus discount income accrued till September 17, 2018) of commercial paper (CP) outstanding in the Scheme of Rs. 303,857,575 has been created during the year ended March 31, 2019. No further income has been accrued on this CP post credit rating downgrade below investment grade. The maturity proceeds of this CP which were due on October 19, 2018, have not been realized till date. The Scheme has filed its claim with NCLT.


## Face Value is Rs. 10,00,000th

$$² Rs. 200 Crore was raised, inception date is 12 April, 2017Note: Past performance may or may not be sustained in the future.

5

Particulars 31.03.2019 31.03.2018

Unit NAV (in Rs.)##AUM (Rs. Crores) $$² Annual Yield

Yield Since Inception

Yield of Benchmark (Since Inception)

Annual Yield of the Benchmark i.e. CRISILComposite Bond Fund Index

8,27,871.9442

165.57

-22.18%

6.72%

-9.16%

6.03%

10,63,891.6170

212.78

NA

NA

6.39%

5.14%

IIFCL Mutual Fund Infrastructure Debt Fund Series-II

stThe performance of the IIFCL Mutual Fund (IDF) Series-IIsince inception to as on 31 March, 2019, vis-a-vis the respective benchmark indices is tabulated as under:-


6

Movement in NAV since Inception of IIFCL Mutual Fund Series-II has been presented in below chart. (IIFCL MF Series-II was launched in April 2017 with corpus of 200 crore).

IIFCL Mutual Fund (IDF)Series-II NAV(Rs. in Lakhs)

Movement in NAV since inception of IIFCL Mutual Fund Series-I has been presented in below chart:-

IIFCL Mutual Fund (IDF)Series-I NAV(Rs. in Lakhs)

7


A. OPERATIONS OF THE SCHEME: The Fund seeks to generate appreciation/wealth in capital in various permissible Instruments/securities as per SEBI (Mutual Fund) Regulations.The fund has been deployed across various sectors viz.Thermal & Renewable Energy, Transmission, Distribution and Roads.

stPortfolio of IIFCL Mutual Fund Infrastructure Debt Fund Series I as on 31 March 2019:

Description QuantityMarket Value

/ Fair Value

Rupees

Infrastructure (100.00%)

Fixed rates bonds - Corporate (71.86%) $

Green Infra Wind Farm Asset Limited 12.00% 30DEC23 NCD ^

Feedback Energy Distribution Company Limited 13% 20JAN23 ^

D.P Jain Infrastructure Private Limited 13.25% 12AUG22 NCD *

Green Infra Wind Energy Limited 9.65% 04AUG23 NCD ^

12.75% GMR Warora NCD 25SEP2022 SRS I ^#

12.75% GMR Warora NCD 25SEP2023 SRS II ^#

12.75% GMR Warora NCD 25SEP2023 SRS III ^#

East North Intreconnection Company Limited SR-11 8.85% 30SEP19 NCD^

Molagavalli Renewbale Private Limited 9.95% 31MAR23 NCD *

Narmada Wind Energy Private Limited 9.95% 31MAR23 NCD *

DPJ DRA Tollways Private Limited 12.75% 06SEP20 NCD *

GVR Infra Private Limited 13.25% 13AUG22 NCD **^

500

400

400

400

250

250

250

100

100

100

200

600

5277,88,000

4248,34,800

4241,67,200

4092,38,800

1875,00,000

1875,00,000

1875,00,000

1000,94,500

998,94,000

982,55,600

717,11,360

Fixed rates bonds - Corporate (Cost Rs. 2,814,779,100) excluding

Investments classified as NPA 27184,84,260

Treasury Bills (28.14%) $

364 DAY Treasury Bill (10OCT19)

91 DAY Treasury Bill (25APR19)

364 DAY Treasury Bill(12DEC19)

364 DAY Treasury Bill (20SEP19)

364 DAY Treasury Bill(27JUN19)


364 DAY Treasury Bill(26SEP19)

364 DAY Treasury Bill(31OCT19)


Treasury Bills (Cost Rs.1,061,772,394)

TOTAL INVESTMENTS (Cost Rs. 3,876,551,494)

10643,65,255

37828,49,515

28,85,200

18,03,000

18,50,000

12,43,000

11,93,000

7,11,000

5,00,000

5,00,000

2,39,000

2792,79,570

1795,79,701

1771,41,385

1207,21,776

1175,76,473

702,36,064

485,19,950

482,29,700

230,80,636

(#) Fair value of non-government non-investment grade performing security as determined by Investment Manager in accordance with SEBI Circular MFD/CIR/8/92/2000 dated September 18, 2000 and approved by the Trustee.

($) 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 Private placement / unlisted NCDs(^) Denotes Listed / awaiting listing NCDs(**) Refer Note 17


stPortfolio of IIFCL Mutual Fund Infrastructure Debt Fund Series II as on 31 March 2019:


/ Fair Value

Rupees

11353,59,100




12.75% Feedback Infra Private Limited20DEC22 NCD ^

9.15% SP Jammu Udhampur High 30JUN27 NCD ^

8.30% Darbhanga Motihari Transmission Company Limited 31MAR27 NCD ^

8.30% Darbhanga Motihari Transmission Company Limited 31DEC26 NCD ^

IL&FS TransportationNetwork Limted 9.20% 15APR2022 ^

600

300

100

50

50

300

6138,58,200

3176,46,000

1034,91,600

501,98,900

501,64,400

--

Fixed rates bonds - Corporate (Cost Rs. 1,102,068,900) excluding Investments classified as NPA




364 DAY Treasury Bill (27JUN19)

364 DAY Treasury Bill (12DEC19)

17,29,000

11,54,000

2,07,000

1,50,000

1673,62,532

1149,38,977

204,00,947

143,62,815

Treasury Bills (Cost Rs.316,272,335) 3170,65,271

TOTAL INVESTMENTS (Cost Rs. 1,418,341,235) 14524,24,371

8

($) 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 Listed / awaiting listing NCDs

(**) Refer Note 17

B FUTURE OUTLOOK

This Financial Year 2019 started with great expectations of recovery in both domestic Gross Domestic Product (GDP) growth and corporate earnings. September 2018 saw the beginning of a liquidity crisis in the Non-Banking Financial Services sector. Trends in global GDP growth (including US and China) would need to be watched closely. As per World Bank “In India, growth is forecasted at 7.5% in 2019, and to stay at this pace through the next two fiscal years.” International Monetary Fund (IMF) estimates, India's economy grew 7.1% in 2018 and is expected to accelerate to 7.3% growth this fiscal and to 7.5% in 2020. Further giving the importance of the infrastructure sector in the economic growth of the country and constraints in meeting the financial needs from traditional sources such as Banks, NBFCs, the Infrastructure Debt Funds (IDFs) provide an alternative financial intermediation mechanism for infrastructure projects by pooling long term institutional capital.

D INVESTOR COMPLAINT

There were no investor complaints received during the financial year 2018-19 in respect of the Fund. The report as stipulated by SEBI is provided in Annexure I.


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 IIFCL Mutual Fund (IDF) run only two schemes – IIFCL Mutual Fund (IDF) Series I &

Series II during the financial year 2018-19. The schemes are with 10 years tenor close ended th thInfrastructure Debt Fund which were closed on 10 February, 2014 and 12 April, 2017

respectively and are offering only Growth Option. Hence, there are no instances of unclaimed stdividend and redemption as on 31 March 2019.

6. LIABILITY AND RESPONSIBILITY OF TRUSTEE

The main responsibility of the Trustees on the Board of Trustee of IIFCL Mutual Fund (IDF) is to

safeguard the interest of the unit holders and inter- alia ensure that IIFCL Asset Management

Company Limited (IAMCL), AMC to IIFCL Mutual Fund (IDF) always function diligently and

in the interest of investors and regulate the entity as per the Securities and Exchange Board of

India (Mutual Funds) Regulations, 1996 as amended from time to time and comply with the

provisions of the Trust Deed, Statement of Additional Information and Scheme Information

Document of the respective schemes within its true letter and spirit.

7. STATUTORY INFORMATION

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

Schemes of the Fund beyond their initial contribution (to the extent contributed) of 0.1 L a k h

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/investors can obtain copy of the trust deed, the full Annual Report of the Fund /AMC at a price and the text of the relevant scheme.

ACKNOWLEDGMENT

We wish to thank the unit holders of the fund for their overwhelming response and support throughout the year and also extend our gratitude to the Government of India, Securities and Exchange Board of India (SEBI), Association of Mutual Fund in India(AMFI), BSE for the guidance provided by them. Further we would also like to appreciate the support extended by our Registrar and Transfer Agent, Fund Accountant, Custodian, Banker(s), Auditors, key partners. Lastly we wish to express our appreciation of contribution made by the dedicated and committed team of employees of IIFCL Asset Management Company Limited.

We look forward to your continued support and assure you of our commitment to quality products and services from IIFCL Mutual Fund (IDF).

9


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

P.R JaishankarChairman

Place: New DelhithDate: 26 September 2019

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Independent auditor's reportTo the Board of Trustees of IIFCL Mutual Fund Report on the Audit of the Financial Statements Qualified Opinion

We have audited the accompanying financial statements of IIFCL Mutual Fund Infrastructure Debt Fund – Series I and IIFCL Mutual Fund Infrastructure Debt Fund – Series II (the “Schemes”), which comprise the Balance Sheet as at March 31, 2019, the related Revenue Account and the Cash Flow Statement for the year then ended, including a summary of significant accounting policies and other explanatory information.

2. In our opinion, and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (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 Schemes as at March 31, 2019;

(b) in the case of the Revenue Account, of the net deficit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basic for qualified opinion

3. The Schemes are required to ensure compliance with the valuation policies and procedures for debt securities in the portfolio of the Schemes as approved by the Board of Trustees and Board of Directors of IIFCL Asset Company Management Limited in line with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). As per the approved valuation policy of the Scheme, non-traded debt securities which are more than sixty days to maturity are required to be valued using scrip level prices from one designated rating agency, if available. (Refer Note 2.2(b) to the financial statements) This is not in accordance with the best practices circular dated November 19, 2013 issued by Association of Mutual Funds in India (AMFI) which provides for using the average of scrip level prices provided by two designated rating agencies for valuation of debt securities. Further, as per the approved valuation policy of the Scheme, if prices are not provided by the designated rating agency, securities are to be valued based on yield-to-maturity using yields provided by the designated rating agency. (Refer Note 2.2(b) to the financial statements). We have noted that the scrip level valuation prices were not obtained from the designated rating agency in line with the approved valuation policy and the debt securities were continued to be valued using yields provided by the designated rating agency, Further, the approved valuation policy for debt securities is not in line with the AMFI best practices circular on valuation of securities. Refer Note 17A to the financial statements for impact on the net asset value of the Schemes on account of this non- compliance with the AMFI best practices circular on valuation of securities. Had such impact been accounted for, the investment and profit for the year would have been lower by Rs. 120,256,484 for IIFCL Mutual Fund Infrastructure Debt Fund – Series I and Rs.46,396,401 for IIFCL Mutual Fund Infrastructure Debt Fund – Series II resulting in a lower net asset value (NAV) per unit of the scheme of Rs. 1,272,344.5713 for IIFCL Mutual Fund Infrastructure Debt Fund – Series I and Rs. 804,673.7435 for IIFCL Mutual Fund Infrastructure Debt Fund – Series II.

1.

12


4. We conducted our audit in accordance with the Standards on Auditing (SAs) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Schemes in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matter

5. The Trustee of IIFCL Mutual Fund and the Management of IIFCL Asset Management Company Limited (the “Management”) noted irregularities in the investments made through the primary market transactions including non-compliance with sanction terms for investment to be made and conditions mentioned in the debenture trust deed of the respective investments as observed in the special management audit conducted by the internal auditors as per directions of the Board of Directors of IIFCL Asset Management Company Limited and Board of Trustees of IIFCL Mutual Fund (IDF) thus depicting a lapse in monitoring controls over the investments process during that period. The non-compliance continued from the time of investment upto the current year. This has resulted in some of the investments remaining unsecured for the part of the period and three investments remaining partially secured till the date of the audit report, (refer Note 19 to the financial statements). Further, this has also resulted in loss of income for the Schemes on account of additional / penal interest which should have been charged to the investee companies by the Schemes for the irregularities, (refer Note 18 to the financial statements). On account of the above irregularities, staff accountability process has been initiated in accordance with Staff and Service Regulations of the sponsor of IIFCL Mutual Fund duly adopted by IIFCL Asset Management Company Limited and show cause notices have been issued to the Chief Investment Officer (CIO) and then Fund Manager of the Schemes for alleged gross negligence, irregularities, misrepresentation and concealment of facts on some of the investments. The matter has been referred to the Chief Vigilance Officer (Government of India) and is pending conclusion for any further investigation / action required to be taken till the date of the audit report. (Refer Note 21 to the financial statements).

Our opinion is not modified in respect of this matter.

Key audit matters

6. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Except for the matter described in the Basis for Qualified Opinion section, we have determined that there are no other key audit matters to communicate in our report.

13


Other Information

The Trustee of IIFCL Mutual Fund and the Management of IIFCL Asset Management Company Limited (the “Management”) are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.We have nothing to report in this regard.

Responsibilities of Trustee, Management and Those Charged with Governance for the Financial Statements

8. 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 Schemes in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations. This responsibility also includes maintenance of adequate accounting records for safeguarding of the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

9. In preparing the financial statements, the Trustee and the Management are responsible for assessing the Schemes' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Schemes or to cease operations, or has no realistic alternative but to do so. The Trustee and the Board of Directors of IIFCL Asset Management Company Limited are also responsible for overseeing the Schemes' financial reporting process.

Auditor's responsibilities for the audit of the financial statements

10. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

7.

14


11. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of Management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Schemes' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Schemes to cease to continue as a going concern.

• Performed procedures including to confirm confirmation of securities owned and unit capital balances as at March 31, 2019 by correspondence with the custodian/others and registrar and transfer agent, respectively.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

15


14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

15. As required by section 55(4) the Regulations we report That :-(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; and

(b) In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, 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.

16. 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 Schemes.

17. In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report the methods used to value non-traded securities as at March 31, 2019, as determined by IIFCL Asset Management Company Limited under procedures approved by the Board of Trustees 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 and Exchange Board of India, are fair and reasonable.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

Alpa Kedia

PartnerMembership Number : 100681 UDIN: 19100681AAAACW8624

Date: September 26, 2019Place : Mumbai

16


Management Reply to the Qualified Opinion made by the Independent Auditors for the Finance Year 2018-19

S.no. Qualified by PWC Management Reply

(a) The Schemes are required to ensure compliance with the valuation policies and procedures for debt securities in the portfolio of the Schemes as approved by the Board of Trustees and Board of Directors of IIFCL Asset Company Management Limited in line with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and a m e n d m e n t s t h e r e t o ( t h e “Regulations”). As per the approved valuation policy of the Scheme, non-traded debt securities which are more than sixty days to maturity are required to be valued using scrip level prices from one designated rating agency, if available. (Refer Note 2.2(b) to the financial statements) This is not in accordance with the best practices circular dated Nov 19, 2013 issued by Association of Mutual Funds in India (AMFI) which provides for using the average of scrip level prices provided by two designated rating agencies for valuation of debt securities. Further, as per the approved valuation policy of the Scheme, if prices are not provided by the designated rating agency, securities are to be valued based on yield-to-maturity using yields provided by the designated rating agency. (Refer Note 2.2(b) to the financial statements).We have noted that the scrip level valuation prices were not obtained from the designated rating agency in line with the approved valuation policy and the debt securities were continued to be valued using yields provided by the designated rating agency, Further, the approved valuation policy for debt securities is not in line with the Regulations and the Association of Mutual Funds in India (AMFI) best practices circular

IIFCL Mutual Fund IDF had been using the following valutionprocess for its Portfolio till July 2019as per the extant guidelines of existing Valution Manual of IIFCL MF IDF

i) In case of non-traded securities with residual maturity > 60 days, in absence of available prices from CRISIL/ICRA/Both, CRISIL Bond Valuer has to be followed. The yield obtained from CRISIL Bond Matrix is further marked up or marked down by adding/reducing discretionary spread by Fund Manager and approved by CEO IAMCL as illiquidity discount/ premium. The discretionary spread is being decided based on an effort to reduce the gap between the yield obtained from CRISIL Bond Matrix and actual yield of the individual securities and any security specific change in credit spread (>20 bps) will be documented with suitable justification.

Bank Fixed Deposits valued at cost plus accruals / amortization and Government Securities and Treasury Bills will be valued at prices/yield provided by CRISIL.

ii) Further, the statutory auditors of IIFCL Mutual Fund (IDF), advised IIFCL Mutual Fund (IDF) to follow Scrip Level Valuation (SLV) for the purpose of valuation of all the instruments as advised by Association of Mutual Funds in India (AMFI) vide its Best Practice Guidelines Circular

thNo. 42/2013-14 dated 19 November, 2013

As per the said circular AMFI has advised all Mutual Fund AMCs to implement the Scrip Level Valuation based on data received from CRISIL

16A


on valuation of securities. Refer Note 17A to the financial statements for impact on the net asset value of the Schemes on account of this non compliance with the Regulations. Had such impact been accounted, the investment and profit for the year would have been lower by Rs. 120,256,484 for Series I and Rs.46,396,401 for Series II resulting in a lower NAV of the scheme of Rs. 1,272,344.5713 for Series I and Rs. 804,673.7435 for Series II.

Bond Valuer has been enhanced to aggregate the prices provided by both the agencies. Additionally, ICRA is also geared up to provide ICRA bond valuer tool along with aggregator. Further, AMFI advised to make suitable changes in valuation manual for incorporation of the above.

iii) In view of the same, CRISIL and ICRA were contacted to provide the prices as per AMFI guidelines. CRISIL agreed for providing the valuations for August 2019 vide its mail dated 28.08.2019. IIFCL Mutual Fund (IDF) has since used the prices provided by CRISIL for August 2019 asper the existing valuation manual and the valuation was undertaken by Fund Accountant, Citibank in the following manner and using the following–

a) Security Level prices provided by CRISIL for below investment grade securities except GVR Infra Projects Limited. In case of GVR Infra Project Limited, since IIFCL Mutual Fund (IDF) has already booked a provision of 100% of the book value, IIFCL Mutual Fund (IDF) continued to take cost of GVR Infra Projects at Zero only.

b) Security Level prices provided by CRISIL forall Debt securities above 30 days to maturity.

c) Prices provided by CRISIL for all CP/CD securities above 30 days to maturity.

d) Prices provided by CRISIL for all G-Sec securities above 30 days to maturity

e) Prices provided by CRISIL for all T-Bill securities above 30 days to maturity.

16B


f) Prices provided by CRISIL for all SDL securities above 30 days to maturity and.

g) Amortizing any Debt, CP/CD, G-Sec, T-Bill and SDL security by considering 31st day CRISIL price (below 30 days to maturity).

iv) Further, IIFCL Mutual Fund (IDF) has Placed proposal to the Board of Directors of IAMCL and Board of Trustees for approval of modification in valuation policy for adopting scrip level valuation in line with AMFI for the valuation of all investments in its portfolio.

v) IIFCL Mutual Fund IDF has obtained the Scrip Level Valuation as on 31.03.2019 subsequently after the balance date for the investments in the portfolio of the Schemes as on 31.03.2019 from two designated rating agencies in accordance with the above mentioned AMFI circular and calculated the impact of using these prices for valuation of investments on the NAV of the respective Schemes. Relevant disclosures of the impact on valuation and NAV in consultation with PWC has been done as Note 17A of the financial statements for impact on the net asset value of the Schemes on account of this. Had such impact been accounted, the investment and profit for the year would have been lower by Rs. 120,256,484 for Series I and Rs. 46,396,401 for Series II resulting in a lower NAV of the scheme of Rs. 1,272,344.5713 for Series I and Rs. 804,673.7435 for Series II.

Now, with the approval of the Board of Directors of IAMCL and Board of Trustees formodification in valuation policy and by adopting Scrip Level Valuation in line with advise of AMFI for the valuation of all investments in its portfolio, there shall be no non-compliance w.e.f. September 2019.

16C

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17

IIFCL MUTUAL FUND (IDF)REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2019

Schedule

INCOME AND GAINS'Profit on sale/redemption of investments (net) (Note 2.2)Interest and Discount (Note 2.3)Miscellaneous Income

EXPENSES AND LOSSES

'Loss on sale/redemption of investments (net) (Note 2.2)

Management Fees (Note 4)

GST/Service tax on Management Fees

Transfer Agents Fees and Expenses

'Custodian Fees and Transaction Charges (Note 6)

Trusteeship Fees (Note 5)

Statutory Audit Fees

Internal Audit Fees

Other Operating Expenses

Investor Education and Awareness Expenses

Provision for Non-Performing Assets (Note 17)

TOTAL

'Net Realised Gains/(Losses) for the Year/Period

'Net Change in Unrealised Depreciation in Value of Investments (Note 8)

'Net Gains/(Losses) for the Year/Period

Net Change in Unrealised Appreciation in Value of Investments (Note 8)

'Net Surplus/(Deficit) including Net Change in

Unrealised Appreciation in Value of Investments

Net Change in Unrealised Appreciation in Value of Investments

transferred to Unrealised Appreciation Reserve (Note 8)

'Net Surplus/(Deficit) for the Year / Period

Retained Surplus/(Deficit) brought forward

'Income available for appropriation

'Retained Surplus/(Deficit) carried forward to Balance Sheet

7

IIFCL Mutual Fund Infrastructure Debt Fund - Series II

Notes to Accounts

'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

8

For Price Waterhouse Chartered Accountants LLP Firm Registration No: 012754N/N500016 Chartered Accountants

For Board of Trustees of IIFCL Mutual Fund (IDF) For IIFCL Asset Management Company Limited

Alpa KediaPartner Membership No.: 100681

P.R.JaishankarChairman Trustee

Pankaj Jain Chairman

Anil Kumar TanejaChief Executive Officer and Director

Sumer SinghFund Manager

Place : MumbaiDate : 26 Sep 2019

Place : New DelhiDate : 26 Sep 2019


Period ended 12.04.2017 to 31.03.2018

Rs.-

149,994,590-

-126,910,673

22,50,000

149,994,590 129,160,673

71,736

18,995,338

3,419,178

56,640

23,794

44,000

120,000

70,800

306,898

393,138

606,017,575

629,519,097

(479,574,507)

537,673

(479,036,834)

6,997,486

(472,039,348)

(6,997,486)

(479,036,834)

100,697,585

(378,339,249)

(378,339,249)

30,513

23,221,874

4,014,072

51,680

22,095

32,584

50,000

44,250

59,520

398,827

-

27,925,415

101,235,258

(537,673)

100,697,585

27,085,650

127,783,235

(27,085,650)

100,697,585

-

100,697,585

100,697,585

IIFCL Mutual Fund Infrastructure Debt Fund - Series I

Year ended 31.03.2019Rs.



-406,807,678

-

15,611398,525,44817,200,000

406,807,678 415,741,059

1,049,918

49,518,076

8,913,213

117,996

49,865

66,000

180,000

106,200

475,244

838,739

656,500,000

717,815,251

(311,007,573)

(95,895,760)

(406,903,333)

(30,776,812)

(437,680,145)

30,776,812

(406,903,333)

1,341,600,670

934,697,337

934,697,337

49,887,940

8,620,541

117,246

49,581

48,876

200,000

88,500

107,607

861,282

60,000,000

119,981,573

295,759,486

(399,078)

295,360,408

(77,548,030)

217,812,378

77,548,030

295,360,408

1,046,240,262

1,341,600,670

1,341,600,670


18

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20

IIFCL MUTUAL FUND (IDF)CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2019

Cash flow from Operating Activity Net Surplus/Deficit for the Year/PeriodAdd / (Less): Net change in unrealised depreciation in the value of investmentsAdd / (Less): Provision for Non-Performing Investment

Operating Profit Before Working Capital Changes Adjustments for:-

Increase/(Decrease) in Other Current Assets (651,796)(656,500,000)

296,771,706(118,164,637)

(5,437,979)

35,733,483(60,000,000)

(644,567,001)(545,798)7,857,402

4,742,854(606,017,575)

649,370,035(50,528,270)

1,593,735

(10,417,763)-

(2,067,711,270)(164,730)

325,338

Increase in Provision for Non-Performing InvestmentIncrease/(Decrease) in InvestmentsIncrease/(Decrease) in Deposits(Decrease)/Increase in Current Liabilities and Provisions

Net Cash Generated From / (used in) Operating Activities

Cash flow from Financing ActivitiesIncrease/(Decrease) in Unit Capital

Net Cash Used in Financing Activities

Net Increase/(Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents as at the beginning of the year/period

Cash and Cash Equivalents at the end of the year

Components of cash and cash equivalentsWith Banks - in Current accountFixed Deposits with Scheduled Banks - Fixed Deposits

IIFCL Mutual Fund Infrastructure Debt Fund - Series II

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.

As per our attached report of even date

For Price Waterhouse Chartered Accountants LLP Firm Registration No: 012754N/N500016 Chartered Accountants

For Board of Trustees of IIFCL Mutual Fund (IDF) For IIFCL Asset Management Company Limited

Alpa KediaPartner Membership No.: 100681

P.R.JaishankarChairman Trustee

Pankaj Jain Chairman

Anil Kumar TanejaChief Executive Officer and Director

Sumer SinghFund Manager

Place : MumbaiDate : 26 Sep 2019



Period ended 12.04.2017 to 31.03.2018

Rs.

126,443,068 101,235,258

IIFCL Mutual Fund Infrastructure Debt Fund - Series I




(406,903,333)95,895,760

656,500,000

295,360,408399,078

60,000,000

(479,036,834)(537,673)

606,017,575

100,697,585537,673

-

345,492,427 355,759,486


A.

B.

125,603,847

125,603,847

23,266,832

7,410,679-

141,460,000

148,870,679

148,870,679

(1,976,733,168)

23,266,832

-

10,166,832-

13,100,000

23.266.832

23.266,832

(138,490,279)

(138,490,279)

161,768,847

11,018,568-

12,260,000

23,278,568

23,278,568

(305,762,428)

(305,762,428)

467,531,275

111,847-

161,657,000

161,768,847

161,768,847

(A)

(B)

-

-

-

-

-

-

2,000,000,000

2,000,000,000

(A+B)

21


/ Fair Value

Rupees



Green Infra Wind Farm Asset Limited 12.00% 30DEC23 NCD ^

Feedback Energy Distribution Company Limited 13% 20JAN23 ^

D.P Jain Infrastructure Private Limited 13.25% 12AUG22 NCD *


12.75% GMR Warora NCD 25SEP2022 SRS I ^#

12.75% GMR Warora NCD 25SEP2023 SRS II ^#

12.75% GMR Warora NCD 25SEP2023 SRS III ^#

East North Intreconnection Company Limited SR-11 8.85% 30SEP19 NCD^

Molagavalli Renewbale Private Limited 9.95% 31MAR23 NCD *

Narmada Wind Energy Private Limited 9.95% 31MAR23 NCD *

DPJ DRA Tollways Private Limited 12.75% 06SEP20 NCD *

GVR Infra Private Limited 13.25% 13AUG22 NCD **^

500

400

400

400

250

250

250

100

100

100

200

600

527,788,000

424,834,800

424,167,200

409,238,800

187,500,000

187,500,000

187,500,000

100,094,500

99,894,000

98,255,600

71,711,360

-

Fixed rates bonds - Corporate (Cost Rs. 2,814,779,100) excluding

Investments classified as NPA

2,718,484,260


IIFCL MUTUAL FUND INFRASTRUCTURE DEBT FUND-SERIES I

Statement of Portfolio Holding as at March 31, 2019(Referred to in Schedule 4 to the Balance Sheet as at March 31, 2019 and the Revenue

Account for the year ended March 31, 2019)




364 DAY Treasury Bill(12DEC19)

364 DAY Treasury Bill (20SEP19)



364 DAY Treasury Bill(26SEP19)



Treasury Bills (Cost Rs.1,061,772,394) 10643,65,255

28,85,200

18,03,000

18,50,000

12,43,000

11,93,000

7,11,000

5,00,000

5,00,000

2,39,000

2792,79,570

1795,79,701

1771,41,385

1207,21,776

1175,76,473

702,36,064

485,19,950

482,29,700

230,80,636


(#) Fair value of non-government non-investment grade performing security as determined by Investment Manager in accordance with SEBI Circular MFD/CIR/8/92/2000 dated September 18, 2000 and approved by the Trustee.

($) 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 Private placement / unlisted NCDs(^) Denotes Listed / awaiting listing NCDs(**) Refer Note 17

22


/ Fair Value

Rupees

11353,59,100




12.75% Feedback Infra Private Limited20DEC22 NCD ^

9.15% SP Jammu Udhampur High 30JUN27 NCD ^

8.30% Darbhanga Motihari Transmission Company Limited 31MAR27 NCD ^

8.30% Darbhanga Motihari Transmission Company Limited 31DEC26 NCD ^

IL&FS TransportationNetwork Limted 9.20% 15APR2022 ^

600

300

100

50

50

300

6138,58,200

3176,46,000

1034,91,600

501,98,900

501,64,400

--

Fixed rates bonds - Corporate (Cost Rs. 1,102,068,900) excluding Investments classified as NPA




364 DAY Treasury Bill (27JUN19)

364 DAY Treasury Bill (12DEC19)

17,29,000

11,54,000

2,07,000

1,50,000

1673,62,532

1149,38,977

204,00,947

143,62,815

Treasury Bills (Cost Rs.316,272,335) 3170,65,271



IIFCL MUTUAL FUND INFRASTRUCTURE DEBT FUND-SERIES II

Statement of Portfolio Holding as at March 31, 2019(Referred to in Schedule 4 to the Balance Sheet as at March 31, 2019 and the Revenue

Account for the Year/Period ended March 31, 2019)

($) 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 Listed / awaiting listing NCDs

(**) Refer Note 17

23

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gen

erat

e ap

prec

iati

on

in

capi

tal

by

inve

stin

g in

va

riou

s pe

rmis

sibl

e in

stru

men

ts/

secu

riti

es b

elon

ging

to

the

infr

astr

uctu

re s

ecto

r as

per t

he S

EB

I Reg

ulat

ions

.

IIF

CL

Mut

ual

Fun

d In

fras

truc

ture

Deb

t F

und

- S

erie

s II

Mar

ch 3

1, 2

017

Mar

ch 3

1, 2

017

- A

pril

12,

201

7A

pril

12,

201

7T

he in

vest

men

t obj

ecti

ve o

f the

Sch

eme

is to

gen

erat

e ap

prec

iati

on

in

capi

tal

by

inve

stin

g in

va

riou

s pe

rmis

sibl

e in

stru

men

ts/

secu

riti

es b

elon

ging

to

the

Infr

astr

uctu

re S

ecto

r as

per t

he S

EB

I Reg

ulat

ions

.

2S

ign

ific

ant A

cco

un

tin

g P

olic

ies

2.1

Pre

pa

rati

on

of F

ina

nci

al S

tate

men

ts o

f th

e S

chem

es

Th

e S

chem

es m

ain

tain

the

boo

ks

of

acco

unt o

n ac

crua

l bas

is. T

he

fin

anci

al s

tate

men

ts o

f th

e S

chem

es h

ave

bee

n p

repa

red

in a

ccor

dan

ce w

ith

the

requ

irem

ents

of

Sec

uri

ties

and

Exc

han

ge B

oard

of

Indi

a (M

utu

al F

und

s) R

egul

atio

ns, 1

996

an

d am

end

men

ts th

eret

o (t

he

“SE

BI

Reg

ula

tio

ns”)

, as

spec

ifie

d in

the

Nin

th S

ched

ule

w

hich

lay

dow

n th

e ac

cou

ntin

g p

olic

ies

and

sta

nd

ard

s to

be

ado

pted

and

the

dis

clos

ure

s to

be

mad

e.

Th

e p

rep

arat

ion

of

fin

anci

al s

tate

men

ts in

co

nfor

mit

y w

ith

the

SE

BI

Reg

ula

tio

ns r

equ

ires

the

use

of

cert

ain

crit

ical

acc

oun

tin

g e

stim

ates

. It a

lso

requ

ires

the

Bo

ard

of

Dir

ecto

rs o

f the

Inv

estm

ent M

anag

er to

exe

rcis

e it

s ju

dgm

ent i

n th

e p

roce

ss o

f ap

ply

ing

the

Fun

d's

acc

oun

tin

g p

olic

ies.

24

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


Th

e pr

epar

atio

n of

fina

ncia

l sta

tem

ents

in c

onfo

rmit

y w

ith

the

SE

BI R

egu

lati

ons

req

uir

es th

e u

se o

f cer

tain

cri

tica

l acc

ount

ing

est

imat

es. I

t als

o re

qu

ires

the

Bo

ard

of

Dir

ecto

rs o

f th

e In

ves

tmen

t Man

ager

to e

xer

cise

its

jud

gm

ent i

n th

e p

roce

ss o

f app

lyin

g th

e F

und

's a

ccou

ntin

g p

oli

cies

.

Pre

sen

tati

on

of th

ese

sep

arat

e ba

lanc

e sh

eets

, rev

enu

e ac

coun

ts a

nd

cash

flo

w s

tate

men

ts in

a c

olu

mna

r fo

rm is

not

inte

nd

ed to

ind

icat

e th

at th

ey b

ear

any

rel

atio

n to

ea

ch o

ther

, or a

re in

terd

epen

den

t or c

om

para

ble

in a

ny

way

.

2.2

Inve

stm

ents

a)A

cco

un

tin

g fo

r in

ves

tmen

t tra

nsa

ctio

ns

Tra

nsa

ctio

ns f

or p

urc

has

e an

d sa

le o

f in

vest

men

ts a

re r

eco

gniz

ed a

s o

f th

e tr

ade

date

. In

det

erm

inin

g th

e h

oldi

ng

cos

t of

inv

estm

ents

and

the

gai

n o

r lo

ss o

n s

ale

of

inv

estm

ents

, the

“w

eig

hted

av

erag

e co

st”

met

hod

is f

ollo

wed

. Th

e co

st o

f in

ves

tmen

ts in

clud

es a

ll c

osts

incu

rred

tow

ard

s ac

qui

ring

the

inv

estm

ent o

r in

cide

nta

l to

acqu

isit

ion

of t

he in

vest

men

ts b

ut e

xcl

ude

s cu

stod

ian

saf

ekee

pin

g fe

es.

b)

Va

lua

tio

n o

f in

ves

tmen

ts

Inve

stm

ents

are

sta

ted

at m

arke

t/fa

ir v

alue

at t

he B

alan

ce S

heet

dat

e/d

ate

of d

eter

min

atio

n.I

n v

alui

ng th

e S

chem

es' i

nves

tmen

ts:-

Va

lua

tio

n o

f Fix

ed I

nco

me

and

rel

ate

d s

ecu

riti

es

Tra

ded

S

ecu

riti

es

Ca

tego

ryP

oli

cy

Fo

r sec

uri

ties

wit

h re

sid

ual m

atu

rity

>6

0 d

ays:

•

At v

alua

tion

pri

ces

pro

vide

d b

y C

RIS

IL o

r any

oth

er a

gen

cy fo

r in

divi

dua

l sec

uri

ties

(wit

hou

t an

y d

iscr

etio

nar

y s

pre

ad).

•In

cas

e p

rice

s ar

e no

t ava

ilab

le a

s m

enti

on

ed a

bov

e: A

t wei

ghte

d a

ver

age

Yie

ld T

o M

atur

ity

Fo

r sec

uri

ties

wit

h re

sid

ual m

atu

rity

<=

60

day

s:•

At w

eig

hted

av

erag

e Y

TM

A s

ecur

ity

wil

l qua

lify

as

trad

ed s

ecur

ity

if:

•F

or

secu

riti

es w

ith

res

idua

l m

atur

ity

>1

Yea

r: A

t le

ast

two

tra

des

and

agg

rega

te v

olu

me

of R

s 2

5 cr

ores

fac

e v

alu

e or

mor

e on

a p

ubl

ic

plat

form

. •

Fo

r se

curi

ties

wit

h re

sidu

al m

atu

rity

<=

1 Y

ear:

At

leas

t fi

ve t

rade

s an

d ag

gre

gat

e vo

lum

e of

Rs

250

cro

res

face

val

ue

or m

ore

on

a p

ubl

ic

pla

tfor

m.

Non

Tra

ded

S

ecu

riti

esF

or s

ecu

riti

es w

ith

resi

dua

l mat

uri

ty <

= 6

0 d

ays:

•A

sset

s to

be

amor

tize

d o

n st

raig

ht

lin

e am

orti

zati

on

as l

ong

as

thei

r v

alu

atio

n re

mai

ns w

ith

in ±

0.1

0% b

and

of

the

pric

e de

riv

ed f

rom

the

re

fere

nce

rate

for e

ach

buck

et (r

efer

ence

rate

for e

ver

y 1

5-da

y bu

cket

wil

l be

prov

ided

by

CR

ISIL

or o

ther

ag

enci

es).

•In

cas

e o

f am

ort

ised

val

ue f

alli

ng o

uts

ide

the

abov

e b

and

, th

e Y

TM

of

the

asse

t wil

l hav

e to

be

adju

sted

in o

rder

to b

rin

g th

e p

rice

wit

hin

the

±0

.10

% b

and

wit

h s

uit

able

just

ific

atio

n.

25

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


Tra

ded

S

ecu

riti

es

Cat

ego

ryP

oli

cy

For

Gov

ern

men

t S

ecu

riti

es a

nd

T

reas

ury

Bil

ls

Fo

r sec

uri

ties

wit

h re

sid

ual m

atu

rity

>=

60

day

s:•

At v

alu

atio

n p

rice

s pr

ovid

ed b

y C

RIS

IL o

r an

y ot

her a

gen

cy fo

r ind

ivid

ual

sec

urit

ies

(wit

hou

t any

dis

cret

iona

ry s

prea

d).

•In

cas

e pr

ices

not

av

aila

ble

as

men

tion

ed a

bo

ve:

•C

RIS

IL B

ond

Val

uer

. No

cap

on

illi

qu

idit

y pr

emiu

m /

dis

coun

ts.

•Il

liq

uid

ity

chan

ges

: o

Fun

d M

anag

er w

ill f

reez

e th

e cr

edit

spr

ead

of e

ach

secu

rity

at t

he

tim

e o

f pur

chas

e. T

his

cred

it s

prea

d ca

n b

e ch

ange

d b

ased

on

prim

ary

mar

ket s

upp

ly, s

igni

fica

nt t

radi

ng a

ctiv

ity

in th

e se

con

dary

mar

ket

in s

ame

or s

imil

ar a

sset

s, p

rosp

ects

of a

cre

dit e

ven

t, e

tc.

oA

ny

sec

uri

ty s

pec

ific

ch

ange

in c

redi

t spr

ead

(>2

0 b

p) w

ill b

e d

ocu

men

ted

wit

h su

itab

le ju

stif

icat

ion

Any

po

rtfo

lio

vid

e ch

ange

to c

redi

t sp

read

s h

avin

g re

gard

to p

rev

alen

t mat

rix

yie

lds

wil

l als

o b

e d

ocu

men

ted

.

Go

vern

men

t S

ecu

riti

es a

nd T

reas

ury

Bil

ls w

ill

be v

alu

ed a

t pr

ices

/yie

ld p

rov

ided

by

CR

ISIL

.

Sel

f-T

rad

es

A s

elf-

trad

ed s

ecur

ity

hav

ing

a s

ing

le t

rad

e w

ith

face

val

ue

of a

t le

ast

Rs

5 c

rore

s, w

ill

be r

ecog

nize

d at

wei

ght

ed a

ver

age

YT

M f

or v

alu

atio

n

acro

ss a

ll s

chem

es.

Ref

er N

ote

17

A

Th

e ne

t unr

eali

zed

appr

ecia

tion

and

dep

reci

atio

n in

val

ue

of in

vest

men

ts is

det

erm

ined

sep

arat

ely

for e

ach

cat

ego

ry o

f in

vest

men

ts.

In r

espe

ct o

f ea

ch c

ateg

ory

of

inve

stm

ents

, the

cha

nge

in n

et u

nre

aliz

ed d

epre

ciat

ion,

if a

ny, b

etw

een

two

bal

ance

sh

eet d

ates

/ dat

e of

det

erm

inat

ion

is a

cco

unt

ed f

or

thro

ugh

the

Rev

enu

e A

cco

unt.

Th

e n

et c

han

ge i

n u

nrea

lize

d ap

pre

ciat

ion

, if

any,

bet

wee

n tw

o b

alan

ce s

hee

t d

ates

/ da

te o

f de

term

inat

ion

is

acco

unt

ed t

hrou

gh t

he

Rev

enu

e A

ccou

nt a

nd th

erea

fter

tran

sfer

red

fro

m th

e R

even

ue A

cco

unt t

o th

e U

nrea

lize

d A

ppr

ecia

tion

Res

erv

e.

2.3

Rev

enu

e re

cog

nit

ion

Inte

rest

In

com

ea)

Inte

rest

inc

om

e is

rec

ogni

zed

on

accr

ual

bas

is e

xcep

t w

her

e th

ere

is u

nce

rtai

nty

abou

t ul

tim

ate

reco

very

/ r

eali

sati

on

. S

uch

inc

om

e is

rec

ogn

ised

wh

en t

he

unc

erta

inty

is re

solv

ed.

b)In

cas

e of

dis

coun

ted

sec

urit

ies,

the

dis

coun

t to

rede

mp

tion

val

ue

is a

mo

rtiz

ed o

n a

stra

ight

-lin

e ba

sis

ove

r th

e pe

riod

up

to re

dem

pti

on.

2.4

Pro

vis

ion

for

Non

-Per

form

ing

Ass

ets

Non

-Per

form

ing

Ass

ets

are

iden

tifi

ed a

nd

pro

visi

on i

s m

ade

ther

eon

as p

er t

he S

EB

I R

egu

lati

ons.

An

asse

t is

cla

ssif

ied

as

no

n-pe

rfor

min

g, i

f th

e in

tere

st a

nd/

or

26

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


prin

cipa

l am

ount

has

no

t bee

n re

ceiv

edo

r ha

s re

mai

ned

outs

tand

ing

for

one

quar

ter

from

the

dat

e su

ch in

com

e/in

stal

lmen

t has

fal

len

due

. Acc

ord

ingl

y, th

e in

tere

st

and

inv

estm

ent

prov

isio

n a

s ab

ove

is m

ade

fro

m t

he d

ate

the

asse

t is

cla

ssif

ied

as N

on-P

erfo

rmin

g A

sset

. Th

e b

ook

val

ue o

f th

e in

vest

men

t is

co

nsid

ered

fo

r th

e pu

rpos

e of

pro

visi

onin

g.

2.5

Net

Ass

et V

alu

e

Th

e n

et a

sset

val

ue o

f the

un

its

of th

e S

chem

es p

erta

ins

to th

e G

row

th o

pti

on

of t

he re

spec

tive

Sch

emes

.

3N

et A

sset

Va

lue

(NA

V) p

er u

nit

Th

e n

et a

sset

val

ues

of th

e G

row

th O

pti

on o

f the

Sch

emes

as

on

the

dat

e of

the

bala

nce

sh

eet i

s as

foll

ow

s:-

Sch

eme

Nam

eM

arch

31,

201

9(R

up

ees

per

un

it)

Mar

ch 3

1, 2

018

(Ru

pee

s p

er u

nit

)

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctur

e D

ebt

Fun

d -

Ser

ies

I

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctur

e D

ebt

Fun

d -

Ser

ies

II

1,3

12

,43

0.0

662

1,4

58,

323

.447

7

827

,871

.94

421

,06

3,8

91.

617

0

4.M

an

ag

emen

t Fee

s

In a

cco

rdan

ce w

ith

the

agre

emen

t bet

wee

n II

FC

L M

utua

l Fun

d's

Boa

rd o

f Tru

stee

s (t

he “

Tru

stee

”) a

nd

the

Inv

estm

ent M

anag

er, t

he S

chem

es h

ave

pai

d /

prov

ided

for

inve

stm

ent m

anag

emen

t fee

s p

ayab

le to

the

AM

C f

or

man

agin

g th

e S

chem

es a

t the

fol

low

ing

aver

age

annu

al r

ate

(ex

clu

din

g G

ood

s an

d S

ervi

ce T

ax (

GS

T)

/ ser

vice

ta

x o

n m

anag

emen

t fee

s) a

s a

perc

enta

ge

of t

he

aver

age

dail

y n

et a

sset

s re

cord

ed b

y th

e re

spec

tiv

e S

chem

es.

Sch

eme

Nam

eM

arch

31

, 20

19M

arch

31

, 20

18

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctur

e D

ebt

Fun

d -

Ser

ies

I

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctur

e D

ebt

Fun

d -

Ser

ies

II

1.1

8%1.

16%

0.9

7%1

.17

%

Per

cen

tage

of

Ma

na

gem

ent

Fee

s ch

arge

d

5.T

rust

eesh

ip F

ees

As

per

the

Tru

st D

eed

dat

ed A

ugus

t 17,

20

12, t

he tr

ust

ees

are

elig

ible

for a

fee

calc

ulat

ed a

t a ra

te n

ot e

xcee

ding

one

-tw

enti

eth

of o

ne p

erce

nt o

f th

e w

eekl

y a

vera

ge n

et

asse

ts o

f th

e M

utua

l F

und

su

bje

ct t

o a

min

imu

m o

f R

s.25

0,0

00

pay

able

in

arr

ears

. H

ow

ever

, th

e B

oar

d of

Tru

stee

s in

th

e m

eeti

ng h

eld

on

Dec

embe

r 2

2,

201

5

appr

ov

ed t

he p

ropo

sal

for

pay

men

t of

sit

ting

fee

of

Rs.

10,

00

0 fo

r at

ten

ding

th

e m

eeti

ngs

of B

oard

of

Tru

stee

s an

d R

s.7

,500

fo

r at

tend

ing

any

co

mm

itte

e m

eeti

ng

ther

eof

(sin

ce r

evis

ed to

Rs.

20

,00

0 an

d R

s.1

0,0

00r

espe

ctiv

ely

wit

h ef

fect

fro

m F

ebru

ary

28, 2

019

) o

nly

to th

e p

art t

ime

No

n O

ffic

ial I

ndep

end

ent T

rust

ee w

ho a

re

neit

her

wo

rkin

g an

yw

here

nor

no

min

ated

by

any

Ban

k, C

orp

orat

e o

r In

stit

utio

n as

In

dep

end

ent T

rust

ee. A

cco

rdin

gly,

sit

tin

g fe

e w

as p

aid

to o

ne

mem

ber

trus

tee

for

atte

ndin

g th

e m

eeti

ngs

of B

oar

d o

f Tru

stee

s an

d co

mm

itte

e m

eeti

ngs

ther

eof w

hic

h is

wit

hin

the

over

all l

imit

of t

rust

ee fe

e as

per

cla

use

13 o

f th

e T

rust

Dee

d.

27

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


6C

ust

od

ian

Fee

s

Cit

iban

k N

A p

rov

ides

cus

todi

al s

ervi

ces

to th

e S

chem

es fo

r whi

ch it

rece

ives

cus

tod

y fe

es (i

ncl

udin

g tr

ansa

ctio

n a

nd re

gist

rati

on c

harg

es).

7C

ust

od

ian

Con

firm

ati

on

Con

firm

atio

n h

as b

een

rec

eiv

ed f

rom

Cit

iban

k N

.A. a

t the

en

d of

the

year

for

the

inve

stm

ents

hel

d b

y th

e S

chem

es. A

ll in

vest

men

ts, e

xcep

t Tre

asu

ry B

ills

and

Fix

ed

Dep

osi

ts r

ecei

pts

are

hel

d in

saf

e cu

sto

dy o

f th

e cu

sto

dian

. In

ves

tmen

ts i

n T

reas

ury

Bil

ls a

re h

eld

in a

Con

stit

uen

t S

ubsi

diar

y G

ener

al L

edg

er(C

SG

L)

acco

unt

mai

nta

ined

wit

h ID

BI B

ank

in th

e n

ame

of “

IIF

CL

Mu

tual

Fun

d”.

8A

ggre

gate

Ap

pre

cia

tion

an

d D

epre

cia

tion

in th

e V

alu

e o

f In

vest

men

ts

Sch

eme

Nam

e

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fu

nd -

Ser

ies

I

Ass

et

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fu

nd -

Ser

ies

II

Bo

nds

and

Deb

entu

res

Tre

asur

y B

ills

Co

mm

erci

al P

aper

Bo

nds

and

Deb

entu

res

Tre

asur

y B

ills

Ma

rch

31

, 20

19

Ma

rch

31

, 20

18

Ap

pre

cia

tion

(Ru

pee

s)A

pp

reci

atio

n(R

up

ees)

Dep

reci

atio

n(R

up

ees)

Dep

reci

ati

on

(Ru

pee

s)

91,

20

5,1

60

2,5

92,

861

-

34,

04

1,4

00

79

2,9

36

18

7,5

00,0

00

- -

751

,200

-

33

,27

3,6

40

288,

336

96,

033

27

,08

5,6

50

182,

235

-

687

,41

3 - -

719

,90

8

9A

ggre

gate

Val

ue

of P

urc

has

e an

d S

ale

of I

nve

stm

ents

The

agg

rega

te v

alue

of i

nves

tmen

ts p

urch

ased

and

sol

d (i

nclu

ding

rede

mpt

ions

) dur

ing

the

year

and

thei

r per

cent

age

of th

e re

spec

tive

ave

rage

dai

ly n

et a

sset

s ar

e as

foll

ows:

Sch

eme

Na

me

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fun

d -

Ser

ies

I

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fun

d -

Ser

ies

II

Pu

rch

ases

201

8-20

19(R

up

ees)

Sal

es20

18-2

019

(Ru

pee

s)

Pu

rch

ase

as

per

cen

tag

e to

a

vera

ge

da

ily

net

as

sets

Sal

e as

per

cen

tag

eto

av

era

ge d

aily

n

et a

sset

s

1,7

74,

444

,238

1,2

16,

738

,934

42.

36

%

61.

96

%

1,4

83,3

74,7

67

1,3

08,

924,

118

34.4

1%

66.6

5%

Sch

eme

Na

me

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fun

d -

Ser

ies

I

IIF

CL

Mu

tual

Fun

d In

fras

tru

ctu

re D

ebt

Fun

d -

Ser

ies

II

Pu

rch

ases

201

7-20

18(R

up

ees)

Sal

es20

18-2

019

(Ru

pee

s)

Pu

rch

ase

as

per

cen

tag

e to

a

vera

ge

da

ily

net

as

sets

Sal

e as

per

cen

tag

eto

av

era

ge d

aily

n

et a

sset

s

1,4

97,

172

,296

4,5

40,

369

,719

34.

81

%

221.

08

%

889

,127

,45

4

2,5

77,8

73,1

08

20.6

7%

125

.52

%

28

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31

, 20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


10

Inco

me

and

Exp

ense

s

Th

e to

tal i

nco

me

(inc

lud

ing

net

pro

fit/

loss

on

sal

e o

r re

dem

pti

on

of

inv

estm

ents

, net

cha

nge

in u

nre

alis

ed d

epre

ciat

ion

in v

alue

of

inve

stm

ents

and

pro

vis

ion

for

no

n-

per

form

ing

asse

ts) a

nd to

tal e

xpen

ses

duri

ng th

e ye

ar /

per

iod

are

:-

Sch

eme

Nam

e

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s I

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s II

Fo

r T

he

Yea

r en

ded

Mar

ch 3

1, 2

019

To

tal

Inco

me

Ru

pee

sT

otal

Exp

ense

sR

up

ees

Per

cent

age

of a

vera

ge

daily

net

ass

ets

Per

cent

age

of a

vera

geda

ily n

et a

sset

s

(346

,638

,002

)

(455

,607

,048

)

Inco

me

Ra

tio

Ex

pen

se R

atio

(8.2

8%)

(23.

20%

)

60,

26

5,3

33

23,

42

9,7

86

10A

SE

BI

Cir

cula

r d

ate

d O

cto

ber

22,

201

8

As

per

SE

BI

circ

ula

r d

ated

Oct

ober

22

, 201

8, a

ll s

chem

e re

late

d ex

pen

ses

as p

er R

egul

atio

n 5

2 of

th

e S

EB

I R

egu

lati

ons

are

req

uir

ed t

o be

pai

d fr

om

th

e S

chem

es

wit

hin

reg

ula

tory

lim

its

and

not

fro

m th

e b

ook

s o

f the

ass

et m

anag

emen

t co

mpa

ny, i

ts a

ssoc

iate

, sp

onso

r, tr

uste

e or

any

oth

er e

nti

ty th

rou

gh

any

rout

e w

ith

eff

ect f

rom

the

dat

e o

f th

e sa

id c

ircu

lar.

Th

e In

vest

men

t Man

ager

con

tin

ued

to p

ay s

chem

e re

late

d ex

pens

es o

n b

ehal

f the

Sch

emes

aft

er O

cto

ber

22

, 20

18

thou

gh

the

expe

nse

has

been

rec

ove

red

fro

m th

e S

chem

es a

nd h

ence

acc

rued

in th

e bo

oks

of

acco

unt o

f th

e S

chem

es. T

hese

am

oun

ts a

re p

ayab

le to

the

Inve

stm

ent M

anag

er a

s at

Mar

ch 3

1,

2019

.

11.

Dis

clo

sure

un

der

Reg

ula

tion

25(

8) o

f th

e S

ecu

riti

es a

nd

Exc

ha

nge

Bo

ard

of I

nd

ia (M

utu

al F

un

ds)

Reg

ula

tio

ns,

199

6 a

s a

men

ded

:-

Th

e S

chem

es h

ave

ente

red

into

tran

sact

ion

s w

ith

cert

ain

rela

ted

par

ties

. The

info

rmat

ion

req

uire

d in

acc

ord

ance

wit

h A

cco

unti

ng S

tand

ard

(AS

) -18

on

'Rel

ated

Par

ty

Dis

clo

sure

s' is

sued

by

the

Inst

itut

e o

f Cha

rter

ed A

cco

unta

nts

of I

ndi

a an

d R

egu

lati

on 2

5(8

) of t

he

SE

BI R

egu

lati

ons,

is a

s fo

llow

s:-

1.4

4%

1.1

9%

Sch

eme

Nam

e

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s I

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s II

Fo

r T

he

Yea

r en

ded

Mar

ch 3

1, 2

018

To

tal

Inco

me

Ru

pee

sT

otal

Exp

ense

sR

up

ees

Per

cent

age

of a

vera

ge

daily

net

ass

ets

Per

cent

age

of a

vera

geda

ily n

et a

sset

s

355

,341

,98

1

128

,592

,48

7

Inco

me

Ra

tio

Ex

pen

se R

atio

8.2

6%

6.2

6%

59,

98

1,5

73

27,

89

4,9

02

1.3

9%

1.3

6%

29

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


Rel

ate

d P

art

y R

ela

tio

nsh

ips

Indi

a In

fras

truc

ture

Fin

ance

Com

pan

y L

imit

ed#

IIF

CL

Ass

et M

anag

emen

t C

om

pan

y L

imit

ed (

IAM

CL

)

Can

ara

Ban

k#P

anka

j Ja

in#

Ani

l K

um

ar T

anej

a#D

eep

ak K

um

ar C

hat

terj

ee #

P.R

. Jai

shan

kar

#

Nam

eD

escr

ipti

on

of

Rel

atio

nsh

ipS

pon

sor

of

the

Fu

nd

Inv

estm

ent

Man

ager

of

the

Fun

dH

oldi

ng 3

3% o

f N

et A

sset

Val

ue o

f th

e sc

hem

e of

IIF

CL

Mut

ual F

und

Infr

astr

uctu

re D

ebt F

und

– S

erie

s I

Cha

irm

an o

f IA

MC

L (

App

oin

ted

w.e

.f 1

8.0

1.2

018

)D

irec

tor

and

Chi

ef E

xecu

tive

Off

icer

of

IAM

CL

(A

ppoi

nted

w.e

.f 2

5.0

8.2

017)

Dir

ecto

r of

IA

MC

L (

Cea

sed

as

Dir

ecto

r w

.e.f

16

.06

.201

8)C

hair

man

of

the

Bo

ard

of

Tru

stee

(A

ppo

intm

ent

w.e

.f. 0

5.1

0.2

017

)

# N

o t

rans

acti

ons

duri

ng t

he

year

.

Tra

nsa

ctio

ns

du

rin

g th

e y

ear:

-

IIF

CL

Mu

tual

Fu

nd

In

fras

tru

ctu

re D

ebt

Fu

nd

- S

erie

s I

Nat

ure

of

tran

sact

ion

sN

ame

of

the

Rel

ate

d P

art

y(A

mo

un

t in

Ru

pee

s)

Ma

rch

31

, 20

19

Mar

ch 3

1, 2

018

Inve

stm

ent

Man

agem

ent

Fee

s (E

xclu

din

g S

erv

ice

Tax

/GS

T)

Rei

mb

urse

men

t of

exp

ense

s o

n b

ehal

f o

f th

e S

chem

e

Ter

m D

epos

it P

lace

men

t

Inte

rest

on

Ter

m D

epos

it

Red

empt

ion

of

Ter

m D

epo

sit

Bal

ance

s as

at

end

of

the

year

Inve

stm

ent

Man

agem

ent

Fee

s P

ayab

le

Pay

able

to

AM

C f

or e

xpen

se i

ncur

red

on

beh

alf

of

Sch

eme

Uni

t C

apit

al

Uni

t C

apit

al

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

Can

ara

Ban

k

Can

ara

Ban

k

Can

ara

Ban

k

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

Indi

a In

fras

truc

ture

Fin

ance

Com

pan

y L

imit

ed

Can

ara

Ban

k

49,5

18,0

76

229

,91

5

68,3

00,0

00

770

,48

0

69,0

70,4

80

1,6

84,1

74

229

,91

5

1,3

00,0

00,0

00

1000

,000

,00

0

49,8

87,

94

0

9,1

42,

17

4 - - -

8,2

77,7

90 Nil

1,3

00,0

00,0

00

1,0

00,0

00,0

00

30

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


IIF

CL

Mu

tual

Fu

nd

In

fras

tru

ctu

re D

ebt

Fu

nd

- S

erie

s II

Th

ere

are

no tr

ansa

ctio

ns

dur

ing

the

yea

r whi

ch a

re re

qu

ired

to b

e d

iscl

ose

d un

der

Reg

ulat

ion

25

(8) o

f th

e S

EB

I Reg

ula

tion

s.

12D

iscl

osu

re u

nd

er R

egu

lati

on 2

5(11

) of t

he

Sec

uri

ties

an

d E

xch

ange

Bo

ard

of I

nd

ia (M

utu

al F

un

ds)

Reg

ula

tion

s, 1

996

as

amen

ded

Dur

ing

the

yea

r, th

e S

chem

es h

ave

not

mad

e an

y in

ves

tmen

ts in

co

mpa

nie

s w

hich

hol

d un

its

in e

xce

ss o

f 5%

of t

he

net a

sset

val

ue o

f any

Sch

eme

of th

e fu

nd.

13In

com

e T

axes

No

prov

isio

n fo

r tax

atio

n h

as b

een

mad

e si

nce

the

Sch

emes

qua

lify

as

a re

cogn

ized

Mu

tual

Fun

d u

nder

Sec

tio

n 10

(23D

) of t

he In

com

e T

ax A

ct, 1

961

.

14S

egm

ent R

epo

rtin

g

Th

e S

chem

es a

re p

rim

aril

y en

gag

ed in

the

busi

nes

s o

f in

vest

ing

the

amou

nts

rece

ived

from

inve

stor

s as

un

it c

apit

al, i

n a

ccor

dan

ce w

ith

thei

r inv

estm

ent o

bje

ctiv

es, t

o ge

ner

ate

retu

rns.

Sin

ce th

ere

is o

nly

on

e bu

sin

ess

seg

men

t an

d n

o g

eogr

aph

ical

seg

men

ts, t

he

segm

enta

l rep

orti

ng

dis

clos

ure

s as

req

uire

d b

y A

ccou

nti

ng

Sta

nd

ard

(A

S) -

17,

issu

ed b

y th

e In

stit

ute

of C

har

tere

d A

ccou

ntan

ts o

f Ind

ia h

ave

not b

een

mad

e.

15A

ggre

gate

Fa

ir V

alu

e of

No

n-T

rad

ed I

nve

stm

ents

Agg

reg

ate

fair

val

ue

of

non

-tra

ded

(in

clud

ing

pri

vate

pla

cem

ent)

inve

stm

ents

as

dete

rmin

ed b

y I

IFC

L A

sset

Man

agem

ent C

om

pan

y L

imit

ed u

nder

the

pro

cedu

res

app

rove

d by

the

Tru

stee

is a

s fo

llo

ws:

Nat

ure

of

tran

sact

ion

sN

ame

of

the

Rel

ate

d P

art

y(A

mo

un

t in

Ru

pee

s)

Ma

rch

31

, 20

19

Mar

ch 3

1, 2

018

Inve

stm

ent

Man

agem

ent

Fee

s (E

xclu

din

g S

erv

ice

Tax

/GS

T)

Rei

mb

urse

men

t of

exp

ense

s o

n b

ehal

f o

f th

e S

chem

e

Bal

ance

s as

at

end

of

the

year

Inve

stm

ent

Man

agem

ent

Fee

s P

ayab

le

Pay

able

to

AM

C f

or e

xpen

se i

ncur

red

on

beh

alf

of

Sch

eme

Uni

t C

apit

al

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

IIF

CL

Ass

et M

anag

emen

t C

ompa

ny

Lim

ited

Indi

a In

fras

truc

ture

Fin

ance

Com

pan

y L

imit

ed

18,9

95,3

38

222

,77

5

64

5,5

16

222

,77

5

1000

,000

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0

23,2

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87

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2

Nil

Nil

1,0

00,0

00,0

00

31

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


16In

ves

tor

Ed

uca

tion

an

d A

war

enes

s F

un

d p

aya

ble

As

man

dat

ed b

y S

EB

I v

ide

circ

ular

no

. CIR

/IM

D/D

F/2

1/2

012

dat

ed S

epte

mb

er 1

3, 2

01

2 an

an

nua

l ch

arg

e o

f 0

.02

per

cent

of

dail

y n

et a

sset

s, b

ein

g a

part

of

tota

l re

curr

ing

ex

pen

ses

is s

et a

sid

e fo

r In

vest

or E

duca

tion

and

Aw

aren

ess

(IE

A).

Th

e cu

mu

lati

ve b

alan

ce i

s tr

ansf

erre

d o

n a

mo

nthl

y ba

sis

to a

sep

arat

e ba

nk a

ccou

nt

mai

nta

ined

for t

his

pu

rpos

e. T

hes

e fu

nds

are

req

uire

d to

be

util

ized

in a

ccor

danc

e w

ith

the

SE

BI R

egul

atio

ns fo

r In

vest

or E

duc

atio

n a

nd A

war

enes

s. T

he b

alan

ces

are

pen

din

g ut

iliz

atio

n. T

hes

e h

ave

bee

n p

lace

d a

s sh

ort

term

dep

osi

ts w

ith

ban

ks.

Th

e d

etai

ls o

f In

vest

or E

duca

tion

and

Aw

aren

ess

amo

unt o

utst

and

ing

are

as

foll

ow

s:-

(Am

ou

nt

in R

up

ees)

Ma

rch

31,

201

9M

arch

31,

201

8

IIF

CL

Mut

ual F

und

Infr

astr

uctu

re d

ebt F

und

Ser

ies

I

IIF

CL

Mut

ual F

und

Infr

astr

uctu

re d

ebt F

und

Ser

ies

I

IIF

CL

Mut

ual

Fun

d In

fras

truc

ture

deb

t F

und

Ser

ies

II

IIF

CL

Mut

ual

Fun

d In

fras

truc

ture

deb

t F

und

Ser

ies

II

3,7

82,8

49,5

15

1,4

52,4

24,3

71

4,2

06,2

93

,79

3

2,0

94,2

59

,24

7

Sch

eme

Nam

e

(Am

ou

nt

in R

up

ees)

Ma

rch

31,

201

9M

arch

31,

201

8

2,2

67,4

95

436

,352

1,7

32

,46

9

222

,08

9

Sch

eme

Nam

e

17P

rovi

sion

for

im

pai

rmen

t in

Non

-Per

form

ing

Ass

ets

•II

FC

L M

UT

UA

L F

UN

D I

NF

RA

ST

RU

CT

UR

E D

EB

T F

UN

D-S

ER

IES

I

(a)

IIF

CL

Mut

ual

Fun

d In

fras

tru

ctu

re D

ebt

Fun

d -

Ser

ies

I h

as i

nves

ted

in n

on

-co

nver

tibl

e de

ben

ture

s (N

CD

) of

GV

R I

nfra

Pro

ject

s L

imit

ed (

the

Com

pan

y)

agg

reg

atin

g to

Rs.

600

,000

,00

0 w

hich

is d

ue f

or

mat

uri

ty o

n A

ugus

t 13

, 202

2. T

he C

om

pany

has

pai

d it

s co

up

on d

ues

up

to M

ay 1

3, 2

017

reg

ular

ly. H

owev

er,

the

Com

pan

y d

efau

lted

in

cou

pon

pay

men

ts d

ue

fro

m A

ugu

st 1

3, 2

01

7 o

nwar

ds. T

he

NC

D w

as c

lass

ifie

d as

a n

on

-per

form

ing

ass

et (

NPA

) w

ith

eff

ect

from

Nov

emb

er 1

3, 2

017.

No

furt

her

inte

rest

has

bee

n ac

cru

ed. A

pro

vis

ion

for

non-

perf

orm

ing

asse

t ag

gre

gat

ing

to R

s. 6

0,0

00

,00

0 w

as m

ade

repr

esen

tin

g 10

% o

f

the

book

val

ue

of t

he

inve

stm

ents

dur

ing

the

yea

r en

ded

Mar

ch 3

1, 2

018

as

per

SE

BI

Reg

ulat

ion

s.D

urin

g th

e y

ear

ende

d M

arch

31,

201

9,

an a

ddi

tion

al

prov

isio

n of

Rs.

54

0,0

00,

000

rep

rese

nti

ng t

he

bal

ance

boo

k v

alue

of

inve

stm

ent

in t

he

com

pan

y ha

s b

een

mad

e re

sult

ing

in

th

e bo

ok

valu

e o

f th

e in

ves

tmen

t

bein

g w

ritt

en d

own

to z

ero

.The

Sch

eme

has

file

d it

s cl

aim

wit

h N

atio

nal C

om

pany

Law

Tri

bun

al (N

CL

T).

32

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


(b)

IIF

CL

Mut

ual

Fu

nd I

nfra

stru

ctur

e D

ebt

Fun

d-S

erie

s I

has

inve

sted

in

the

com

mer

cial

pap

er (

CP

) of

Inf

rast

ruct

ure

Lea

sin

g &

Fin

anci

al S

erv

ices

Lim

ited

(th

e

Co

mpa

ny)

whi

ch w

as s

ched

ule

d t

o m

atur

e on

Sep

tem

ber

26,

20

18

wit

h m

atur

ity

/ f

ace

valu

e of

Rs.

116

,500

,00

0.

Th

e C

ompa

ny

def

ault

ed o

n p

aym

ent

on

mat

uri

ty. P

rov

isio

n o

f R

s. 1

16,

50

0,0

00 h

as b

een

mad

e re

pres

enti

ng 1

00%

of

the

mat

uri

ty v

alu

e du

rin

g th

e ye

ar e

nded

Mar

ch 3

1, 2

019

. Th

e S

chem

e h

as f

iled

its

clai

m w

ith

NC

LT

.

•II

FC

L M

UT

UA

L F

UN

D I

NF

RA

ST

RU

CT

UR

E D

EB

T F

UN

D-S

ER

IES

II

(a)

IIF

CL

Mut

ual

Fun

d I

nfra

stru

ctu

re D

ebt

Fu

nd-S

erie

s II

has

inv

este

d i

n N

CD

s of

IL

&F

S T

rans

por

tati

on N

etw

ork

Lim

ited

(th

e C

om

pan

y)

aggr

egat

ing

to R

s.

302

,16

0,0

00

whi

ch is

due

for

mat

uri

ty o

n A

pri

l 15

, 202

2. T

he C

omp

any

has

pai

d it

s co

up

on d

ues

up

to J

une

30,

20

18 r

egu

larl

y. P

urs

uant

to r

atin

g d

owng

rad

e o

f

the

Co

mpa

ny

on

Sep

tem

ber

10,

2018

an

d S

epte

mbe

r 2

8,

20

18 b

y c

red

it r

atin

g ag

enci

es,

prov

isio

n f

or n

on-

perf

orm

inga

sset

on

the

bo

ok v

alue

of

NC

Ds

out

stan

din

g in

the

Sch

eme

of R

s. 3

02,

16

0,0

00 h

as b

een

crea

ted

dur

ing

the

year

end

ed M

arch

31

, 20

19. I

ncom

e ac

crue

d o

n th

ese

NC

Ds

upto

Sep

tem

ber

17,

20

18

aggr

egat

ing

to R

s. 5

,973

,699

has

bee

n re

vers

ed.

Acc

ord

ingl

y, n

o fu

rthe

r in

com

e ha

s b

een

acc

rued

on

thes

e N

CD

s po

st c

redi

t ra

ting

do

wn

grad

e b

elo

w

inv

estm

ent g

rad

e. T

he S

chem

e h

as fi

led

its

clai

m w

ith

NC

LT

.

(b)

IIF

CL

Mut

ual F

und

Infr

astr

uct

ure

Deb

t Fu

nd-S

erie

s II

has

inv

este

d in

the

com

mer

cial

pap

er (

CP

) of

Inf

rast

ruct

ure

Lea

sin

g &

Fin

anci

al S

ervi

ces

Lim

ited

(th

e

Co

mpa

ny)

wh

ich

was

sch

edul

ed to

mat

ure

on O

cto

ber

19, 2

018

wit

h m

atur

ity

/ fac

e va

lue

of

Rs.

306

,00

0,0

00.

Pur

suan

t to

rat

ing

dow

ng

rad

e of

the

Com

pan

y o

n

Sep

tem

ber

8, 2

018

an

d S

epte

mbe

r 17

, 201

8 b

y c

redi

t rat

ing

agen

cies

, pro

visi

on f

or n

on-

perf

orm

inga

sset

on

the

boo

k v

alue

(co

st p

lus

disc

ou

nt in

com

e ac

cru

ed

till

Sep

tem

ber

17,

20

18)

of

com

mer

cial

pap

er (

CP

) ou

tsta

ndin

g in

the

Sch

eme

of

Rs.

303

,857

,57

5 h

as b

een

cre

ated

du

rin

g th

e ye

ar e

nded

Mar

ch 3

1, 2

019

. No

furt

her

inco

me

has

been

acc

rued

on

this

CP

pos

t cre

dit r

atin

g d

ow

ngra

de

belo

w in

ves

tmen

t gra

de. T

he m

atu

rity

pro

ceed

s o

f th

is C

P w

hich

wer

e d

ue o

n O

ctob

er

19,

20

18, h

ave

not b

een

real

ized

till

dat

e. T

he

Sch

eme

has

file

d it

s cl

aim

wit

h N

CL

T.

17A

Im

pa

ct o

n N

AV

of v

alu

ati

on o

f In

vest

men

ts ta

kin

g a

ver

age

pri

ces

of I

CR

A a

nd

CR

ISIL

Non

-tra

ded

NC

Ds

wit

h r

esid

ual

mat

urit

y g

reat

er t

han

60

day

s ar

e b

eing

val

ued

by

usi

ng y

ield

s pr

ovid

ed b

y C

RIS

IL (

des

igna

ted

val

uat

ion

ag

ency

) af

ter

appl

ying

illi

quid

ity

disc

ount

as

app

rove

d by

Fun

d M

anag

er a

nd

trea

sury

bil

ls a

re b

ein

g va

lued

at

pric

es/y

ield

pro

vid

ed b

y C

RIS

ILas

men

tio

ned

in t

he

curr

ent

app

rove

d

valu

atio

n po

licy

.

As

per

circ

ula

r on

val

uat

ion

s b

y A

ssoc

iati

on

of

Mut

ual F

und

of I

nd

ia (

AM

FI)

, ave

rage

of

pri

ces

prov

ided

by

two

des

igna

ted

valu

atio

n ag

enci

es (

CR

ISIL

and

IC

RA

)

are

to b

e u

sed

for

valu

atio

n of

all

deb

t se

curi

ties

at

each

val

uati

on/d

eter

min

atio

n d

ate.

Du

rin

g th

e ye

ar t

he v

alua

tio

n w

as c

arri

ed o

ut

in a

ccor

dan

ce w

ith

the

pol

icy

men

tion

ed a

bov

e. H

ow

ever

, the

Inv

estm

ent M

anag

er h

as o

btai

ned

val

uati

on

from

two

des

igna

ted

val

uati

on

agen

cies

as

at M

arch

31,

20

19. H

ad th

e va

luat

ion

of N

CD

and

trea

sury

bil

ls a

s at

Mar

ch 3

1, 2

019

bee

n d

one

usin

g th

e av

erag

e o

f p

rice

s pr

ovid

ed b

y tw

o d

esig

nate

d va

luat

ion

agen

cies

, the

impa

ct o

f th

e sa

me

on

the

resp

ecti

ve

NA

Vs

of th

e S

chem

es w

ou

ld h

ave

bee

n as

foll

ows:

-

33

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


* E

xclu

din

g N

on-I

nves

tmen

t Gra

de

Sec

uri

ties

(Ref

er to

Sta

tem

ent o

f Por

tfo

lio

Hol

ding

)

Acc

ord

ingl

y, th

e F

un

d ha

s pr

opo

sed

to c

han

ge it

s va

luat

ion

poli

cy d

urin

g fi

nan

cial

yea

r 20

19-2

0 to

bri

ng it

in li

ne

wit

h th

e A

MF

I cir

cula

r and

ind

ustr

y p

ract

ice.

Th

ere

hav

e be

en n

o s

ub

scri

pti

on

an

d re

dem

pti

ons

du

ring

the

year

and

pos

t th

e ye

ar e

nd.

Th

e ab

ove

chan

ge,

if d

one

duri

ng th

e ye

ar o

r as

at t

he

year

en

d, w

oul

d no

t ad

vers

ely

imp

act i

nve

stor

s as

ther

e h

ave

bee

n n

o un

it c

apit

al m

ov

emen

ts.

17B

Va

luat

ion

of N

CD

s o

f Gre

en I

nfr

a W

ind

Fa

rms A

sset

s L

imit

ed

Val

uati

on o

f N

CD

s o

f G

reen

Inf

ra W

ind

Far

ms

Ass

ets

Lim

ited

as

at M

arch

31

, 2

019

in

IIF

CL

Mu

tual

Fu

nd I

nfr

astr

uctu

re D

ebt

Fun

d -

Ser

ies

Ihas

bee

n d

one

erro

neo

usl

yby

usi

ng y

ield

co

nsid

erin

g cr

edit

rat

ing

as “

A-

” in

stea

d o

f ac

tual

cre

dit r

atin

g o

f “A

”. H

ad th

e ac

tual

cre

dit

rat

ing

of

“A”

been

con

side

red

, the

impa

ct o

n N

AV

is a

s fo

llo

ws:

-

Sch

eme

Imp

act

on N

AV

as

on

Ma

rch

31

, 20

19

To

tal

valu

e of

In

vest

men

ts a

s on

M

arc

h 3

1, 2

019

as

per

val

uat

ion

po

licy

(Ru

pee

s)

Tota

l val

ue o

f Inv

estm

ents

as

on

Mar

ch 3

1, 2

019

usin

g av

erag

e of

pri

ces

by tw

o ra

ting

age

ncie

s(R

upee

s)

Imp

act

of

over

sta

tem

ent

in

inve

stm

ent

val

ue

(Ru

pee

s)

Pu

bli

shed

NA

V p

er u

nit

a

s p

er b

ook

s of

acc

oun

t (R

efer

No

te 3

)(R

up

ees)

Res

tate

d N

AV

per

un

it

aft

er i

mp

act

of

val

uat

ion

(Ru

pee

s)

IIF

CL

Mut

ual

Fun

d I

nfra

stru

ctur

e D

ebt

Fu

nd -

Ser

ies

I (*

)

IIF

CL

Mut

ual

Fun

d I

nfra

stru

ctur

e D

ebt

Fu

nd -

Ser

ies

II (

*)

NC

Ds

Tre

asur

y B

ills

Tot

al

2,1

55,

98

4,2

60 (

*)

1,0

64

,36

5,2

55

3,2

20,

34

9,5

15 (

*)

2,0

35,7

52,0

00

(*)

1,0

64,3

41,0

31

3,1

00,0

93,0

31

(*)

120

,23

2,2

60

24

,22

4

120

,25

6,4

84

1,3

12,4

30.0

662

827,

871

.944

2

1,2

72,

344

.571

3

NC

Ds

Tre

asur

y B

ills

Tot

al

1,1

35

,35

9,1

00

317

,06

5,2

71

1,4

52

,42

4,3

71

1,0

88,9

71,7

75

317

,056

,19

5

1,4

06,0

27,9

70

46,3

87

,32

5

9,0

76

46,3

96

,40

1

804

,67

3.7

435

Sch

eme

Imp

act

on N

AV

as

on

Ma

rch

31

, 20

19

Tota

l val

ue o

f Inv

estm

ent

in N

CD

s on

Mar

ch 3

1,

2019

as

per

A- r

atin

g (R

upee

s)

Tota

l val

ue o

f Inv

estm

ent

in N

CD

s on

Mar

ch 3

1,

2019

as

per

A r

atin

g (R

upee

s)

Imp

act

of

un

der

stat

emen

t in

in

vest

men

t v

alu

e(R

up

ees)

Pu

bli

shed

NA

V p

er u

nit

as

per

boo

ks

of a

ccou

nt

(Ref

er N

ote

3)

(Ru

pee

s)

Res

tate

d N

AV

per

un

it

aft

er i

mp

act

of

val

uat

ion

(Ru

pee

s)

Gre

en I

nfr

a W

ind

F

arm

s A

sset

s L

imit

ed5

27,7

88

,00

053

7,1

41

,115

9

,353

,115

1,3

12,4

30.0

662

1,3

15,5

47.7

710

34

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31

, 201

9 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


18

Inco

me

Rec

ogn

itio

n

•A

s pe

r th

e ex

tant

acc

oun

ting

pol

icy

in

Not

e 2.

3 (a

) re

gar

din

g re

ven

ue

reco

gni

tion

, pe

nal

inte

rest

, ad

dit

ion

al i

nter

est

and

oth

er p

enal

ties

on

acc

oun

t o

f n

on -

com

plia

nce

wit

h te

rms

of a

gree

men

t wit

h b

orro

wer

s ar

e re

cogn

ized

on

rece

ipt b

asis

in v

iew

the

unc

erta

inti

es in

vo

lved

in re

cov

ery.

•A

ccor

ding

ly, t

he

foll

ow

ing

amou

nt o

f in

com

e on

acc

ount

of

pen

al in

tere

st, a

ddit

ion

al in

tere

st a

nd

othe

r p

enal

ties

fo

r n

on-c

omp

lian

ce o

f te

rms

wit

h in

ves

tmen

t

by

the

som

e in

vest

ee c

omp

anie

s sh

all b

e re

cogn

ized

as

inco

me

in th

e bo

oks

of a

cco

unt

on

rece

ipt b

asis

as

and

wh

en re

ceiv

ed in

vie

w o

f unc

erta

inti

es in

vo

lved

in

reco

ver

y:-

For

th

e y

ear

end

ed

Ma

rch

31

, 20

19 (

Ru

pee

s)

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s-I

IIF

CL

Mu

tual

Fu

nd

Infr

astr

uct

ure

Deb

t F

und

- S

erie

s-II

20,1

76

,57

5

9,1

24

,77

8

77,

998

,973

-

Sch

eme

Na

me

Up

to t

he

yea

r en

ded

Ma

rch

31

, 2

018

sin

ce i

nce

pti

on

(Ru

pee

s)

As

the

abo

ve in

com

e h

as n

ot b

een

reco

gni

zed

in th

e b

ook

s of

acc

ount

, co

rres

po

ndin

g im

pac

t if a

ny

on N

AV

wil

l als

o b

e re

cogn

ized

on

real

izat

ion

of s

uch

inco

me.

19S

ecu

rity

/ C

olla

tera

l for

In

ves

tmen

ts

Inv

estm

ents

in

NC

Ds

held

by

the

Sch

emes

are

con

sid

ered

sec

ure

d on

the

bas

is o

f co

nfi

rmat

ion

s fu

rnis

hed

by

deb

entu

re t

rust

ee o

f re

spec

tive

in

vest

men

ts a

nd

info

rmat

ion

on

ass

et c

over

fro

m is

suer

s th

roug

h re

spec

tiv

e de

ben

ture

tru

stee

s ex

cep

t in

cas

e of

the

inv

estm

ent i

n th

e N

CD

s o

f D

P J

ain

& C

o. I

nfr

astr

uctu

re P

riva

te

Lim

ited

, DP

J-D

RA

To

llw

ays

Pri

vate

Lim

ited

, Fee

dba

ck E

ner

gy

Dis

trib

utio

n C

omp

any

Lim

ited

(ful

ly p

repa

id o

n M

ay 1

3, 2

019

) an

d F

eedb

ack

Inf

ra P

riv

ate

Lim

ited

whi

char

e co

nsi

dere

d as

par

tly

sec

ure

d a

s on

ly p

art s

ecu

rity

has

bee

n cr

eate

d as

ag

ain

st th

e re

quir

ed te

rms

of re

spec

tive

deb

entu

re tr

ust

dee

ds.

20.

Su

bse

qu

ent E

ven

t

As

per

Reg

ulat

ion

21(1

)(d

) o

f th

e S

EB

I R

egul

atio

ns,

the

boar

d o

f d

irec

tors

of

an a

sset

man

agem

ent c

omp

any

are

req

uir

ed to

hav

e at

leas

t fif

ty p

er c

ent d

irec

tors

, wh

o

are

not

ass

ocia

te

of,

or

asso

ciat

ed in

any

man

ner

wit

h, th

e sp

ons

or

or

any

of

its

sub

sidi

arie

s or

the

trus

tees

. On

acco

unt

of

resi

gnat

ion

of

two

ind

epen

den

t dir

ecto

rs

subs

equ

ent t

o th

e ye

ar e

nd, I

AM

CL

do

es n

ot h

ave

the

req

uire

d c

omp

osit

ion

of

inde

pen

dent

dir

ecto

rs r

esul

tin

g in

non

-co

mpl

ian

ce w

ith

SE

BI

Reg

ulat

ion

s. T

he

said

non-

com

pli

ance

has

bee

n co

mm

unic

ated

to S

EB

I vid

e le

tter

dat

ed J

une

18,

20

19a

nd

repo

rted

in th

e bi

-mon

thly

co

mp

lian

ce re

por

t su

bmit

ted

to S

EB

I.

35

IIF

CL

MU

TU

AL

FU

ND

(ID

F)

SC

HE

DU

LE

S F

OR

MIN

G P

AR

T O

F B

AL

AN

CE

SH

EE

T A

S A

T M

AR

CH

31,

20

19 A

ND

TH

E

RE

VE

NU

E A

CC

OU

NT

FO

R T

HE

YE

AR

EN

DE

D M

AR

CH

31,

20

19


21S

taff

Acc

ou

nta

bil

ity

Pro

cess

On

acco

unt

of

irre

gula

riti

es i

n th

ree

inve

stm

ents

mad

e d

uri

ng

the

fin

anci

al y

ear

20

14-1

5 th

rou

gh

pri

mar

y m

arke

t tr

ansa

ctio

ns

incl

udi

ng n

on-c

om

plia

nce

wit

h sa

ncti

on te

rms

for

resp

ecti

ve in

ves

tmen

ts a

nd

con

diti

ons

men

tion

ed in

the

deb

entu

re tr

ust d

eed

of

the

resp

ecti

ve in

ves

tmen

ts a

s o

bser

ved

in th

e sp

ecia

l man

agem

ent

aud

it c

ond

uct

ed b

y th

e in

tern

al a

udi

tors

of I

IFC

L M

utu

al F

und

(ID

F)

dur

ing

the

yea

r en

ded

Mar

ch 3

1, 2

019

as

per

dir

ecti

ons

of t

he

Boa

rd o

f Dir

ecto

rs o

f IIF

CL

Ass

et

Man

agem

ent

Com

pan

y L

imit

ed (

IAM

CL

) an

d B

oard

of

Tru

stee

s o

f II

FC

L M

utua

l F

und

(ID

F),

sta

ff a

ccou

nta

bil

ity

pro

cess

has

bee

n in

itia

ted

agai

nst

Ch

ief

Inve

stm

ent

Off

icer

(C

IO)

(IA

MC

L),

wh

o w

as t

hen

ap

poin

ted

as

Fun

d M

anag

er o

f th

e S

chem

es o

f II

FC

L M

utua

l F

und

(ID

F)

in a

cco

rdan

ce w

ith

Sta

ff a

nd S

erv

ice

Reg

ulat

ions

of

IIF

CL

(th

e sp

ons

or

of I

IFC

L M

utua

l F

und

-ID

F)

dul

y ad

opte

d b

y II

FC

L A

sset

Man

agem

ent

Co

mpa

ny

Lim

ited

(IA

MC

L).

Sh

owca

use

no

tice

s h

ave

been

iss

ued

to

the

CIO

/ F

und

Man

ager

fo

r al

lege

d g

ross

neg

lig

ence

, irr

egul

arit

ies,

mis

rep

rese

nta

tion

an

d co

nce

alm

ent

of

fact

s in

th

e sa

id t

hre

e in

ves

tmen

ts m

ade

duri

ng t

he f

inan

cial

yea

r 2

014

-15.

Th

e se

rvic

es o

f th

e C

IO /

Fu

nd M

anag

er h

ave

been

pla

ced

un

der

susp

ensi

on w

ith

eff

ect

fro

m J

une

28

, 20

19 u

nder

Sta

ff S

erv

ice

Reg

ulat

ions

of t

he

spon

sor o

f IIF

CL

Mu

tual

Fun

d a

dop

ted

by

IAM

CL

. In

vie

w o

f th

is m

atte

r, th

e F

und

Man

ager

of t

he

Sch

emes

of I

IFC

L M

utu

al F

und

has

sinc

e b

een

chan

ged

wit

h ef

fect

fro

m J

anu

ary

17,

20

19.

Th

e m

atte

r w

ith

reg

ard

to th

e ir

reg

ula

riti

es in

inve

stm

ent a

s m

enti

oned

abo

ve

has

bee

n re

ferr

ed to

the

Ch

ief V

igil

ance

Off

icer

of

IIF

CL

Ass

et M

anag

emen

t Co

mpa

ny

L

imit

ed a

pp

oint

ed b

y th

e G

ove

rnm

ent o

f Ind

ia a

nd th

e st

aff a

cco

unta

bil

ity

pro

cess

is in

pro

gres

s.

22.

Pre

vio

us

Yea

r's

Fig

ure

s

Pre

viou

s y

ear'

s fi

gure

s h

ave

bee

n r

egro

up

ed/r

earr

an

ged

wh

erev

er a

pp

rop

riat

e.

Sig

na

ture

s to

sch

edu

les

1 to

8 fo

rmin

g p

art

of t

he

bal

an

ce s

hee

t an

d r

even

ue

acco

un

t.

For

Pri

ce W

ater

hou

se C

har

tere

d A

ccou

nta

nts

LL

P

Fir

m R

egis

trat

ion

No:

012

754N

/N50

0016

Ch

arte

red

Acc

oun

tan

ts

For

Boa

rd o

f T

rust

ees

of I

IFC

L M

utu

al F

un

d (

IDF

)F

or I

IFC

L A

sset

Man

agem

ent

Com

pan

y L

imit

ed

Alp

a K

edia

Par

tner

Mem

ber

ship

No.

100

681

P.R

. Ja

ish

ank

ar

Ch

airm

anT

rust

ee

Pan

kaj

Jai

n

Ch

airm

an

An

il K

um

ar T

anej

a

Ch

ief

Exe

cuti

ve O

ffic

er a

nd

Dir

ecto

r

Pla

ce :

Mu

mb

ai

Dat

e :

Sep

tem

ber

26,

201

9

Pla

ce :

New

Del

hi

Dat

e :

26 S

ep 2

019

Pla

ce :

New

Del

hi

Dat

e :

25 S

ep 2

019

Su

mer

Sin

gh

Fu

nd

Man

ager

36

IIFCL MUTUAL FUNDIIFCL MUTUAL FUNDRegd. Office : 5th Floor, Plate-A, NBCC Tower-02, East Kidwai Nagar, New Delhi-110023

Phone : 011-24665900-10

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Documents

IIFCL MUTUAL FUND (IDF)iifclmf.com/.../uploads/2016/04/IIFCL-MUTUAL-FUND-IDF.pdfANNUAL REPORT 2018-19 IIFCL MUTUAL FUND (IDF) IIFCL MUTAUL FUND (IDF) 5th Floor, Plate-A, NBCC Tower