UNAUDITED FINANCIAL STATEMENTS OF THE SCHEMES.

Transcription

1 UNAUDITED FINANCIAL STATEMENTS OF THE SCHEMES. a) Scheme E Tier I - Equity market instruments b) Scheme C Tier I - Credit risk bearing fixed income instruments c) Scheme G Tier I - Government securities d) Scheme E Tier II - Equity market instruments e) Scheme C Tier II - Credit risk bearing fixed income instruments f) Scheme G Tier II - Government securities g) Scheme A Tier I - Alternate Asset Class A h) Scheme A Tier II - Alternate Asset Class A

2 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME E TIER I BALANCE SHEET AT 2017 Schedule Scheme E Tier I Liabilities Unit capital 1 2,253,900,583 1,246,490,335 Reserves and surplus 2 3,192,672,582 1,234,204,477 Current liabilities and provisions 3 104,481,428 62,925,872 Total 5,551,054,593 2,543,620,684 Assets Investments 4 5,550,107,002 2,543,268,569 Deposits Other current assets 6 947, ,115 Total 5,551,054,593 2,543,620,684 (a) Net assets as per Balance Sheet (Schedule ) 5,446,573,165 1,315,619,581 (b) Number of units outstanding 225,390, ,649,033 (c) NAV per unit (a)/(b) (`) (Refer note 2.8 (II)) Significant accounting policies and notes to accounts 7 This is the Balance Sheet referred to in our report of even date. For Ray & Ray Chartered Accountants Firm Registration No E For and on behalf of Board of Directors of ICICI Prudential Pension Funds Management Company Limited Anil Karnik Sandeep Bakhshi Sandeep Batra Partner Chairman Director Membership No Date : April 25, 2017 Meghana Baji Shweta Nayak Place : Mumbai Chief Executive Officer Company Secretary For and on Behalf of NPS Trust Shailesh V. Haribhakti Chairman, NPS Trust Board Kamal Chaudhry Chief Executive Officer Date : Place : Mumbai

3 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME E TIER I REVENUE ACCOUNT FOR THE YEAR ENDED 2017 Schedule Scheme E Tier I Income Dividend income 50,565,538 25,392,069 Interest income - 1,322 Profit on sale/redemption of investments 61,152,597 51,409,949 Profit on inter-scheme transfer/sale of investments - - Unrealised gain on appreciation in investments 690,330,950 64,125,491 Other income - Miscellaneous Income - - Total income (A) 802,049, ,928,831 Expenses and losses Unrealised losses in value of investments 81,521, ,668,351 Loss on sale/redemption of investments 1,716,975 13,526,684 Loss on inter-scheme transfer/sale of investments - - Management fees (including service tax) [Refer Note 2.4] 414, ,895 NPS Trust fees 361,052 77,244 Custodian fees 122, ,470 CRA Fees 8,728,824 4,270,175 Less: Amount recoverable on sale of units on account of CRA Charges (8,728,824) (4,270,175) Trustee bank fees - - Depository and settlement charges 21,655 - Other Expenses, if any - Total expenditure (B) 84,158, ,596,644 Surplus/Deficit for the year (A-B) 717,890,369 (89,667,813) Less: Amount transferred to Unrealised appreciation account 608,809,422 (152,542,860) Less: Amount transferred to General Reserve 109,080,947 62,875,047 Amount carried forward to Balance Sheet - - Significant accounting policies and notes to accounts 7 This is the Revenue Account referred to in our report of even date. For Ray & Ray Chartered Accountants Firm Registration No E For and on behalf of Board of Directors of ICICI Prudential Pension Funds Management Company Limited Anil Karnik Sandeep Bakhshi Sandeep Batra Partner Chairman Director Membership No Date : April 25, 2017 Meghana Baji Shweta Nayak Place : Mumbai Chief Executive Officer Company Secretary For and on Behalf of NPS Trust Shailesh V. Haribhakti Chairman, NPS Trust Board Kamal Chaudhry Chief Executive Officer Date : Place : Mumbai

4 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME E TIER I NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017 Schedule 1: Unit capital Scheme E Tier I Initial capital - - Unit capital Outstanding at the beginning of the year 1,246,490, ,337,645 Add :Issued during the year 1,092,983, ,425,000 Less: Redeemed during the year (85,573,619) (24,272,310) Outstanding at the end of the year 2,253,900,583 1,246,490,335 (Face Value of Rs.10/- each unit, fully paid up) Outstanding units at the beginning of the year 124,649,033 61,233,764 Add :Units issued during the year 109,298,387 65,842,500 Less: Units redeemed during the year (8,557,362) (2,427,231) Outstanding Units at the end of the year 225,390, ,649,033 Schedule 2: Reserves and surplus Scheme E Tier I Unit premium reserve Opening balance 1,012,250, ,660,190 Add: Premium on Units issued 1,347,325, ,829,153 Less: Premium on Units redeemed 106,748,162 25,238,799 Closing balance 2,252,828,280 1,012,250,544 Surplus/(deficit) in Revenue account Opening balance - - Add: Transfer from Revenue Account - - Closing balance - - General reserve Opening Balance 95,978,987 33,103,940 Add: Transfer from Revenue Account 109,080,947 62,875,047 Closing Balance 205,059,934 95,978,987 Unrealised Appreciation Account Opening Balance 125,974,946 83,872,944 Add: Transfer from Revenue Account 608,809,422 (152,542,860) Closing Balance 734,784,368 (68,669,916) Total 3,192,672,582 1,234,204,477 Schedule 3: Current liabilities and provisions Scheme E Tier I Current liabilities Sundry Creditors for expenses 466, ,308 Book Overdraft - - Redemption payable 5,740,330 2,372,945 TDS payable 4,339 3,264 Contracts for purchase of investments 98,269,913 60,349,355 Interest received in advance - - Amount Payable to Other Schemes - - Total 104,481,428 62,925,872

5 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME E TIER I NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017 Schedule 4: Investments (Long Term and Short Term) Scheme E Tier I Equity shares 5,446,090,892 2,480,510,429 Debentures and Bonds Listed/Awaiting Listing - - Central and state government securities (including treasury bills ) - - Commercial Paper - - Others - Mutual funds 104,016,110 62,758,140 - Certificates of Deposit - - Total 5,550,107,002 2,543,268,569 Schedule 5: Deposits Scheme E Tier I Deposits with scheduled banks - - Total - - Schedule 6: Other current assets Scheme E Tier I Balances with bank in a current account 194, Contracts for sale of investments - - Outstanding and accrued income 753, ,019 Brokerage receivable from PFM - - Application money pending allotment - - Receivable from other scheme - - Total 947, ,115

6 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Schedule 7 Significant accounting policies and notes to accounts for the year ended Background ICICI Prudential Pension Funds Management Company Limited ( the Company ) is appointed as a Pension Fund Manager ( PFM ) by the National Pension System Trust ( NPS ). The Company has entered into an Investment Management Agreement ( IMA ) with NPS. The Pension Fund Regulatory and Development Authority ( PFRDA ) guidelines require each PFM to manage subscribers funds made available to it by the Trustee bank along with the data made available by the Central Recordkeeping Agency ( CRA ) at a consolidated level. The Company makes investments as per the IMA, various other circulars/guidelines issued by the PFRDA in this context from time to time and the scheme wise flow of funds. The Company manages eight separate schemes under the two tiered structure (Tier I and II) prescribed under the NPS. The schemes are classified as Scheme E, C, G and A based on the underlying asset class prescribed under the NPS as follows: Scheme E Equity market instruments Scheme C Credit risk bearing fixed income instruments Scheme G Government securities Scheme A Alternate Asset Class A 1.2 Basis of preparation The financial statements have been prepared in accordance with the PFRDA (Preparation of financial statements and Auditor s report of Schemes under National Pension System) Guidelines 2012 ( Guidelines ), Accounting Standards ( AS ) notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014 to the extent made applicable by the Guidelines and generally accepted accounting principles. The Guidelines specifically exempt the schemes from the applicability of AS 3 (Cash Flow Statement) and AS 17 (Segmental Reporting). These financial statements have been prepared on an accrual basis, except as otherwise stated. The financials have been prepared for Scheme E Tier I being managed by the Company. 1.3 Investments Purchase and sale of securities are accounted on trade date. Investments are reconciled with the custodian records on daily basis. The holding cost of investments is determined by the weighted average cost method and the cost does not include brokerage and other transaction charges.

7 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Valuation of Investments All investments are marked to market and are carried in the Balance Sheet at the market value as on Balance Sheet date/date of determination/date of valuation. Unrealized gain/(loss), if any, is transferred to Revenue account. As per directive received from NPS, the valuation of investments is carried out by Stock Holding Corporation of India Limited (SHCIL). The Investment valuation methodology adopted by SHCIL is as follows: Listed equity shares are valued at market value, being the last quoted closing price on the National stock exchange (NSE). If they are not quoted on NSE, then the last quoted closing price on the Bombay stock exchange (BSE) is taken. Non traded rights are valued at the difference of closing market price of the original equity share for the day and the offer price. Traded rights are valued at the closing market price of the rights renunciation till the time of application. In the event of application of rights, the rights entitlement would be valued at the closing market price of the original equity share till the date of allotment/listing. Exchange traded funds are valued at market value, being the last quoted closing price on NSE. If they are quoted on NSE, then the net asset value of the preceding day of the valuation date is used. Mutual fund units are valued based on the net asset values of the preceding day of the valuation date. Income earned on Investments Dividend income and non-convertible debenture received in lieu of dividend is recognized on the `ex-dividend date. Bonus shares to which the scheme becomes entitled are recognized only when the original shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus basis. Similarly, rights entitlements are recognized only when the original shares on which the right entitlement accrues are traded on the stock exchange on an ex-rights basis. Profit or loss on sale of equity shares/mutual fund units is the difference between the sale consideration net of expenses, if any and the weighted average book cost. 1.4 Units reconciliation The subscribers units as per Investment management system are reconciled with Central Recordkeeping Agency (CRA) records on daily basis. 1.5 Investment management fees Investment management fees are recognized on daily accrual basis on closing Asset under management (AUM) in accordance with IMA. The Investment management fee is inclusive of brokerage but excludes custodian charges and applicable taxes, if any.

8 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I 1.6 Other expenses Custody charges are recognized on daily accrual basis in accordance with IMA. Trustee bank charges were recognized when they were debited by the trustee bank on a quarterly basis. Notes to accounts 2.1 Contingent liabilities At At Uncalled liability on partly paid shares Nil Nil Other commitments Nil Nil 2.2 Investments All investments are performing investments All investments of the scheme are in the name of the NPS Trust All investments are traded investments. 2.3 Details of transactions with sponsor and its related parties Related parties and nature of relationship. Nature of relationship Name of the related party Pension fund manager ICICI Prudential Pension Funds Management Company Limited Sponsor company ICICI Prudential Life Insurance Company Limited Associates and group companies - Holding company of ICICI Bank Limited sponsor The following represents significant transactions between the Scheme and its related parties. Name of related party Nature of transaction Transactions for the year ended Amount recoverable/ (payable) At March 31, 2017 At March 31, 2016 ICICI Prudential Pension Funds Management Company Limited Investment management fees 414, ,895 (120,378) (51,031)

9 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Aggregate investments made by the scheme in the associates and group companies are as follows: Period Name of the Company Asset type Cost Market value At 2017 ICICI Bank Limited Equity 198,384, ,487,582 At 2016 ICICI Bank Limited Equity 107,823, ,144, Investment management fees The Investment Management Fees is charged on closing funds under management on daily basis for all the schemes. In terms of the PFRDA s letter no. PFRDA/6/PFM/9/2 dated July 31, 2014, the Company has started charging investment management fee of 0.01% per annum, with effect from August 01, Aggregate value of purchase and sale with percentage to average daily net assets Aggregate value of purchase and sale with percentage to average daily net assets is as follows: Aggregate value of purchase and sale 15,356,966,096 7,554,369,651 % to average net assets 425.3% 463.2% Aggregate value of purchase and sale (excluding liquid mutual fund)* with percentage to average daily net assets is as follows: Aggregate value of purchase and sale 3,080,332,654 2,005,338,686 % to average net assets 85.3% 123.0% *liquid mutual fund investments are held for day to day cash management, hence excluded.

10 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I 2.6 Investments falling under each major industry group The total value of investments falling under each major industry group (which constitutes not less than 5% of the total investments in the major classification of the financials) are disclosed as under: At 2017 At 2016 Investment classification % of % of Market value Market value investment investment class class Equity 5,446,090, % 2,480,510, % Monetary intermediation of commercial banks, saving 1,269,785, % 589,827, % banks Writing, modifying, testing of computer program to meet the needs of a 676,894, % 385,490, % particular client excluding web-page designing Manufacture of cigarettes, cigarette tobacco 374,920, % 138,448, % Manufacture of allopathic pharmaceutical preparations 349,370, % 156,536, % Manufacture of refined petroleum products 292,169, % 129,480, % Manufacture of passenger cars 290,758, % 109,366, % Others 2,192,190, % 971,361, % Mutual Funds 104,016, % 62,758, % Net current assets (103,533,837) 100.0% (62,573,757) 100.0% Net asset value 5,446,573, % 2,480,694, % 2.7 Statement of portfolio holding as on 2017 Security name Units Acquisition cost Market value Equity 4,711,306,522 5,446,090,892 ITC Limited 1,337, ,960, ,920,591 Infosys Limited 331, ,621, ,553,866 HDFC Bank Limited 234, ,026, ,540,519 Reliance Industries Limited 221, ,093, ,169,871 State Bank Of India 836, ,210, ,522,988 Larsen & Toubro Limited 141, ,264, ,440,451 ICICI Bank Limited 778, ,384, ,487,582

11 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Security name Units Acquisition cost Market value Tata Motors Limited 438, ,611, ,236,559 Mahindra & Mahindra Limited 142, ,680, ,859,403 Housing Development Finance Corporation Limited 119, ,559, ,097,284 Indusind Bank Limited 109, ,045, ,015,446 HCL Technologies Limited 175, ,312, ,278,069 Axis Bank Limited 287, ,149, ,040,705 Tata Consultancy Services Limited 52, ,562, ,687,053 Bharti Airtel Limited 355, ,515, ,523,637 Oil & Natural Gas Corporation Limited 601, ,783, ,335,960 Maruti Suzuki India Limited 17,770 74,493, ,898,989 Sun Pharmaceuticals Industries Limited 147, ,739, ,544,102 Kotak Mahindra Bank Limited 103,378 72,343,979 90,166,292 Dr Reddys Laboratories Limited 33, ,795,443 89,455,150 Idea Cellular Limited 860,646 86,123,933 73,886,459 LIC Housing Finance Ltd 119,229 58,997,658 73,737,175 Cipla Limited 122,157 66,473,495 72,432,993 NTPC Limited 414,518 62,033,187 68,809,988 Yes Bank Limited 44,104 44,373,595 68,217,862 Asian Paints Limited 60,275 50,044,320 64,705,213 Power Grid Corporation Of India Limited 293,775 44,294,463 57,961,808 Hindustan Unilever Limited 62,993 49,601,523 57,433,868 Hero Motocorp Limited 17,087 49,072,482 55,053,460 Bajaj Auto Limited 18,185 45,067,726 51,017,108 Coal India Limited 174,287 56,503,768 51,005,091 Gail (India) Limited 121,768 37,804,099 45,900,448 Eicher Motors Ltd 1,782 35,820,015 45,596,925 Bharat Petroleum Corporation Limited 69,608 31,790,920 45,234,759 Grasim Industries Limited 43,063 32,989,871 45,173,087 Tata Steel Limited 89,599 32,931,651 43,249,437 Indiabulls Housing Finance Ltd 43,062 31,927,333 42,965,111 Ultratech Cement Limited 10,536 31,843,838 41,983,326 Tech Mahindra Limited 83,273 41,264,262 38,234,798 Hindustan Petroleum Corporation Ltd 66,553 22,682,247 34,983,584 Oil India Ltd 100,641 28,913,067 33,593,966 Hindalco Industries Limited 171,292 22,619,241 33,410,505 Lupin Limited 22,584 33,206,960 32,638,397

12 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Security name Units Acquisition cost Market value Bosch Limited 1,224 26,462,330 27,847,530 Britannia Industries Limited 7,862 23,367,926 26,526,388 Jsw Steels Limited 138,963 17,702,447 26,152,837 Motherson Sumi Systems Limited 69,432 19,876,403 25,821,761 Titan Company Ltd 55,788 19,879,887 25,815,897 Zee Entertainment Enterprises Limited 47,606 19,626,238 25,495,393 Ambuja Cements Limited 98,229 21,100,701 23,245,893 Tata Power Company Limited 242,329 18,124,594 21,894,425 Shriram Transport Finance Co Ltd 19,413 18,420,006 20,927,214 Bharat Heavy Electricals Limited 121,080 20,658,755 19,717,878 Container Corporation Of India Ltd 14,550 16,691,257 18,532,335 Glenmark Pharmaceuticals Ltd 20,372 18,508,368 17,358,981 Cairn India Limited 55,710 12,240,822 17,038,904 Power Finance Corporation Limited 116,483 13,277,472 16,994,870 ACC Limited 11,563 15,848,798 16,720,676 Cadila Healthcare Limited 34,219 11,811,938 15,124,798 Siemens Limited 11,903 14,432,867 14,940,646 Bank Of Baroda 85,542 13,535,787 14,794,489 NMDC Limited 105,753 13,046,905 14,075,724 Castrol India Limited 32,272 12,983,188 13,954,413 Apollo Hospitals Enterprise Ltd 10,231 13,756,071 11,920,650 Oracle Financial Services Software Ltd 2,958 10,655,366 11,286,989 DIVIS Laboratories Limited 17,036 17,559,422 10,627,909 Torrent Pharmaceuticals Limited 6,562 9,055,584 10,188,161 Wipro Limited 17,169 9,244,070 8,854,053 NHPC Limited 270,787 6,502,831 8,719,341 Dabur India Ltd 27,088 7,401,288 7,512,857 Mutual Funds 104,016, ,016,110 IDFC Cash Fund Direct Plan - Growth 52, ,016, ,016,110 Total 4,815,322,632 5,550,107,002

13 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Statement of portfolio holding as on 2016 Security name Units Acquisition cost Market value Equity 2,354,535,482 2,480,510,429 Infosys Limited 163, ,132, ,770,743 HDFC Bank Limited 156, ,056, ,339,338 ITC Limited 421, ,431, ,448,629 Reliance Industries Limited 123, ,943, ,480,421 Axis Bank Limited 244, ,658, ,771,003 ICICI Bank Limited 435, ,823, ,144,612 Tata Motors Limited 251,643 89,183,597 97,285,184 Tata Consultancy Services Limited 34,925 78,576,827 88,021,478 Larsen & Toubro Limited 61,448 78,033,310 74,763,782 Bharti Airtel Limited 210,073 71,306,767 73,693,608 Mahindra & Mahindra Limited 59,745 69,726,629 72,333,272 State Bank Of India 358,388 75,096,373 69,616,869 Sun Pharmaceuticals Industries Limited 81,138 62,553,543 66,533,160 Housing Development Finance Corporation Limited 59,965 60,380,394 66,297,304 HCL Technologies Limited 73,943 57,697,409 60,196,996 Indusind Bank Limited 53,555 41,470,906 51,819,818 Grasim Industries Limited 11,920 40,440,879 45,822,268 Oil & Natural Gas Corporation Limited 208,593 55,171,330 44,659,761 Bajaj Auto Limited 17,062 37,938,316 41,050,319 Kotak Mahindra Bank Limited 58,882 33,612,435 40,078,033 Maruti Suzuki India Limited 9,965 33,203,325 37,032,930 Hindustan Unilever Limited 39,207 28,919,572 34,090,487 Asian Paints Limited 33,802 23,524,097 29,353,657 Dr Reddys Laboratories Limited 9,466 28,181,132 28,731,203 Bank Of Baroda 189,175 29,950,045 27,808,725 Hero Motocorp Limited 9,433 23,257,332 27,786,788 Coal India Limited 94,719 31,903,300 27,653,212 Ultratech Cement Limited 7,613 19,181,133 24,580,474 Idea Cellular Limited 219,692 30,485,848 24,210,058 NTPC Limited 185,469 25,339,207 23,897,681 Power Grid Corporation Of India Limited 164,747 20,794,189 22,916,308 Tech Mahindra Limited 46,417 23,680,999 22,045,754 Yes Bank Limited 24,564 19,456,448 21,249,088 Cipla Limited 37,948 19,836,983 19,427,479 Lupin Limited 12,555 18,033,259 18,571,984 Bharat Petroleum Corporation Limited 19,517 12,914,293 17,649,223

14 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Security name Units Acquisition cost Market value Eicher Motors Ltd ,231,783 17,569,430 Tata Steel Limited 50,246 16,562,178 16,063,646 Zee Entertainment Enterprises Limited 41,049 14,514,055 15,883,911 Oil India Ltd 49,592 17,949,796 15,522,296 Indiabulls Housing Finance Ltd 22,741 15,999,145 14,779,376 Bosch Limited ,596,866 14,195,814 Ambuja Cements Limited 58,179 11,752,336 13,529,526 Gail (India) Limited 35,190 12,869,570 12,541,716 Britannia Industries Limited 4,408 12,731,003 11,842,092 LIC Housing Finance Ltd 22,704 10,083,343 11,196,478 Titan Company Ltd 31,285 10,430,836 10,608,744 Dabur India Ltd 42,207 11,267,459 10,547,529 Shriram Transport Finance Co Ltd 10,888 9,652,624 10,377,897 JSW Steels Limited 7,975 7,622,013 10,233,919 Hindustan Petroleum Corporation Ltd 12,441 9,666,031 9,800,398 ACC Limited 7,055 9,236,792 9,749,305 Wipro Limited 17,045 9,171,409 9,617,641 Divis Laboratories Limited 9,554 10,427,933 9,432,187 Motherson Sumi Systems Limited 33,724 8,372,073 8,985,760 Tata Power Company Limited 135,868 9,839,783 8,783,866 Hindalco Industries Limited 95,994 10,538,513 8,442,672 Glenmark Pharmaceuticals Ltd 10,578 9,922,638 8,410,039 Bharat Forge Limited 9,251 8,156,961 8,077,048 Bharat Heavy Electricals Limited 67,901 13,194,335 7,730,529 Apollo Hospitals Enterprise Ltd 5,737 8,063,731 7,626,194 Siemens Limited 6,675 8,165,359 7,340,498 Cairn India Limited 42,172 9,814,623 6,488,162 Oracle Financial Services Software Ltd 1,654 6,207,481 5,837,628 NMDC Limited 59,453 7,343,700 5,826,394 Power Finance Corporation Limited 31,672 6,786,177 5,426,997 Rural Electrification Corporation Limited 28,875 6,870,337 4,799,025 Cadila Healthcare Limited 9,294 2,954,573 2,945,269 Torrent Pharmaceuticals Limited 1,854 2,472,598 2,484,824 Castrol India Limited 5,793 2,135,099 2,167,451 Petronet LNG Ltd 7,640 1,475,516 1,915,730 Mahindra And Mahindra Financial Services Limited 6,960 1,591,148 1,698,588 Tata Chemicals 4,480 1,693,783 1,674,176 Exide Industries Ltd 11,600 1,737,836 1,616,460 NHPC Limited 55,239 1,206,972 1,334,022

15 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Security name Units Acquisition cost Market value Tata Global Beverages Limited 10,520 1,332,238 1,275,550 Mutual Funds 62,758,140 62,758,140 IDFC Cash Fund Direct Plan - Growth 34,113 62,758,140 62,758,140 Total 2,417,293,622 2,543,268, Key statistics NAV per unit (`) I (based on published NAV) Open High Low End Closing Assets Under Management (` in Lakhs) End 54, , Average daily net assets (AAUM) II 36, , Gross income as % of AAUM III % 3.88% 4 Expense ratio a Total expense as % of AAUM (scheme wise) IV % % b Management fee as % of AAUM (scheme wise) % % 5 Net income as % of AAUM V % 3.86% 6 Portfolio turnover ratio VI 10.80% 22.27% 7 Total dividend per unit distributed during the period - 8 Returns: (%) a Last one year 21.42% -7.37% Benchmark 20.87% -8.07% b Since inception 11.86% 10.53% Benchmark 14.30% 13.38% c Compound annualised yield (%) VII Last 1 year 21.42% -7.35% Last 3 year 13.06% 12.98%

16 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I Last 5 year 13.83% 7.75% Since launch of the scheme 11.86% 10.53% Launch Date May 18, 2009 I. NAV = (Market value of investment held by scheme + value of current assets - value of current liability and provisions, if any)/(no. of units at the valuation date (before creation/redemption of units) II. AAUM = Average daily net assets III. Gross income = Income includes Interest income, Dividend income and Net profit/(loss) on sale of investments IV. Total expenses = Expenses include management fees, custody fees, trustee bank charges but excludes unrealised loss V. Net income = Gross income less Total expenses (excludes unrealised gain/loss) VI. Portfolio turnover = Lower of sales or purchase divided by the average AUM for the period. Investment in liquid mutual fund is excluded from the turnover as the same is primarily for liquidity management. VII. Compounded annualised yield is to be calculated based on following formula: =((1+ cumulative return)^n) -1 (where n=365/no. of days) 2.9 Revision of custody charges PFRDA vide its circular no PFRDA/35/CUST/1 dated March 21, 2017 revised method to compute custodian fees for equity investments from market price to purchase price along with revision in rate from % to % effective May 14, The custody fees based on the revised methodology was recognized on provisional basis in the net asset value (NAV) declared on The custodian subsequently submitted the actual invoice along with working and the same is recognized in the scheme financial statements. The difference between custodian fees recognized in financial statements and accounted in NAV on 2017 is ` 852 and does not impact NAV declared on 2017.

17 ICICI Prudential Pension Funds Management Company Limited - Scheme E Tier I 2.10 Previous year comparatives Previous year amounts have been regrouped and reclassified wherever necessary to conform to current period s presentation in line with the PFRDA (Preparation of financial statements and Auditor s report of Schemes under National Pension System) Guidelines For Ray & Ray Chartered Accountants Firm Registration No E For and on behalf of the Board of Directors of ICICI Prudential Pension Funds Management Company Limited Anil Karnik Sandeep Bakhshi Sandeep Batra Partner Chairman Director Membership No Date : April 25, 2017 Meghana Baji Shweta Nayak Place : Mumbai Chief Executive Officer Company Secretary For and on Behalf of NPS Trust Shailesh V. Haribhakti Chairman, NPS Trust Board Kamal Chaudhry Chief Executive Officer Date : Place : Mumbai

18 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME C TIER I BALANCE SHEET AT 2017 Schedule Scheme C TIER I Liabilities Unit capital 1 1,573,514, ,941,997 Reserves and surplus 2 2,085,994, ,353,331 Current liabilities and provisions 3 4,379,113 2,090,326 Total 3,663,888,270 1,881,385,654 Assets Investments 4 3,511,802,600 1,809,812,593 Deposits Other current assets 6 152,085,670 71,573,061 Total 3,663,888,270 1,881,385,654 Significant accounting policies and notes to accounts 7 This is the Balance Sheet referred to in our report of even date. For Ray & Ray Chartered Accountants Firm Registration No E For and on behalf of Board of Directors of ICICI Prudential Pension Funds Management Company Limited Anil Karnik Sandeep Bakhshi Sandeep Batra Partner Chairman Director Membership No Date : April 25, 2017 Meghana Baji Shweta Nayak Place : Mumbai Chief Executive Officer Company Secretary For and on Behalf of NPS Trust Shailesh V. Haribhakti Chairman, NPS Trust Board Kamal Chaudhry Chief Executive Officer Date : Place : Mumbai

19 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME C TIER I REVENUE ACCOUNT FOR THE YEAR ENDED 2017 Schedule Scheme C TIER I Income Dividend income - - Interest income 208,141, ,852,038 Profit on sale/redemption of investments 10,528,180 5,411,332 Profit on inter-scheme transfer/sale of investments - - Unrealised gain on appreciation in investments 75,943,682 16,122,993 Other income - Miscellaneous Income - - Total income (A) 294,612, ,386,363 Expenses and losses Unrealised losses in value of investments 6,999,143 7,856,739 Loss on sale/redemption of investments - - Loss on inter-scheme transfer/sale of investments - - Management fees (including service tax) [Refer Note 2.4] 298, ,980 NPS Trust fees 260,069 61,257 Custodian fees 95,765 96,843 CRA Fees 5,611,737 3,024,498 Less: Amount recoverable on sale of units on account of CRA Charges (5,611,737) (3,024,498) Trustee bank fees - - Depository and settlement charges 14,940 - Other Expenses, if any - Total expenditure (B) 7,668,830 8,156,819 Surplus/Deficit for the year (A-B) 286,944, ,229,544 Less: Amount transferred to Unrealised appreciation account 68,944,540 8,266,253 Less: Amount transferred to General Reserve 217,999, ,963,291 Amount carried forward to Balance Sheet - - Significant accounting policies and notes to accounts 7 This is the Revenue Account referred to in our report of even date. For Ray & Ray Chartered Accountants Firm Registration No E For and on behalf of Board of Directors of ICICI Prudential Pension Funds Management Company Limited Anil Karnik Sandeep Bakhshi Sandeep Batra Partner Chairman Director Membership No Date : April 25, 2017 Meghana Baji Shweta Nayak Place : Mumbai Chief Executive Officer Company Secretary For and on Behalf of NPS Trust Shailesh V. Haribhakti Chairman, NPS Trust Board Kamal Chaudhry Chief Executive Officer Date : Place : Mumbai

20 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME C TIER I NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017 Schedule 1: Unit capital Scheme C TIER I Initial capital - - Unit capital Outstanding at the beginning of the year 908,941, ,759,247 Add :Issued during the year 726,990, ,728,388 Less: Redeemed during the year (62,417,911) (36,545,638) Outstanding at the end of the year 1,573,514, ,941,997 (Face Value of Rs.10/- each unit, fully paid up) Outstanding units at the beginning of the year 90,894,200 49,475,925 Add :Units issued during the year 72,699,049 45,072,839 Less: Units redeemed during the year (6,241,791) (3,654,564) Outstanding Units at the end of the year 157,351,458 90,894,200 Schedule 2: Reserves and surplus Scheme C TIER I Unit premium reserve Opening balance 716,569, ,564,644 Add: Premium on Units issued 905,967, ,794,797 Less: Premium on Units redeemed 77,270,394 35,790,076 Closing balance 1,545,266, ,569,365 Surplus/(deficit) in Revenue account Opening balance - - Add: Transfer from Revenue Account - - Closing balance - - General reserve Opening Balance 211,478, ,515,545 Add: Transfer from Revenue Account 217,999, ,963,291 Closing Balance 429,478, ,478,836 Unrealised Appreciation Account Opening Balance 42,305,130 34,038,877 Add: Transfer from Revenue Account 68,944,540 8,266,253 Closing Balance 111,249,670 42,305,130 Total 2,085,994, ,353,331 Schedule 3: Current liabilities and provisions Scheme C TIER I Current liabilities Sundry Creditors for expenses 262, ,088 Book Overdraft - - Redemption payable 4,113,583 1,936,784 TDS payable 2,923 2,454 Contracts for purchase of investments - - Interest received in advance - - Amount Payable to Other Schemes - - Total 4,379,113 2,090,326

21 NATIONAL PENSION SYSTEM TRUST NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED PENSION FUND SCHEME C TIER I NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2017 Schedule 4: Investments (Long Term and Short Term) Scheme C TIER I Equity shares - - Debentures and Bonds Listed/Awaiting Listing 3,444,124,340 1,777,169,193 Central and state government securities (including treasury bills ) - - Commercial Paper - - Others - Mutual funds 67,678,260 32,643,400 - Certificates of Deposit - - Total 3,511,802,600 1,809,812,593 Schedule 5: Deposits Scheme C TIER I Deposits with scheduled banks - - Total - - Schedule 6: Other current assets Scheme C TIER I Balances with bank in a current account 2,365, Contracts for sale of investments - - Outstanding and accrued income 149,720,653 71,573,005 Brokerage receivable from PFM - - Application money pending allotment - - Receivable from other scheme - - Total 152,085,670 71,573,061

22 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I Schedule 7 Significant accounting policies and notes to accounts for the year ended March 31, Background ICICI Prudential Pension Funds Management Company Limited ( the Company ) is appointed as a Pension Fund Manager ( PFM ) by the National Pension System Trust ( NPS ). The Company has entered into an Investment Management Agreement ( IMA ) with NPS. The Pension Fund Regulatory and Development Authority ( PFRDA ) guidelines require each PFM to manage subscribers funds made available to it by the Trustee bank along with the data made available by the Central Recordkeeping Agency ( CRA ) at a consolidated level. The Company makes investments as per the IMA, various other circulars/guidelines issued by the PFRDA in this context from time to time and the scheme wise flow of funds. The Company manages eight separate schemes under the two tiered structure (Tier I and II) prescribed under the NPS. The schemes are classified as Scheme E, C, G and A based on the underlying asset class prescribed under the NPS as follows: Scheme E Equity market instruments Scheme C Credit risk bearing fixed income instruments Scheme G Government securities Scheme A Alternate Asset Class A 1.2 Basis of preparation The financial statements have been prepared in accordance with the PFRDA (Preparation of financial statements and Auditor s report of Schemes under National Pension System) Guidelines 2012 ( Guidelines ), Accounting Standards ( AS ) notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014 to the extent made applicable by the Guidelines and generally accepted accounting principles. The Guidelines specifically exempt the schemes from the applicability of AS 3 (Cash Flow Statement) and AS 17 (Segmental Reporting). These financial statements have been prepared on an accrual basis, except as otherwise stated. The financials have been prepared for Scheme C Tier I being managed by the Company. 1.3 Investments Purchase and sale of securities are accounted on trade date. Investments are reconciled with the custodian records on daily basis. The holding cost of investments is determined by the weighted average cost method and the cost does not include brokerage and other transaction charges. Valuation of investments All investments are marked to market and are carried in the Balance Sheet at the market value as on Balance Sheet date/date of determination/date of valuation. Unrealised gain/(loss), if any, is transferred to Revenue account.

23 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I As per directive received from NPS, the valuation of investments is carried out by Stock Holding Corporation of India Limited (SHCIL). The Investment valuation methodology adopted by SHCIL is as follows: Debt securities other than Government securities with a residual maturity over 60 days are valued at weighted average traded price on that day. When such securities are not traded on a particular day, they are valued on a yield to maturity basis, by using spreads over risk free benchmark yield obtained from agency(ies) entrusted for the said purpose by Association of Mutual Funds in India (AMFI) to arrive at the yield for pricing the security. Debt securities other than Government securities with a residual maturity upto 60 days are valued at weighted average traded price on that day. When such securities are not traded on a day, they are valued at last valuation price plus the difference between the redemption value and last valuation price, spread uniformly over the remaining maturity period of the instrument. In case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 60 days then those shall be valued on amortisation basis taking the coupon rate as floor. Mutual fund units are valued based on the net asset values of the preceding day of the valuation date. Income earned on investments Interest income on investments is recognised on daily accrual basis. In respect of investments purchased, interest paid for the period from the last interest due date upto the date of purchase is debited to interest recoverable account and not included in cost of purchase. Similarly interest received at the time of sale for the period from the last interest due date upto the date of sale is credited to interest recoverable account and not included in sale value. Accretion of discount/amortization of premium relating to debt securities is recognised over the holding/maturity period on a straight-line basis. Profit or loss on sale of debt securities is the difference between the sale consideration net of expenses, if any and the weighted average amortised cost as on the date of sale. Profit or loss on sale of mutual fund units is the difference between the sale consideration net of expenses, if any and the weighted average book cost. Non-performing assets (NPA) An investment is regarded as NPA, if interest/principal or both amount has not been received or has remained outstanding for one quarter from the day such income/installment has fallen due. Further the Company also classifies following assets as impaired. 1. In case of investments, securities where the certificates, if any, are not traceable for a protracted period 2. In case of assets, other than investments, where in the opinion of the Board of Directors, there is a substantial diminution in value.

24 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I Where income receivable on investments has accrued but has not been received for one quarter beyond the due date, provision shall be made by debiting to the Revenue account for the income so accrued and no further accrual of income shall be made in respect of such investments. Income on NPAs shall be recognised on cash basis. 1.4 Units reconciliation The subscribers units as per Investment management system are reconciled with Central Recordkeeping Agency (CRA) records on daily basis. 1.5 Investment management fees Investment management fees are recognised on daily accrual basis on closing Asset under management (AUM) in accordance with IMA. The investment management fee is inclusive of brokerage but excludes custodian charges and applicable taxes, if any. 1.6 Other expenses Custody charges are recognised on daily accrual basis in accordance with IMA. Trustee bank charges were recognised when they were debited by the trustee bank on a quarterly basis. Notes to accounts 2.1 Contingent liabilities At At Other commitments Nil Nil 2.2 Investments All investments and deposits under the scheme are performing assets, hence no provisions for doubtful deposits, debts and for doubtful outstanding and accrued income are required to be made. All the investments of the scheme are in the name of the NPS Trust. Aggregate value of non-traded investments as on 2017 is ` 1,911,878,037 (March 31, 2016: ` 721,211,861). Non traded securities as per the PFRDA (Preparation of financial statements and Auditor s report of Schemes under National Pension System) Guidelines 2012 are those securities that are not traded on any stock exchange for a period of 30 days prior to the valuation date. They are valued at yield to maturity basis, by using spreads over the benchmark rate.

25 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I 2.3 Details of transactions with sponsor and its related parties Related parties and nature of relationship. Nature of relationship Pension fund manager Sponsor company Associates and group companies - Holding company of sponsor Name of the related party ICICI Prudential Pension Funds Management Company Limited ICICI Prudential Life Insurance Company Limited ICICI Bank Limited The following represents significant transactions between the Scheme and its related parties. Name of related party Nature of transaction Transactions for the year ended Amount recoverable/ (payable) At March 31, 2017 At March 31, 2016 ICICI Prudential Pension Funds Management Company Limited Investment management fees 298, ,980 (84,304) (40,865) Aggregate investments made by the scheme in the associates and group companies at 2017 is ` Nil ( 2016: ` Nil). 2.4 Investment management fees The Investment Management Fees is charged on closing funds under management on daily basis for all the schemes. In terms of the PFRDA s letter no. PFRDA/6/PFM/9/2 dated July 31, 2014, the Company has started charging investment management fee of 0.01% per annum, with effect from August 01, 2014.

26 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I 2.5 Aggregate value of purchase and sale with percentage to average daily net assets Aggregate value of purchase and sale with percentage to average daily net assets is as follows: Aggregate value of purchase and sale 30,000,305,233 15,943,792,953 % to average daily net assets % 1,280.3% Aggregate value of purchase and sale (excluding liquid mutual fund)* with percentage to average daily net assets is as follows: Aggregate value of purchase and sale 2,248,002,616 1,069,980,662 % to average daily net assets 86.4% 85.9% *liquid mutual fund investments are held for day to day cash management, hence excluded. 2.6 Investments falling under each major industry group The total value of investments falling under each major industry group (which constitutes not less than 5% of the total investment in the major classification of the financials) are disclosed as under: Investment classification At 2017 At 2016 Market value % of investme nt class Market value % of investme nt class Mutual funds 67,678, % 32,643, % Mutual funds 67,678, % 32,643, % Non-convertible debentures 3,444,124, % 1,777,169, % Monetary intermediation of commercial banks, saving 635,292, % 310,866, % banks Activities of specialized institutions granting credit for house purchases that 533,161, % 292,855, % also take deposits Other credit granting 526,731, % 278,113, % Construction and maintenance of motorways, streets, roads, other vehicular and 285,257, % - -

27 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I Investment classification At 2017 At 2016 Market value % of investme nt class Market value % of investme nt class pedestrian ways, highways, bridges, tunnels and subways Electric power generation and transmission by 211,821, % 160,693, % nuclear power plants Other monetary intermediation services 191,763, % - - n.e.c. Other financial service activities, except insurance 146,413, % 94,882, % & pension funding Manufacture of allopathic pharmaceutical 145,208, % - - preparations Housing finance institution without accepting public 144,874, % - - deposits Transmission of electric energy 111,616, % 146,853, % Others 511,981, % 492,904, % Net current assets 147,706, % 69,482, % Net asset value 3,659,509, % 1,879,295, % 2.7 Statement of portfolio holding as on 2017 Acquisition Market value Security name Units cost Mutual Funds 67,678,260 67,678,260 IDFC Cash fund - Direct Plan Growth 34,264 67,678,260 67,678,260 Non-convertible debentures 3,332,874,672 3,444,124, % NHAI Taxable Bond Series V 2022 (March 18, 2022) 2,360, ,000, ,531, % Axis Bank Ltd 2023 (October 20, 2023) 1,820, ,145, ,012, % Piramal Enterprises Ltd 2019 (August 12, 2019) 1,400, ,000, ,208, % L&T Housing Finance Ltd (August 02, 2021) 1,400, ,000, ,874,660 8% Yes Bank Infra Bond 2026 (September 1,320, ,386, ,413,292

28 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I Security name 30, 2026) Units Acquisition cost Market value 8.14% Nuclear Power Corporation 2028 (March 25, 2028) 960,000 96,278, ,826, % LIC Hpusing Finance Ltd (April 25, 2023) 940,000 97,883,140 99,774, % Exim Bond (May 22, 2023) 960,000 98,647,584 97,591, % REC Ltd (April 12, 2023) 900,000 96,090,660 95,505, HDFC Ltd 2024 (June 24, 2026) 9 92,394,000 94,895, % HDFC 2026 (June 01, 2026) 9 93,322,530 94,716, % Exim Bond (October 29, 2025) 920,000 95,925,824 94,172, % Power Finance Corporation Ltd 2024 (October 8, 2024) 850,000 88,042,301 91,318, % Hindalco Industries Limited 2022 (April 25, 2022) 830,000 84,716,240 86,928, % Axis Bank Ltd (December 5, 2024) 700,000 70,000,000 74,158, % Nuclear Power Corporation 2023 (March 18, 2023) 630,000 64,316,385 66,320, % Jhajjar Power Limited 2025 (April 30, 2025) 5 50,570,000 56,488, % Tata Motors Limited (August 20, 2024) 500,000 50,313,990 54,067, % IOT Utkal Energy Services Limited (March 20, 2026) 460,000 50,844,860 53,741, % Infotel Broadband Services Limited (September 15, 2020) 510,000 49,547,382 53,664, % IDFC Limited 2023 (July 28, 2023) 500,000 50,000,000 52,807, % IDFC Limited 2024 (August 21, 2024) 480,000 50,620,800 52,523, % Shriram Transport Finance Company Limited 2021 (September 19, 490,000 50,250,186 51,658, ) 9.25% LIC Housing Finance Limited (January 1, 2023) 480,000 49,816,800 51,588, % Power Grid Corporation Of India Limited 2022 (October 19, 2022) 487,500 49,528,343 51,423, % Rural Electrification Corporation Ltd (November 19, 2022) 480,000 49,630,416 51,030, % Punjab National Bank (February 9, 2025) 500,000 50,000,000 50,791, Food Corporation Of India 2022 (March 7, 2022) 460,000 46,078,000 50,542, % Rural Electrification Corporation Ltd 2025 (February 06, 2025) 480,000 48,328,464 49,766, % Power Grid Corporation ,000 45,000,000 49,698,855

29 ICICI Prudential Pension Funds Management Company Limited - Scheme C Tier I Security name (October 20, 2029) Units Acquisition cost Market value 8.57% Rural Electrification Corporation Ltd. (December 21, 2024) 470,000 47,573,400 49,646, % IOT Utkal Energy Services Limited (February 20, 2025) 430,000 45,454,096 49,541, % Power Finance Corporation Ltd 2024 (August 7, 2024) 470,000 48,072,775 49,460, % LIC Housing Finance Ltd (September 15, 2020) 460,000 46,275,172 48,403, % LIC Housing Finance Limited 2025 (August 14, 2025) 450,000 45,004,500 47,461, % IDFC Limited 2020 (April 15, 2020) 450,000 44,960,175 46,751, % National Highway Authority Of India 2021 (December 23, 2021) 470,000 46,940,968 46,726, % Jhajjar Power Limited 2026 (April 30, 2026) 4 40,000,000 45,642, % Pfc 2026 (August 14, 2026) 450,000 45,180,000 45,029, % Nuclear Power Corporation 2026 (November 28, 2026) 420,000 43,104,600 44,674, % LIC Housing Finance Ltd (July 10, 2026) 420,000 43,221,234 44,228, % IDFC 2024 (September 12, 2024) 400,000 40,000,000 43,835, % Irfc 2026 (November 29, 2026) 390,000 38,400,695 43,036, % Mahindra & Mahindra Financial Services Ltd (January 23, 2025) 420,000 42,000,000 42,782, % Power Finance Corporation Ltd 2018 (October 7, 2018) 350,000 35,224,104 36,304, % HDFC (December 29, 2018) 310,000 30,924,200 32,157, % Shriram Transport Finance Company Limited 2019 (July 15, 2019) 280,000 27,823,600 29,099, % Shriram Transport Finance Company Limited 2018 (October 24, 2018) 220,000 22,000,000 22,872, % LIC Housing Finance Limited (July 24, 2019) 190,000 19,000,000 19,938, % Rural Electrification Corporation Ltd. (March 8, 2020) 150,000 15,004,500 15,633, % Tata Sons Limited 2022 (September 13, 2022) 130,000 13,041,781 14,197, % Power Grid Corporation Of India Ltd 2021 (December 07, 2021) 100,000 10,449,000 10,495, % L & T IRCL 2022 (October 15, 2022) 75,000 7,500,000 8,207, % L & T IRCL 2021 (April 15, 2021) 70,000 7,000,000 7,562, % L & T IRCL 2023 (April 15, 2023) 65,000 6,500,000 7,171,067