IFMR Investment Adviser Services Private Limited

Transcription

1 IFMR Investment Adviser Services Private Limited Second Annual Report

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3 Our Group s mission is to ensure that every individual and every enterprise has complete access to financial services

4 Corporate Information Board of Directors: Sucharita Mukherjee, Chairperson Bindu Ananth Strategic Counsel Committee: Sucharita Mukherjee, Chairperson Chaitanya Pande Debi Guha Chief Executive Officer Suchindran V G Compliance Officer Aruna Subbaraman Bankers ICICI Bank, Chennai Auditors Deloitte Haskins & Sells, Chennai Registered Office 10th Floor-Phase 1, IIT-Madras Research Park Kanagam Village, Taramani Chennai , India CIN: U74900TN2012PTC SEBI Regn No: INA Contact Details Phone: Fax: contact.investments@ifmr.co.in Website: 2 Annual Report

5 The Journey So Far Message from the Chairperson 4 Message from the CEO 6 Directors Report 8 Report on Corporate Governance 12 Independent Auditors Report 16 Balance Sheet 20 Statement of Profit and Loss 21 Cash Flow Statement 22 Notes Forming Part of Financial Statements 24 Board of Directors 34 Strategic Counsel Committee Independent Members 35 IFMR Investment Adviser Services Private Limited 3

6 Message from the Chairperson Dear Shareholders, It gives me great pleasure in presenting the second annual report of IFMR Investment Adviser Services Private Limited ( IFMR Investments ). IFMR Investments is a key part of the IFMR Trust Group as it will focus on one of the three pillars of the IFMR Trust Group namely risk aggregation and focus on building access to long term debt capital markets for high-quality originators, such as microfinance institutions, small business lenders and affordable housing financiers. We believe that asymmetric information is at the root of inefficient credit markets. Facilitating the flow of information in a sustainable manner, will enable millions of people and enterprises obtain quality, relevant and affordable financial services. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals Professor Robert Shiller makes a powerful case for recognizing that finance, is one of the most powerful tools we have for solving our common problems and increasing general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals. Professor Shiller argues that finance should be defined not merely as the management or manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers--from CEO, investment manager and banker to insurer, lawyer, and regulator--can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to re-channel financial creativity to benefit society as a whole. Like Professor Shiller, we too believe that finance can be a powerful force for good. 4 Annual Report

7 We also believe performance speaks for itself; a high quality asset, by virtue of its performance, should be attractive to capital markets investors. However, this does imply that the market infrastructure necessary to connect local originators of risk such as microfinance institutions and small business lenders and the capital markets investors is already in place. While we believe in markets, its true power can be realized only if the market is functioning well. At the IFMR Trust Group, we are building that market infrastructure to unleash the power of the markets, that is the link between financial inclusion and capital markets. Markets are powerful precisely because of their efficiency in disseminating information. we believe markets are also a great equalizer, size is not the only thing that matters, quality does. Also, it rewards issuers that do well and penalizes those that don t. IFMR Investments has a key role to play in disseminating this information in its credit selection and subsequent monitoring. Financial year has been an eventful year for IFMR Investments as it completed its first full year in operation. During the year, the company secured registration as an Investment Adviser and was subsequently appointed as an Investment Adviser to the proposed IFMR FImpact Investment Fund, the first scheme of IFMR Finance for Freedom Social Venture Fund. The fund will focus on debt investments in high-quality microfinance institutions, through long term senior secured and subordinated instruments. Going ahead, the Company also proposes to advise other fund managers both on-shore and offshore. In the future, IFMR Investments is also building underwriting and evaluation frameworks in other asset classes that impact the financially excluded such as vehicle finance and SME finance. we are building that market infrastructure to unleash the power of the markets, that is the link between financial inclusion and capital markets Going ahead, the Company also proposes to advise other fund managers both on-shore and offshore IFMR Investment Adviser Services Private Limited 5

8 Message from the CEO Dear Shareholders, IFMR Investment Adviser Services Private Limited (IFMR Investments) began the financial year with a focus on providing high quality investment advice and recommendations to investment managers in asset classes that enable financial inclusion. One of the key steps taken during the year was to seek the SEBI approval for registration as an investment adviser under the new regulations. In fact, we were among the first investment advisers to be registered with SEBI during August we were among the first investment advisers to be registered with SEBI During the year, we developed a proprietary underwriting framework for microfinance institutions and strengthened the investment identification and evaluation processes with the setting up of two committees, namely, the Originator Appraisal Committee (OAC) and the Investment Recommendation Committee (IRC). The due diligence and appraisal process includes management meetings, meetings with external stakeholders including investors, lenders, auditors etc., apart from discussions with independent directors. Review of portfolio cuts and stress testing of business plans in relation to past performance and future key assumptions are also part of the appraisal process. The entire investment identification and evaluation processes have been automated to ensure seamless integration with the underwriting framework as well as to act as information storage with robust back-up and to ensure availability of audit trail. A social performance assessment tool was developed during the year taking into account the importance attached by investors to social performance of the investee companies, which encompasses aspects like mission alignment, focus on governance, importance of attracting and retaining employees, client protection, awareness of impact to 6 Annual Report

9 environment etc. This is designed to supplement the underwriting guidelines significantly. IFMR Investments also subscribes to the highest standards of governance with the formation of the Strategic Counsel Committee (SCC) consisting of independent members with significant market expertise. During the year, 24 MFIs were evaluated for an inprinciple approval to the OAC and 10 due diligence visits were carried out subsequently. We have hired the core team and we feel confident, the team is well equipped to handle the investment advisory role in relation to our own expectations and those of the fund managers. IFMR Investments also subscribes to the highest standards of governance with the formation of the Strategic Counsel Committee (SCC) consisting of independent members with significant market expertise. During the latter part of the year, the company was appointed as an Investment Adviser to the proposed IFMR FImpact Investment Fund, the first scheme of IFMR Finance for Freedom Social Venture Fund. The proposed fund has made an application to SEBI for registration as a Social Venture Fund under Category I of the SEBI (AIF) Regulations in March 2014 with a target fund size of Rs. 100 crore and is expected to launch post approval. The proposed fund will primarily focus on long term debt investments in high-quality microfinance institutions, through senior secured and subordinated instruments. IFMR Investments proposes to advise fund managers that are investing in retail finance sectors that impact the financially excluded such as affordable housing, small business and micro enterprise finance and commercial vehicle finance etc. IFMR Investments will build on the vast experience within the IFMR Trust Group in working with these sectors. IFMR Investments proposes to advise fund managers that are investing in retail finance sectors that impact the financially excluded such as affordable housing, small business and micro enterprise finance and commercial vehicle finance This is beginning of a long journey ahead and we aim to become the preferred investment adviser for the funds in the financial inclusion space. IFMR Investment Adviser Services Private Limited 7

10 Directors Report Dear Shareholders, Your Directors have immense pleasure in presenting the second annual report of your Company, together with the audited financial statements for the year ended March 31, Background: The Company was incorporated as IFMR Advisory Services Private Limited on September 27, The Company s name was subsequently changed to IFMR Investment Adviser Services Private Limited on June 10, The Company received the Certificate of Registration as an Investment Adviser from SEBI dated August 1, IFMR Investment Adviser Services Private Limited was founded with the intent providing high quality investment advice and investment products in asset classes that impact the financially excluded, such that we help achieve desired investor outcomes. Financial Results: Particulars Year ended March 31, 2014 Period ended March 31, 2013 Income 398,930 - Expenses 5,687, ,871 (Loss)/Profit Before Tax (5,288,592) (806,871) Less: Tax Expenses - - (Loss)/Profit After Tax (5,288,592) (806,871) Add: Brought forward Profit / (Loss) Less: Transfer to reserves Balance Carried Forward Earnings per share (basic) Earnings per share (diluted) (806,871) (6,095,463) (806,871) (88.00) (157.32) (88.00) (157.32) Dividend: Your Directors do not recommend for any dividend for the year under review. Transfer to Reserves: In the absence of profits, your Company has not made any transfers to reserves during the year under review. Deposits: The Company has not accepted any deposits from the public for the year under review. Operational Highlights: The Company completed its first full year during the financial year ended March 31, 2014 and it is yet to commence operations. Some of the highlights for the year ended March 31, 2014 are: 1) The Company was part of the first list of Investment Advisers that were approved by SEBI and in fact, it was the first company in that list. 2) The Company has entered into a MOU with UTI Group for advising an off-shore fund, which is presently under discussions 3) The Company has been appointed as Investment Adviser by IFMR Investment Managers Private Limited in March 2014 for the proposed IFMR FImpact Investment Fund, an Alternate Investment Fund under Category 1 of the SEBI (Alternate Investment Fund) Regulations which is awaiting approval from SEBI. 8 Annual Report

11 4) The Company has automated the investment process and has developed an automated fund model during the period. Future outlook: The underlying market factors which have created financial stress and have resulted in lower economic growth continue to play a significant factor. More particularly for India, Investors will closely look at Government s policy action in enabling investments on one hand and outcome of various initiatives to improve economic growth on the other. These will be key determinants to the timelines associated with your Company s plans for advising Investment Managers as their fund raise in dependent on investor interest. Your Company, however, continues to reach out to Investment Managers to understand the thought process of various investors and, in a business as usual scenario, expects to begin advising investors and investment managers from the first half of fiscal Your Company has also been working on various strategic initiatives. Given the nature of such strategic initiatives and the prevalent market environment, gestation periods are expected to be longer and spread across fiscals. Capital Infusion & Change in Ownership Structure: The Company mobilised Rs.70 lakhs of capital funds during the year ended March 31, 2014 by issuance of 70,000 equity shares of Rs.100 each to its promoter IFMR Trusteeship Services Private Limited (Trustee of IFMR Trust). Further during the year, IFMR Trusteeship Services Private Limited (Trustee of IFMR Trust), the Company s existing promoters transferred its shareholding of 95,000 equity shares of Rs.100 each (100% of total shareholding of the company) and 10,000 preference shares of Rs.100 each to IFMR Holdings Private Limited. SEBI Guidelines: The Company being an Investment Adviser under the SEBI (Investment Advisers) Regulations, 2013 has complied with all applicable regulations of the Securities and Exchange Board of India. Compliance: The Company has complied with all the mandatory regulatory compliances as required under the Companies Act, various tax statutes and other regulatory bodies. The Company does not have a Whole Time Secretary and accordingly, pursuant to the second proviso of Section 383A, a compliance certificate is obtained from a practicing Company Secretary for the previous financial year. Corporate governance: A report on corporate governance is attached and forms part of this report. Directors: Jayshree Venkatesan who was appointed as an Additional Director, on October 5, 2012 has resigned from the Board of the Company with effect from August 5, Puneet Gupta who was appointed as an Additional Director, on September 13, 2013 has resigned from the Board of the Company with effect from February 28, The Board places on record its appreciation to the above directors for their contribution to the performance of the Company. Subject to the Companies Act, 1956 and as per the Articles of Association of the Company, none of the Directors shall retire by rotation. IFMR Investment Adviser Services Private Limited 9

12 Auditors: M/s. Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. Subsidiary Companies: As on March 31, 2014, the Company does not have any subsidiaries. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo: The Company has no activity relating to conservation of energy and technology absorption. There were no foreign exchange earnings or outflow during the year under review. Particulars of Employees: In accordance with the provisions of Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 and the Companies (Particulars of Employees) Amendment Rules, 2011, the name and other particulars of employees are to be set out in the annexure to the directors report. However, as per provisions of Section 219 (1)(b)(iv) of the Companies Act, 1956, the annual report is being sent to members excluding the aforesaid information. Any member interested in obtaining such particulars may write to the Company. Dematerialization of Shares: The equity and preference shares of the Company have been admitted for dematerialization by National Securities Depository Limited (NSDL) during the year in addition to Central Depository Services Limited (CDSL). Directors Responsibility Statement: To the best of their knowledge and belief, and according to the information and explanations obtained by them, your Directors confirm the following in terms of Section 217(2AA) of the Companies Act, 1956: a. that in preparation of the financial statements the generally accepted accounting principles (GAAP) of India and applicable accounting standards issued by Institute of Chartered Accountants of India have been followed. b. that appropriate accounting policies have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that year; c. that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. To ensure this, the Company has established internal control systems, consistent with its size and nature of operations. These systems are reviewed and updated on an on-going basis. d. that they have prepared the annual accounts on a going concern basis. Employee Relationship: The employees at all ranks of the Company have extended their whole-hearted cooperation with the Company for the smooth conduct of the affairs of the Company and hence the employee relations of the Company have been cordial. Your Directors wish to place on record their appreciation to all the 10 Annual Report

13 employees for their contribution to the performance of the Company. Acknowledgement: Your Directors take this opportunity to thank the Investment Managers of the funds under advice, shareholders, employees, bankers, auditors, Securities and Exchange Board of India, other Regulatory authorities for their co-operation and continued support to the Company. We look forward to their continued patronage and encouragement in all our future endeavours. On behalf of the Board Place: Chennai Date: May 2, 2014 Sucharita Mukherjee Chairperson Bindu Ananth Director IFMR Investment Adviser Services Private Limited 11

14 Report on Corporate Governance Corporate Governance is the commitment of an organization to follow ethics, fair practices and transparency in all its dealings with its various stakeholders such as Clients, Employees, Investors, Government and the Community at large. Sound corporate governance is the result of external marketplace commitment and legislation plus a healthy board culture which directs the policies and philosophy of the organization. Your Company is committed to good Corporate Governance in all its activities and investment advisory processes. Corporate Governance Philosophy IFMR Investment Adviser Services Private Limited s philosophy on corporate governance envisages adherence to the highest levels of accountability, transparency and fairness, in all areas of its operations and in all interactions with its stakeholders. The Board shall work to ensure the success and continuity of the Company s business through the appointment of qualified management and through on-going monitoring to assure the Company s activities are conducted in a responsible, ethical and transparent manner. Board of Directors In terms of the Corporate Governance philosophy all statutory and other significant material information is placed before the Board of Directors to enable it to discharge its responsibility of strategic supervision of the Company as trustees of the Shareholders. The Board currently consists of two Directors. All the members of the Board are non-executive directors and the Company is in the process of inducting independent directors. During the year ended 31 March 2014, ten (10) Board Meetings were held with a gap of not more than four months between any two meetings. Particulars of the Directors attendance to the Board Meeting and particulars of their other company directorships and committee memberships are given below: Name Nature of Directorship No. of directorships excluding the Company Board Meetings attended (Meetings held) Sucharita Mukherjee Non-Executive Chairperson 6 10 (10) Bindu Ananth Non-Executive Director 7 10 (10) Jayashree Venkatesan* Non-Executive Director NA 3 (3) Puneet Gupta ** Non-Executive Director NA 2 (2) * Resigned w.e.f August 5, 2013 ** Appointed on September 13, Resigned w.e.f February 28, Annual Report

15 Changes in Board Constitution During the year ended March 31, 2014, the following changes took place in the constitution of the Board. Jayshree Venkatesan who was appointed as an Additional Director, on October 5, 2012 has resigned from the Board of the Company with effect from August 5, Puneet Gupta who was appointed as an Additional Director, on September 13, 2013 has resigned from the Board of the Company with effect from February 28, Committees of the Board During the year, the Strategic Counsel Committee, Investment Recommendation Committee and Originator Approval Committee of the Board were constituted. The Board fixes the terms of reference of committees and also delegated powers from time to time. The minutes of the meetings of the committee are circulated to the Board for its information and confirmation. Strategic Counsel Committee The Strategic Counsel Committee provides advice and overall guidance to the Company regarding the formation, implementation and monitoring of the Company s business strategies. The Committee currently has three members including the Chairperson of the Company and two independent members who are experts in fund management. Terms of reference The Committee s goals and responsibilities shall include, but not be restricted to: Guide the management to help formulate short- and long-term investment strategies Recommending potential growth and expansion opportunities for the Company. Identify strategic issues or opportunities material to the Company outside the scope of the Company s traditional business operations. Performing such other responsibilities regarding the Company s overall strategy or other matters as the Board may from time to time assign the Committee. Composition & Meetings The Strategic Counsel Committee consists of the following members (majority being non-executive and independent): 1. Sucharita Mukherjee, Chairperson 2. Chaitanya Pande, Independent Member 3. Debi Guha, Independent Member The Committee met once during financial year Name Nature of Membership Meetings attended (Meetings Held) Sucharita Mukherjee Chairperson 1 (1) Chaitanya Pande Member 1 (1) Debi Guha Member 1 (1) Investment Recommendation Committee The Investment Recommendation Committee has been constituted to evaluate investment proposals made by the Investment Origination and Management team and make the suitable recommendations to investors and/or investment managers. Terms of reference This Committee s goals and responsibilities shall be: To review and recommend underwriting guidelines for providing advisory services in new asset classes and offering of advisory IFMR Investment Adviser Services Private Limited 13

16 services to new funds to the Board for its approval To review and recommend the investment proposals made by the Investment Origination and Management Team and make necessary recommendations to the investment managers To evaluate and recommend terms and conditions of all investments To review and approve periodically policies and guidelines governing the Company s investment recommendations and monitor compliance with these policies To perform such other responsibilities regarding the Company s investment recommendation activities or policies or other matters as the Board may from time to time assign the Committee. Composition & Meetings The Investment Recommendation Committee consists of the following members: 1. Sucharita Mukherjee, Chairperson 2. V.G. Suchindran, CEO The Committee met once during financial year Name Nature of Membership Meetings attended (Meetings Held) Sucharita Mukherjee Chairperson 1 (1) V. G. Suchindran Member 1 (1) Originator Appraisal Committee The Originator Appraisal Committee has been constituted for the first level screening of all potential investees that meet the pre-due diligence requirements. The primary responsibility of this Committee is to review the recommendations of the Investment Appraisal team and accord inprinciple approvals for retaining originators as potential investees in the Funds for which the Company will act as an Investment Adviser. Composition & Meetings The Originator Appraisal Committee consists of the following members, namely, 1. Sucharita Mukherjee, Chairperson 2. V.G. Suchindran, CEO 3. Director of the respective asset class. The Committee met 7 times during the financial year Name Nature of Membership Meetings attended (Meetings Held) Sucharita Mukherjee Chairperson 7 (7) V. G. Suchindran Member 7 (7) Berenice Rose Member 7 (7) Remuneration of Non-Executive Directors As a policy, the Company does not pay any sitting fee or other remuneration to non-executive Directors or other members of any committee constituted of the Board. General Body Meetings During the financial year , one Annual General Meeting and three Extraordinary General Meetings were held as per details given below: Date June 10, 2013 August 19, 2013 September 13, 2013 February 26, 2014 Type of meeting Time Venue EGM 10:00 am Registered office of the Company AGM 11:30 am Registered office of the Company EGM 5:30 pm Registered office of the Company EGM 12:30 pm Registered office of the Company 14 Annual Report

17 All the proposed resolutions, including special resolutions, were passed by the shareholders as set out in their respective Notices. Compliance Report The board reviews the compliance of all applicable laws every quarter and gives appropriate directions, wherever necessary. Code of Conduct The Board has adopted a code of conduct, corporate governance policy and whistle blower policy applicable to all directors and employees of the Company. Risk Management The Company keeps the Board informed periodically of the significant risks associated with the business of the company and the various risk identification and mitigation processes put in place by the management. Disclosures The particulars of transactions between the Company and its related parties, as defined in Accounting Standard 18, are set out the financial statements. There were no material transactions with related parties i.e., transactions of the company of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of company at large. General Shareholder Information Financial year: April 1st to March 31st Shareholding pattern as on March 31, 2014 Category Number of Shares % of total Promoters: IFMR Holdings Private 95, Limited (including its nominee) Total 95, Address for Correspondence IFMR Investment Adviser Services Private Limited 10th Floor-Phase 1, IIT-Madras Research Park, Kanagam Village, Taramani, Chennai Tel.: Fax: contact.investments@ifmr.co.in Website: On behalf of the Board Place: Chennai Date: May 2, 2014 Sucharita Mukherjee Chairperson IFMR Investment Adviser Services Private Limited 15

18 Independent Auditors Report TO THE MEMBERS OF IFMR INVESTMENT ADVISER SERVICES PRIVATE LIMITED (FORMERLY IFMR ADVISORY SERVICES PRIVATE LIMITED) Report on the Financial Statements We have audited the accompanying financial statements of IFMR INVESTMENT ADVISER SERVICES PRIVATE LIMITED (formerly IFMR Advisory Services Private Limited) ( the Company ), which comprise the Balance Sheet as at 31 st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Company s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ( the Act ) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 16 Annual Report

19 Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act 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 Company as at 31 st March, 2014; (b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor s Report) Order, 2003 ( the Order ) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (a) (b) (c) (d) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 th September, 2013 of the Ministry of Corporate Affairs). (e) On the basis of the written representations received from the directors as on 31 st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1) (g) of the Act. For DELOITTE HASKINS & SELLS Chartered Accountants (Firm s Registration No S) Bhavani Balasubramanian (Partner) CHENNAI, May 2, 2014 (Membership No ) IFMR Investment Adviser Services Private Limited 17

20 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT (Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date) Having regard to the nature of the Company s business / activities / results during the year, clauses (ii), (vi), (vii), (viii), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of paragraph 4 of the Order are not applicable to the Company. (i) In respect of its fixed assets: (a) (b) (c) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (ii) (iii) (iv) (v) The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of services and during the course of our audit we have not observed any continuing failure to correct major weaknesses in such internal control system. To the best of our knowledge and belief and according to information and explanations given to us, there are no contracts or arrangements that need to be entered in the register maintained in pursuance to Section 301 of Companies Act, According to the information and explanations given to us, in respect of statutory dues: (a) (b) The Company has generally been regular in depositing undisputed statutory dues, including Income-tax, Service Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. The statutory dues relating to Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax, Wealth Tax, Customs Duty and Excise Duty are not applicable to the Company. There were no undisputed amounts payable in respect of Income-tax, Service Tax, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable. 18 Annual Report

21 (c) There were no disputed amounts due in respect of Income-tax, Service Tax and Cess which have not been deposited as on 31st March (vi) (vii) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short term basis (excluding internal accruals) have, prima facie, not been used during the year for long term investment. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For DELOITTE HASKINS & SELLS Chartered Accountants (Firm Registration No S) Bhavani Balasubramanian (Partner) CHENNAI, May 2, 2014 (Membership No ) IFMR Investment Adviser Services Private Limited 19

22 Balance Sheet Particulars Note No. March 31, 2014 March 31, 2013 () () A. Equity and Liabilities (1) Shareholders funds (a) Share Capital 3 10,500,000 3,500,000 (b) Reserves and Surplus 4 (6,095,463) (806,871) 4,404,537 2,693,129 (2) Non-Current Liabilities Long-Term Provisions 5 125,124 49, ,124 49,475 (3) Current Liabilities (a) Trade Payables 6 1,267, ,561 (b) Other Current liabilities 7 783,281 24,710 2,050, ,271 Total 6,580,114 3,380,875 B. Assets (1) Non-Current Assets Fixed Assets Tangible Assets 11 32,878 39,013 32,878 39,013 (2) Current Assets (a) Current Investments 8 5,710,000 - (b) Cash and Cash Equivalents 9 177,113 2,272,554 (c) Short-Term Loans and Advances ,123 1,069,308 6,547,236 3,341,862 Total 6,580,114 3,380,875 See accompanying notes forming part of the financial statements In terms of our report attached For Deloitte Haskins & Sells Chartered Accountants For and on behalf of the Board of Directors Bhavani Balasubramanian Sucharita Mukherjee Bindu Ananth Partner Chairperson Director Place: Chennai Date: May 2, Annual Report

23 Statement of Profit and Loss Particulars Note No. Year ended March 31, 2014 () Period ended March 31, 2013 () Income Revenue from operations - - Other Income ,930 - Total Revenue (I) 398,930 - Expenses Employee Benefits Expense 13 4,453,652 51,691 Depreciation 11 22,712 9,887 Other Expenses 14 1,211, ,293 Total Expenses (II) 5,687, ,871 Loss Before Tax (I-II) (5,288,592) (806,871) Tax Expenses: a) Tax Expenses for the Current Period - - b) Deferred Tax Loss for the Year (5,288,592) (806,871) Earnings per share (of Rs.100 each) Basic 17 (88.00) (157.32) Diluted 17 (88.00) (157.32) See accompanying notes forming part of the financial statements In terms of our report attached For Deloitte Haskins & Sells Chartered Accountants For and on behalf of the Board of Directors Bhavani Balasubramanian Sucharita Mukherjee Bindu Ananth Partner Chairperson Director Place: Chennai Date: May 2, 2014 IFMR Investment Adviser Services Private Limited 21

24 Cash Flow Statement Particulars Cash Flow From Operating Activities: Year ended March 31, 2014 () Period ended March 31, 2013 () Loss before Tax (5,288,592) (806,871) Adjustments for: Depreciation 22,712 9,887 Provision for Gratuity 75,649 49,475 Provision no longer required written back (6,472) - Operating Loss before Working Capital Changes (5,196,703) (747,509) Changes in working capital: Adjustments for (increase)/decrease in Operating Assets Short Term Loans & Advances 409,185 (1,069,308) Adjustments for increase/(decrease) in Operating Liabilities Current Liabilities - Trade payables 653, Other Current liabilities 765, ,271 Cash used in operations (3,368,864) (1,178,546) Net income taxes Paid/(Refunded) - - Net Cash used in Operations Activities (A) (3,368,864) (1,178,546) Cash Flow From Investing Activities: Purchase of Fixed Assets (88,354) (48,900) Sale of Fixed Assets 71,777 - Net Cash used in Investing Activities (B) (16,577) (48,900) Cash Flow From Financing Activities: Proceeds from issue of Equity Shares 7,000,000 2,500,000 Proceeds from issue of Preference Shares - 1,000,000 Net cash generated from Financing Activities (C ) 7,000,000 3,500,000 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 3,614,559 2,272, Annual Report

25 Particulars Year ended March 31, 2014 () Period ended March 31, 2013 () Cash and Cash Equivalents at the beginning of the period 2,272,554 - Cash and Cash Equivalents at the end of the period 5,887,113 2,272,554 Reconciliation of Cash and Cash equivalents: Cash and Cash Equivalents as per Balance sheet (Refer Note 9) 177,113 2,272,554 Less: Bank balances not considered as Cash and cash equivalents as defined in AS 3 Cash Flow Statements - - Add: Current Investments considered as part of cash and cash equivalents as defined in AS 3 Cash flow statements) 5,710,000 - Net Cash and cash equivalents (as defined in AS 3 Cash Flow Statements) 5,887,113 2,272,554 Cash and cash equivalents at the end of the period comprises of: (a) Balances with banks in Current Account 176,002 2,272,554 (b) Cash on Hand 1,111 - (c) Investments in Mutual funds 5,710,000 - See accompanying notes forming part of the financial statements In terms of our report attached For Deloitte Haskins & Sells Chartered Accountants For and on behalf of the Board of Directors Bhavani Balasubramanian Sucharita Mukherjee Bindu Ananth Partner Chairperson Director Place: Chennai Date: May 2, 2014 IFMR Investment Adviser Services Private Limited 23

26 Notes Forming Part of Financial Statements Note 1 - Corporate Information IFMR Investment Adviser Services Private Limited (Formerly IFMR Advisory Services Private Limited) was incorporated on September 27, 2012, under The Companies Act, 1956 with the aim to undertake the business of facilitating investments and act as advisors to provide financial / investment advice to both Indian and Foreign Investors. The company is currently a wholly owned subsidiary of IFMR Holdings Private Limited. Note 2 - Significant Accounting Policies 2.1 Basis of accounting and preparation of financial statements: The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified Section 211(3C) of the Companies Act, 1956 ( the 1956 Act ) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ( the 2013 Act ) in terms of General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/ 2013 Act, as applicable. The Financial statements have been prepared on accrual basis under the historical cost convention. The Company is a subsidiary of IFMR Holdings Private Limited, which is not a Small and Medium Sized entity (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, Accordingly, the Company has also been classified as non-smc and has complied with the accounting standards as applicable to a non - SMC. 2.2 Use of estimates The preparation of the financial statements in conformity with the Generally Accepted Accounting Principles requires the management estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialise. 2.3 Fixed Assets and Depreciation: Fixed assets are carried at historical cost less accumulated depreciation and impairment losses, where applicable. The Company capitalizes all costs relating to the acquisition and installation of fixed assets. Cost comprises the purchase price and any attributed cost of bringing the asset to its working condition for its intended use. Depreciation on assets is provided on the Written down Value Method at the following rates based on the management s estimate of the useful life of the asset, which are higher than the rates prescribed under Schedule XIV of the Companies Act, 1956: Asset category Depreciation rate Computers 60% Assets individually costing less than Rs.5,000 added during the year are fully depreciated. 24 Annual Report

27 2.4 Employee benefits: Employee benefits include provident fund and gratuity. Defined contribution plans: As the number of employees on the rolls of the Company is less than the statutory minimum required for Provident Fund (PF) registration, no registration is required to be made by the Company with Provident Fund department and no remittances have been made to appropriate Authorities. Gratuity The Company accounts for its liability for future gratuity benefits based on the actuarial valuation, as at the balance sheet date, determined by an Independent Actuary using the Projected Unit Credit method and is provided for. The company s gratuity plan is non-funded. Actuarial gains and losses are recognized in the statement of Profit and Loss account in the year in which they occur. Compensated absences Benefits of Compensated absences are not provided to the employees of the company. 2.5 Taxes on Income: i) Current Tax: Current tax is determined in accordance with the provisions of the Income Tax Act, 1961 ii) Deferred Tax: Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets are recognised for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability. 2.6 Provisions and Contingencies: Provisions are recognised only when the Company has a present or legal or constructive obligation as a result of past events for which it is probable that an outflow of economic benefit will be required to settle the transaction and a reliable estimate can be made for the amount of the obligation. Contingent liability is disclosed for (i) Possible obligation which will be confirmed only by future events not wholly within the control of the company or (ii) Present obligation arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made. IFMR Investment Adviser Services Private Limited 25

28 2.7 Service tax input credit: Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilizing the same. Note 3 - Share Capital Particulars March 31, 2014 March 31, 2013 () () Authorised 95,000 ( Previous Year : 25,000) Equity Shares of Rs.100 each with voting rights # 9,500,000 2,500,000 10,000 ( Previous Year : 10,000) Redeemable Preference Shares of Rs.100 each 1,000,000 1,000,000 Total 10,500,000 3,500,000 Issued, Subscribed and Fully Paid up 95,000 ( Previous Year : 25,000) Equity Shares of Rs.100 each with voting rights 9,500,000 2,500,000 10,000 ( Previous Year : 10,000) Redeemable Preference Shares of Rs.100 each 1,000,000 1,000,000 Total 10,500,000 3,500,000 # In the Board Meeting held on August 19, 2013 the authorised Equity Share Capital has been increased from Rs.2,500,000 (25,000 shares of Rs.100 Each)- to Rs.9,500,000 (95,000 shares of Rs.100 Each) the same has been allotted to IFMR Trust. (a) Details of Shares held by each Shareholder more than 5% of Shares March 31, 2014 March 31, 2013 Name of the Shareholder No. of Shares held % of Shareholding No. of Shares held % of Shareholding IFMR Holdings Private Limited (Holding Company) along with its nominee 95, Equity Shares IFMR Holdings Private Limited (Holding Company) Preference Shares 10, IFMR Trust and its nominee - Equity Shares 25, IFMR Trust Preference Shares 10, (b) During the year, M/s. IFMR Trust transferred its entire equity shareholding of 94,999 equity shares (entire shareholding of the company) of Rs.100 each to M/s. IFMR Holdings Private Limited. Consequently, the Company has become the subsidiary of M/s. IFMR Holdings Private Limited with effect from the date of transfer i.e., March 31, Annual Report

29 (c) Terms / rights attached to Equity Shares: The Company has only one class of Equity Shares having par value of Rs.100 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders. (d) Terms / rights attached to Preference Shares: Preference Shares are redeemable at par at the end of 4 years from the date of allotment i.e. February 28, 2013 The preference shareholder is entitled to vote only on resolution placed before the Company which directly affects the rights attached to such preference shares as set out in Section 87 of the Companies Act, The right to entitlement for dividend on preference shares not declared in a financial year shall be carried forward to the subsequent financial years. (e) Preference Dividend: Arrears of Fixed Cumulative Dividend on Preference Shares as at March 31, 2014 Rs.87,014 (As at March 31, 2013 Rs.7,014) Note 4: Reserves and Surplus Particulars Deficit in Statement of Profit and Loss March 31, 2014 March 31, 2013 Opening Balance (806,871) - Add: Loss for the Year (5,288,592) (806,871) Closing balance (6,095,463) (806,871) Note 5: Long Term Provisions Particulars Provision for Employee Benefits: March 31, 2014 March 31, 2013 Provision for Gratuity 125,124 49,475 Total 125,124 49,475 Note 6: Trade Payables Particulars March 31, 2014 March 31, 2013 Sundry Creditors 127, ,260 Advance from Related Parties (Refer Note 16) 1,139, ,301 Total 1,267, ,561 IFMR Investment Adviser Services Private Limited 27

30 Note 7: Other Current Liabilities Particulars March 31, 2014 March 31, 2013 Statutory Liabilities 175,506 10,517 Other Liabilities- Accrued expenses 607,775 14,193 Total 783,281 24,710 Note 8: Current Investments Particulars March 31, 2014 March 31, 2013 Investment in Mutual Funds - (valued at lower of cost and Fair Value - unquoted - fully paid-up) Templeton India Treasury Management Account Fund - Super IP (2,992 units) of Rs.1, each (Previous Year - NIL) 5,710,000 - Total 5,710,000 - Aggregate Market Value of current Investments 5,725,485 - Aggregate amount of Unquoted Investment 5,710,000 - Aggregate of value of Investments in the nature of Cash and cash equivalents (as defined under AS 3) 5,710,000 - Note 9: Cash and Cash Equivalents Particulars March 31, 2014 March 31, 2013 Cash and cash equivalents as defined in AS-3 Balance in Current account 176,002 2,272,554 Cash on Hand 1,111 - Total 177,113 2,272,554 Note 10: Short Term Loans and Advances Particulars March 31, 2014 March 31, 2013 Advance to Related Parties (Refer Note 16) 241, ,725 Advances Recoverable in Cash or in kind or for value to be received 176,180 73,583 Security Deposit for Employees 208,000 - Balances with Govt. Authorities -Service Tax credit receivable 34,483 - Total 660,123 1,069, Annual Report

31 Note 11: Fixed Assets Asset Tangible Assets As at April 1, 2013 Computers Owned 48,900 Total 48,900 Previous Year - Gross Block Additions during the year Deletions during the year 88,354 87,500 88,354 87,500 (48,900) - As at March 31, ,754 49,754 (48,900) As at April 1, ,887 9,887 - Depreciation For the year Deletions during the year 22,712 15,723 22,712 15,723 (9,887) - As at March 31, ,876 16,876 (9,887) Net Block As at March 31, 2014 As at March 31, ,878 39,013 32,878 39,013 (39,013) - IFMR Investment Adviser Services Private Limited 29

32 Note 12: Other Income Particulars Year ended March 31, 2014 Period ended March 31, 2013 Gain on sale of current investment 385,324 - Interest on Fixed Deposits 7,134 - Provisions no longer required written back 6,472 - Total 398,930 - Note 13: Employee Benefits Expense Particulars Year ended March 31, 2014 Period ended March 31, 2013 Salaries and Wages 4,331,201 - Staff Welfare Expenses 46,802 2,216 Gratuity 75,649 49,475 Total 4,453,652 51,691 Note 14: Other Expenses Particulars Year ended March 31, 2014 Period ended March 31, 2013 Rent and Amenities 387, ,332 Repairs and Maintenance 1,400 2,900 Printing and Stationery 8,114 10,402 Telephone Expenses 26,348 11,341 Travelling and Conveyance 265,168 39,292 Legal and Professional Charges 134, ,824 Rates and Taxes 262,640 73,967 Auditors' Remuneration For Statutory Audit (inclusive of Service Tax) 112, ,360 For Reimbursement of expenses 7,348 - Miscellaneous expenses 5,727 1,875 Total 1,211, , Annual Report

33 Disclosures under Accounting Standards Note 15: Employee Benefits: The company s obligation towards gratuity is a defined benefit plan and no fund is being maintained. The details for actuarial valuation are given below: Particulars Movements in Accrued Liability Year ended March 31, 2014 Period ended March 31, 2013 Accrued Liability as at beginning of the period: 49,475 - Interest Cost 3,958 - Current Service Cost 125,124 - Actuarial (gain) / loss (53,433) 49,475 Accrued Liability as at the end of the Year: 125,124 49,475 Amounts to be recognized in the Balance Sheet Present Value of obligations as on the accounting date: 125,124 49,475 Fair Value of the Plan Assets: - - Liability to be recognised in the Balance Sheet: 125,124 49,475 Expenses to be recognized in Statement of Profit and Loss Interest Cost 3,958 - Current Service Cost 125,124 - Net Actuarial (gain) / loss (53,433) 49,475 Net Expenses to be recognized in Statement of Profit and Loss Reconciliation 75,649 49,475 Net Liability as at the beginning of the year 49,475 - Net Expenses in statement of Profit and loss 75,649 49,475 Benefits paid - - Net liability as at the end of the Year 125,124 49,475 Principal Actuarial Assumptions Interest Rate (Liabilities) 9.00% 8.00% Return on Assets N.A. N.A. Mortality Table LIC (94-96) LIC (94-96) Resignation Rate per annum 10.00% 10.00% Salary Escalation Rate 10.00% 10.00% Note:- i) The estimate of future salary increase takes in to account inflation, seniority, promotion and other relevant factors. IFMR Investment Adviser Services Private Limited 31

34 ii) Discount rate is the prevailing market yields used by LIC for similar computations. iii) Experience Adjustments: Year ended Particulars March 31, 2014 Period ended March 31, 2013 On plan Liability (gain)/loss 42,787 49,475 On plan Assets (gain) / loss - - Present Value of benefit obligations 125,124 49,475 Fair Value of Plan Assets - - Excess of obligation over plan assets 125,124 49,475 Note 16: Related party disclosures Information relating to related party transaction for the year ended March 31, 2014 (as identified by management and relied upon by Auditors) a) Parties where control exists: Holding Company : IFMR Holdings Private Limited (With effect from March 31, 2014) Controlling Entity : IFMR Trust represented by IFMR Trusteeship Services Private Limited (Up to March 30, 2014) b) Fellow Subsidiaries with whom the Company had transactions during the Year: IFMR Mezzanine Finance Private Limited IFMR Investment Managers Private Limited c) Key Management Personnel: V.G.Suchindran Chief Executive Officer (with effect from September 2, 2013) Transactions with related parties during the Year: Related Party Transaction Year ended March 31, 2014 Period ended March 31, 2013 Equity Shares Allotted 7,000,000 2,500,000 Preference Shares Allotted - 1,000,000 IFMR Trust Employee Sharing Cost 49, ,419 Infrastructure Cost 339, ,498 Reimbursement of expenses 251, ,384 IFMR Mezzanine Finance Private Limited Asset Sold 71,777 - Asset purchased (49,754) - Reimbursement of expenses 624, ,725 IFMR Investment Managers Private Limited Reimbursement of expenses 423,776 - V.G.Suchindran Remuneration 3,500, Annual Report

35 Outstanding balances with related parties as on balance sheet date: Related Party Transaction March 31, 2014 March 31, 2013 IFMR Trust Advances Payable 1,139, ,301 IFMR Mezzanine Finance Private Limited Advance Receivable 25, ,725 IFMR Investment Managers Private Limited Advance Receivable 423,776 - Note 17: Earnings per share Basic and Diluted: Year ended March 31, 2014 Period ended March 31, 2013 Loss for the year attributable to equity shareholders (5,288,592) (806,871) Weighted average shares outstanding during the year 60,096 5,129 Basic and Diluted Earnings per Share (88.00) (157.32) Note 18: The company has entered into an agreement with IFMR Investment managers Services Private Limited for providing investment adviser services for proposed IFMR Finance for Freedom Social Venture Fund. The agreement shall be operational subsequent to the registration of the said fund and launch of the same. Note 19: The financial statements of the previous period included the operating results for part of the year from September 27, 2012 to March 31, Therefore, previous period figures are not comparable with that of the current year. Previous period figures have been re-grouped / re-classified wherever necessary to confirm to current year classification. For and on behalf of the Board of Directors Place: Chennai Sucharita Mukherjee Bindu Ananth Date: May 2, 2014 Chairperson Director IFMR Investment Adviser Services Private Limited 33

36 Board of Directors Sucharita Mukherjee Chairperson Sucharita Mukherjee is currently CEO of IFMR Holdings and Vice Chairperson of IFMR Trust. She is the founder and was CEO of IFMR Capital since inception till Prior to joining IFMR Capital, Sucharita Mukherjee led the origination and structuring effort in credit derivatives and structured finance for corporates at Morgan Stanley in London. Her work included developing innovative asset-backed financing structures in such areas as intellectual property and health-care receivables. She was also part of the credit derivatives team at Deutsche Bank in London, structuring credit-derivatives-linked repackaged investments for financial institutions. Sucharita Mukherjee holds a bachelor s degree in Economics and an MBA from IIM Ahmedabad. Bindu Ananth is the Chair of IFMR Trust. Prior to this, she worked in ICICI Bank s microfinance team between 2001 and 2005 and was Head of the new product development team within the Rural Banking Group in Bindu Ananth has an under-graduate degree in Economics from Madras University and Masters Degrees from the Institute of Rural Management (IRMA) and Harvard University s John. F. Kennedy School of Government. She is a Fellow of the Global Economic Society and a member of the FICCI Taskforce on Financial Inclusion. She was a member of the RBI Committee (2013) on Comprehensive Financial Services for Low-Income Households and Small Businesses Bindu Ananth Director 34 Annual Report

37 Strategic Counsel Committee Independent Members Chaitanya Pande has over 18 years of experience in Investment management with specialization in Fixed Income and Structured Products as well as valuation and portfolio risk management. A mathematics graduate from St Stephens, Chaitanya after completing a Post Graduate diploma in Finance & Corporate Strategy from IMI Delhi, started his career with Jardine Fleming before joining ICICI Prudential AMC. After an award winning stint of 10 years, as CIO & Head of Fixed Income, Chaitanya decided to set up Polymath Capital. His efficiency in fund management also won him the title of India s Most Astute Bond Investor by Asset Magazine for the year 2007 and the coveted Business Standard Fund Manager of the Year (Debt) 2011 in addition to several other fund awards. Chaitanya Pande Member Debi Guha Member Debi Guha has more than two decades of experience in the financial services industry. She started her career in ICICI from 1993 to 1998 where she was a founding member of the Infrastructure Industry Group. She then began her investing career with GIC Special Investments (the alternate investment arm of the Government of Singapore Investment Corporation), where she headed GIC SI s investment activities in multiple countries including India and worked with them for 12 years. In 2012, she set up Arcus India Advisors Pvt Ltd, an Indian asset management company focused on investing in credit oriented strategies. Debi has considerable expertise in private equity, structured debt and mezzanine. She is an MBA from the Indian Institute of Management, Ahmedabad and a BE in Electrical Engineering (Gold medalist) from Jadavpur University. IFMR Investment Adviser Services Private Limited 35

38 Notes 36 Annual Report

39

40 (formerly IFMR Advisory Services Private Limited) CORPORATE AND REGISTERED OFFICE 10 th Floor Phase I, IITM Research Park, Kanagam Village, Taramani, Chennai , India Tel: ; Fax: Website: Copyright, 2014 IFMR Investment Adviser Service Private Limited. All Rights Reserved.