27th Annual Report and Annual Accounts For 2019 20 - Trust

27th Annual report and

Accounts 2019-20
ICICI Prudential Trust Limited

Corporate Identity Number: U74899DL1993PLC054134
Registered Office: 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001
Corporate Office: One BKC 13th Floor, Bandra Kurla Complex, Mumbai – 400051. Tel: +91
22 2652 5000, Fax: +91 22 26528100, website: www.icicipruamc.com,
email id: enquiry@icicipruamc.com

BOARD OF DIRECTORS
Mr. Puranam Hayagreeva Ravikumar (bearing DIN: 00280010), Chairman and Independent
Director (appointed w.e.f. March 21, 2020)
Mr. Jyotin Mehta (bearing DIN: 00033518), Independent Director
Mr. Ranganayakulu Jagarlamudi (bearing DIN: 08153627), Independent Director
Mr. Lakshman Kumar Mylavarapu (bearing DIN: 07618051), Nominee Director
Mr. Pramod Rao (bearing DIN: 02218756), Nominee Director
AUDIT COMMITTEE
Mr. Puranam Hayagreeva Ravikumar, Chairman (appointed w.e.f. March 21, 2020)
Mr. Jyotin Mehta – Member
Mr. Ranganayakulu Jagarlamudi – Member
REGISTERED OFFICE
12th Floor, Narain Manzil,
23, Barakhamba Road,
New Delhi – 110 001.
CIN:U74899DL1993PLC054134
CORPORATE OFFICE
One BKC 13th Floor,
Bandra Kurla Complex,
Mumbai – 400051.
Tel: +91 22 2652 5000,
Fax: +91 22 26528100,
website: www.icicipruamc.com
REGISTRAR AND TRANSFER AGENT

3i Infotech Limited
International Infotech Park,
Tower 5, 3rd Floor,
Vashi Railway Station Complex,
Vashi, Navi Mumbai 400 703.
STATUTORY AUDITORS
M/s. BSR & Co. LLP, Chartered Accountants
(Registration no. 101248W/W-100022)

DIRECTORS’ REPORT
TO THE MEMBERS
Your Directors have pleasure in presenting the Twenty Seventh Annual Report of ICICI
Prudential Trust Limited (“the Company” or “your Company”), together with the audited
financial statements for the year ended March 31, 2020 (fiscal 2020 or FY2020).
FINANCIAL HIGHLIGHTS
A summary of the Company’s financial results for fiscal 2020 are as follows:
(` in ‘000s)
Particulars Fiscal 2019 Fiscal 2020
Gross Income 5,303 5,492
Profit before tax 2,180 1,362
Provision for taxation 557 395
Profit after tax 1,624 967
Profit brought forward from previous year 10,828 11,056
Profit available for appropriation 12,452 12,023
Appropriations
Transfer to General Reserve 0 0
Proposed Dividend 1,158 1,158
Dividend Distribution Tax 238 238
Balance to be carried forward 11,056 10,627
DIVIDEND
Your Directors are pleased to recommend a dividend of `8 per equity share of face value of
`10 each (at the rate of 80% per share), on 100,700 equity shares, amounting to `805,600 for
the year.
THE STATE OF COMPANIES AFFAIRS DURING THE YEAR
1. Mutual Fund Business:
a. Average Assets Under Management (AUM):
The average AUM of ICICI Prudential Mutual Fund at March 31, 2020 was `3,507.43
billion.

Corporate Identity Number:U74899DL1993PLC054134
Registered Office: 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001
Corporate Office: One BKC 13th Floor, Bandra Kurla Complex, Mumbai – 400051. Tel: +91 22 2652 5000, Fax: +91 22
26528100, website: www.icicipruamc.com, email id: enquiry@icicipruamc.com
Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East),
Mumbai – 400 063 , Tel No.: 022 26852000, Fax No.: 022-2686 8313
b. Update on COVID-19:
Considering the current panic stricken situation worldwide due to novel Coronavirus
(COVID-19), we would like to assure all our stakeholders that the affairs of the AMC are
being run efficiently. The AMC is geared to continue its operations in a smooth manner,
while working on our preparedness to deal with any kind of eventualities, till the time
the situation is back to normalcy. In these testing times, the digital touch-points enabled
by the AMC have helped the investors to continue transacting in the mutual fund.
c. Awards received for ICICI Prudential Mutual Fund (the Fund):
In fiscal 2020, ICICI Prudential Asset Management Company Limited (the AMC) won the
Overall Group Award and Asset Class Group Awards for Mixed Assets Group at the
Thomson Reuters Lipper Fund Awards 2019. The fund house has received several fund
level awards.
The fund house was also the recipient of multiple awards for its leadership in Credit Risk
Management (Debt Mutual Funds) from Finnoviti 2020 Awards by Banking Frontiers &
Deloitte, and Outlook Money Awards 2019 - Editor's choice Gold Award. The AMC was
also conferred with Economic Times Best Brands 2019 and Reader's Digest Trusted
Brand 2019.
On a fund manager level, Mr. Manish Banthia, Senior Fund Manager - Fixed Income,
was adjudged as Fund Manager of the Year (Medium to Long-term Debt Category) at
the Business Standard Fund Cafe 2019.
2. Venture Capital Fund (VCF) Business:
Your Company also acts as a Trustee to a scheme of ICICI Prudential Venture Capital Fund.
UPDATE ON NEW PRODUCTS IN MUTUAL FUND
During fiscal 2020, ICICI Prudential Mutual Fund has launched four close ended debt
schemes. Further, during fiscal 2020, the Fund has launched three open ended equity
schemes, three exchange traded funds and two Fund of Funds schemes. During FY2020, the
fourth tranche of BHARAT 22 ETF was carried out.
PARTICULARS OF CONTRACT OR ARRANGEMENTS WITH RELATED PARTIES
The Company undertakes various transactions with related parties in the ordinary course of
business. The Company has a Board approved policy on related party transactions. All the
related party transactions that were entered into during the year ended March 31, 2020,
were in the ordinary course of business and based on the principles of arm’s length.
In terms with the Board approved policy, there were no material related party transactions
during the year ended March 31, 2020. The details of related party transactions form part of
the notes to financial statements provided in this Annual Report.
DEPOSITS
During fiscal 2020, the Company did not accept any deposits from the public under Chapter
V of the Companies Act, 2013 (“the Act”).
PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS
During the fiscal 2020, the Company had not given any loan or guarantee under the
provisions of Section 186 of the Act.
DIRECTORS
The Company has the Board constituted in accordance with the provisions of the Act read with
SEBI (Mutual Funds) Regulations, 1996. The composition of the Board of Directors of the
Company as at March 31, 2020 stood as under:
Sl. No. Name of the Director Designation

1. Mr. P. H. Ravikumar Independent Director
2. Mr. Jyotin Mehta Independent Director
3. Mr. Ranganayakulu Jagarlamudi Independent Director
4. Mr. Lakshman Kumar Mylavarapu Nominee Director
5. Mr. Pramod Rao Nominee Director
During the fiscal 2020, Mr. Vinod Kumar Dhall ceased to be the Director and Chairman of the
Company pursuant to completion of his tenure. Your Directors place on record their
appreciation and gratitude for the contribution and guidance offered by Mr. Vinod Kumar
Dhall during his tenure as Director of the Company.
Subsequently, during the fiscal 2020, the Board had approved the appointment of Mr. P. H.
Ravikumar as Independent Director of the Company with effect from March 21, 2020.
In the opinion of the Board, Mr. P. H. Ravikumar appointed as an Additional Independent

Director is a person of integrity and possess relevant expertise. Mr. Ravikumar has 48 years
of experience in financial sector with exposure at top/senior management levels including a
professional banking career of over 33 years.
Mr. Ravikumar is exempted from the requirement of clearing the online proficiency self-
assessment test as he has served as director on the Board of various listed and unlisted
companies for a period of not less than ten years, as on the date of inclusion of his name in
the data bank, as a Director.
In compliance with Rule 6 of the Companies (Appointment and Qualification of Directors)

Rules, 2014, the names of all the Independent Directors on the Board of the Company are
included in the databank for Independent Directors.
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Act.
None of the Directors of the Company are disqualified for being appointed as Directors as
specified in Section 164 of the Act.
RETIREMENT BY ROTATION
In terms of Section 152 of the Act, Mr. Pramod Rao would retire by rotation at the
forthcoming AGM and is eligible for re-appointment. Mr. Pramod Rao has offered himself for
re-appointment.
NUMBER OF MEETINGS HELD AND ATTENDED BY THE BOARD OF DIRECTORS

WITH RESPECT TO ICICI PRUDENTIAL MUTUAL FUND
During fiscal 2020, nine meetings of the Board of Directors were held. These were held on
April 24, 2019, April 30, 2019, June 26, 2019, August 28, 2019, September 13, 2019,
November 5, 2019, January 29, 2020, February 17, 2020 and March 20, 2020. The details of
the attendance at the meetings are set out in the following table: -
Sl. Names of Directors Number of
No. Meetings attended
1. Mr. P. H. Ravikumar -
(appointed w.e.f. March 21, 2020)
2. Mr. Vinod Dhall 7
3. Mr. Jyotin Mehta 9
4. Mr. Ranganayakulu Jagarlamudi 9
5. Mr. Lakshman Kumar Mylavarapu 8
6. Mr. Pramod Rao 7
During the fiscal 2020, the Board had approved the appointment of Mr. P. H. Ravikumar as
Independent Director of the Company with effect from March 21, 2020.
NUMBER OF MEETINGS HELD AND ATTENDED BY THE BOARD OF DIRECTORS

WITH RESPECT TO VENTURE CAPITAL FUND
During fiscal 2020, four meetings of the Board of Directors were held. These were held on
April 24, 2019, June 26, 2019, August 28, 2019 and January 29, 2020. The details of the
attendance at the meetings are set out in the following table:-
Sl. Names of Directors Number of

No. Meetings attended
1. Mr. P. H. Ravikumar -
(appointed w.e.f. March 21, 2020)
2. Mr. Vinod Dhall 2
3. Mr. Jyotin Mehta 4
4. Mr. Ranganayakulu Jagarlamudi 4
5. Mr. Lakshman Kumar Mylavarapu 4
6. Mr. Pramod Rao 3
AUDIT COMMITTEE
In accordance with SEBI Circular dated January 17, 2000, the Board has constituted the Audit
Committee (“the Committee”).
During fiscal 2020, five meetings of the Committee were held. These were held on April 24,
2019, June 26, 2019, August 28, 2019, November 5, 2019 and January 29, 2020.The details
of the composition of the Audit Committee as on March 31, 2020 and attendance record of
the members at its meetings are as under:
Sl. Name of the Member Designation Number of Meetings

No. attended
1. Mr. Vinod Dhall Chairman 4
2. Mr. Jyotin Mehta Member 5
3. Mr. Ranganayakulu Jagarlamudi Member 4
During the fiscal 2020, Mr. Vinod Kumar Dhall ceased to be the Director and Member of the
Audit Committee of the Company w.e.f. Feburary 22, 2020, pursuant to completion of his
tenure.
Upon cessation of Mr. Vinod Kumar Dhall as Director and Chairman of the Audit Committee,
Mr. P. H Ravikumar was appointed as the Chairman of the Audit Committee w.e.f May 1,
2020.
MEETING OF INDEPENDENT DIRECTORS
In accordance with schedule IV of the Act, all the Independent Directors of the Company
met once during fiscal 2020 to review the performance of Non-Independent Directors and
the Board as a whole and performance review of the Chairman of the Company and
evaluation of the flow of Information.
BOARD EVALUATION
A formal mechanism was adopted by the Board for evaluating its performance, as well as
that of its Committee and the Directors, including the Chairman of the Board. The
Independent Directors carried out the performance evaluation of the Board as a whole, of
the Chairman of the Board and Non-Independent Directors.
The Directors were satisfied with the evaluation results, which reflected the overall
engagement of the Board and Audit Committee with the Company.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
During fiscal 2020, there were no employees in the Company and hence, the provisions of
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013, are not applicable.
RISK MANAGEMENT
The Company on an ongoing basis monitors the risk identification, measurement and
control evaluation carried out by the AMC with an objective to administer risk and control
effectiveness.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION OF THE COMPANY
There have been no material changes and commitments affecting the financial position of
the Company which have occurred between the end of the financial year to which the
financial statements relate and the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR

COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE
COMPANY
There were no significant and/or material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status of the Company.
FOREIGN EXCHANGE EARNINGS AND EXPENDITURE ETC.
Your Company has neither incurred any expenditure nor earned any income in foreign
exchange.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The provisions of Section 134(3)(m) of the Act relating to conservation of energy and
technology absorption do not apply to the Company. However, the information technology
has been extensively used in operations of the Company.
AUDITORS
The Members at the 25th AGM of the Company held on August 23, 2018, had approved the
appointment of M/s. BSR & Co. LLP, Chartered Accountants as the Statutory Auditors of
your Company for a period of five years.
COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, the Company was in compliance with the applicable
Secretarial Standards issued by The Institute of Companies Secretaries of India in terms of
the Act and approved by the Central Government.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form MGT - 9 in accordance
with Section 92(3) of the Act read with the Companies (Management and Administration)
Rules, 2014, are enclosed as ‘Annexure A’ to this report.
The annual return filed by the Company with the Registrar of Companies in form MGT-7 can
be viewed at https://www.icicipruamc.com/about-us/financials/annual-general-
meeting/trust-annual-report.
DIRECTORS’ RESPONSIBILITY STATEMENT
To the best of their knowledge and based on the information and explanations provided to
them by the Company, your Directors make the following statements in terms of Section
134(3)(c) of the Act:
1. that in the preparation of the annual accounts for the year ended March 31, 2020, the
applicable accounting standards had been followed and there are no material
departures;
2. that they have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at March 31, 2020 and of the profit and
loss of the company for that period;
3. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
4. that the annual accounts of the Company have been prepared on a ‘going concern
basis’;
5. that proper systems to ensure compliance with the provisions of all applicable laws were
devised and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere thanks to the investors for their
continued support and patronage to the products of ICICI Prudential Mutual Fund and ICICI
Prudential Venture Capital Fund.
Your Directors wish to place on record their appreciation for the support and co-operation
received from, Securities and Exchange Board of India, Reserve Bank of India, the
Company’s bankers, legal advisors and ICICI Prudential Asset Management Company
Limited.
Your Directors thank Computer Age Management Services Limited, the Registrar and
Transfer Agents to the Schemes of the Fund, the Custodians to the Fund, for the support
provided by them in carrying out the operations in an efficient manner.
The Directors would also like to express their sincere thanks and appreciation to all the
agents and distributors for handling the products of Fund and for their contribution thereto
during the year. Finally, the Directors wish to express their gratitude to ICICI Bank Limited
and Prudential Corporation Holdings Limited for their continued support.
For and on behalf of the Board
Sd/-
Place : Mumbai P. H. Ravikumar
Date : May 1, 2020 Chairman
DIN: 00280010
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
AS ON THE FINANCIAL YEAR ENDED ON MARCH 31, 2020
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i. Corporate Identification U74899DL1993PLC054134

Number (CIN)
ii. Registration Date June 22, 1993
iii. Name of the Company ICICI Prudential Trust Limited
iv. Category / Sub- Company Limited by Shares
Category of the
Company
v. Address of the 12th Floor, Narain Manzil , 23, Barakhamba Road, New Delhi – 110001, Tel no. 022-26852000
registered office and
contact details
vi. Whether listed company No
vii. Name, Address and 3i Infotech Limited Tower #5, 3rd to 6th floor, International Infotech Park, Vashi Railway Station Complex,
Contact details of Vashi, Navi Mumbai - 400703, India Tel. : (+91 - 22) 6792 8000 Fax : (+91 - 22) 6792 8098.
Registrar and Transfer
Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sl. Name and Description of NIC Code of the Product / % to total turnover of the
No. main products /services service company
1. Trusteeship Fees from Mutual Fund and 6619 100%
Venture Capital Fund
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
SI. Name and Address of the Company CIN/GLN Holding/ % of shares Applicab
No. Subsidiary/ held le
Associate Section
1. ICICI Bank Ltd. L65190GJ1994PLC021012 Holding 51% 2(46)
Near Chakli Circle, Old Padra Road,
Vadodara, Gujarat - 390007
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i. Category-wise Share Holding
Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year Change
during
Demat Physica Total % of Demat Physical Total % of
the
l Total Total
year
Shares Shares
A. Promoters
(1) Indian
a. Individual/HUF - - - - - - - - -
b. Central Govt - - - - - - - - -
c. State Govt (s) - - - - - - - - -
d. Bodies Corp. - - - - - - - - -
e. Banks / FI 50,657 - 50,657 50.3 50,657 - 50,657 50.3 Nil
f. Any Other…. - 700 700 0.7 - 700 700 0.7 -
Sub-total A(1) 50,657 700 51,357 51.0 50,657 700 51,357 51.0 Nil
(2) Foreign
a) NRIs - - - - - - - - - -
b) Other - - - - - - - - - -
Individuals
c) Bodies Corp. 49,343 Nil 49,343 49.0 49,343 Nil 49,343 49.0 Nil
d) Banks / FI
e) Any Other….
Sub-total A(2)
49,343 Nil 49,343 49.0 49,343 Nil 49,343 49.0 Nil
Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year Change
during
Total shareholding 100,000 700 100,700 100.0 100,000 700 100,700 100.0 Nil
of Promoter
(A)=A(1)+
A(2)
B. Public
Shareholding
1. Institutions
a) Mutual funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
f) Insurance - - - - - - - - -
g) FIIs - - - - - - - - -
h) Foreign Venture - - - - - - - - -
i) Others (specify) - - - - - - - - -
Sub-total B(1)
2. Non- Institutions
a) Bodies Corp.
i) Indian - - - - - - - - -
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual - - - - - - - - -
ii) Individual - - - - - - - - -
shareholders holding
nominal share capital
in excess of Rs 1 lakh
c) Others (specify) - - - - - - - - -
Sub-total B(2)
Total Public - - - - - - - - -
Shareholding
(B)=(B)(1)+(B)( 2)
C. Shares held by - - - - - - - - -
Custodian for GDRs
& ADRs
Grand Total 100,000 700 100,700 100.0 100,000 700 100,700 100.0 Nil
ii. Shareholding of Promoters
Sl Shareholder’s Shareholding at the beginning of Shareholding at the end of the year %

No. Name the year change in
share
No. of % of total %of No. of % of total %of Shares
holding
Shares Shares of Shares Shares Shares of Pledged /
during the
the Pledged / the encumbere
year
company encumber company d to total
ed to shares
total
1. ICICI Bank Limited* 51,357 51.0 Nil 51,357 51.0 Nil Nil
2. Prudential
Corporation 49,343 49.0 Nil 49,343 49.0 Nil Nil
Holdings Limited
Total 100,700 100.0 Nil 100,700 100.0 Nil Nil
*Out of the above 51,357 shares held by ICICI Bank Limited, 700 shares are beneficially held by ICICI Bank Limited and registered in the name of
various nominees.
iii. Change in Promoters’ Shareholding (please specify, if there is no change)
Sl. Particulars Shareholding at the beginning of Cumulative Shareholding

No. the year during the year
No. of shares % of total shares No. of % of total

of the company shares shares of the
company
1. At the beginning of the year
2. Date wise Increase / Decrease in Promoters
Shareholding during the year specifying the
reasons for increase / decrease (e.g. allotment No changes
/transfer / bonus/ sweat equity etc)
3. At the End of the year
iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sl. Shareholding at the beginning Cumulative Shareholding

No. of during the year
the year
For Each of No. of shares % of total shares No. of % of total
the Top 10 Shareholders of the company shares shares of the
company
1. At the beginning of the year Nil, for shares held by top ten shareholders other than
directors, promoters and holders of GDR and ADRs.
2. Date wise Increase / Decrease in Shareholding
during the year specifying the reasons for increase
/ decrease (e.g. allotment / transfer / bonus / sweat
equity etc.):
3. At the End of the year ( or on the date of
separation, if separated during the year)
v. Shareholding of Directors and Key Managerial Personnel:
Sl. For Each of the Directors and KMP Shareholding at the Cumulative Shareholding
No. beginning during the year
of the year
No. of % of total shares No. of % of total
shares of shares shares of the
the company company
1. At the beginning of the year

2. Date wise Increase / Decrease in Shareholding during
the year specifying the reasons for increase / decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.)
NIL
3. At the End of the year
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` in ‘000s)
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of - - - -
the financial year
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii) - - - -
- - - -
Change in Indebtedness during the
financial year
• Addition
• Reduction
Net Change - -- - -
Indebtedness at the end of the - - - -
financial year
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii) NIL NIL NIL NIL

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

(` in ‘000s)
Sl. Particulars of Remuneration Name of the Managing Director/ Total
no. Whole Time Director/ Manager Amount
1. Gross salary
(a) Salary as per provisions contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2)

Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) Income-tax

Act, 1961
2. Stock Option Not Applicable*

3. Sweat Equity
4. Commission
- as % of profit
- others, specify
5. Others, please specify
Total (A)
Ceiling as per the Act
* The Company is acts as a Trustee to the schemes of ICICI Prudential Mutual Fund and a scheme of ICICI Prudential Venture Capital
Fund. Considering the same there are no employees.
B. Remuneration to other directors:
Sl. Particulars of
no Remuneration Name of the Directors
.
1. Independent Mr. Vinod Dhall Mr. Jyotin Mr. Ranganayakulu Total Amount
Directors Mehta Jagarlamudi
• Fee for 760,000 990,000 980,000 2,730,000

attending
board /
committee
meetings
• Commission - - - -
• Others, please - - - -
specify
Total (1) 760,000 990,000 980,000 2,730,000
2. Other Non-Executive - - - -
Directors
• Fee for
attending
board /
committee
meetings
• Commission
• Others, please
specify
Total (2) - - -
Total (B)=(1+2) 760,000 990,000 980,000 2,730,000
Overall Ceiling as per the Act (applicable for all the directors taken together) 1% of the net
profits of the
Company
*The consideration stated above is the sitting fees paid to Directors for attending Board and Committee meetings and is
excluded from Overall Ceiling as per the Act.
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
Sl. Particulars of Key Managerial Personnel

no. Remuneration
Chief Executive Company Chief Financial Total
Officer Secretary Officer
1. Gross salary
(a) Salary as per provisions
contained in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites u/s

17(2) Income-tax Act, 1961
(c) Profits in lieu of salary

under section 17(3) Income-
tax Not Applicable*
Act, 1961
2. Stock Option
3. Sweat Equity
4. Commission
- as % of profit
- others, specify…
5. Others, please Specify

Total
The Trustees i.e ICICI Prudential Trust Limited is a Trustee to the schemes of ICICI Prudential Mutual Fund and a scheme of ICICI
Prudential Venture Capital Fund. Considering the same there are no employees.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES
Type Section of Brief Details of Authority Appeal made, if

the Description Penalty / [RD / NCLT/ any (give
Companies Punishment/ COURT] Details)
Act Compoundi
ng fees
imposed
A. Company
Penalty NIL
Punishment
Compounding
B. Directors
Penalty NIL
Punishment
Compounding
C. Other officers in default
Penalty NIL
Punishment
Compounding
INDEPENDENT AUDITOR’S REPORT
To the Members of ICICI Prudential Trust Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of ICICI Prudential Trust Limited (the
‘ Company’), which comprise the balance sheet as at 31 March 2020, the statement of
profit and loss, the statement of cash flows for the year then ended and notes to the
financial statements, including a summary of the significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid financial statements give the information required by the Companies
Act, 2013 (the ‘Act’) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31 March 2020, profit and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (‘SAs’) specified
under section 143(10) of the Act. Our responsibilities under those SAs are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (the ‘ICAI’) together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Other Information
The Company’s management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Director’s
report and management discussion & analysis report, but does not include the financial
statements and our auditor’s report thereon. The Director’s report and management
discussion & analysis report is expected to be made available to us after the date of this
auditor’s report.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
Management's Responsibility for the Financial Statements

The Company’s management and Board of Directors are responsible for the matters
stated in section
Management's Responsibility for the Financial Statements (continued)

134(5) of the Act with respect to the preparation of these financial statements that give a
true and fair view of the state of affairs, profit or loss and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management and Board of Directors are responsible
for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Board of Directors is also responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls with reference to financial statements in place and
the operating effectiveness of such controls.
 Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
 Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
 Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors’ Report) Order, 2016 (the ‘Order’) issued by
the Central Government in terms of section 143 (11) of the Act, we give in the
“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
(A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit;
b) 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
c) The balance sheet, the statement of profit and loss and the statement of cash
flows dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards prescribed under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the directors as on 31

March 2020 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2020 from being appointed as a director in terms of
Section 164(2) of the Act;
Report on Other Legal and Regulatory Requirements (continued)
f) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B”.
(B) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according to the explanations given
to us:
i. The Company does not have any pending litigations which would impact its
financial position;
ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses’
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company;
iv. The disclosures in the financial statements regarding holdings as well as

dealings in specified bank notes during the period from 8 November 2016 to
30 December 2016 have not been made in these financial statements since
they do not pertain to the financial year ended 31 March 2020
(C) With respect to the matter to be included in the Auditors’ Report under section
197(16):
In our opinion and according to the information and explanation given to us, the
Company did not had managerial personnel to whom managerial remuneration has
been paid during the year and hence not commented by us.
For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248 W/W-100022
Sd/-
Kapil Goenka
Place: Mumbai Partner
Date: 1 May 2020 Membership No: 118189
UDIN:20118189AAAAAF7987
‘Annexure A’ to the Independent Auditor’s Report – 31 March 2020
i. (a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) All the fixed assets of the Company have been physically verified by the
management during the year and no material discrepancies were noticed on
such verification.
(c) The Company does not have any immovable properties. Accordingly,
paragraph 3 (i) (c) of the Order is not applicable.
ii. The Company does not have any inventory. Accordingly, paragraph 3 (ii) of the
Order is not applicable.
iii. In our opinion and according to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured, to Companies, Firms,
Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Act. Accordingly, paragraph 3 (iii) of the Order is not
applicable.
iv. In our opinion and according to the information and explanation given to us, the
Company has neither granted any loans or made investments or provided any
guarantees or security to parties covered under Section 185 and 186 of the Act.
Thus, paragraph 3(iv) of the Order is not applicable to the Company.
v. According to the information and explanations given to us, the Company has not
accepted any deposits to which the directives issued by the Reserve Bank of India
and the provisions of Sections 73 to 76 or any other relevant provisions of the Act
and the rules framed there under apply. Accordingly, paragraph 3 (v) of the Order is
not applicable.
vi. The Central Government has not prescribed the maintenance of cost records under
sub- section (1) of Section 148 of the Act, for any of the activities conducted/
services rendered by the Company. Accordingly, paragraph 3 (vi) of the Order is
not applicable.
vii. (a) According to the information and explanations given to us and on the basis
of our examination of the books of account, amounts deducted/ accrued in
the books of account in respect of undisputed statutory dues including
Income tax, Goods and Service tax and other material statutory dues have
generally been regularly deposited during the year by the Company with the
appropriate authorities. As explained to us, the Company did not have any
dues on account of Provident Fund, Employees’ State Insurance, Sales tax,
Wealth tax, Service tax, duty of Customs, duty of Excise, Value added tax
and Cess for the year ended 31 March 2020.
According to the information and explanations given to us, no undisputed
amounts payable in respect of Income tax, Goods and Service tax and other
material statutory dues were in arrears as at 31 March 2020 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no
dues of Income tax, Goods and Service tax and other material statutory
dues which have not been deposited by the Company on account of
disputes.
viii. In our opinion and according to the information and explanations given to us, the
Company has not taken any loan or borrowing from any financial institution or bank
or Government. The Company did not have any outstanding debentures during the
year. Accordingly, paragraph 3(viii) of the Order is not applicable.
‘Annexure A’ to the Independent Auditor’s Report – 31 March 2020 (continued)
ix. The Company has not raised any money by way of initial public offer or further public
offer (including debt instruments) or term loans during the year. Accordingly,
paragraph 3 (ix) of the Order is not applicable.
x. Based upon the audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to the information and explanations
given by the management, we report that no fraud by the Company or by the officers
and employees of the Company on the Company has been noticed or reported during
the year.
xi. According to the information and explanations given to us, no managerial

remuneration has been paid or provided during the year. Directors are paid only sitting
fees. Thus, paragraph 3(xi) of the Order is not applicable to the Company
xii. The Company is not a Nidhi Company. Accordingly, paragraph 3 (xii) of the Order is
not applicable.
xiii. In our opinion and according to the information and explanations given to us and
based on our examination of the records of the Company, transactions with the related
parties are in compliance with the Section 177 and 188 of the Companies Act, 2013
where applicable, and details have been disclosed in the notes to the financial
statements, as required by the applicable accounting standards.
xiv. According to the information and explanation given to us, the Company has not made
any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review. Thus, paragraph 3(xiv) of the Order is not
applicable.
xv. According to the information and explanations given to us, the Company has not
entered into any non-cash transaction with directors or persons connected with him.
Accordingly, paragraph 3 (xv) of the Order is not applicable.
xvi. The Company is rendering the trusteeship services. According to the information and
explanations given to us, the Company is not required to be registered under Section
45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3 (xvi) of the
Order is not applicable
For B S R & Co. LLP

Sd/-
Kapil Goenka
UDIN: 20118189AAAAAF7987
Annexure B to the Independent Auditor’s report on the financial statements of ICICI

Prudential Trust Limited for the year ended 31 March 2020.
Report on the internal financial controls with reference to the aforesaid financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 1(A) (f) under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)
Opinion
We have audited the internal financial controls with reference to financial statements of
ICICI Prudential Trust Limited (the ‘Company’) as of 31 March 2020 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial
controls with reference to financial statements and such internal financial controls were
operating effectively as at 31 March 2020, based on the internal financial controls with
reference to financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India (the “Guidance Note”).
Management’s Responsibility for Internal Financial Controls
The Company’s management and the Board of Directors are responsible for establishing
and maintaining internal financial controls based on the internal financial controls with
reference to financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013 (hereinafter referred to as the ‘Act’).
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls

with reference to financial statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on Auditing, prescribed under
section 143(10) of the Act, to the extent applicable to an audit of internal financial controls
with reference to financial statements. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to
financial statements were established and maintained and whether such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls with reference to financial statements and their operating
effectiveness. Our audit of internal financial controls with reference to financial statements
included obtaining an understanding of such internal financial controls, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
Annexure B to the Independent Auditor’s report on the financial statements of ICICI

Prudential Trust Limited for the year ended 31 March 2020 (continued)
Auditor’s Responsibility (continued)
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Company’s internal financial controls with
reference to financial statements.
Meaning of Internal Financial controls with Reference to Financial Statements
A company's internal financial controls with reference to financial statements is a process

designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company's internal financial controls with
reference to financial statements include those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations
of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of
the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial controls with Reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial
statements, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls with reference to
financial statements to future periods are subject to the risk that the internal financial
controls with reference to financial statements may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
For B S R & Co. LLP

Sd/-
Kapil Goenka
UDIN: 20118189AAAAAF7987
ICICI PRUDENTIAL TRUST LIMITED
Balance sheet as at 31 March 2020
(Currency: Indian rupees thousand)

Particulars Notes 31 March 2020 31 March 2019
EQUITY AND LIABILITIES
Shareholder's funds
(a) Share capital 3 1,007 1,007
(b) Reserves and surplus 4 13,447 13,876
14,454 14,883
Current liabilities
(a) Trade payables 6
(i) total outstanding dues of micro enterprises and small enterprises - -
(ii) total outstanding dues of creditors other than micro enterprises and
small enterprises 79 212
(b) Other current liabilities 7 134 148
213 360
TOTAL EQUITY AND LIABILITIES 14,667 15,243
ASSETS
Non-current assets
(a) Fixed assets
Tangible assets 8 9 9
(b) Non-current investments 9 9,189 9,189
(c) Deferred tax asset 5 22 12
(d) Long term loans and advances 10 430 1,128
9,650 10,338
Current assets
(a) Current Investment 11 4,436 4,083
(b) Short term loans and advances 12 105 81
(c) Trade receivables 13 442 461
(d) Cash and cash equivalents 14 34 280
5,017 4,905
TOTAL ASSETS 14,667 15,243
Significant accounting policies and notes to the financial statements 1 - 25
As per our report of even date
For B S R & Co. LLP For and on behalf of the Board of Directors of
Firm's Registration No: 101248W/W-100022 ICICI Prudential Trust Limited
Chartered Accountants CIN - U74899DL1993PLC054134
Sd/- Sd/- Sd/-

Kapil Goenka Ranganayakulu Jagarlamudi Jyotin Mehta
Partner Director Director
Membership No. 118189 DIN No:08153627 DIN No:00033518
Place: Mumbai Place: Mumbai

Date: 01 May 2020 Date: 01 May 2020
Statement of profit and loss for the year ended 31 March 2020

Particulars Notes 31 March 2020 31 March 2019
Revenue
Revenue from operations 15 5,200 5,200
Other income 16 292 103
1
Total Revenue 2 5,492 5,303
Expenses:
Operating and administrative expenses 17 4,130 3,123
4
Total expenses 5 4,130 3,123
6
Profit before tax 1,362 2,180
Tax expense
Current tax 404 564
Deferred tax 9 (9) (8)
395 556
10
Profit for the year 11 967 1,624
12
Earnings per equity share
[Nominal Value of Share ` 10 (Previouse Year `10]
Basic & Diluted 18 9.61 16.13
Sd/- Sd/- Sd/-


Cash Flow Statement for the year ended 31 March 2020

Particulars 31 March 2020 31 March 2019
A. CASH FLOW FROM OPERATING ACTIVITIES

Net profit before tax 1,362 2,180
Adjustments for:
Interest on income tax refund (144) (38)
Profit on sale of investments (148) (65)
Operating cash flow before working capital changes 1,070 2,077
(Increase) / Decrease in short term loans & advances (24) 95

(Increase) /Decrease in trade receivables 18 (18)
Increase / (Decrease) in trade payables (133) 110
Increase / (Decrease) in other current liabilities (14) (4)
Cash generated from operations 917 2,260
Direct taxes paid (Net of refunds) 436 (65)
Net cash provided / (used) by operating activities 1,353 2,195
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of investments (2,900) (3,500)
Proceeds from sale of investments 2,697 1,600
Net cash provided / (used) by investing activities (203) (1,900)
C. CASH FLOW FROM FINANCING ACTIVITIES

Dividends paid (including dividend distribution tax) (1,396) (1,396)
Net cash provided / (used) by financing activities (1,396) (1,396)
D. Net (decrease)/increase in cash and cash equivalents D=(A+B+C) (246) (1,101)
Cash and cash equivalents at the beginning of the year (E) 280 1,381
Cash and cash equivalents at the end of the year (D+E) 34 280
Notes to cash flow statements

Components of cash and cash equivalents 31 March 2020 31 March 2019
Balance with bank

- Current accounts 34 280
34 280
Sd/- Sd/- Sd/-



Notes to financial statements for the year ended 31 March 2020
1. Corporate information
ICICI Prudential Trust Limited (‘the Company’) was incorporated on June 22, 1993. The
principal shareholders of the Company are ICICI Bank Limited (51%) (‘the Holding Company’)
and Prudential Corporation Holdings Limited (49%).
The Company's principal activity is to act as a trustee to ICICI Prudential Mutual Fund ('the
Fund') and ICICI Prudential Venture Capital Fund – Real Estate Scheme-I.
2. Basis of preparation
The financial statements of the company have been prepared in accordance with the
generally accepted accounting principles in India (Indian GAAP). The company has prepared
these financial statements to comply in all material respects with the accounting standards
notified under section 133 of the Companies Act 2013, read together with Rule 7 of the
Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment
Rules, 2016. The financial statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial statements are consistent with
those of previous year.
2.1 Summary of significant accounting policies
a. Use of estimates
The preparation of financial statements in conformity with generally accepted accounting

principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting period. Although
these estimates are based upon management’s best knowledge of current events and
actions, actual results could differ from these estimates.
b. Fixed assets and depreciation
Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost includes all
expenses incidental to the acquisition of the fixed assets and any attributable cost of bringing
the asset to its working condition for its intended use. Depreciation is charged over the
estimated useful life of a fixed asset on a straight line basis.
Class of asset Useful Life

Computer 3 years
The Company provides pro-rata depreciation from the day the asset is ready to use and for
Any asset sold, till the date of sale.
Depreciation is calculated at cost less residual value.

c. Investments
Investments that are readily realisable and intended to be held for not more than a year from
the date on which such investments are made are classified as current investments. All other
investments are classified as non current investments. Current investments are carried at
lower of cost and fair value determined on an individual investment basis. Long-term
investments are carried at cost. However, provision for diminution in value is made to
recognise a decline other than temporary in the value of the investments.
d. Revenue recognition
Trusteeship fee is recognized on accrual basis, at the specific rates/ amount approved by the
Board of Directors of the Company, within the limits specified under the Deed of Trust, and is
applied on the net assets of ICICI Prudential Venture Capital Fund – Real Estate Scheme-I and
each scheme of ICICI Prudential Mutual Fund.
Trusteeship Fees are shown net of taxes.
Purchase and sale of investments are recorded on trade date. The profit/ loss on sale of
investments is recognized in the statement of profit and loss on trade date, using the
weighted average cost method.
Dividend income is recognized when right to receive dividend is established.
e. Taxes on income
Tax expense comprises current tax and deferred taxes. Current income tax is measured at the
amount expected to be paid to the tax authorities in accordance with the Income-tax Act,
1961 enacted in India.
Deferred income taxes reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively
enacted at the balance sheet date.
Deferred tax assets are recognized only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such deferred tax assets can
be realized.
At each balance sheet date the Company re-assesses unrecognized deferred tax assets. It
recognizes unrecognized deferred tax assets to the extent that it has become reasonably
certain or virtually certain, as the case may be that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
The carrying amount of deferred tax assets is reviewed at each balance sheet date. The
company writes-down the carrying amount of a deferred tax asset to the extent that it is no
longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable
income will be available against which deferred tax asset can be realized.

e. Taxes on income (Continued)
Any such write-down is reversed to the extent that it becomes reasonably certain or virtually
certain, as the case may be, that sufficient future taxable income will be available.
f. Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the period.
Diluted earnings per share is calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the period adjusted for the effects of all dilutive potential equity shares.
g. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank
and in hand and short-term investments with an original maturity of three months or less.
h. Provisions
A provision is recognized when an enterprise has a present obligation as a result of past

event; it is probable that an outflow of resources will be required to settle the obligation, in
respect of which a reliable estimate can be made.
Provisions are not discounted to their present value and are determined based on best
estimate required to settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best estimates.
Provision in respect of loss contingencies relating to claims, litigation, assessment, fines,

penalties etc. are recognized when it is probable that a liability has been incurred, and the
amount can be estimated reliably.
i. Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will
be confirmed by the occurrence or non occurrence of one or more uncertain future events
beyond the control of the company or a present obligation that is not recognized because it is
not probable that an out flow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The company does not recognize the
contingent liability but discloses its existence in the financial statements.
3 Share Capital
Authorised share capital 1

1,000,000 (Previous year: 1,000,000) equity shares of `10 each 10,000 10,000
Issued, subscribed and paid-up capital

100,700 (Previous year: 100,700) equity shares of `10 each, fully paid up 1,007 1,007
Total Issued, subscribed and fully paid up shares 4 1,007 1,007

5
a. Reconciliation of the shares outstanding at the beginning and during the year

No. of shares `(INR) No. of shares `(INR)
Equity shares
At the beginning of the year 100,700 1,007,000 100,700 1,007,000
Add: Issued during the period - - - -
Outstanding at the end of the year 100,700 1,007,000 100,700 1,007,000
b. Terms /rights attached to equity shares 8

The company has only one class of shares referred to as equity shares having par value of ` 10/-. 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, after distributions
of all preferential amounts. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares
held by the shareholder.
13
c. Details of shares held by holding company and shareholders holding more than 5% shares

`(INR) % `(INR) %
ICICI Bank Limited and its nominee 511,570 51% 511,570 51%
Prudential Corporation Holdings Limited 493,430 49% 493,430 49%
4 Reserves & Surplus
General reserve
At the commencement of the year 2,820 2,820
Amount transferred from surplus - -
Closing balance 2,820 2,820
Surplus (profit and loss balance)

At the commencement of the year 11,056 10,828
Profit for the year 967 1,624
Appropriations
Dividend 1,158 1,158
Dividend distribution tax 238 238
Total reserves and surplus 13,447 13,876

5 Deferred tax asset / (liability)
Depreciation on fixed assets (2) (2)

Investments 24 14
22 12
6 Trade payables
Due to Micro, Small and Medium Enterprises* - -

Due to others 79 212
6 79 212
*Refer note 21
7 Other current liabilities
Statutory dues 134 148
134 148
8 Tangible assets 10
11
Computers 12
13
Gross block
Opening 179 179
Additions during the year - -
Deletions during the year - -

Closing 179 179
Accumulated depreciation
Opening 170 170
Charge for the year - -
On deletions during the year - -

Closing 170 170
10

Net Block 9 9
9 Non Current Investments
Mutual fund units of face value of Rs.10 each, fully paid up
1,13,394.569 units (Previous Year:1,13,394.569 Units) in ICICI

Prudential Short Term Fund Regular Plan Growth option 1,253 1,253
2,81,315.628 units (Previous Year: 2,81,315.628 Units) in ICICI

Prudential Short Term Fund -Direct Growth 7,936 7,936
Total non-current investments 9,189 9,189
Net assets value of non - current unquoted investments 17,263 15,731
Above investments are unquoted.

Non current investments are long term in nature and valued at cost.
10 Long term loans & advances
Advance tax (net of provision) 430 1,123

MAT credit entitlement - 5
430 1,128
11 Current Investments
Mutual fund units of face value of Rs.100 each, fully paid up
15251.230 units (Previous Year: 8,276.68 Units) in ICICI Prudential

Floating Interest Fund Direct Plan-Growth 4,334 2,983
356.571 units (Previous Year: Nil Units) in ICICI Prudential Liquid
Fund Direct Plan-Growth 102 1,100
4,436 4,083
Net assets value of current unquoted investments 4,929 4,405
Above investments are unquoted.

Current investments are valued at cost or market price whichever is less.
12 Short term loans & advances
Advances recoverable in cash or in kind or for value to be received

GST Input credit receivable 105 81
105 81
13 Trade receivables
Unsecured considered good and outstanding for less than six months 442 461
442 461
14 Cash and cash equivalents
- Balance with banks

On current accounts 34 280
34 280
15 Revenue from operations
Trusteeship fees 5,200 5,200
5,200 5,200
16 Other Income
Profit on sale of investments 4 148 65

Interest on income tax refund 144 38
292 103
17 Operating and administrative expenses
Director's sitting fees 7 2,731 1,835

Professional & consultancy fees 8 30 93
Board meeting expenses 9 1,038 1,056
Auditors remuneration
- Audit fees 10 115 100
- Other Services 11 15 38
Bank charges 1 1
Penalty 200 -
4,130 3,123

18. Earnings Per Share (‘EPS’)
EPS is computed in accordance with AS-20 “Earnings Per Share” issued by the Institute of
Chartered Accountants of India (ICAI). The numerators and denominators used to calculate
Basic and Diluted Earnings per Share are given below:

(a) Nominal value of equity share (`) 10 10
(b) Net profit available to equity shareholders (`) 967 1,624

(c) Weighted average number of equity shares
100,700 100,700
outstanding
(d) Basic and Diluted EPS (`) = (b)/ (c) 9.61 16.13
The Company has not issued any potential equity shares and, accordingly, the basic EPS and
diluted EPS are the same.
19. Proposed Dividend
The Company has proposed 80% dividend on the equity share capital amounting ` 810 for
the financial year ended March 31, 2020.
20. Related Party Disclosures
 Related parties where control exists

ICICI Bank Limited – Holding Company
 Other related party with whom transactions have taken place during the year
Prudential Corporation Holdings Limited – Holds significant influence in the Company
The nature and volume of transactions of the Company with the above related parties for the
year ended 31 March 2020 were as follows:
(` in ‘000)
Nature of Transactions Holding Party with Total
company Significant
influence
Dividend Paid 591 567 1,158
(Previous Year) 591 567 1,158
Bank Charges 1 - 1
(Previous Year) 1 - 1

The Company has maintained bank accounts with ICICI Bank Limited, which are operated in
the ordinary course of business. Inflows and outflows routed through such bank accounts are
not considered as transactions with related party (ICICI Bank Limited) and hence have not
been disclosed above.
21. Dues to Micro Small and Medium Enterprises
Trade Payables and other current liabilities do not include any amount payable to Small Scale
Industrial Undertakings and Micro, Small and Medium Enterprises under the Micro, Small and
Medium Enterprises Development Act, 2006.
22. Segment reporting
The Company acts as a Trustee for the schemes of ICICI Prudential Mutual Fund and ICICI
Prudential Venture Capital Fund – Real Estate Scheme-I. Further the Company does not have
any separate geographical segment in India. As such there are no separate reportable
segment as per AS 17 “Segment Reporting”
23. Contingent liabilities
Contingent liabilities and capital commitments as at 31 March 2020 is ` Nil (31 March 2019: `
Nil)
24. Impact of COVID-19 outbreak
Following the spread of the coronavirus on 11 March 2020, the World Health Organisation
declared the COVID-19 outbreak to be a pandemic. The identification of the virus as a new
coronavirus, its subsequent spread and the situation of lock-down across India in the period
post 31 March 2020 is considered as a significant event.
Management of the Company has performed detailed assessment of the impact of COVID-19
outbreak and determined that, COVID-19 outbreak does not have any adverse impact on the
financial position as at 31 March 2020 and the operations of the Company.
25. Prior year comparatives
Previous year figures have been regrouped and reclassified wherever necessary to conform
to current year’s presentation.
As per our report of even date.
ICAI Firm Registration No.101248W/W-100022 ICICI Prudential Trust Limited
Sd/- Sd/- Sd/-

Membership No. 118189 DIN No: 08153627 DIN No: 00033518


27th Annual Report and Annual Accounts For 2019 20 - Trust

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27th Annual Report and Annual Accounts For 2019 20 - Trust

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27th Annual report and

ICICI Prudential Trust Limited

REGISTRAR AND TRANSFER AGENT

THE STATE OF COMPANIES AFFAIRS DURING THE YEAR

1. Mutual Fund Business:

a. Average Assets Under Management (AUM):

ICICI Prudential Trust Limited

c. Awards received for ICICI Prudential Mutual Fund (the Fund):

2. Venture Capital Fund (VCF) Business:

UPDATE ON NEW PRODUCTS IN MUTUAL FUND

PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS

Sl. No. Name of the Director Designation

In the opinion of the Board, Mr. P. H. Ravikumar appointed as an Additional Independent

In compliance with Rule 6 of the Companies (Appointment and Qualification of Directors)

NUMBER OF MEETINGS HELD AND ATTENDED BY THE BOARD OF DIRECTORS

NUMBER OF MEETINGS HELD AND ATTENDED BY THE BOARD OF DIRECTORS

Sl. Names of Directors Number of

Sl. Name of the Member Designation Number of Meetings

MEETING OF INDEPENDENT DIRECTORS

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR

FOREIGN EXCHANGE EARNINGS AND EXPENDITURE ETC.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

COMPLIANCE WITH SECRETARIAL STANDARDS

EXTRACT OF ANNUAL RETURN

DIRECTORS’ RESPONSIBILITY STATEMENT

For and on behalf of the Board

I. REGISTRATION AND OTHER DETAILS:

i. Corporate Identification U74899DL1993PLC054134

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

i. Category-wise Share Holding

Sl Shareholder’s Shareholding at the beginning of Shareholding at the end of the year %

iii. Change in Promoters’ Shareholding (please specify, if there is no change)

Sl. Particulars Shareholding at the beginning of Cumulative Shareholding

No. of shares % of total shares No. of % of total

Sl. Shareholding at the beginning Cumulative Shareholding

v. Shareholding of Directors and Key Managerial Personnel:

1. At the beginning of the year

Total (i+ii+iii) NIL NIL NIL NIL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

(b) Value of perquisites u/s 17(2)

(c) Profits in lieu of salary under section 17(3) Income-tax

2. Stock Option Not Applicable*

• Fee for 760,000 990,000 980,000 2,730,000

Sl. Particulars of Key Managerial Personnel

(b) Value of perquisites u/s

(c) Profits in lieu of salary

5. Others, please Specify

Type Section of Brief Details of Authority Appeal made, if

To the Members of ICICI Prudential Trust Limited

Report on the Audit of the Financial Statements

Basis for Opinion

Management's Responsibility for the Financial Statements

Management's Responsibility for the Financial Statements (continued)

Auditor’s Responsibilities for the Audit of the Financial Statements

As part of an audit in accordance with SAs, we exercise professional judgment and

 Evaluate the appropriateness of accounting policies used and the reasonableness of

 Conclude on the appropriateness of management’s use of the going concern basis of

Report on Other Legal and Regulatory Requirements

(A) As required by Section 143(3) of the Act, we report that:

e) On the basis of the written representations received from the directors as on 31

iv. The disclosures in the financial statements regarding holdings as well as