Annual Report MF 15 16

ANNUAL REPORT
2015-2016
Peerless Trust Management Co Limited Peerless Funds Management Co Limited
Mr. Satya Brata Ganguly : Chairman Mr. Partho Sarothy Datta : Chairman
Mr. Sunil Kanti Roy : Director Mr. Jayanta Roy : Director
Mr. Sunil Mitra : Director Mr. Malay Kumar Ghosh : Director
Mr. Sisir Kumar Chakrabarti : Director Mr. Soumendra Mohan Basu : Director
Mr. Harish Engineer : Director
Mr. Rajiv Shastri : Managing Director &
CEO
Sponsor
The Peerless General Finance and Investment Company Ltd
Peerless Bhavan, 3, Esplanade East, Kolkata - 700 069
Asset Management Company

Peerless Funds Management Co. Limited
3rd Floor, Peerless Mansion,
1, Chowringhee Square, Kolkata - 700 069
Trustee Company
Peerless Trust Management Co Limited
Peerless Mutual Fund

Auditors
S.R. Batliboi & Associates LLP
Chartered Accountants
Registrar
Karvy Computershare Pvt. Ltd
KARVY SELENIUM, Plot number 31 & 32, Tower B,
Survey No. 115/22, 115/24 & 115/25, Financial District,
Gachibowli, Nanakramguda, Serlingampally Mandal
Hyderabad - 500032 Telangana
Custodian
HDFC Bank Ltd
Lodha - I Think Techno Campus,
Building Alpha, Custody Department,
8th Floor, Opp Crompton Greaves,
Kanjurmarg (E), Mumbai - 400 042.
REPORT OF THE TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
Peerless Trust Management Company Limited (the Trustee) presents its 7th Report and the audited financial statements of the Schemes of
Peerless Mutual Fund (the Fund) for the year ended 31 March 2016.
1. Scheme Performance, Future Outlook and Operations of the Schemes
Performance of the schemes as on March 31, 2016 is as under:
Name of the Scheme / Benchmark Index Plan Date of allotment Return (%)
Regular 8.65%
Peerless Liquid Fund 19 February 2010
Direct 9.05%
CRISIL Liquid Fund Index 8.15%
Regular 8.61%
Peerless Ultra Short Term Fund 19 February 2010
Direct 9.13%
CRISIL Liquid Fund Index 8.15%
Growth 8.10%
Peerless Income Plus Fund 29 July 2010
Direct 9.90%
CRISIL MIP Blended Fund Index 8.22%
Growth 9.58%
Peerless Short Term Fund 18 August 2010
Direct 9.49%
CRISIL Short Term Debt Index 8.61%
Growth 8.18%
Peerless 3 in 1 Fund 05 April 2011
Direct 7.78%
CRISIL MIP Blended Fund Index + Price of
7.96%
Gold in the ratio of 85:15
Growth 10.84%
Peerless Equity Fund 28 September 2011
Direct 10.63%
S&P CNX Nifty 10.44%
Growth 6.31%
Peerless Flexible Income Fund 21 August 2012
Direct 6.93%
CRISIL Composite Bond Fund Index 9.01%
Growth 3.02%
Peerless Long Term Advantage Fund 30 December 2015
Direct -2.62%
CRISIL Liquid Fund Index -2.67%
Growth -1.66%
Peerless Midcap Fund 7 December 2015
Direct -1.00%
Nifty Midcap 100 -3.27%

Notes on Performance Figures:
Child Plan on receipt of SEBI’s approval for the same. The scheme
Past performance of the schemes may or may not be sustained in is now open to investments by all permitted categories of investors.
future and should not be used as a basis of comparison with other
During the year under review, PMF completed 6 years of operations.
investments. Returns do not take into account the load, if any. Returns
The average assets managed by PMF were Rs. 985 crore for the
since inception are calculated on Rs. 10/- invested at inception.
quarter ended March 2016 compared to Rs. 1,302 crore for the
Performance of the Dividend option for the investor would be net of
quarter ended March 2015. Assets managed in retail oriented
the dividend distribution tax, as applicable.
schemes has grown to Rs. 247 crore in March 2016 from Rs.150
During the year, Peerless Funds Management Co. Limited (PFMCL) crore in March 2015.
received SEBI’s approval and launched successfully 2 new retail
As on 31st March 2016, PFMCL has its presence in 21 locations
oriented schemes, namely Peerless Midcap Fund and Peerless Long
serving over 44,000 customers, of which over 50% of the locations
Term Advantage Fund.
are outside the top 15 cities. In many of these locations, PFMCL has
PFMCL also changed the Fundamental Attributes of Peerless MF played a leading role in investor awareness and education.
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PFMCL’s focus has been and will continue to be on deeper of the scheme will be achieved. The scheme does not assure or
penetration into the retail segment and to leverage the distribution guarantee any returns.
capabilities of its own network of Independent Financial Advisors,
Peerless Ultra Short Term Fund: The investment objective is
National Distributors, Regional Distributors, Agency Managers and
to provide optimal returns and liquidity to the investors by investing
various arms of the Peerless Group.
primarily in a mix of money market and short term debt instruments
Outlook which results in a portfolio having marginally higher maturity as
As on 31st March 2016, 43 Mutual Funds operate in the country, compared to a liquid fund at the same time maintaining a balance
with combined quarterly average assets of Rs.13.53 lakh crore, between safety and liquidity. However, there can be no assurance
compared to Rs.11.89 Lakh Crore as on 31 March 2015, representing that the investment objective of the scheme will be achieved. The
an increase of 13.79%. scheme does not assure or guarantee any returns.
During the year, the mutual fund industry added close to 60 lakh Peerless Income Plus Fund: The investment objective is to
folios across all categories, with equity funds adding over 43 lakh generate regular income through a portfolio of predominantly high
folios. Despite the turbulence in secondary markets during 2015-16, quality fixed income securities and with a marginal exposure to equity
equity funds have received inflows close to Rs.74,000 crore, driven and equity related instruments. However, there can be no assurance
by positive investor sentiment. that the investment objective of the scheme will be achieved. The
scheme does not assure or guarantee any returns.
Retail asset acquisition will continue to remain a key driver of your
Company’s growth in future. Product differentiation and innovation, Peerless Short Term Fund: The investment objective is to
penetration beyond existing markets and geographical areas, wider generate income and capital appreciation by investing in a diversified
accessibility, good governance etc. would continue to be the other portfolio of debt and money market securities. However, there can
building blocks in establishing a profitable and sustainable business. be no assurance that the investment objective of the scheme will be
achieved. The scheme does not assure or guarantee any returns.
Pressure on margins will continue to remain a challenge and would
have to be surmounted through effective cost management and Peerless 3 in 1 Fund (Erstwhile known as Peerless MF
innovative revenue / business models. Your Company will continue Child Plan): The investment objective is to generate long term
to focus on confidence building measures, fund performance and capital appreciation through a portfolio of fixed income securities,
best service practices as primary means of fulfilling commitments to Gold Exchange traded funds (ETFs) of other mutual funds and
all stakeholders in the future. gold related instruments and equity & equity related Instruments.
However, there is no assurance or guarantee that the investment
objective of the Scheme will be achieved.
2) Brief background of Sponsors, Trust, Trustee Co. and Peerless Equity Fund: The primary investment objective is to
AMC Co. generate long term capital appreciation by investing in an actively
a) Peerless Mutual Fund managed portfolio predominantly consisting of Equity & equity
related securities.However, there is no assurance or guarantee that
Peerless Mutual Fund (PMF) was set up as a Trust by the investment objective of the Scheme will be achieved.
the Settlers, The Peerless General Finance & Investment
Company Limited on 4th August, 2009 with Peerless Trust Peerless Flexible Income Fund: Theinvestment objective is to
Management Company Ltd (the Trustee Company) as a generate reasonable returns through active duration management
Trustee in accordance with the provisions of the Indian Trust of the portfolio, while maintaining liquidity by investing in debt
Act, 1882 and is duly registered under the Indian Registration instruments including bonds, debentures and Government securities
Act, 1908. The Trustee has entered into an Investment and money market instruments over various maturity periods.
Management Agreement dated 11th August, 2009 with However, there can be no assurance that the investment objective
Peerless Funds Management Co. Ltd. (the AMC) to function of the scheme will be achieved. The scheme does not assure or
as the Investment Manager for all the Schemes of PMF. PMF guarantee any returns.
was registered with SEBI on 4th December, 2009. Peerless Long Term Advantage Fund: The Scheme will seek
b) Peerless Trust Management Co. Ltd.(Trustee Company) to invest predominantly in a diversified portfolio of equity and equity
related instruments with the objective to provide investors with
The Trustee is the exclusive owner of the Trust Fund and opportunities for capital appreciation and income generation along
holds the same in trust for the benefit of the unit holders. The with the benefit of income tax deduction (under Section 80 C of the
Trustee has been discharging its duties and carrying out the Income Tax Act, 1961) on their investments.
responsibilities as provided in the Regulations and the Trust
Deed. The Trustee seeks to ensure that the Fund and the Specified Investors in the Scheme are entitled to deductions of the
Schemes floated there under are managed by the AMC in amount invested in Units of the Scheme, subject to a maximum of
accordance with the Trust Deed, the Regulations, directions Rs. 1,50,000/- under and in terms of Section 80 C (2) (xiii) of the
and guidelines issued by the SEBI, the Stock Exchanges, the Income Tax Act, 1961.
Association of Mutual Funds in India and other regulatory Investment in this scheme would be subject to statutory lock-in
agencies period of 3 years from the date of allotment to be eligible for income
3) Investment Objectives of the Schemes tax benefit under section 80C. There can be no assurance that the
investment objective under the Scheme will be realized.
Peerless Liquid Fund: The investment objective is to provide a high
level of liquidity with reasonable returns in commensuration with Peerless Midcap Fund: The investment objective is to generate
low risk through a portfolio of money market and debt securities. medium to long-term capital appreciation by investing predominantly
However, there can be no assurance that the investment objective in equity and equity related securities of midcap companies.
2
However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or
guarantee any returns.
4) Significant Accounting Policies:
Accounting policies applied are in accordance with SEBI (Mutual Funds) Regulations 1996 (‘the Regulations’).
5) Unclaimed Dividends & Redemptions:
Unclaimed Dividends Unclaimed Redemptions

No. of No. of
Scheme Amount (Rs.) Amount (Rs.)
Investors Investors
Peerless 3 in 1 Fund - 0 58,913.82 9
Peerless Equity Fund 3,494.12 3 1,03,409.63 13
Peerless Income Plus Fund 9,431.67 12 4,37,193.09 83
Peerless Short Term Fund - 0 11,472.02 2
Peerless Ultra Short Term Fund 1,766.62 2 39,105.21 1
Peerless Liquid Fund - 0 - 0
Peerless Flexible Income Fund - 0 - 0
Peerless Midcap Fund - 0 - 0
Peerless Long Term Advantage Fund - 0 - 0
Grand Total 14,692.41 17 6,50,093.77 108
Note: The figures mentioned above also include amount for record date on the last business day of the FY 2015-16. These were subsequently paid out on the 1st busi-
ness day of FY 2016-17.
6) Statutory Information:
a) The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial
contribution (to the extent contributed) of Rs. 1 Lakh for setting up the Fund, and such other accretions / additions to the same.
b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value
of its underlying investments.
c) Full Annual Report shall be disclosed on the website(www.peerlessmf.co.in) and shall be available for inspection at the Head Office
of Peerless Mutual Fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund /
AMC at a price
For Peerless Trust Management Co. Limited
Place: Kolkata S.B. Ganguly

Date: 13 June, 2016 Chairman
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VOTING POLICY-PEERLESS MUTUAL FUND
Background
SEBI vide its circular No. SEBI / IMD / CIR No.18/198647/2010 dated March 15,2010 has advised the Asset Management Companies to
make general policy for proxy voting and exercise the voting rights in respect of shares held by the Mutual Funds in the listed companies to
play an active role in ensuring better corporate governance of listed companies.
Proxy Voting guidelines
As an Investment Manager to the Peerless Mutual Fund, Peerless Funds Management Co. Ltd. (PFMCL) have a fiduciary responsibility to
act in the best interest of the unit-holders of the Fund. This responsibility includes exercising voting rights at the general meetings of the
companies in which the schemes of the Fund invest.
The fund managers shall review all voting proposals (routine as well as non routine items) and shall ensure that non routine items like change
in the state of incorporation, merger and other corporate restructuring, changes in capital structure, stock options, appointment and removal
of directors, etc are identified and voted in the manner designed to maximize the value of the unit-holders.
Procedure for voting/using proxy to vote of Peerless Funds Management Co. Limited where it is holding equity shares /
voting rights in listed companies.
The following procedure will be followed in case of listed companies where Peerless Funds Management Co. Limited (AMC) is holding inter-
est least1% Equity Shares or Preference Shares or voting rights as an investment manager to Peerless Mutual Fund as well as investments
in group companies of the AMC and companies that have subscribed to the units of schemes of Peerless Mutual Fund.
A member of the Executive team comprising of Managing Director & CEO and the Fund Managers would take decisions regarding exercising
of voting rights or using proxy in the best interest of the unit holders of the schemes of Peerless Mutual Fund.
The Company Secretary would be responsible for communication with the company of the decision on exercising of voting rights and would
also oversee the review & control of the entire process of exercising voting rights.
This Voting Policy will be accessible on PFMCL’s website (www.peerlessmf.co.in)and would also be available in our annual report distributed
to the unit-holders.
PFMCL will also publish summary of the votes cast across all its investee company and its break-up in terms of total number of votes cast
in favor, against or abstained from.
Records of the manner in which voting has been exercised, specific rationale supporting the voting decision (for, against or abstain) with
respect to each vote proposal (required pursuant to SEBI circular dated March 15, 2010 and SEBI circular dated 24 March 2014) shall be
accessible on our website [www.peerlessmf.co.in]. The same would also be disclosed in the annual report distributed to the unit-holders.
Conflicts of Interest
Conflicts of interest may arise in certain situations, where:
(a) The PFMCL/Fund Managers have material business relationship with a proponent of a proxy proposal, participants in a proxy contest, or
directors or director candidates of a investee company; and
(b) An employee of the PFMCL has a personal interest in the outcome of a particular proxy proposal (which might be the case if, for example,
a member of an employee’s immediate family were a director or executive officer of the relevant company).
However PFMCL will make its best efforts to avoid such conflicts and ensure that any conflicts of interest are resolved in the best interests
of unit-holders.
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ANNEXURE “B”
Details of Votes cast during the Financial year 2015-16
Investee
Type of Proposal by Vote (For/
Meeting company’s
Quarter Company Name meetings Management or Proposal's description Against/ Reason supporting the vote decision
Date Management
(AGM/EGM) Shareholder Abstain)
Recommendation
"1. Ordinary Resolution for approval of
the Composite Scheme of Arrangement
between Adani Enterprises Limited and
Adani Ports and Special Economic
Zone Limited and Adani Power Limited
and Adani Transmission Limited and
Adani Mining Private Limited and their
Adani Ports and Postal Ballot for respective Shareholders and Creditors
April 2014 to
20.04.2015 Special Economic Court convened Management pursuant to the provisions of Sections ABSTAIN ABSTAIN No holding in portfolio
June 2014
Zone Limited meeting 391 to 394 and the other provisions of the
Companies Act, 1956 or the Companies
Act, 2013 as applicable and in terms of
the requirement of SEBI Circular No.
CIR/CFD/DIL/5/2013 dated 4th February
2013 read with SEBI Circular No. CIR/
CFD/DIL/8/2013 dated 21st May 2013.
"
1. To receive, consider and adopt the
Financial Statements of the Company
for the year ended 31st December,
2014 including audited Balance Sheet The financial results have been audited by the auditors.
15.05.2015 Nestle India Ltd AGM Management as at 31st December, 2014 and the FOR FOR All financial parameters and return ratios are within our
Statement of Profit and Loss for the year investment policy guidelines. We vote FOR.
ended on that date and the Reports
of the Board of Directors and Auditors
thereon.
2. To confirm the three interim dividends
aggregating to ` 50.50 per equity
Paying out dividends in is the interest of minority
AGM Management share, already paid for the year ended FOR FOR
shareholder. We vote FOR.
31st December, 2014 and declare final
dividend.
3. To appoint a Director in place of Mr.
Mr. Aristides Protonotarios is Director (Technical)
Aristides Protonotarios (DIN 06546858),
AGM Management FOR FOR since 2013. He is with Nestle Group since 1991. We
who retires by rotation and being eligible
vote FOR.
offers himself for re-appointment.
4. To appoint M/s. A.F. Ferguson &
Co., Chartered Accountants (ICAI A F Ferguson is a reputed name in the field of auditing.
AGM Management Registration No. 112066W) as statutory FOR FOR If the reappointment is within the maximum number of
auditors of the Company and fix their years an audit firm can remain auditor, we vote FOR.
remuneration.
5. Mr. Rajya Vardhan Kanoria (DIN
00003792), who was appointed as an
Additional Director of the Company
Mr. Kanoria is an eminent business personality and
by the Board of Directors with effect
brings on table experience from a different industry. A
AGM Management from 13th May, 2014, in terms of FOR FOR
former president of FICCI, his association would be of
appointed as an Independent Director
benefit for the company. We vote FOR.
of the Company to hold office for five
consecutive years for a term up to 12th
May, 2019.
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ANNEXURE “B”
Details of voting rights exercised
Investee
Meeting company’s
Date Management
Recommendation
1.Scheme of Amalgamation between
Sun Pharma Global Inc. – Transferor Transferor company is a wholly owned subsidiary of
Company and Sun Pharmaceutical transferee company. There is NO consideration to be
Sun Pharmaceutical Court convened
03.06.2015 Management Industries Ltd. – Transferee Company FOR FOR payable by the transferor company for amalgamation.
Industries Ltd Meeting
u/s 391 to 394 of the Companies Act, From minority shareholder’s point of view, the
1956 and u/s 52 of the Companies Act, amalgamation is not adverse. We vote FOR.
2013.
1.Increase in the Authorized Share
06.06.2015 Infosys Ltd Postal Ballot Management ABSTAIN ABSTAIN No holding in portfolio
Capital
2.Alteration of the Capital Clause of
Postal Ballot Management ABSTAIN ABSTAIN No holding in portfolio
Memorandum of Association.
Postal Ballot Management 3.Approval for Issue of Bonus shares. ABSTAIN ABSTAIN No holding in portfolio
4.Special Resolution to Transfer
Postal Ballot Management business of Finacle to Edgeverve ABSTAIN ABSTAIN No holding in portfolio
Systems Ltd.
5.Special Resolution to Transfer
Postal Ballot Management business of Edge Services to Edgeverve ABSTAIN ABSTAIN No holding in portfolio
Systems Ltd.
As on April 24, 2015, of the total INR 550 crores of
1. Increase in the Authorized Share authorized capital, INR 529.53 crores is paid up
Capital and alteration of the Capital capital. As the bank wants to raise long term resources
08.06.2015 Indusind Bank Ltd Postal Ballot Management Clause of the Memorandum of FOR FOR by issue of equity shares, the current authorized share
Association of the Bank from Rs. 550 capital may not be sufficient for the said purpose.
crs to Rs. 600 crs We believe the proposal is in interest of minority
shareholders. We vote FOR.
As the change in authorized share capital needs
2. Alteration of Article 4 of the Articles of alteration of articles of association, this resolution
Postal Ballot Management Association of the Bank for Alteration of FOR FOR should be read together with point 1. We believe the
Capital Clause. proposal is not adverse to the interest of minority
3. Augmentation of Share Capital
through further Issue / Private Placement The bank wants to raise additional capital to meet the
of securities, including through Qualified needs of its growing business including long term
Postal Ballot Management Institutional Placement, etc. for upto FOR FOR capital requirement for the bank for pursuing its growth
6,00,00,000 Equity Shares of Rs.10/- plans. Raising capital for growth is beneficial for the
each, at an aggregate issue size of not minority shareholders. We vote FOR
exceeding Rs. 60 crores in face value.
1. Adoption of the financial statements
Kotak Mahindra of the Bank for the year ended 31st
29.06.2015 AGM Management FOR FOR Routine business. We vote FOR.
Bank Limited March 2015 and the Reports of the
Directors and the Auditors thereon
2. Reappointment of Dr. Shankar
Dr. Shankar Acharya is the current Part time chairman.
AGM Management Acharya (DIN: 00033242), who retires FOR FOR
As this is a reappointment, we vote FOR.
by rotation
3. Declaration of dividend on equity
Declaration of dividend is beneficial for minority
AGM Management shares for the year ended March 31, FOR FOR
2015
4. Appointment of M/s. S. R. Batliboi S B Billimoria are the current auditors. They were there
6
AGM Management & Co., LLP as auditor of the Bank and FOR FOR for last 4 years, so reappointment is not possible. S.R.
fixing their remuneration Batliboi is a renowned audit firm. We vote FOR.
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
Mr. Mark Edwin Newman is the current CEO
5. Appointment of Mr. Mark Edwin commercial banking, ING, Asia. Since Kotak Mahindra
AGM Management Newman (DIN: 03518417) as Director FOR FOR Bank and ING Vyasa Bank are now a merged entity,
of the Bank Mr. Mark will certainly add value to the overall bank.
We vote FOR.
6. Reappointment Dr. Shankar Acharya
(DIN: 00033242) as Chairman and Dr. Shankar Acharya is the current Part time chairman,
AGM Management FOR FOR
approval of payment of remuneration As this is a reappointment, we vote FOR.
to him.
7. Approval to borrow in excess of the
This is to augment the business which is good for
AGM Management paid up capital and free reserves but not FOR FOR
minority shareholders. We vote FOR.
exceeding INR 50000 crore
Company’s current authorised share capital is INR
900 crs dividend into 180 crs shares of INR 5 each.
The company has proposed a 1:1 bonus issue. The
8. Increase in the Authorised current number of issued shares are 77.2 crs. So after
AGM Management share capital of the Bank to INR FOR FOR doing bonus issue, the total number of shares goes
1500,00,00,000/- upto 154.4 cr shares. Also the bank needs to issue
shares for the takeover of ING Vyasa Bank. Hence this
increase. As this is as per the business requirement,
we vote FOR.
Company’s current authorised share capital is INR
900 crs dividend into 180 crs shares of INR 5 each.
The company has proposed a 1:1 bonus issue. The
9. Substitution of clause V of the current number of issued shares are 77.2 crs. So after
AGM Management Memorandum of Association of the FOR FOR doing bonus issue, the total number of shares goes
Bank upto 154.4 cr shares. Also the bank needs to issue
shares for the takeover of ING Vyasa Bank. Hence this
increase. As this is as per the business requirement,
we vote FOR.
10. Capitalisation of profits and issue of Issue of bonus shares is in the interests of the minority
bonus shares in the ratio of 1:1 shareholders. We vote FOR.
11. Approve the alteration of Articles of
AGM Management FOR FOR This is as per the new companies act. We vote FOR.
Association of the Bank
12. Adopt the ‘Kotak Mahindra Equity
The scheme is basically to reward the performers and
Option Scheme 2015’ and authorise
an incentive for them to stay with the company. We
AGM Management the Board to create, issue, offer and FOR FOR
feel this in interest of minority shareholders as the
allot equity shares, from time to time, to
expected dilution in minimal. We vote FOR.
employees of the Bank.
13. Adopt the ‘Kotak Mahindra Equity
The scheme is basically to reward the performers and
Option Scheme 2015’ and authorise
an incentive for them to stay with the company. We
the Board to create, issue, offer and
AGM Management FOR FOR feel this in interest of minority shareholders as the
allot equity shares, from time to time,
expected dilution in minimal. This point includes bank
to employees of the subsidiaries or
subsidiaries & associates. We vote FOR.
associate companies of the Bank.
SAR is a scheme where the bank instead of issuing
shares to the employees at the time of vesting, will pay
14. Adopt the ‘Kotak Mahindra Stock
the difference between vesting and base price as cash
Appreciation Rights Scheme 2015’
after deducting the applicable tax rate. The bank will
and authorise the Board to grant Stock
AGM Management FOR FOR make sure that in no year, they end up issuing more
Appreciation Rights (SARs) to be
7
than 1% of the share capital. The scheme is basically
paid as cash incentive in the form of
to reward the performers and an incentive for them
Appreciation, to employees of the Bank.
to stay with the company. We feel this in interest of
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
SAR is a scheme where the bank instead of issuing
shares to the employees at the time of vesting, will pay
the difference between vesting and base price as cash
15. Adopt the ‘Kotak Mahindra Stock after deducting the applicable tax rate. The bank will
Appreciation Rights Scheme 2015’ make sure that in no year, they end up issuing more
and authorise the Board to grant than 1% of the share capital. The scheme is basically
Stock Appreciation Rights (SARs) to to reward the performers and an incentive for them
be paid as cash incentive in the form to stay with the company. We feel this in interest of
of Appreciation, to employees of the minority shareholders. This point includes bank
subsidiaries or associate companies of subsidiaries & associates. The scheme is basically
the Bank. to reward the performers and an incentive for them to
stay with the company. Further, we feel this in interest
of minority shareholders as the expected dilution in
minimal. We vote FOR.
1. Adoption of the audited financial
statements inculding audited
consolidated financial statement of
03.07.2015 Asian Paints Ltd AGM Management the company for the financial year FOR FOR Routine business. We vote FOR.
ended 31st March, 2015 together with
the reports of Board of Directors and
Auditors thereon
2. Declaration of Dividend on Equity Declaration of dividend is beneficial for minority
Shares shareholders. We vote FOR.
3. Appointment of Mr. Ashwin Choksi
(DIN: 00009095), who retires by rotation Mr. Ashwin Choksi is the current chairman of the
and being eligible, offers himself for re- company. We vote FOR.
appointment.
4. Appointment of Director in place of
Shri Ashwin Dani (DIN: 00009126), who Mr. Ashwin Dani is the current vice-chairman of the
retires by rotation and being eligible, company. We vote FOR.
5. Appointment of M/S B S R & Co.
LLP, Chartered Accountants (FRN No.
101248W/W-100022) as the statutory
BSR & Co. are the current auditors of the company.
AGM Management Auditor of the company to hold office FOR FOR
As this is a reappointment, we vote FOR.
from the conclusion of this AGM till the
conclusion of the next AGM and fixing
their remumeration
6. Appointment of Mr. Abhay Vakil (DIN:
Mr. Abhay Vakil is the current additional director in the
AGM Management 00009151) as a Non-Executive Director FOR FOR
company. We vote FOR.
of the Company.
7. Ratification of remuneration payable
to M/S. RA & Co., Cost Accountants
RA & Co are the current cost auditors. As this is a
AGM Management (FRN : 000242 cost auditor of the FOR FOR
reappointment, we vote FOR.
company for the financial year ending
31st March, 2016
of the Company for the year ended
13.07.2015 Havells India Ltd AGM Management FOR FOR Routine business. We vote FOR.
31st March 2015 and the Reports of the
Directors and the Auditors thereon.
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2. Declaration of dividend on equity
AGM Management shares for the year ended March 31, FOR FOR
2015.
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
3. Appointment of Mr. Anil Rai Gupta Mr. Anil Rai Gupta is the current Chairman and
(DIN: 00011892), who retires by rotation. managing director. We vote FOR.
4. Appointment of Mr. Rajesh Gupta Mr. Rajesh Gupta is the current whole time director
(DIN: 00002842), who retires by rotation. (finance) and group CFO. We vote FOR.
5. Appointment of M/s. V. R. Bansal &
Associates, Chartered Accountants
These are the current auditors of the company. As this
(Registration No. 016534N) & M/s. S.
AGM Management FOR FOR is a re-appointment, we believe it is in the interest of
R. Batliboi & Co., LLP (Registration No.
301003E), as auditor of the Company
and fixing their remuneration.
6. Appointment of Smt. Pratima Ram
Smt. Pratima Ram is a known banker. As this is a
AGM Management (DIN: 03518633) as an Independent FOR FOR
reappointment, we vote FOR.
Director of the Company for 3 years.
Mr. T V Mohandas Pai was one of the founding
7. Appointment of Mr. T.V. Mohandas
members of Infosys and under his guidance Infosys
AGM Management Pai (DIN: 00042167) as Director of the FOR FOR
did very well. His guidance should help the company.
Company for 3 years.
This is a reappointment. We vote FOR.
Mr. Puneet Bhatia is MD and Country Head – India
8. Appointment of Mr. Puneet Bhatia
for TPG Asia. TPG is one of world’s largest private
AGM Management (DIN: 00143973) as Director of the FOR FOR
investment firm. His guidance should help the
Company for 3 years.
company. As this is a reappointment, we vote FOR.
Shri Ameet Kumar Gupta has been working with the
9. Appointment of Mr. Ameet Kumar
QRG group for about 2 decades and actively involved
Gupta (DIN: 00002838) as Director
AGM Management FOR FOR in new business development activities along with Shri
of the Company eligible for retire by
Anil Rai Gupta. As this is a reappointment, we vote
rotation.
FOR.
Shri Ameet Kumar Gupta has been working with the
10. Appointment of Mr. Ameet Kumar
QRG group for about 2 decades and actively involved
Gupta (DIN: 00002838) as Whole time
AGM Management FOR FOR in new business development activities along with Shri
Director of the Company for a period of
Anil Rai Gupta. As this is a reappointment, we vote
5 years.
FOR.
11. Revision in the terms of remuneration
of Shri Anil Rai Gupta, Chairman and Mr. Anil Rai Gupta is the current Chairman and
Managing Director in terms of the managing director. We vote FOR.
Companies Act, 2013
12. Reappointment Mr. Rajesh Gupta
(DIN: 00002842) as Wholetime Director Mr. Rajesh Gupta is the current whole time director
(Finance) & Group CFO for a period of (finance) and group CFO. We vote FOR.
5 years.
13. Ratification of the remuneration to Sanjay Gupta & Associates are the current cost
AGM Management cost auditors in terms of the Companies FOR FOR auditors of the company. As is a reappointment, we
Act,2013. vote FOR.
14. Amendment of Articles of These amendments are as the new companies act
Association of the Company. 2013. We vote FOR.
Ordinary Resolution for issuance of
Motherson Sumi We feel this is in the interests of minority shareholders.
15.07.2015 Postal Ballot Management Bonus Shares to the existing equity FOR FOR
Systems Ltd We vote FOR.
shareholders
1. Adoption of the audited financial
statements (standalone and
9
Consolidated )of the Bank for the year
21.07.2015 HDFC Bank Ltd AGM Management FOR FOR Routine business. We vote FOR.
ended 31st March 2015 and the Reports
of the Directors and the Auditors
thereon.
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shares. shareholders. We vote FOR.
Mr. Paresh Sukthankar is the current Deputy Managing
3.Appointment of Mr. Paresh
Director of the Bank. As the bank has done very well
Sukthankar, who retires by rotation
AGM Management FOR FOR under him in last few years, this reappointment is
and being eligible, offers himself for re-
beneficial for the interest of business and minority
appointment.
Mr. Kaizad Bharucha is the current Executive Director
of the Bank. He serves as the Head of Corporate
4.Re-appointment of Mr. Kaizad
Banking at HDFC Bank Ltd. and served as its Head of
Bharucha, who retires by rotation and
AGM Management FOR FOR Credit and Market Risk, Executive Officer and Head of
being eligible, offers himself for re-
Wholesale Credit, Market Risk and Retail Risk Policy.
appointment.
This reappointment is beneficial for business. We vote
FOR.
M/S Deloitte Haskins & Sells are the current auditors
5.Re-appointment of Statutory Auditors for the bank. This resolution is for the reappointment.
and fixing their remuneration. As M/S Deloitte Haskins & Sells is a reputed audit firm,
we vote FOR.
The candidature of Mr. Malay Patel has been proposed
by an existing member of the bank. The specialization
6.Appointment of Mr. Malay Patel as
AGM Management FOR FOR of Mr. Patel is the knowledge in the field of small scale
Independent Director of the Bank.
industries. This appointment is beneficial for the overall
good performance of the bank. We vote FOR.
The current limit is INR 20,000 crs more than the net
worth of the bank. The bank proposes to increase
this limit to INR 50,000 crs more than the net worth
7.Increase in borrowing powers of the
for growth and expansion. At the end of FY15, on
AGM Management Bank pursuant to section 180 (1) of the FOR FOR
consolidated basis, the bank had borrowings of INR
Companies Act, 2013
59,478 crs as against net worth of INR 63,154 crs. As
this increase in limit is beneficial for the growth of the
business, we vote FOR.
Under the arrangement between the HDFC and HDFC
Bank Limited (“HDFC Bank”), HDFC Bank sources
home loans for HDFC through its branches across
8. Related party transactions with HDFC India. The audit committee has already granted
AGM Management Ltd pursuant to Clause 49 of the Listing FOR FOR approval for assignment/ sale of home loans from
Agreement HDFC up to an overall limit of INR 12,000 crore for
the financial year 2014-15 and INR 20,000 crore for
the financial year 2015-16. This is important for the
continuity of the business. We vote FOR.
Mr. Aditya Puri is the current Managing Director of the
9. Re-appointment of Mr. Aditya Puri as bank. Under his guidance, the bank has performed
Managing Director of the Bank. well. His reappointment is beneficial for the business
and minority shareholders. We vote FOR.
For FY15, Mr. Kaizad Bharucha was paid INR 62.4 lac
as basic salary and INR 1.03 crs as allowances. The
10. Revision in the remuneration of Mr. bank proposes to revise these amounts to INR 1.05
Kaizad Bharucha- Executive Director crs and INR 91.56 lacs. Considering the value add that
Mr. Kaizad brings to the business, the increment is
reasonable. We vote FOR.
10
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
HDB Financial Services is a subsidiary of the bank.
The Bank periodically undertakes asset backed/
mortgage backed securitization/loan assignment
transactions with various originators. In this regard,
the Bank is proposing to undertake securitization
11. Approval of related party transaction
AGM Management FOR FOR / loan assignment transactions, including banking
with HDB Financial Services Ltd
transactions and any other transactions including
those as may be disclosed in the notes forming part
of financial statements for the relevant period. As
these are normal business transactions done at arm’s
length, we vote FOR.
23.07.2015 Bajaj Auto Ltd AGM Management FOR FOR Routine business. We vote FOR.
Shares. shareholders. We vote FOR
Shekhar Bajaj is non-executive director of the
company. He is Joint Managing Director of Bajaj
Electricals Limited since April 1, 2012. Mr. Bajaj served
3. Re-appointment of Shekhar Bajaj, as the Chief Executive of Bajaj Electricals Limited
who retires by rotation. since 1980. His business experience of running large
companies along with insights of the B2C business
is expected to help board in taking better business
decisions. We vote FOR.
Mr. Niraj Bajaj is non-executive director on the
board. He is Managing Director of Mukand Limited
4. Re-appointment of Niraj Bajaj, who (manufacturer of steel) since August 10 1994. His
retires by rotation. business experience in the steel industry (raw material
for Bajaj Auto) is expected to add value to the board.
We vote FOR.
5. Ratification of appointment of Dalal Dalal & Shah, Chartered Accountants were appointed
& Shah, Chartered Accountants, as as the auditors in July 2014 for 3 years subject to
Statutory Auditors and fixing their ratification every year. This is a reappointment. We
remuneration. vote FOR.
Dr. Gita Piramal is currently engaged in academic
research at the University of Oxford. She is an
6. Appointment of Dr. Gita Piramal as an entrepreneur and businesswoman. For two decades,
Independent Director. she contributed to several Piramal family companies
in India in various positions. An independent director
of such calibre adds value to the board. We vote FOR.
Rahul Bajaj is the current Chairman of the company.
7. Appointment of Rahul Bajaj as the Under his guidance, the company has done very well.
Chairman for a term of 5 years. This reappointment is beneficial for the company and
for minority shareholders. We vote FOR.
11
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Madhur Bajaj is the current Vice-Chairman of the
company. At the meeting of the Board of Directors of
the Company held on 24 March 2015, Madhur Bajaj,
was appointed as the Vice Chairman of the Company
8. Appointment of Madhur Bajaj as the
AGM Management FOR FOR for a period of five years with effect from 1 April 2015.
Vice Chairman for a term of 5 years
He is also the chairman of Maharashtra Scooters.
His experience would be relevant to the board as it
happens to be in the same 2 wheeler industry. We vote
FOR.
Rajiv Bajaj is the current MD of the company. Under
his guidance the company has done very well in last
9. Appointment of Rajiv Bajaj as the
AGM Management FOR FOR few years. This reappointment is beneficial for the
Managing Director for a term of 5 years.
interest of the company and minority shareholders. We
vote FOR.
Sundaram Finance of the Company for the year ended 31st
Ltd. March 2015 and the Reports of the
Directors and the Auditors thereon
2. Declaration of Dividend on Equity Declaration of dividend is always for minority
Apart from being a promoter, Mr. S. Viji is the
3. Re-appointment of Mr. S. Viji (DIN:
current Non-executive Chairman of the company.
00139043), who retires by rotation and
AGM Management FOR FOR As company has done well under his leadership, his
re-appointment is beneficial for the company and for
appointment.
minority shareholders also. We vote FOR.
Apart from being a promoter, Mr. S. Ram is the current
4. Re-appointment of Mr. S Ram (DIN:
Non-executive Director of the company. He is also the
00018309), who retires by rotation and
AGM Management FOR FOR brother of Mr. S Viji. His re-appointment is beneficial
for the company and for minority shareholders also.
appointment.
We vote FOR.
5. Appointment of M/S. Brahmayya Brahmayya & Co. are the current auditors of the
AGM Management and Co. as Statutory Auditors of the FOR FOR company. As this is a re-appointment, we believe it is
company. in the interest of minority shareholders. We vote FOR.
Mr. Harsha Viji is doing the same role for last 5
6. Re-appointment of Mr. Harsha Viji
years. Mr. Harsha Viji is also the son of S Viji. As the
(DIN: 00602484) as Executive Director
AGM Management FOR FOR company has only grown in last 5 years, we feel this re-
(Strategy & Planning) for a period of 5
appointment is in the interest of minority shareholders.
years.
We vote FOR.
This scheme is in effect since July 2008. The scheme
7. Approval of amendments to the
is basically to reward the performers and an incentive
AGM Management Sundaram Finance Employee Stock FOR FOR
for them to stay with the company. We feel this in
Option Scheme- 2008.
interest of minority shareholders. We vote FOR.
8. Approval of amendments to the
Point 7 was in regard to the Sundaram Finance. This
Sundaram Finance Employee Stock
point includes company’s subsidiaries & associates.
AGM Management Option Scheme- 2008 to eligible FOR FOR
We assign the same reason given in point 7. We vote
employees of company`s subsidiaries
FOR.
& associates.
12
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
1. Adoption of the Standalone financial
statements of the Company for the year
23.07.2015 Lupin Limited AGM Management ended 31st March 2015 and the Reports FOR FOR Routine business. We vote FOR.
of the Directors and the Auditors
thereon.
2. Adoption of the Consolidated
audited financial statements including
Balance Sheet as at March 31, 2015,
AGM Management Statement of Profit and Loss and Cash FOR FOR Routine business. We vote FOR.
Flow Statement for the year ended on
that date and the report of the Auditors
thereon.
3. Declaration of Dividend at Rs. 7.50/-
Declaration of dividend is good for minority
AGM Management per Equity share for the year ended 31 FOR FOR
March 2015.
4. Appointment of a director in place of Ms. Vinita Gupta is the current CEO of the company
Ms. Vinita Gupta, who retires by rotation and the company has done well under her. This
and being eligible, offers himself for re- reappointment, we believe, is in the interest of minority
appointment. shareholders. We vote FOR.
5. Ratifying the appointment of Deloitte
Haskins & Sells LLP, Chartered
Accountants, Statutory Auditors to hold Deloitte Haskins & Sells LLP are the current auditors
office from the conclusion of the 33rd seeking reappointment. We vote FOR.
AGM till the conclusion of the 34th AGM
and to fix their remuneration.
6. Re-appointment of Dr. Desh Bandhu
Dr. Desh Bandhu Gupta is the current Chairman of the
Gupta as Executive Chairman of the
company and the company has done well under him.
AGM Management Company, for a period of five years FOR FOR
The continuity of Mr. Gupta is good for business and
w.e.f. January 1, 2016 and the payment
for minority shareholders. We vote FOR.
of remuneration (Special Resolution).
7. Re-appointment of Dr. Kamal K.
Sharma as Vice Chairman of the Dr. Kamal K. Sharma is the current Vice Chairman of
AGM Management Company, for a period of two years FOR FOR the Company. In last few years, the company has done
w.e.f. September 29, 2015 and the well under his guidance. We vote FOR.
payment of remuneration.
8. Re-appointment of Mrs. M. D. Gupta
as Executive Director of the Company, Mrs. M. D. Gupta is the current Executive Director of
AGM Management for a period of five years w.e.f. January 1, FOR FOR the Company and the company has done well under
2016 and the payment of remuneration her. Since this is a reappointment, We vote FOR.
(Special Resolution).
9. Appointment of Dr. Vijay Kelkar as
Dr. Vijay Kelkar is on the board of directors as an
Independent Director of the Company
Independent Non-Executive Director. He is a well-
for a term of five years from the
AGM Management FOR FOR known personality. His continued presence on the
conclusion of the 33rd AGM till the
board is in the interest of minority shareholders. We
conclusion of the 38th AGM (Special
vote FOR.
Resolution).
13
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
10. Appointment of Mr. R. A. Shah as
Independent Director of the Company Mr. R A Shah is on the board of directors as an
for a term of five years from the Independent Non-Executive Director. Since this is a
conclusion of the 33rd AGM till the reappointment, we think it is in the interest of minority
conclusion of the 38th AGM (Special shareholders. We vote FOR.
Resolution).
11. Appointment of Mr. Richard
Zahn as Independent Director of the
Company for a term of five years from Mr. Richard Zahn is an Independent Non-Executive
the conclusion of the 33rd AGM till the Director. This is a reappointment. We vote FOR.
Resolution).
12. Appointment of Dr. K. U. Mada as
Independent Director of the Company Dr. K. U. Mada is on the board of directors as an
for a term of five years from the Independent Non-Executive Director. Since this is
conclusion of the 33rd AGM till the a reappointment, we believe it is in the interest of
conclusion of the 38th AGM (Special minority shareholders. We vote FOR.
Resolution).
13. Appointment of Mr. Dileep Choksi
as Independent Director of the
Company for a term of five years from Mr. Dileep Choksi is an Independent Non-Executive
the conclusion of the 33rd AGM till the Director. This is a reappointment. We vote FOR.
Resolution).
14. Payment of commission to the Non- The payment will be as per the manner laid down in
Executive Directors of the Company for Section 197, 198 of the Companies Act. We believe
a period of five years commencing April this is in interest of minority shareholders. We vote
1, 2015. FOR.
Mr. S. D. Shenoy is the current Cost Auditor of the
15. Ratifying the remuneration payable
company. The current remuneration of the cost
to Mr. S. D. Shenoy, Cost Auditor,
AGM Management FOR FOR auditor is INR 5,00,000 plus applicable taxes. The
for conducting cost audit for the year
newly proposed remuneration is same. Since this is in
ending March 31, 2016.
interest of minority shareholders, we vote FOR.
The Company wishes to pursue organic and inorganic
16. Authorising the Board of Directors
growth for further accelerating its progress and
of the Company to raise funds for
expanding its presence in select geographies. This
an amount not exceeding INR 75000
AGM Management FOR FOR is an enabling resolution to fund any such corporate
million through issue of Securities i.e.
action. We believe this is in the interest of long term
Equity shares, GDRs, ADRs, convertible
growth of the company and hence beneficial for
bonds etc. (Special Resolution).
Since the company is taking a resolution to raise
17. Increasing the Authorised Share funds in future for any corporate action, the current
AGM Management Capital of the Company from INR 1000 FOR FOR authorised share capital is not sufficient enough to
million to INR 2000 million. accommodate such issuance. We believe this is in
interest of minority shareholders. We vote FOR.
1. Consider & Adopt Audited financial
statements Reports of the Board of
27.07.2015 VA Tech Wabag Ltd. AGM Management FOR FOR Routine business. We vote FOR.
Directors and Auditors & Audited
Consolidated Financial Statements.
14
shares. shareholders. We vote FOR.
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Rajiv Mittal is the current MD and Group CEO. He
3. Re-appointment of Mr. Rajiv Mittal, is one of the promoter as well. Under his guidance,
who retires by rotation. the company has progressed well in last few years.
We vote FOR.
4. Appointment of M/s. Walker Chandiok M/s. Walker Chandiok & Co. LLP are the current
AGM Management & Co. LLP as the statutory auditors of the FOR FOR auditors of the company. This is a reappointment for
Company and fixing their remuneration. 3 years. We vote FOR.
Mr. Rajiv Mittal is the current MD and Group CEO. He
5. Re-appointment of Mr. Rajiv Mittal as is one of the promoter as well. Under his guidance,
Managing Director. the company has progressed well in last few years.
We vote FOR.
Mr. Malay Mukherjee has a consultancy firm in metals
and mining in UAE. He has more than 40 years of
experience in technical, commercial and managerial
roles in the mining and steel industry. Considering his
6. Appointment of Mr. Malay Mukherjee
AGM Management FOR FOR expertise in the steel industry (raw material for Va-tech
as an Independent Director.
Wabag), his guidance can certainly help the board to
take better business decisions. This resolution is for
his appointment as an independent director. We vote
FOR.
Mr. S Varadarajan is the current CFO of the company
7. Appointment of Mr. S Varadarajan as and one of the original promoters. Under his guidance
Director, liable to retire by rotation. the company has done well. His experience is
important for the board. We vote FOR.
Keeping the business requirements in mind, the
company wants to have funds borrowed (both fund
8. Approval of Fund based & Non Fund
AGM Management FOR FOR based and non-fund based) not more than INR 3000
based borrowing limits.
crs or the networth, whichever is higher. Since this is a
business requirement, we vote FOR.
To secure the borrowings mentioned in above point
9. Approval for Creation of Charge/
8, company wants to create charge/mortgage/
AGM Management mortgage/hypothecation on the FOR FOR
hypothecation on the Company’s Assets. This is a
Company’s Assets.
requirement of the business. We vote FOR.
Approval of remuneration is for the period FY14-15.
10. Approval of remuneration of the
The proposed amount is INR 5 lacs plus applicable
AGM Management Cost Auditors for the FY ending 31st FOR FOR
taxes. We believe that the amount is reasonable. We
March 2015.
vote FOR.
1. Adoption of Audited Balance Sheet,
Statement of Profit & Loss, Report of the
28.07.2015 Swaraj Engines Ltd. AGM Management FOR FOR Routine business. We vote FOR.
Board of Directors and Auditors for the
Financial Year ended 31st March, 2015.
2. Declaration of Dividend on Equity Declaration of dividend is good for minority
Dr. Pawan Goenka is non-executive director and is in
whole-time employment with Mahindra & Mahindra
Ltd. Under the guidance of Mr. Goneka, M&M has
Dr. Pawan Goenka (DIN 00254502) who
AGM Management FOR FOR done reasonably well. M&M is one of the promoter of
retires by rotation and, being eligible,
the company. Dr. Goenka’s reappointment is expected
offers himself for re-appointment
to add value to the company which is in interest of
15
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shri R. R. Deshpande is currently non-executive
4. Appointment of Director in place
director and is in whole-time employment with Kirloskar
of Shri R. R. Deshpande (DIN
Oil Engines. Kirloskar Industries is one of the promoter
AGM Management 00007439) who retires by rotation and, FOR FOR
of the company. Since this is a reappointment, we
believe it is in interest of minority shareholders. We
appointment.
vote FOR.
5. Appointment of Auditors and fix their M/S Davinder s Jaaj & Co. are the current auditors of
remuneration. the company and seeks reappointment. We vote FOR.
Shri M.N. Kaushal, is currently a Whole Time Director
with the company. His salary last time was revised
6. Approval to the revision in
in April 2012. Since then as the company has done
AGM Management remuneration of Shri M.N. Kaushal, FOR FOR
well only, further upward revision of salary is an
Whole Time Director.
appreciation of his efforts. We believe it is in interest of
The related party is M&M which is also one of the
promoters of the company. The company mentions that
the expected maximum annual value of transactions
7. Approval to the Related Party over next 3-4 years will be INR 1200 crs. Currently
Transactions. Swaraj Engines sell majority of its engines to M&M
only. Continuity of the existing relationship is beneficial
for the company and for minority shareholders. We
vote FOR.
During FY15 remuneration of cost auditor was INR
55,000 plus applicable taxes. Now the company is
8. Approval to the remuneration of Cost
AGM Management FOR FOR proposing INR 70,000 plus applicable taxes. The
Auditors.
increment is reasonable. We believe this increment is
routine business. We vote FOR.
This scheme is a reward system for performance. The
company proposes to issue not more than 10,000
shares to an individual and in aggregate not more
9. Approval to the Employee Stock
AGM Management FOR FOR than 31,000 shares (representing 0.25% of the paid up
Option Scheme.
equity). We believe this scheme is for the benefit of
minority shareholders only so that performers can be
retained. We vote FOR.
1. Adoption of Balance Sheet, Statement
Motherson Sumi of Profit & Loss, Report of the Board of
Systems Ltd. Directors and Auditors for the Financial
Year ended 31st March, 2015.
Mr. Toshimi Shirakawa has been an Executive Officer
at Sumitomo Wiring Systems Ltd. since June 2015.
Mr. Shirakawa served as Managing Executive Officer
3. Re-appointment of Mr. Toshimi at Sumitomo Wiring Systems Ltd. and served as its
Shirakawa, who retires by rotation. Executive Officer. Mr. Shirakawa serves as a Non-
Executive Director of Motherson Sumi Systems Ltd.
His experience is valuable for the wiring harness
business of the company. We vote FOR.
16
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Laksh Vaaman Sehgal serves as the Chief Executive
Officer of Samvardhana Motherson Reflectec and
Samvardhana Motherson VisioCorp. Solution Limited,
4. Re-appointment of Mr. LakshVaaman Jersey. He is currently a non executive director on the
Sehgal, who retires by rotation. board. The international business of the company has
done well under him. This is a reappointment and we
believe his presence adds value to the business, we
vote FOR.
Price Waterhouse are the current auditors of the
5. Ratification of appointment of Auditor
AGM Management FOR FOR company. This resolution is for reappointment. PWC is
and fixing their remuneration.
a reputed audit firm. We vote FOR.
The auditors of the company had proposed the
remuneration and the board of directors had approved
6. Approval of the remuneration of the
AGM Management FOR FOR the name (M.R. Vyas). The proposed remuneration is
Cost Auditor.
INR 8.5 lacs plus applicable taxes. We think that the
amount is reasonable. We vote FOR.
"1. (a) Adoption of the Audited financial
statements of the Corporation for
the financial year ended 31 March
2015 together with the Reports
of the Board of Directors and
Housing
Auditors thereon.
Development
28.07.2015 AGM Management 1. (b) Adoption of the Audited FOR FOR Routine business. We vote FOR.
Finance Corporation
Consolidated financial statements
Ltd.
for the financial year ended 31
March 2015 together with the
Reports of the auditors thereon.
"
2. Declaration of final Dividend on equity Declaration of dividend is beneficial for minority
shares of the Corporation shareholders. We vote FOR.
3. Appointment of Mr. Deepak S. Mr. Deepak S. Parekh is the current Chairman of the
Parekh, who retires by rotation and company. The company has done very well under his
being eligible, offers himself for re- chairmanship. This reappointment is beneficial for the
appointment. business and for minority shareholders. We vote FOR.
4. Ratification of the appointment of M/s
M/s Deloitte Haskins & Sells LLP, Chartered
Deloitte Haskins & Sells LLP, Chartered
AGM Management FOR FOR Accountants are the current auditors of the company.
Accountants as the auditors of the
As this is a reputed audit firm, we vote FOR.
Corporation & fixing their remuneration
5 .Ratification of the appointment of M/s PKF, Chartered Accountants are the current
M/s PKF, Chartered Accountants as auditors for the Dubai office. As this is a reappointment,
the auditor of the Corporation`s office it is beneficial for the continuity of the business. We
at Dubai vote FOR.
6. Approval to issue Redeemable Non- The current limit is INR 75,000 crs. The company is
Convertible Debentures on a private looking to raise the limit to INR 85,000 crs. As this
placement basis, upto an amount of not money will be used to grow the business, it is beneficial
exceeding Rs. 85000 crores. for minority shareholders. We vote FOR.
17
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Under the arrangement between the Corporation and
HDFC Bank Limited (“HDFC Bank”), HDFC Bank
sources home loans for the Corporation through its
branches across India. The audit committee has
7. Approval of Related Party transactions
AGM Management FOR FOR already granted approval for assignment/ sale of home
with HDFC Bank Ltd.
loans to HDFC Bank up to an overall limit of INR 11,000
crore for the financial year 2014-15 and INR 20,000
crore for the financial year 2015-16. This is important
for the continuity of the business. We vote FOR.
The company intend to raise long term funds for the
8. Approval to issue of Secured
growth of the business. The Corporation plans to
Redeemable Non-Convertible
issue NCDs and Warrants under the QIP route. Such
Debentures simultaneously with
maximum number of NCDs would be issued so that
AGM Management Warrants to QIB in accordance with FOR FOR
the aggregate value of NCDs would be up to INR 5,000
Chapter VIII of the SEBI Issue of
crore. This raising will also augment Tier 1 capital of
Capital & Disclosure Requirements)
the company. Raising long term funds are beneficial
Regulations, 2009, as amended.
for the growth of the company. We vote FOR.
This point is in continuation of above Point (i). The
company intend to issue not more than 3.65 cr equity
9. Increase in Authorized Share Capital shares. The current paid up capital is INR 315.11 crs.
AGM Management of the Corporation from Rs. 325 crs to FOR FOR Although the company will have enough head room
Rs. 340 crs. to raise additional shares post the current proposed
issue, the company wants to have raise the limit to
accommodate any further issue. We vote FOR.
As the company is looking to raise the authorized
10. Alteration in Capital Clause of MOA
AGM Management FOR FOR share capital, it requires alternation of MoA. As this is
of the Corporation.
part of legal requirement, we vote FOR.
As the company is looking to raise the authorized
11. Alteration of Article 3 of the Articles
AGM Management FOR FOR share capital, it requires alternation of AoA also. As this
of Association of the Corporation.
is part of legal requirement, we vote FOR.
The price at which equity shares are being allotted
1.Allotment of equity shares on on a preferential basis is in accordance with SEBI
preferential basis to IndusInd Regulations and also the price at which the allotment
30.07.2015 Indusind Bank Ltd Postal Ballot Management International Holdings Ltd. (“IIHL”) and FOR FOR would happen is not less than the price at which the
its subsidiary viz., IndusInd Ltd. (“IL”), equity shares are allotted to Institutional Buyers in the
Promoters of the Bank QIP. Hence we do not consider this move adverse to
the interests of minority shareholders. We vote FOR.
1. Adoption of Audited Standalone &
Consolidated financial statements of the
Jyothy Laboratories
30.07.2015 AGM Management Company for the financial year ended FOR FOR Routine business. We vote FOR.
Ltd.
Directors and the Auditors.
2. Declaration of dividend for the Declaration of dividend is good for minority
financial year ended March 31, 2015. shareholders. We vote FOR.
3. Appointment of Director in place of Ms. M.R. Jyothy is the current Executive Director of the
Ms. M. R. Jyothy who retires by rotation, company and the company has done well under her.
and being eligible, offers herself for re- This reappointment is beneficial for the company and
appointment. for minority shareholders. We vote FOR.
18
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
S R Batliboi are the current statutory auditors. This is for
ratification of the resolution passed by the members in
4.Ratification of appointment of
AGM Management FOR FOR last AGM to appoint S R B C & Co LLP as the statutory
Auditors.
auditors. This resolution was passed in last year AGM
only. We vote FOR.
Mr. Rao has been looking after the operations function
since Oct 2007 and is heading it since Sept 2012.
5. Re-appointment of Mr. T. Ananth Rao Since the company has done well in last few years,
as Head – Operations. this reappointment is good for the continuity of the
business. This in the interest of minority shareholders.
We vote FOR.
Mr. Razdan is Head- IT since April 2010. For the
6. Re-appointment of Mr. Ravi Razdan
AGM Management FOR FOR continuity of the good performance of the company,
as Head – IT & HR.
we vote FOR this reappointment..
Ms Deepthy is with company since April 2007
7. Re-appointment of Ms. M. R. Deepthy under various positions. Since May 2011, she has
AGM Management as General Manager - Finance and FOR FOR been working as the Manager- Finance. As this is
Assistant Company Secretary. a reappointment, we believe it is in the interest of
M/s. R Nanabhoy & Co. are the current cost auditors
of the company. The company proposes to increase
8. Ratification of remuneration of Cost
AGM Management FOR FOR the remuneration to INR 275,000 from INR 240,000,
Auditors.
plus service tax and other out of pocket expenses. We
believe the increment is reasonable. We vote FOR.
31st March 2015, the consolidated
31.07.2015 ITC Ltd. AGM Management FOR FOR Routine business. We vote FOR.
Financials statements for the said
Financial year and the Reports of the
Mr. Kurush Noshir Grant is the executive director of
the company. He oversees ITC's FMCG businesses,
3. Appointment of Mr. Kurush Noshir
cigarettes, food, personal care, lifestyle retailing,
Grant (DIN: 00336288), who retires
AGM Management FOR FOR education and stationery products, matches and
by rotation and being eligible, offers
agarbattis. This reappointment is important for the
himself for re-appointment.
business continuity and for minority shareholders. We
vote FOR.
Mr. Krishnamoorthy Vaidyanath is the non-executive
4. Re-appointment of Mr.Krishnamoorthy
director of the company. He has served as the Head
Vaidyanath (DIN: 00044357), who
AGM Management FOR FOR of Agri Business & Corporate Communications and
retires by rotation and being eligible,
Director of Finance at ITC Ltd. until January 2, 2011.
This is a reappointment. We vote FOR.
5. Ratification of Messrs. Deloitte
Haskins & Sells, Chartered Accountants, Messrs. Deloitte Haskins & Sells (‘DHS’), Chartered
as Auditors, from the conclusion of this Accountants are the current auditors of the company
AGM till the Conclusion of 105th AGM and this resolution is for the reappointment. This is a
and approval for their remuneration for reputed audit firm. We vote FOR.
the Financial Year 2015-16.
19
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
"6. (a) Ratification of the remuneration
of Messrs.Shome & Banerjee, Cost "(a)The amount proposed is INR 75,000 plus applicable
Accountants, as the Cost Auditors taxes. The amount is reasonable. We vote FOR.
for 'Soyabean Oil' and 'Face wash' (b) The proposed payment is INR 4 lacs along with
products, for the financial year 2014-15. other applicable taxes. Paper & paperboard segment
(b) Ratification of the remuneration of contributed INR 2843 crs of sales in FY14-15.
Mr. P. Raju Iyer, Cost Accountant, as the Considering the size of the business, we think that
Cost Auditor for 'Paper and Paperboard' the proposed payment is reasonable. We vote FOR.
products, for the financial year 2015-16. (c) The proposed payment is INR 5 lacs plus
(c) Ratification of the remuneration of applicable taxes. ITC in FY15 generated sales of INR
Messrs.Shome & Banerjee, as the Cost 46.7 bn. Considering the size of scale and operations,
Auditors for all applicable products we believe that the proposed payment is reasonable.
other than 'Paper and Paperboard',for We vote FOR this reappointment. "
the financial year 2015-16. "
1. Adoption of Audited financial
statements of the Company for the
31.07.2015 Titan Company Ltd. AGM Management financial year ended 31st March 2015 FOR FOR Routine business. We vote FOR.
and the Reports of the Directors and the
Auditors.
2. Declaration of final dividend on Equity
AGM Management Shares for the financial year ended 31st FOR FOR
March 2015.
Mr. N.N. Tata is working with Titan Company since
August 2003. Mr. N.N. Tata is a non-executive, non-
3. Appointment of Director in place of independent director appointed by Tata Group. His
Mr. N.N. Tata who retires by rotation, involvement with Westside and other Trent formats
and being eligible, offers herself for re- (companies in the business of retailing) since 1998 is
appointment expected to help the company in better managing its
retail formats / functions. This is a reappointment. We
vote FOR.
Mr. T.K. Arun is a non-executive, non-independent
director appointed by TIDCO. Mr. T. K. Arun is
General Manager (Finance) and Company Secretary
Mr. T.K. Arun who retires by rotation,
AGM Management FOR FOR of Tamilnadu Industrial Development Corporation
and being eligible, offers herself for re-
Limited and has accounting and financial management
appointment.
expertise. His guidance is expected to help the board
to perform well. We vote FOR.
5. Ratification of appointment of Deloitte Haskins & Sells are the current auditors of the
AGM Management Statutory Auditors and fixing their FOR FOR company. As this resolution is for reappointment, we
remuneration. vote FOR.
The Company has branches outside India and may
also open / acquire new branches outside India in
future. It may be necessary to appoint branch auditors
for carrying out the audit of the accounts of such
branches. The board will appoint the auditors after
AGM Management 6. Appointment of Brach Auditors. FOR FOR
consulting the company auditors. This is an additional
measure by the company to make sure that operations
at the branch level are performing as per the rules and
regulations. This is in interest of minority shareholders.
We vote FOR.
20
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
In FY14, the cost auditors were M/S T P P & Associates
and the company had paid them INR 10 lacs plus
other applicable taxes. In FY15, the company had
appointed M/S PSV & Associates for a remuneration of
INR 3 lac plus applicable taxes. M/S PSV & Associates
7. Ratification of Cost Auditors’
AGM Management FOR FOR have worked with Bharat Electronics Ltd. (FY13-14)
Remuneration.
and Wipro Ltd (FY12-13) under same capacity of cost
auditors. The resolution is for the ratification of the
remuneration. As the new appointment comes in at
lower cost, this is beneficial for the company and for
The payment is going to be within Section 197 and 198
8. Commission to Non-Executive of The Companies Act 2013. Company will not pay
Directors. more than 1% of the net profits as total commission to
all the non-executive directors. We vote FOR.
Mr. Harish Bhat, a nominee of Tata Sons Limited
was appointed as an additional director on 20th April
2015. Mr. Harish Bhat had earlier also served in the
Company as Chief Operating Officer of the Watches
& Accessories Division from April 2006 till June
2012. He is on the Board of Directors of other Tata
9. Appointment of Mr.Harish Bhat as
AGM Management FOR FOR Group Companies such as Tata Coffee Limited, Tata
Director .
Starbucks Limited, Tata Industrial Services Limited,
Infiniti Retail Limited and Trent Limited. Mr. Bhat serves
as a member of the Group Executive Council of Tata
Sons Limited. His experience with various Tata Group
companies on B2C side is expected to add value to
the board and to the company. We vote FOR.
05.08.2015 Bata India Ltd. AGM Management financial year ended 31st March 2015 FOR FOR Routine business. We vote FOR.
Auditors.
2. Declaration of dividend for 15 month Declaration of dividend is beneficial for minority
period ended 31st March 2015. shareholders. We vote FOR.
Mr. George Nigel John Clemons is the CEO of Bata
Shoe Organization (BSO). He joined BSO in 2006. In
Mr. George Nigel John Clemons who
AGM Management FOR FOR India, he is a Non-executive director. He has over 25
retires by rotation, and being eligible,
years of experience across various organizations. His
offers herself for re-appointment.
experience is valuable for the company. We vote FOR.
4. Re-appointment of M/S. Batliboi & Co.
LLP, Chartered Accountants as auditors
M/S SR Batliboi are the current auditors of the
of the the company to hold office from
AGM Management FOR FOR company. The proposal is for the reappointment. This
the conclusion of this AGM until the
is a reputed audit firm. We vote FOR.
conclusion of the next AGM of the
company and to fix their remuneration
Mr. Ravindra Dhariwal is the senior advisor of TPG
India. He has over 38 years of experience of building
consumer businesses all over the world. Before joining
5. Appointment of Mr. Ravindra Dhariwal
AGM Management FOR FOR TPG, he was the CEO of Bennett & Colemon. His
as an Independent Director for 5 years.
experience is expected to add value to the overall
21
organization which should be good for minority
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Shaibal Sinha joined Bata India in Nov 2004 as ED-
Finance and since then he has been working within
the Bata group holding various positions. Currently
he is Group Operations Finance Director for Bata
6. Appointment of Mr. Shaibal Sinha as
AGM Management FOR FOR International based out of Singapore. He has more
Director, liable to retire by rotation.
than 28 years of post qualification experience. His
appointment is expected to add value to the company
which is beneficial for minority shareholders. We vote
FOR.
The payment is going to be within Section 197 and 198
7. Approval for payment of Commission
of The Companies Act 2013. The company will not pay
AGM Management on Net Profits to the Non-Executive FOR FOR
more than 1% of the net profits as total commission to
Directors.
all the non-executive directors. We vote FOR.
On 27th May 2015, the board approved the sub-
division of shares to face value of INR 5 per share from
8. Approval to sub-division of share
AGM Management FOR FOR INR 10. This has been done to increase the liquidity
capital of the Company
in the stock. This is interest of minority shareholders.
We vote FOR.
This is in continuation of above point 8. Since sub-
9. Approval to alteration of Capital
division of face value of equity share needs alteration
AGM Management Clause in the Memorandum of FOR FOR
of MoA, it is a requirement as per the applicable laws.
Association.
We vote FOR.
10. Approval for adoption of new set of These amendments are as the new companies act
Articles of Association of the Company. 2013. We vote FOR.
06.08.2015 Cummins India Ltd. AGM Management financial year ended 31st March 2015 FOR FOR Routine business. We vote FOR.
Auditors.
2. Declaration of final dividend on Equity
AGM Management Shares and to ratify the interim dividend FOR FOR
declared by the Board of Directors
Mr. Casimiro Antonio Vieira Leitao joined the Board
of Cummins India Limited on August 3, 2012. Mr.
Leitao possesses expertise in Sales and Marketing
3. Re-appointment of Director in place of and has a deep understanding of customer needs
Mr. Casimiro Antonio Vieira Leitao who and channel dynamics in Power Products Business.
retires by rotation, and being eligible, Mr. Leitao is on the Board of Cummins Northeast,
offers herself for re-appointment LLC. As the company has done very well in last few
years, this reappointment is good for the continuity of
business. As this is in interest of company and minority
shareholders, we vote FOR.
Mr. Edward Phillip Pence joined the Board of Cummins
4. Re-appointment of Director in place
India Limited on May 10, 2013. Mr. Pence possesses
of Mr. Edward Philip Pence who retires
AGM Management FOR FOR expertise in Automotive Business and Automotive Field
by rotation, and being eligible, offers
Marketing. The expertise of Mr. Pence is expected to
herself for re-appointment.
add value to the board. We vote FOR.
PWC are the current auditors for the company. PWC
AGM Management 5. Appointment of Auditors FOR FOR is a reputed firm. As this is a reappointment, we vote
FOR.
22
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Ms. Suzanne Wells is a promoter non executive
6. Appointment of Ms. Suzanne Wells as
AGM Management FOR FOR director of the company. This is a reappointment. We
Director of the Company.
vote FOR.
7. Appointment of M/s Ajay Joshi & Company proposes to appoint M/S Ajay Joshi and
Associates, Cost Accountants, for Associates as the cost auditors for FY15-16 at a
AGM Management conducting cost audit for the financial FOR FOR remuneration of INR 9 lacs along with other applicable
year 2015-16 with a remuneration of Rs. taxes. We believe that rates are reasonable. We vote
9 lacs. FOR.
Cummins Limited, UK is a subsidiary of Cummins Inc.
USA which is the parent company of the Company.
As a part of its regular business, the Company sells
the internal combustion engines to Cummins Limited,
UK at arms’ length basis under the Purchase Orders
8. Approval for Related Party Transaction raised from time to time. In FY14, of the total turnover
of material nature with Cummins Ltd, UK of INR 3977 crs, company had 19.2% of sales as
related party transaction. For FY15-16, the company to
looking to put the limit at INR 1246 crs. As these related
transactions happens at arm’s length and provide
continuity for the existing business, this resolution is
in the interest of minority shareholders. We vote FOR.
As a part of its regular business, the Company
purchases B and L series internal combustion engines,
their parts and accessories from Tata Cummins Private
Limited, Jamshedpur (‘TCPL’) on arms’ length basis.
During FY13-14, the total turnover of the Company was
9. Approval for Related Party
INR 3977 crs and the Company had transactions with
AGM Management Transaction of material nature with Tata FOR FOR
TCPL of INR 328 crs as related party. For FY15-16,
Cummins Pvt Ltd.
the company wants to set the limit at INR 1010 crs.
As these related transactions happens at arm’s length
and provide continuity for the existing business, this
resolution is in the interest of minority shareholders.
We vote FOR.
statements of the Bank for the financial
17.08.2015 Indusind Bank Ltd. AGM Management year ended 31st March 2015 and FOR FOR Routine business. We vote FOR.
the Reports of the Directors and the
Auditors.
2. Declaration of dividend on Equity
AGM Management shares for the financial year ended 31st FOR FOR
March 2015
M/S B S R & Co are the auditors of the company for
last 4 years. As per the regulations of RBI, the auditors
3. Appointment of Statutory Auditors can’t be reappointed for more than 4 years. So the
and fix their remuneration. company proposes to appoint M/S PWC LLP as the
new auditors. M/S PWC LLP is a reputed audit firm.
We vote FOR.
23
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. R. Seshasayee was last re-appointed “Part-time
Non-executive Chairman” of the Bank on July 24,
2013 for a period of two years. Mr. Seshasayee’s
tenure accordingly concludes on July 23, 2015. Now
4. Re-appointment of Mr. R. Seshasayee
the board has approved the reappointment for 2 more
AGM Management as Part-time Non-executive Chairman of FOR FOR
years. He was Managing Director of Ashok Leyland
the Bank
Ltd. since 1998 and is now the Non-executive Vice
Chairman of Ashok Leyland effective from 1.4.2011.
His experience is expected to help board in taking
better business decisions. We vote FOR.
Under the guidance of Mr. Sobti, the bank has done
5. Re-appointment of Mr. Romesh Sobti very well. This reappointment is important for the
as Managing Director & CEO. sustenance of growth and profitability of the bank. We
vote FOR.
Mrs. Chitale was Senior Finance Manager at SICOM
before she set up her own professional practice as a
Chartered Accountant. For more than 20 years she
has been involved in Internal and Management Audits
6. Re-appointment of Mrs. Kanchan
AGM Management FOR FOR of corporates and specialised/concurrent audits of
Chitale as Independent Director.
commercial banks and financial institutions. She is a
industry veteran with more than 35 years of experience.
This reappointment is expected to add lot of value to
the board. We vote FOR.
Mr. Vijay Vaid is a graduate from Bombay University
having practical experience of almost 36 years in all
areas of rubber component manufacturing. He was
a member of Executive Committee of Automotive
7. Re-appointment of Mr. Vijay Vaid as
AGM Management FOR FOR Component Manufacturers Association (ACMA). Of
Independent Director.
the total loan book of INR 72000 crs for the bank, CV/
UV/small CV/2W/cars financing is almost INR 24000
crs. We believe Mr. Vaid can guide board on this
financing book. We vote FOR.
Mr. T. Anantha Narayanan, A.C.A., A.I.C.W.A., serves
as an Officer of Merchant Banking Division of State
Bank of India at Mumbai. Mr. Narayanan served
as an Advisor of Ashok Leyland Limited and served
8. Appointment of Mr. T. Anantha as its Director of Finance until 2004. Mr. Narayanan
Narayanan as Independent Director. serves as a Director at Sundaram BNP Paribas Asset
Management Co. Ltd. He has more than 25 years of
experience in the finance industry. Considering his
expertise of the banking and corporate finance, this
appointment is beneficial for the bank. We vote FOR.
Mr. Ranbir Singh Butola, MBA, CAIIB served as the
Managing Director of ONGC Videsh Ltd. from May
13, 2004 to February 28, 2011 and served as its Chief
Executive Officer. Mr. Butola served as Director of
9. Appointment of Mr. Ranbir Singh
AGM Management FOR FOR Finance at Oil and Natural Gas Corp. Ltd. until May
Butola as Independent Director.
12, 2004. The experience of managing a company
of the size of ONGC is valuable. This appointment
is expected to strengthen the overall board. We vote
FOR.
24
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Yashodhan Madhusudan Kale served as a Senior
Partner of M/s A.F. Ferguson & Co and director of I-flex
Solutions Ltd. He has also served as Non-Executive
Independent Director of Oracle Financial Services
10. Appointment of Mr. Yashodhan M.
AGM Management FOR FOR Software Limited from June 25, 2001 to December 15,
Kale as Non-executive Director.
2014. Mr. Kale holds a C. A. from Institute of Chartered
Accountants of England and Wales. This appointment
is beneficial for the overall improvement of bank’s
performance. We vote FOR.
The current authorized capital of the bank is INR 600
crs out of which INR 531.19 crs is paid up. Considering
11. Increase in the Authorized Share
that the existing limit may not be sufficient for the bank
Capital and alteration of the Capital
AGM Management FOR FOR to raise additional funds, the bank intends to raise the
Clause of the Memorandum of
authorized share capital to INR 700 crs. As the bank
Association of the Bank.
is on a high growth trajectory, additional funds help in
sustaining the growth. We vote FOR.
This point is in continuation of point 11 only. The above
12. Alteration of Article 4 of the Articles
AGM Management FOR FOR clause require alterations in articles of association as
of Association of the Bank.
well. We vote FOR.
Considering the increased size of the business and
balance sheet, the bank needs additional funds for
expansion. So, the bank proposes to raise not more
13. Borrowing of monies pursuant to
than INR 35,000 crs. This is separate from the money
AGM Management Section 180(1)(c) of the Companies Act, FOR FOR
already borrowed (apart from deposits, temporary
2013 and other applicable provisions.
loans repayable on demand) by the bank. Since this
resolution is for the expansion of business, we feel it is
in the interest of minority shareholders. We vote FOR.
– In March 2015, the bank had obtained members
approval for INR 2000 crs through the route of Long
Term Bonds / Non-convertible Debentures on Private
14. Issue of Long Term Bonds / Non-
Placement basis. Considering the attractive features
AGM Management convertible Debentures on Private FOR FOR
of the revised guidelines of RBI, the bank wants to
Placement basis.
increase the amount to INR 5000 crs. Long term funds
are beneficial for a sustained growth of any business.
We vote FOR.
1. Consideration and adoption of
audited financial statements for the year
ended March 31, 2015 together with
01.09.2015 Pidilite Industries Ltd. AGM Management the reports of Directors and Auditors FOR FOR Routine business. We vote FOR.
thereon and audited consolidated
financial statements of the company for
the year ended 31st March, 2015
2. Declaration of dividend on Equity Dividend is always beneficial for the minority
Shri N K Parekh is the promoter director of the
company and has been serving as a director of the
3. Re-appointment of Shri N K Parekh
AGM Management FOR FOR company since 1969. The company has done well
as a Director
under his leadership. His continuation should be good
for the company. We vote FOR.
25
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shri A K Parekh is a promoter director of the company
and has been working with the company since 1996.
4. Re-appointment of Shri A N Parekh as
AGM Management FOR FOR The company has done well under his leadership. His
a Director.
continuation should be good for the company. We
vote FOR.
M/s. Deloitte Haskins & Sells, Chartered Accountants
are the current auditors of the company and it is
5. Ratification of appointment of M/s.
proposed to reappoint them. The company also
AGM Management Deloitte Haskins & Sells as Statutory FOR FOR
authorizes board of directors to fix the remuneration.
Auditors.
M/s. Deloitte Haskins & Sells is a reputed audit firm.
We vote FOR.
Shri Bharat Puri has been an Independent Director on
Board of the Company since 2008 and was appointed
as an Independent Director of the Company at the
Annual General Meeting held in September, 2014.
6. Appointment of Shri Bharat Puri as He has more than 30 years of experience working in
AGM Management a Managing Director for a period of 5 FOR FOR India and abroad with companies like Asian Paints
years. and Cadbury. All throughout his career, he has been
a sales & marketing person. Considering that Pidilite is
trying to expand its distribution channel aggressively,
the experience of Mr. Puri should help in that. We vote
FOR.
Shri A K Parekh is a promoter director of the company
7. Re-appointment of Shri A N Parekh and has been working with the company since 1996.
AGM Management as a Whole Time Director for a period FOR FOR The company has done well under his leadership. His
of 5 years continuation should be good for the company. We
vote FOR.
Shri Sabyaschi Patnaik brings with him a rich and
varied experience of over 25 years in Manufacturing
Operations, Supply Chain & General Management.
He has worked with companies like Aditya Birla Group
8. Appointment of Shri Sabyaschi
AGM Management FOR FOR and Asian Paints. He joined the Company in December
Patnaik as an Additional Director.
2014 as President - Manufacturing Operations and
Supply Chain. Considering that he is already working
with the company and the company is doing well, his
elevation is beneficial for the company. We vote FOR.
Shri Sabyaschi Patnaik brings with him a rich and
varied experience of over 25 years in Manufacturing
Operations, Supply Chain & General Management.
9. Appointment of Shri Sabyaschi He has worked with companies like Aditya Birla Group
AGM Management Patnaik as a Whole Time Director for a FOR FOR and Asian Paints. He joined the Company in December
period of 3 years 2014 as President - Manufacturing Operations and
Supply Chain. Considering that he is already working
with the company and the company is doing well, his
elevation is beneficial for the company. We vote FOR.
26
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shri Sanjeev Aga has been appointed as a Director
of the Company with effect from 29th July, 2011
by the Board of Directors. is career has traversed
over 40 years and sectors from consumer and
10 .Appointment of Shri Sanjeev Aga as services, entertainment and light engineering to
AGM Management an Independent Director for a period of FOR FOR telecommunications. Shri Sanjeev Aga has worked
5 years. as CEO and Managing Director of Blow Plast Ltd./ VIP
Industries Ltd., and Idea Cellular Ltd. of Aditya Birla
Nuvo Ltd. Considering the rich and diverse experience
of Mr. Aga, we believe this appointment is beneficial
for the company. We vote FOR.
The proposed remuneration is an amount not
11. Ratification of payment of
more than INR 1.5 lacs. Considering the size of the
AGM Management remuneration to M/s. V J Talati & Co., FOR FOR
company, we believe that the amount is reasonable.
Cost Auditors.
We vote FOR.
Shri J L Shah was appointed as an Additional Director
and also Whole Time Director of the Company,
designated as Director (Factories Operations) for
a period of one year from 4th November, 2014. Shri
12. Approval of terms of appointment J L Shah was Director (Factories Operations) from
and payment of remuneration to Shri J L 21st October, 2009 to 8th November, 2011 and again
Shah for the period from 4th November, he was appointed from 4th November, 2014. Shri J L
2014 to 19th May, 2015. Shah resigned as Director of the Company with effect
from 19th May, 2015. Considering that the person has
already left the company, we believe that the company
is getting the terms and conditions of appointment
approved for final settlement. We vote FOR.
statements and consolidated financial
Bharat Electronics statement of the Company for the
Ltd. financial year ended 31st March 2015
Auditors.
2. Confirmation of Interim Dividend on
Dividend is beneficial for minority shareholders. We
AGM Management equity shares and declaration of final FOR FOR
vote FOR.
dividend on equity shares
Mr P R Acharya took charge as Director (Finance) on
2 September 2013. He has nearly 29 years of work
experience with the Government of India. Mr Acharya
started his career with the then DCM Ltd. and went
on to work for ONGC. He joined the Indian Audit
3. Re-appointment of retiring Director,
AGM Management FOR FOR and Accounts Service in 1985. Since then, he has
Mr P R Acharya.
handled diverse roles with broad-based expertise
in public policy, finance, personnel, administration
and oversight management. Considering his rich
experience, this re-appointment is beneficial for the
good functioning of the company. We vote FOR.
27
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
Lt. Gen. C A Krishnan, UYSM, AVSM, Deputy Chief
of Army Staff (Planning & System) and Colonel of
the Regiment 4 Gorkha Rifles, has been appointed
as part-time official Director (Government Director)
on BEL Board w.e.f. 1 May 2014. Lt. Gen. C A
4. Re-appointment of retiring Director, Lt Krishnan is an alumni of the National Defence
Gen C A Krishnan Academy, Khadakwasla. He was commissioned into
the 4th Gorkha Rifles (CHINDITS) on 13 June 1976.
Considering the rich experience of working with Indian
army at various levels, Lt Gen C A Krishnan’s re-
appointment will continue to add value to the board.
We vote FOR.
Mr J Rama Krishna Rao is a 1985 batch Bihar cadre
IAS Officer. He has a B Tech degree in Electronics &
5. Appointment of Mr. J Ramakrishna Communication Engineering and holds a PG Diploma
AGM Management Rao, Joint Secretary (ES), Ministry of FOR FOR in Industrial Engineering. He has over 27 years of
Defence as Director experience, having held several important posts at the
Centre and in the States. His experience is valuable
for the board and company. We vote FOR.
In FY14-15, the cost auditors were paid INR 3 lacs plus
other applicable taxes. Now the company proposes to
6. Ratification of remuneration of Cost
AGM Management FOR FOR increase the amount to INR 4 lacs plus other applicable
Auditors
taxes. Considering the size of the company, we feel
the raise to be reasonable. We vote FOR.
Recently the company has announced 2:1 bonus
issue. The current authorized share capital of the
company is INR 100 crs with INR 80 crs of paid up
capital. To accommodate the bonus issue, the
7. Increase in Authorised Share Capital company proposes to raise the authorized share
of the Company capital to INR 250 crs. In last 20 years, the company
has never done any corporate action in the form
of bonus or split. Bonus issue helps to increase the
liquidity of the stock which is beneficial for minority
This point should be read in conjunction with Point 7.
8. Alteration of the Capital Clause in the
AGM Management FOR FOR Increasing authorized share capital requires changes
Memorandum of Association
in MoA. We vote FOR.
This point should be read in conjunction with Point 7.
9. Alteration of the Capital Clause of the
AGM Management FOR FOR Increasing authorized share capital requires changes
Articles of Association
in AoA. We vote FOR.
At the company’s board meeting on 24th July 2015,
10. Approval for the issue of Bonus the board has proposed 2:1 bonus issue. Bonus issue
Shares helps to increase the liquidity of the stock which is
beneficial for minority shareholders. We vote FOR.
1. Adoption of a) the Audited Financial
Statement of the Company for the
financial year ended 31st March,
2015 (b) the Audited Consolidated
Bharat Petroleum Financial Statement of the Company "A) Routine business. We vote FOR.
09.09.2015 AGM Management FOR FOR
Corporation Ltd. for the financial year ended 31st March, B) Routine business. We vote FOR. "
2015; and the Reports of the Board of
28
Directors and the Statutory Auditors
and the Comments of the Comptroller &
Auditor General of India thereon.
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
AGM Management 2. Declaration of dividend. FOR FOR
Shri Gupta joined BPCL in 1979 & has had the
distinction of heading three major Business Units, viz.
Lubes, LPG and Retail. As In-charge of Logistics, he
3. Re-appointment of Shri K. K. Gupta, played an important role in planning and consolidating
Director who retires by rotation logistics Infrastructure. He is presently working
as Director (Marketing) with the company. This
reappointment is beneficial for the continuity of the
business. We vote FOR.
Shri Datta joined BPCL in August 1979. As Head of
the Mumbai Refinery, he was responsible for the entire
Refinery Operations, Technology and Projects, which
4. Re-appointment of Shri B. K. Datta, included the commissioning of the major Refinery
Director who retires by rotation. Modernization Project. He is presently working
as Director (Refineries) with the company. This
reappointment is beneficial for the continuity of the
In FY14-15, INR 30 lacs plus applicable taxes
was paid as the remuneration to the auditors. The
5. Fixing the remuneration of the
AGM Management FOR FOR company proposes to increase the amount to INR 36
Statutory Auditors.
lacs plus applicable taxes. We believe that the hike is
The placement of NCD including sub-ordinated
6. Approval of Private Placement of debentures and bonds on private basis require board
AGM Management Non-Convertible Bonds/Debentures FOR FOR approval. The approval is taken once a year. Since the
and/ or Other Debt Securities resolution is for the normal functioning of the company,
we vote FOR.
The resolution is regarding Bharat Oman Refineries
Ltd (BORL), a 50:50 JV between BPCL and Oman Oil
Company (OOC). As per the listing agreement if the
transactions during the financial year exceeds 10%
of the annual consolidated turnover of the company
7. Approval of Material Related Party
AGM Management FOR FOR of last year, then resolution is required. The actual
Transactions.
value of material transactions in FY14-15 was INR
30,474 crs. In FY15-16, the estimated value could be
INR 33,521.8 cr which is more than 10% of the sales
of FY14-15. Since this resolution is for the normal
business transactions of the company, we vote FOR.
Smt. Sushma Taishete is Director (D&MC), Ministry of
Petroleum and Natural Gas. She has been appointed
as the government nominee director on the board.
She has more than 35 years of experience across
8. Appointment of Smt Sushma Taishete
AGM Management FOR FOR various government companies. She is presently a
as Director.
director with Ministry of Petroleum and Natural Gas.
Considering her rich experience of various government
organizations, she will be in a position to add value to
the board. We vote FOR.
29
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
The company wants to fix the remuneration of M/S
Rohit & Associates (for refineries, products, pipelines
etc) at INR 2.2 lacs plus other applicable taxes and
9. Approval of Remuneration of the Cost of M/S Musib & Company (for lube oil bleding plants,
Auditors for the Financial Year 2015-16. wadilube, tondiarpet and budge budge) at INR 1 lacs
plus other applicable taxe. Considering the size of
the company, we feel that the proposed amounts are
1. Receive, consider and adopt the
Balance Sheet as at March 31, 2015
Oracle Financial
and the Profit and Loss Account for
11.09.2015 Services Software AGM Management FOR FOR Routine business. We vote FOR.
the year ended on that date together
Limited
with the Reports of the Directors and
Auditors thereon.
Mr. Derek H Williams was appointed as an additional
director on May 1, 2007. He is EVP of Oracle
2. Re-appointment of Mr. Derek H Corporation. From 1991 to 2009, he was responsible
AGM Management Williams (DIN-01266532), Director who FOR FOR for Oracle’s Asia Pacific operations. Considering his
retires by rotation. long association with the company and the overall
experience, his contribution to the board should be
useful. We vote FOR.
Mr. Chaitanya Kamat is the MD and CEO of the
3. Re-appointment of Mr. Chaitanya company since October 25, 2010. He has more than
AGM Management Kamat (DIN-00969094), Director who FOR FOR 30 years of financial services, consulting and business
retires by rotation. transformation experience. Under his leadership, the
company has done well. We vote FOR.
Ms. Samantha Wellington was appointed as additional
director on April 10, 2013. She is Managing Counsel
for Oracle Corporation. She has more than 15 years
4. Re-appointment of Ms. Samantha
of technology industry legal experience. She has
AGM Management Wellington (DIN-02054439), Director FOR FOR
worked in Oracle Australia, Asia Pacific and global
who retires by rotation.
businesses. Considering her experience with the
group on worldwide scale, this reappointment will add
value to the board. We vote FOR.
5. Confirm payment of Interim Dividend Payment of dividend is beneficial for minority
and declaration of final dividends. shareholders. We vote FOR.
M/s S.R. Batliboi & Associates LLP are the current
6. Ratification and confirmation for auditors of the company. Company had appointed
the appointment of M/s S.R. Batliboi them as an auditor on Sept 12, 2014 and is now
AGM Management & Associates LLP as the Statutory FOR FOR looking to ratify the same. The company also
Auditors and fix their remuneration for authorizing the board of director to fix the remuneration
2015-16. for the auditors. M/s S.R. Batliboi & Associates LLP is a
reputed audit firm. We vote FOR.
The company has branch offices in India and abroad
7. Ratification and confirmation for the
and may also open new branches in future. Company
appointment of M/s S.R. Batliboi &
AGM Management FOR FOR mentions that it is necessary to appoint branch
Associates LLP as the Branch Auditors
auditors for conducting the audit of the books. We
and fix their remuneration for 2015-16.
agree to the thought process. We vote FOR.
30
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
Ms. Maria Smith was appointed as an additional
director on July 23, 2015. Ms. Smith is vice president,
Mergers and Acquisitions Integration for Oracle
8. Appointment of Ms. Maria Smith (DIN-
AGM Management FOR FOR Corporation. She joined Oracle in 1999. She has more
07182337) as Director of the Company.
than 25 years of financial accounting and executive
management experience. We believe this appointment
will add value to the board. We vote FOR.
Mr. Sridhar Srinivasan was appointed as an additional
director on July 23, 2015. He is a leading international
expert on financial services. He has more than 30 years
9. Appointment of Mr. Sridhar
of financial services industry experience. He is a senior
AGM Management Srinivasan(DIN-07240718) as an FOR FOR
advisor with Oliver Wyman, a global management
Independent Director of the Company.
consulting firm. Prior to Oliver, he was with Citigroup
as MD, based in London. We believe this appointment
will add value to the board. We vote FOR.
Repco Home audited financial statements for the year
Finance Ltd ended March 31, 2015 together with the
Reports of Directors and Auditors.
2. Declaration of dividend for the year Dividend is beneficial for minority shareholders. We
ended March 31, 2015. vote FOR.
Shri. B. Anand I.A.S. is a non-executive and non
independent director with the Company since May 10,
2013. He is currently serving as Principal Secretary/
Commissioner of Rehabilitation, Government of Tamil
3. Re-appointment of Shri. B.Anand,
AGM Management FOR FOR Nadu. He is a director with Repco Bank. He has more
I.A.S., Director retiring by rotation
than 24 years of work experience in government
service. Considering his rich experience, we believe
this reappointment will add value to the board. We
vote FOR.
M/s. R.Subramaniam and Company, Chartered
Accountants are the current auditors of the company.
Company proposes to reappoint then. The audit firm
AGM Management 4. Appointment of Auditors. FOR FOR is more than 30 years old. Ponni Sugar, Tamil Nadu
Newsprint & Papers are some of their existing clients.
30 years track record is a sufficiently long period of
any person / entity to prove credentials. We vote FOR.
Smt. Sanjeevanee Kutty, I.A.S. is a non-executive
and non-independent director of the Company. She
5. Appointment of Smt. Sanjeevanee currently holds the position of Additional Secretary
AGM Management Kutty, I.A.S. as a Director, liable to retire FOR FOR and Financial Advisor - Ministry of Home Affairs,
by rotation. Government of India. Considering her experience with
the government of India, we believe she can add value
to the board. We vote FOR.
Shri.L.Munishwar Ganesan, is a non-executive and
6. Appointment of Shri. L.Munishwar
non-independent director with the Company since
AGM Management Ganesan as a Director, liable to retire FOR FOR
February 02, 2015. He is a Business professional. He
by rotation.
is also a director with Repco Bank. We vote FOR.
31
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shri.Dilip Kumar, I.A.S. is a non-executive and non-
independent director with the Company since August
7. Appointment of Shri.Dilip Kumar,
07, 2015. He holds the position of Joint Secretary
AGM Management I.A.S. as a Director, liable to retire by FOR FOR
(Rehabilitation Division) - Ministry of Home Affairs,
rotation.
Government of India. He is also a director with Repco
Bank. We vote FOR.
8.Authorisation to the Board of Directors
This is routine business transaction. Company needs
to mortgage, create charge on all or
to issue covenants for negative pledges/lien etc. to
AGM Management any of the assets of the Company and FOR FOR
lenders. This resolution is necessary for the normal
further issue covenants for negative
functioning of the company. We vote FOR.
pledges/lien etc.
9. Offer or invite subscription for Non- Company currently has borrowings under NCD and
Convertible Debentures (NCD) and CP. But for issuance of same securities under private
AGM Management Commercial Paper aggregating to FOR FOR placement company needs to pass a resolution
Rs.1,500 Crore and Rs.500 Crore separately. As this is a business requirement, we vote
respectively on private placement. FOR.
As per the new listing agreements all material related
party transactions (transactions exceeding 10% of the
consolidated turnover of the company) needs prior
approval. Company is involved with its promoters,
Repco Bank, for availing term loans, overdraft facilities,
10. Approval for Related Party making payment of interest, placing short/long term
Transactions deposits and collecting/recovering interest there on. In
FY15, company did overall INR 470.73 crs of related
party transaction with Repco Bank. The company
proposes to continue with this relationship upto INR
3,000 crs. We believe this would support business. We
vote FOR.
The company purchases Labsa as a raw material for
the manufacturing of soaps and detergents. The price
of Labsa fluctuates with fluctuations in the prices of
1. Special Resolution u/s 13 of the
crude oil. In order to manage the risk of fluctuating
Jyothy Laboratories Companies Act, 2013 for alteration of
14.09.2015 Postal Ballot Management FOR FOR prices of crude oil, the company wants to hedge in
Ltd the Objects Clause of the Memorandum
futures, options and derivatives. To undertake the said
of Association of the Company.
activity, company needs to amend MoA. Since the
proposed resolution will help the company to reduce
the overall business risk, we vote FOR.
"1.Receive, consider and adopt the
the Audited Financial Statements
including Consolidated Financial
Statements of the Company for the
financial year ended on 31st March,
Oil & Natural Gas
15.09.2015 AGM Management 2015, together with the Board's Report, FOR FOR Routine business. We vote FOR.
Corporation Ltd
the Report of Auditors’ thereon and
Comments of the Comptroller &
Auditor General of India, in terms of
Section 143(6) of the Companies Act,
2013."
2 . Confirmation of the payment of two
interim dividends and declaration of Declaration of dividend is beneficial for minority
32
final dividend on equity shares for the shareholders. We vote FOR.
year 2014-15.
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
32 years of experience in Oil Industry and having wide
exposure in diverse E&P activities both in on land &
3. Re-appointment of Shri Shashi offshore operations, R&D activities and spearheading
AGM Management Shanker (DIN-06447938) who retires by FOR FOR the deep/ultra-deep water drilling campaign of ONGC.
rotation. He is currently working with the company as Director
(T&FS). This reappointment is important for the
continuity of the business. We vote FOR.
4. Authorisation of Board of Directors
of the Company to fix the remuneration The company proposes to authorise board of directors
of the Joint Statutory Auditors of the of the company to fix the remuneration of the joint
AGM Management Company for the Financial Year 2015- FOR FOR statutory auditors. The company had followed the
16, in terms of the provisions of section same procedure in FY14-15 as well. As this is a normal
139(5) read with section 142 of the business procedure, we vote FOR.
Companies Act, 2013.
Shri U. P. Singh was appointed as an Additional
Director (Govt. Director) on the Board of ONGC
effective 16th October, 2014. He is 1985 IAS batch
5. Appointment of Mr. U. P. Singh (DIN-
AGM Management FOR FOR officer. He is Joint Secretary, Oil Ministry and has
00354985) as Director of the Company.
also been appointed as the interim CMD of Oil India.
Considering his expertise in the field of oil & gas, his
contribution to the board will be beneficial. We vote .
Mr. A. K. Dwivedi has been working with ONGC since
last 34 years. He was appointed as an additional
6. Appointment of Mr. A. K. Dwivedi
director and designated as director (exploration) on the
AGM Management (DIN-07048874) as Director of the FOR FOR
board effective 16th March 2015. This reappointment
Company.
is important for the continuity of the business. We vote
FOR.
Smt. Atreyee Das was appointed as an Additional
Director (Govt Director) on the Board of ONGC
effective 14th May, 2015. She belongs to the 1989
7. Appointment of Smt. Atreyee Das batch of Indian Audit and Accounts Service under the
AGM Management (DIN- 07194189) as Director of the FOR FOR Comptroller and Auditor General of India. She has
Company. more than 24 years of experience in the field of public
auditing and has conducted several performance
audits, financial audits and compliance audits.
Considering her rich experience, we vote FOR.
Shri V. P. Mahawar has been appointed as an Additional
Director by the Board of Directors and designated as
Director (Onshore) on the Board of ONGC effective
8. Appointment of Mr. V. P. Mahawar
1st August, 2015.He has been working with ONGC
AGM Management (DIN- 07208090) as Director of the FOR FOR
since 1982 and has 33 years of oil field experience in
Company.
various capacities across entire spectrum of ONGC.
This addition is beneficial for the company considering
the experience. We vote FOR
The company proposes to appoint 6 cost auditors each
9. Ratify the remuneration of Cost with a remuneration of INR 3.25 lacs plus applicable
Auditor for FY 2015-16. taxes. Considering the size of the company, we believe
that the amount paid is reasonable. We vote FOR.
1. Adoption of Audited Financial
Suprajit Engineering
19.09.2015 AGM Management Statements for the year ended March FOR FOR Routine business. We vote FOR.
33
Ltd
31, 2015
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Dr. Supriya A Rai is currently working with the company
as Director – non executive and non-independent. She
2. Appointment of Dr. Supriya A Rai as
has more than 28 years of experience. She is a part of
AGM Management Non-Executive Director who retires by FOR FOR
promoter family. Considering that under the guidance
rotation.
of current promoter family, the company is doing very
good, this appointment is beneficial. We vote FOR.
3. Confirmation for payment of Interim
AGM Management Dividend and declaration of Final FOR FOR
vote FOR.
Dividend.
M/S Varma and Varma, Chartered Accountants are the
4.Appointment of Auditors of the current auditors of the company. The company wants
Company. to reappoint them. The audit firm is 76 years old. They
are auditors with ONGC as well. We vote FOR.
M/S G N V Associates were the cost auditors for FY14-
15. The company wants to reappoint them for FY15-16
AGM Management 5. Appointment of Cost Auditors. FOR FOR on a remuneration of INR 85,000 plus reimbursement.
The audit report for FY14-15 was filed within due date.
We vote FOR.
Mr. B S Patil, aged 71 years, retired as Chief Secretary
to Government of Karnataka in January, 2004. He
belongs to 1966 batch of Indian Administrative Services
6. Appointment of Mr. B S Patil, as an
AGM Management FOR FOR (IAS). He has wide ranging experience of heading
Independent Director.
State financial Institutions and various Government
departments. We believe this appointment will add
value to the board. We vote FOR.
Mr. Ian Williamson, aged 64 years, recently retired
as Chief Executive of Carclo Plc, a Public Company,
listed on the London Stock Exchange. Carclo has
global operations and manufactures technical plastic
components for medical, automotive and electronics
7. Appointment of Mr. Ian Williamson, as markets worldwide. Mr. Ian has broad experience
an Independent Director. of managing engineering businesses worlwide and
specialized in M & A activities. After the acquisition of
Phoenix Lamps, the international operations will form
30-35% of the company. This experience is expected
to help company in making better decisions. We vote
FOR.
Mr. Suresh Shetty, 66, was the first CFO of Hero
Honda Motors Ltd. He has vast industrial experience
in managing automotive companies. At present he is
8. Appointment of Mr. Suresh Shetty, as
AGM Management FOR FOR working as an independent consultant. Considering
an Independent Director.
the long experience of Mr. Shetty, we believe this
appointment to add value in the growth of the
Considering the growing size of the company and the
increased responsibilities shared by the whole time
directors, the company proposes to pay commission
AGM Management 9. Payment of Commission to Directors. FOR FOR
to directors. The overall limit of the commission is 1%
of the net profits. Increasing size requires better talent
and that needs better compensation. We vote FOR.
34
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Suresh Narayanan has been appointed as the
Managing Director in place of Mr. Etienne Benet, who
relinquished office as the Managing Director with effect
from 25th July, 2015. Mr. Narayanan has more than
30 years of FMCG experience across companies. Mr.
1. Appointment of Mr. Suresh Narayanan Narayanan joined Nestlé India in 1999 as Executive
as the Managing Director of the Vice President for Sales & Distribution and since
Company for a period of 5 years w.e.f. 1 then has worked across various geographies within
20.09.2015 Nestle India Ltd Postal Ballot Management FOR FOR
August 2015 and terms and conditions the group. We believe the change in the top mgmt
of appointment and remuneration has been done considering the recent controversy
payable to Mr. Narayanan. regarding one of the company’s product where food
regulatory authority (FSSAI) has banned the product.
Handling of regulator and various other parties
involved requires understanding of local environment.
We believe the appointment to help company resolve
issues regarding the product safety. We vote FOR.
1. Consideration & Adoption of Audited
Financial Statements s at March 31,
22.09.2015 Indraprastha Gas Ltd AGM Management FOR FOR Routine business. We vote FOR.
2015, the Reports of the Board of
Directors and Auditors thereon.
2. Declaration of dividend on equity Dividend is beneficial for minority shareholders. We
shares vote FOR.
M/S Deloitte Haskins & Sells are the current auditors
of the company. The company proposes to reappoint
them at a remuneration to be decided by board of
3. Appointment of Statutory Auditors
directors. M/S Deloitte Haskins & Sells is a reputed
AGM Management of the Company and fixing their FOR FOR
audit firm. For remuneration, the company had
remuneration.
followed the same practice in FY14 where the board of
directors were authorized to fix the payment. We vote
FOR.
Shri M. Ravindran was nominated by GAIL (India) as
a director of the company. He has rich and diverse
experience in the fertilizer and Oil & gas industries
4. Appointment of Shri M. Ravindran particularly on gas transmission, petrochemicals and
AGM Management as a Director of the Company, liable to FOR FOR city gas distribution models. He is also a director
retire by rotation. with GAIL (India) and ONGC Petro Additions Ltd.
His experience of gas transmission and city gas
distribution model should help the board to make
better decisions. We vote FOR.
Shri I.S. Rao was nominated by BPCL as a director
of the company. He has enormous experience in
5. Appointment of Shri I.S. Rao as a oil industry and has held responsible positions in
AGM Management Director of the Company, liable to retire FOR FOR marketing of petroleum products, both in retail and
by rotation direct business. His experience of retail and direct
business should help the company to make more
informed decisions. We vote FOR.
Smt. Gitanjali Gupta Kundra was nominated by Govt
of Delhi as a director for the company. She is an IAS
6. Appointment of Smt. Gitanjali Gupta officer. Presently she is holding position of Secretary
AGM Management Kundra as a Director of the Company, FOR FOR and Commissioner (Transport), Government of
liable to retire by rotation. NCT of Delhi. Considering that IGL’s gas is used for
35
transportation in NCT region, her expertise should help
the company. We vote FOR.
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
Shri Raghu Nayyar is an Advocate and Legal
Consultant with Techno-Commercial- Management-
Legal expertise. He has very rich and varied experience
7. Appointment of Shri Raghu Nayyar as
AGM Management FOR FOR in marketing, technical, commercial, financial, project
an Independent Director.
and legal field. He holds certification in IPR from
Indian Law Institute. His experience should help the
company. We vote FOR.
- Dr. Sudha Sharma is a retired IRS officer and she
8. Appointment of Dr. Sudha Sharma as retired as chairperson of Central Board of Direct Taxes.
an Independent Director. Her taxation background should help the company to
make relevant decisions. We vote FOR.
- Shri V. Nagarajan was nominated as Director
(Commercials) by BPCL on Sept 4, 2014 to Sept 3,
2019. He has vast and diverse experience in Retail,
9. Appointment of Shri V. Nagarajan as Operations, Industrial & Commercial Sales and refinery
AGM Management a Director of the Company, not liable to FOR FOR businesses. The board has proposed a basic salary of
retire by rotation. INR 73,000 per month along with other benefits. He is
also a director with Central UP Gas Ltd. Considering
his experience, this appointment is expected to be
beneficial for the company. We vote FOR.
- Shri V. Nagarajan was nominated as Director
(Commercials) by BPCL on Sept 4, 2014 to Sept 3,
2019. He has vast and diverse experience in Retail,
10. Appointment of Shri V. Nagarajan as Operations, Industrial & Commercial Sales and refinery
AGM Management Director (Commercial) and approval of FOR FOR businesses. The board has proposed a basic salary of
his remuneration. INR 73,000 per month along with other benefits. He is
also a director with Central UP Gas Ltd. Considering
his experience, this appointment is expected to be
beneficial for the company. We vote FOR.
M/S Chandra Wadhwa are the current cost auditors of
11. Ratification of the remuneration the company. In FY14-15, they were paid INR 150,000
payable to Cost Auditors of the along with applicable taxes. The company proposes
Company for the financial year ending to reappoint them for a remuneration of INR 180,000
31st March, 2016. along with applicable taxes. We believe that the hike in
proposed remuneration is reasonable. We vote FOR.
In FY14-15, the company purchased gas worth INR
981.3 crs from GAIL (India) under a contract for
NCT of Delhi. The purchase price is determined by
12. Approval of material Related Party
Government of India. Since the purchase under the
AGM Management Transactions under a contract entered FOR FOR
contract exceeds 10% of the annual turnover of the
with GAIL (India) Limited.
company, the same requires shareholders approval.
This is a normal business transaction for the company.
We vote FOR.
Power Finance audited financial statements for the year
Corporation Ltd ended March 31, 2015 together with the
Reports of Directors and Auditors.
2. Confirmation of Interim Dividend and
AGM Management declaration of final dividend for the year FOR FOR
vote FOR.
2014-15.
36
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Shri B.N. Sharma is a director with the company
since 28.8.2012. He was appointed is a govt nominee
director. He is an IAS officer with more than 30 years of
experience in various departments of medical, health
3. Re-appointment of Shri B.N. Sharma
AGM Management FOR FOR and family welfare. He has also worked with Rajasthan
as a Director, retiring by rotation
SEB and discoms in the state. Considering his rich
experience of working with various govt departments,
this re-appointment will be beneficial for the business.
We vote FOR.
The company proposes to authorize the board of
4. Fixation of the remuneration of the director for the finalization of the remuneration for
Statutory Auditors. statutory auditors. The company had followed the
same practice in FY14 as well. We vote FOR.
The company is engaged in providing financial
assistance to power utilities for meeting financing
and development requirements of the power sector.
5. Raise funds upto INR 60,000 crore To meet its funds requirement, PFC has been raising
through issue of bonds/Debentures/ the funds by way of issuance of bonds, term loans
notes/debt securities on Private from banks/FIs and ECBs etc. In Sept 2014 AGM
Placement basis. the company had approved raising INR 55,000 crs.
For FY16, the company wants to raise the limit to
INR 60,000 crs during next 1 year. This is a routine
1. Adoption of Financial Statements for
24.09.2015 AIA Engineering Ltd AGM Management FOR FOR Routine business. We vote FOR.
the year ended 31st March, 2015.
2. Declaration of Dividend for the Dividend is beneficial for minority shareholders. We
Financial Year 2014-15. vote FOR.
Mr. Yashwant M. Patel has been a whole time
director with the company since Nov 2010. He holds
3. Re-appointment of Mr. Yashwant M.
experience in the field of production, administration
AGM Management Patel, Whole-time Director retires by FOR FOR
and accounts. The company has done well under him
rotation.
in last few years. For the continuity of business, we
vote FOR.
M/S Talati & Talati, are the current statutory auditors
of the company. This chartered accountancy firm was
AGM Management 4. Re-Appointment of Statutory Auditors. FOR FOR
formed in 1952. All the forms and filings during the year
were filed within stipulated timeframe. We vote FOR.
Mrs. Khushali Samip Solanki was appointed as an
additional director on November 7th 2014. She is the
5. Appointment of Mrs. Khushali Samip
daughter of the promoter. She holds a diploma in hotel
AGM Management Solanki as a Director liable to retire by FOR AGAINST
mgmt and has skills, expertise and knowledge in the
rotation.
field of marketing. We believe her experience is not
relevant for the business. We vote AGAINST.
Mrs. Bhumika Shyamal Shodhan was appointed as
an additional director on November 7th 2014. She is
6.Appointment of Mrs. Bhumika the daughter of the promoter. She holds a diploma
AGM Management Shyamal Shodhan as a Director liable to FOR AGAINST in fashion designing and has skills, expertise and
retire by rotation. knowledge in the field of marketing. We believe her
experience is not relevant for the business. We vote
AGAINST
37
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
Mr. Rajan Ramkrishna Harivallabhdas was the
managing director and director in various companies
dealing into textiles, engineering and chemicals. These
7. Appointment of Mr. Rajan Ramkrishna companies were under the Shri Ambica Group. There
AGM Management Harivallabhdas as an Independent FOR FOR he has dealt with Swiss, German and US companies
Director. in the field of mgmt, marketing and finance. His
industrial experience of various sectors across many
geographies is expected to help the company in taking
better decisions. We vote FOR.
Welcast Steels Ltd is a subsidiary of the company
where AIA holds 74.85% of the equity. In FY15, on
a total turnover of INR 2098.32 crs, AIA purchased
goods worth INR 219 crs from Welcast. Since the
related parted transactions were more than 10% of the
8. Approval of Related Party
AGM Management FOR FOR consolidated turnover, approval of the shareholders is
Transactions.
required. Company is not sure whether in FY15-16, the
total transactions will exceed 10% of sales or not. As
a matter of precaution, this approval is being asked
for. We believe this is a normal business transaction.
We vote FOR.
Company proposes to pay INR 3.5 lacs along with
9. Ratification of Remuneration to Cost applicable taxes to the cost auditors. Considering the
Auditors. size of the company, we believe that the proposed
amount is reasonable. We vote FOR.
Mr. Yashwant M. Patel’s son-in-law Mr. Himanshu Patel
has been appointed as Director of Vega Industries
(Middle East), UAE which is a wholly owned subsidiary
10. Holding of Office or place of Profit by
AGM Management FOR FOR of the company. Since the proposed remuneration is
Mr. Yashwant M. Patel
more than INR 2.5 lacs per month, special resolution is
required. Vega Industries contributed INR 1441 crs of
sales in FY15. We vote FOR.
As per the Companies Act 2013, several articles of the
existing Articles of Association (AoA) of the company
1. Adoption of new Articles of Association require alterations, modifications and deletions. So
28.09.2015 Asian Paints Ltd Postal Ballot Management of the Company in accordance with the FOR FOR company wants to wholly replace the existing AoA with
provisions of the Companies Act, 2013 a new set of AoA. As this change is only because of the
changed rules and regulations, it is necessary for the
company to adopt new AoA. We vote FOR.
Govt of India has approved infusing INR 25000 crs
in FY16 in various public sector banks, out of which
1. Raising of Capital at premium by Canara Bank has been allotted INR 947 crs. The bank
way of Preferential Allotment of Equity proposes to issue 2.77 cr shares at INR 340.72 per
29.09.2015 Canara Bank Ltd EGM Management FOR FOR
Shares in favour of Government of India share. The purpose of infusing funds is to shore up Tier
amounting to Rs. 947 Crores. 1 capital of the bank. After the issue, the shareholding
of govt of India will increase to 66.3% from 64.48%. We
believe this is good for the business. We vote FOR.
38
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
At the AGM held on 13 August 2014 shareholders had
approved an allotment of 27,15,352 equity shares to
Mr. Raghunandan Rao, wholetime director and CEO
of the company for the period June 1, 2014 and may
31, 2017. Consequently the same was approved by
1. Partial Modification of Ordinary the nomination, remuneration and compensation
Resolution approved by the committee of the board of directors. This approval
Jyothy Laboratories shareholders at the Annual General exceeds the limit prescribed under Sec 197 of the
16.10.2015 Postal Ballot Management FOR FOR
Ltd Meeting held on 13 August 2014 with companies Act 2013 regarding the remuneration paid/
regard to re-appointment and payment payable and perquisites provided / to be provided.
of remuneration to Mr. S. Raghunandan. Company has already filed an application with the
relevant ministry for the approval. The same requires
an approval from shareholders as well. Considering
that under Mr. Rahunandan Rao, the company is
performing well, we believe the performance should
be rewarded. We vote FOR.
1. Adoption of audited financial
Sun Pharmaceutical statements of the Company and the
Industries Ltd. reports of the Board of Directors and
Auditors thereon.
2. Declaration of Dividend on Equity Dividend is beneficial for minority shareholders. We
shares. vote FOR.
Mr. Sudhir Valia is currently working with the company
3. Re-appointment of Mr. Sudhir Valia,
as Whole Time Director. He belongs to the promoter
AGM Management who retires by rotation and being eligible FOR FOR
family. Under his guidance the company has done well
in last many years. We vote FOR.
M/S Deloitte Haskins & Sells LLP are the current
4. Ratification of Appointment of auditors of the company. The appointment needs to
Statutory Auditors. be ratified every year. M/S Deloitte is a reputed audit
firm, we vote FOR.
M/S Kailash Sankhlecha & Associates are the cost
auditors of the company. At the beginning of the
year, company had proposed to pay INR 6,00,000
5.Ratification of Increase in along with other applicable taxes as the remuneration.
AGM Management Remuneration of Cost Auditor for the FOR FOR However with the acquisition of Ranbaxy laboratories
Financial Year 2014-15. during the year, board increased the payment to INR
10.7 lacs along with other applicable taxes as the
remuneration. We believe that the increased payment
is justified due to the increased work. We vote FOR.
M/S Kailash Sankhlecha & Associates will continue
to remain as the cost auditors of the company. The
board proposes to revise their remuneration to INR
6. Ratification of Remuneration of Cost
AGM Management FOR FOR 15.52 lacs along with other applicable taxes. The hike
Auditor for the Financial Year 2015-16.
is steep. But considering the size of Sun Pharma and
its worldwide operations, we accept the hike. We vote
FOR.
39
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
After the merger of Ranbaxy Laboratories with Sun
Pharma, former promoters of Ranbaxy, Daiichi Sankyo
Company(DSC), were allotted 214.9 mn shares of
Sun Pharma. As per the scheme of arrangements,
Article 135 (bb), at the first instance when DSC and
7. Special Resolution for deletion its controlled affiliates cease to own, in the aggregate,
AGM Management of Article 135(bb) of the Articles of FOR FOR the minimum percentage of the outstanding equity
Association of the Company. of the company, then DSC’s right to nominate the
DSC director pursuant to this article shall terminate
permanently. DSC sold its entire stake on 21st April
2015. With this sale, the aforesaid article has been
rendered redundant. Therefore the company proposes
to delete the same. We vote FOR.
Section 62 provides that the company in first
instance should offer all shares to be issued by the
8. Special Resolution under Section
company for subscription, pro-rata to the existing
41, 42, 62, 71 and other applicable
shareholders unless decided otherwise in a general
provisions of the Companies Act, 2013
AGM Management FOR FOR meeting by a special resolution. The company is
as an enabling resolution to offer and
seeking shareholders approval to issue securities
allot Convertible Bonds, Debentures
not exceeding INR 120 bn by way of non-convertible
and/or Securities etc.
debentures pursuant to the provisions of Section 41,
42, 62 and 71. This is routine business. We vote FOR.
1. Special Resolution for making
loan(s),and/or giving any guarantee(s)/
providing security(ies) and / or acquire
by way of subscription, purchase or 1. The current networth of the company is INR 25,638
otherwise, the securities of any other crs. As per section 186, prior shareholders approval is
body corporates upto i) maximum required if company wants loans or provide guarantee
amount of Rs. 500 Billion (Rupees Five or security to purchase/acquire securities of any
Hundred Billion only), if the investments/ company exceeding 60% of the networth or 100%
Sun Pharmaceutical
06.11.2015 Postal Ballot Management acquisitions, loans, guarantee, AGAINST AGAINST of the free reserves, whichever is higher. Since the
Industries Ltd.
securities to be provided along with company is proposing INR 50,000 crs as the maximum
Company’s existing loans or guarantee/ amount, shareholders approval is required. Although
security or investments/ acquisitions the company is a net cash company we believe that
are in excess of the limits prescribed the approval amount is very big for us to approve of
under Section 186 aforesaid or ii) the without knowing the final usage. We vote AGAINST.
maximum limits so prescribed under
Section 186 (as may be amended from
time to time), whichever is higher.
14.11.2015 Shree Cement Ltd. AGM Management financial year ended 30th June, 2015, FOR FOR Routine business. We vote FOR.
the reports of the Board of Directors’
and Auditors thereon.
2. Confirmation of payment of Interim Dividend is beneficial for minority shareholders. We
Dividend on equity shares. vote FOR.
3. Declaration of final dividend on equity Dividend is beneficial for minority shareholders. We
shares. vote FOR.
Shri H. M. Bangur is currently working with the company
4. Re-appointment of Shri H. M. Bangur, as Managing Director. He is also the promoter of the
40
Managing Director, retiring by rotation. company. Under his guidance the company has done
very well. We vote FOR.
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
M/s. B.R. Maheswari & Company, Chartered
5.Appointment of M/s. B.R. Maheswari Accountants are the current statutory auditors of the
& Company, Chartered Accountants, company. The current auditors are eligible for re-
New Delhi as Statutory Auditors of the appointment. M/s. B.R. Maheswari & Company, CA is
Company. a 50 year old CA firm with clients like PNB Housing.
We vote FOR.
Shri Sanjiv Krishnaji Shelgikar is a CA with more
than 40 years of experience. He has worked with
Videocon Group handling all local IPO’s, international
6. Appointment of Shri Sanjiv Krishnaji mobilisation of debt and equity, global and local
Shelgikar as an Independent Director M&A, domestic and international structured financial
AGM Management AGAINST AGAINST
of the Company for five years w.e.f. 5th products. Apart from Videocon Group, Mr. Shelgikar
August, 2015. is not involved with any other large company. We
are not comfortable with the corporate governance
standards at Videocon group, hence we would not be
comfortable with this appointment. We vote AGAINST.
M/s K.G. Goyal and Associates, Cost Accountants are
the current cost auditors of the company and were
7. Approval of the remuneration of the
paid INR 2 lacs in FY15. Now the company proposes
M/s K.G. Goyal and Associates, Cost
AGM Management FOR FOR to increase the remuneration to INR 3 lacs along with
Accountants as Cost Auditors of the
other applicable taxes. We are comfortable with the
Company for the financial year 2015-16.
remuneration considering the size of the company. We
vote FOR.
Section 42 of the Companies Act states that if the
company were to offer NCD’s on a private placement
8. Authorization to Board of Directors
basis, then they need to obtain prior approval of the
for issue of Non-convertible Debentures
shareholders. In Nov 2014, the company had passed
(NCDs) through Private Placement
the same resolution to offer NCD’s not exceeding
AGM Management pursuant to Section 42 & 71 of the FOR FOR
the overall borrowing limits of the company. But the
Companies Act, 2013 read with the
company never made any such placement pursuant
Companies (Prospectus and Allotment
to such authorization. Now the company wants to pass
of Securities) Rules, 2014.
similar resolution again. This is routine business. We
vote FOR.
The company is seeking approval for Employees
Stock Purchase Scheme (ESPS) 2015 under which the
total number of shares to be held/granted shall not at
1. Special Resolution for approval of
any one time exceed 1% of the total paid up capital
Havells Employees Stock Purchase
04.12.2015 Havells India Ltd. Postal Ballot Management FOR FOR of the company. The company has also defined the
Scheme 2015 and its implementation
eligible employees who qualify under the scheme. We
through Trust.
feel ESOP’s are a regular feature in any company to
retain and encourage employees to perform well. We
vote FOR.
2. Special Resolution for authorizing
All the shares to be issued under this scheme shall
Havells Employees Welfare Trust to
be held by a Trust. So the resolution is seeking
Postal Ballot Management subscribe to share for and under the FOR FOR
permission for the trust to subscribe shares granted
Havells Employees Stock Purchase
under the scheme. We vote FOR.
Scheme 2015
41
Investee
Meeting company’s
Date Management
Recommendation
The company proposes to make provisions of money
to the Havell’s employees welfare trust to acquire
shares under the proposed scheme. The company
mentions that overall limits prescribed under Rule 16
of the Companies Rules 2014 will be applicable. The
trust shall subscribe to the shares of the company and
3. Special Resolution for provisioning of the amount so lent to the trust will be refunded to the
money by the Company to the Havells company upon the grant of the shares to the eligible
Employees Welfare Trust/ Trustees for employees and realization of price, if any, by the trust.
Postal Ballot Management FOR FOR
subscription of shares under the Havells Under the scheme, the company will give money to the
Employees Stock Purchase Scheme trust and trust in turn will use that money to subscribe
2015. shares from the company. In FY15 company provided
INR 3.73 crores (total employee costs was INR 313
crores on standalone basis). The company has been
following this kind of procedure to issue shares for last
3 years. This is similar to any other ESOP scheme run
by any company to reward the performing employees.
We vote FOR.
The company seeks permission to authorize board of
directors to create mortgage, sell, lease or hypothecate
1. Special Resolution - Authorisation
movable or immovable assets of the company. The
to the Board of Directors to mortgage,
Repco Home company also mentions that due to all these activities
28.12.2015 Postal Ballot Management create charge on all or any of the assets FOR FOR
Finance Ltd the overall borrowings limit of the company will not
of the Company and further issue
cross INR 15,000 crs. These activities are required for
covenants for negative pledges/lien etc.
the company to raise additional funds for the business
expansion. We vote FOR.
This resolution is in regard to company’s promoter,
Repco Bank. Repco Home Finance avails loans
from its parent Company and pays interest on that.
Company now proposes to restrict the overall related
party transactions to INR 650 crs. In Q1FY16, the
total borrowing from the promoter was ~INR 480 crs
2. Special Resolution - Approval for
Postal Ballot Management FOR FOR leaving enough room for any additional borrowing, if
Related Party Transactions
need be. In last few years, the company has reduced
its dependence on its promoter for funding with
increased reliance now on bank borrowings and
commercial papers. The funding from promoter has
always been competitive. The approval is required for
smooth functioning of the business. We vote FOR.
The company in its endeavour to provide a better
motorcycling experience to its customers has decided
to sell garments, merchandise, sports appreals,
protective gears and many other accessories related
to motorcycle. The company also proposes to own,
1. Alteration of Object Clause of the
acquire, undertake, administer, operate, hire and let
29.12.2015 Eicher Motors Ltd Postal Ballot Management Memorandum of Association of the FOR FOR
places like restaurants, pubs, cafeteria and many
Company.
other similar kind of places to undertake motorcycling
events. We believe company is trying to create an
ecosystem around Royal Enfield. These activities are
essential for the overall image development of the
product / company. We vote FOR.
42
ANNEXURE “B”
Investee
Meeting company’s
Date Management
Recommendation
The Company Proposes to amend the liability clause
of its Memorandum of Association in order to align it
2. Alteration of Liability Clause of the with the requirement of Companies Act, 2013. Due to
Postal Ballot Management Memorandum of Association of the FOR FOR this amendment, the liability of the member(s) would
Company. be limited and this liability would be limited to the
amount unpaid, if any, on the shares held by them.
We vote FOR.
Havells is proposing to divest its 100% stake in
the Sylvania operations (excluding US, Brazil,
Thailand and Chile) to a Chinese company for a total
consideration of INR 1340 crs. In the first phase,
1. Special Resolution approving
company proposes to divest 80% with an option to
divestment upto 100% stake in Havells
sell the rest in 3-5 years. Sylvania operations are loss
19.01.2016 Havells India Ltd. Postal Ballot Management Malta Ltd by Havells Holdings Ltd, FOR FOR
making and despite putting in more than 8 years, the
a wholly-owned subsidiary of the
scope of any meaningful turnaround is limited. Havells
Company.
is exiting these operations in profit. The proposed sale
will free management bandwidth and will also allow
the company to focus on the profit making domestic
operations. We vote FOR.
This company serves as a Central Procurement
2. Special Resolution approving Company (CPC) to procure various electrical products
divestment upto 100% stake in Havells for Havells and Sylvania trading operations. As the
Postal Ballot Management FOR FOR
Exim Ltd, a wholly- owned subsidiary of company is proposing to sell the Sylvania operations,
the Company. the sale of this undertaking is a natural extension. We
vote FOR.
1. Special Resolution approving u/s 42,
Placement of NCD’s on private basis require
71, and other applicable provisions, if
shareholders prior approval. Company proposes to
any, of the Companies Act, 2013, read
obtain shareholders approval for raising INR 7500 crs
with the Companies (Prospectus and
between April 2016 and March 2017. The company
Sundaram Finance Allotment of Securities) Rules, 2014
11.03.2016 Postal Ballot Management FOR FOR had passed the same resolution last year as well for
Ltd and the Companies (Share Capital and
the similar amount. Sundaram Finance, an NBFC,
Debentures) Rules, 2014 for private
constantly needs to raise funds to grow the business.
placement of debentures upto Rs. 7500
We believe that the current resolution is required for
cr during the period from 1st April 2016
the continuity of the business. We vote FOR.
to 31st March 2017.
The company proposes to seek approvals for related
party transactions with Repco Bank. Repco Bank is the
promoter of the company. The company proposes to
avail term loans, overdraft facilities, making payment
of interest, placing short term/loan term deposits,
collecting/recovering interest thereon, occupy any
Repco Home 1. Approval for Approval Related Party
22.03.2016 Postal Ballot Management FOR FOR business premises of the bank, for an amount not
Finance Ltd Transactions
exceeding INR 650 crs. As of 31st Dec 2015, INR 561
crs is the total amount outstanding under related party
transactions. The transactions entered with Repco
Bank are in the ordinary course of business and are at
arm’s length. We believe the resolution is in interest of
the regular flow of business. We vote FOR.
43
ANNEXURE “B”

Investee
Meeting company’s
Date Management
Recommendation
The money raised through the issue would be utilised
for pre payment / substitution of borrowings and for
meeting capital expenditure and general corporate
purposes. As mentioned by the company, the
1. Issue of Securities on a Private proposal is advantageous because the interest rate
Placement basis up to a maximum for the debentures is less compared to the average
26.03.2016 Ramco Cements Ltd Postal Ballot Management limit of Rs.500 crores, within the overall FOR FOR interest rate for the bank borrowings. Also, the issue
borrowing limits, as approved by the of Securities of Rs.500 crores will be within the overall
Members. borrowing limit approved by the Members at the
Annual General Meeting held on 28.7.2014. Since the
interest rates on debentures will be lower compared to
the bank borrowing, the resolution is beneficial for the
company and for minority shareholders. We vote FOR.
Company proposes to shift the registered from UT
of Delhi to Maharashtra. As majority of the public
shareholders including FII’s, MF’s and FI’s are based
1. Special Resolution for change of out of Mumbai along with regulators like RBI, SEBI
Motherson Sumi Registered Office from the Union and stock exchanges, company feels that shifting
28.03.2016 Postal Ballot Management FOR FOR
Systems Ltd Territory of Delhi to the State of the office will help them to explore the business
Maharashtra opportunities available in the market in a more efficient
and economical manner. We feel that this resolution is
not prejudicial to the interest of minority shareholders.
We vote FOR.
Summary of Votes cast during the F.Y. 2015-2016

Break-up of Vote decision
F.Y. Quarter Total no. of resolutions
For Against Abstained
2015 -2016 April 2015 to June 2015 30 24 0 6
2015 -2016 July 2015 to September 2015 259 257 2 0
2015 -2016 October 2015 to December 2015 25 23 2 0
2015 -2016 January 2016 to March 2016 6 6 0 0
Total 320 310 4 6
44
Board of Directors
Peerless Funds Management Company Ltd.

Peerless Mansion,
1, Chowringhee Square,
Third Floor, Kolkata – 700 069.
Dear Sirs,
We have been appointed by Peerless Funds Management Company Ltd. to audit the disclosure of votes cast on their website in terms of
SEBI circular No. CIR/IMD/DF/05/2014 dated March 24, 2014.
We have verified the voting disclosures made by Peerless Funds Management Co. Ltd. on the website for the year April 2015 to March 2016
on the basis of data obtained from custodian w.r.t. resolutions on which AMC is required to cast votes and fund manager’s voting decisions
intimated to proxy. We certify that AMC has disclosed details of all the votes cast in the format specified in the circular.
This certificate has been issued for submission to Board of directors of Peerless Trust Management Co. Ltd. in terms of SEBI circular No.
CIR/IMD/DF/05/2014 dated March 24, 2014 and should not be used for any other purpose.
Yours faithfully,
For M.P. Chitale & Co.

Firm Reg. No. 101851W
Vidya Barje
Partner
M. No. 104994
Mumbai, April 13, 2016
45
INDEPENDENT AUDITOR’S REPORT
To the Trustees of
PEERLESS MUTUAL FUND:
Report on the Financial Statements:
We have audited the accompanying financial statements of the Schemes mentioned below (collectively “the Schemes”), which comprise
the balance sheets as at 31 March 2016, the revenue accounts and cash flow statements, where applicable,for the period mentioned
below, and a summary of significant accounting policies and other explanatory information.
Name of the Scheme Period covered by revenue account and cash flow
statements
Peerless Liquid Fund 1 April 2015 to 31 March 2016
Peerless Ultra Short Term Fund 1 April 2015 to 31 March 2016
Peerless Short Term Fund 1 April 2015 to 31 March 2016
Peerless Income Plus Fund 1 April 2015 to 31 March 2016
Peerless 3 in 1 Fund 1 April 2015 to 31 March 2016
Peerless Equity Fund 1 April 2015 to 31 March 2016
Peerless Flexible Income Fund 1 April 2015 to 31 March 2016
Peerless Midcap Fund 7 December 2015 to 31 March 2016
Peerless Long Term Advantage Fund 30 December 2015 to 31 March 2016

Management’s Responsibility for the Financial Statements
Management of Peerless Funds Management Company Limited (“Company”), the Scheme’s asset manager, 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,
where applicable, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting
policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and
amendments thereto (‘the Regulations’). This responsibility includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor’s 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 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
Scheme’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 entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the
information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2016;
(b) in the case of the revenue account,of the surplus/(deficit), as applicable,for the period as mentioned above; and
(c) in the case of the cash flow statement, where applicable, of the cash flows for the period as mentioned above.
Report on Other Legal and Regulatory Requirements
• As required by Regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the Regulations, we report that:
a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting
policies and standards specified in the Ninth Schedule to the Regulations; and
c. The balance sheets,revenue accounts and cash flow statements dealt with by this report are in agreement with the books of account
of the Scheme.
• In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as
at 31 March 2016 are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India
and approved by the Boards of Directors of Peerless Trust Management Company Limited, and are fair and reasonable.
For S.R. Batliboi & Associats LLP per Amit Kabra

Chartered Accountants Partner
ICAI Firm Registration Number: 101049W / E300004 Membership No: 094533
Mumbai, 13 June, 2016
46
Balance Sheet Rupees in ’000
Peerless Peerless Long
Peerless Liquid Peerless Ultra Peerless Short Peerless Income Peerless 3 in 1 Peerless Equity Peerless Flexible
Midcap Term Advan-
Fund Short Term Fund Term Fund Plus Fund Fund Fund Income Fund
Fund tage Fund
Schedule
March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
SOURCES OF FUNDS
Unit capital 2(b) & 3 1,326,946 1,469,632 762,166 1,256,285 508,610 640,209 479,944 597,471 180,268 89,318 649,348 341,751 172,633 355,002 361,599 142,853
Reserves
and 2(b) & 4 665,223 419,076 231,003 276,313 218,182 238,758 241,910 232,863 90,518 37,371 334,066 220,688 43,434 63,510 (5,136) (4,213)
surplus
Current
5 152,386 10,028 201,935 3,095 1,252 4,709 11,084 8,030 82,106 3,076 906,165 29,613 114 260 60,683 11,799
liabilities
Loans 6 & 18 - 799,448 - - - - - - - - - - - - - -
2,144,555 2,698,184 1,195,104 1,535,693 728,044 883,676 732,938 838,364 352,892 129,765 1,889,579 592,052 216,181 418,772 417,146 150,439
APPLICATION OF FUNDS
Invest- 2(c), 7
ments
1,625,832 2,678,039 1,519,043 705,399 864,274 652,770 804,932 256,804 112,724 917,617 575,272 184,603 390,909 346,903 132,348
& 13 1,007,497
Deposits 8 10,000 - - - - - 10,000 5,000 - - - - 20,000 20,000 - -
Other
current 9 508,723 20,145 187,607 16,650 22,645 19,402 70,168 28,432 96,088 17,041 971,962 16,780 11,578 7,863 70,243 18,091
assets
2,144,555 2,698,184 1,195,104 1,535,693 728,044 883,676 732,938 838,364 352,892 129,765 1,889,579 592,052 216,181 418,772 417,146 150,439
The accompanying schedules are an integral part of this balance sheet.

As per our report of even date.

For S.R. Batliboi & Associats LLP For and on behalf of For and on behalf of
ICAI Firm Registration No.101049W/ E300004 Peerless Trust Management Company Limited Peerless Funds Management Company Limited

per Amit Kabra S B Ganguly Soumendra Mohan Basu
Partner Chairman Director
Membership No. 094533
Sunil Mitra Rajiv Shastri
Director Managing Director & CEO
Killol Pandya
Head - Fixed Income

Amit Nigam
47
Place: Kolkata Head - Equities
Date: 13 June, 2016
Revenue Account
Rupees in ’000
Peer-
Peerless less Long
Peerless Liquid Peerless Ultra Peerless Short Peerless In- Peerless 3 in 1 Peerless Equity Peerless Flexible
Midcap Term Ad-
Fund Short Term Fund Term Fund come Plus Fund Fund Fund Income Fund
Fund vantage
Fund
Schedule April April April April April April April April April April April April April April Dec Dec
01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 07,2015 30, 2015
to to to to to to to to to to to to to to to to
March March March March March March March March March March March March March March March March
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
INCOME
Dividend 2(d) - - - - - - 2,329 1,785 647 381 21,773 3,965 - - 2,145 545
2(d)
Interest 341,828 1,458,489 96,022 287,548 79,753 125,006 50,406 69,029 11,663 7,860 2,727 1,438 29,965 10,056 1,450 282
& 10
Profit on sale /
redemption of invest- 2(d) 3,513 11,676 968 2,857 1,382 3,032 9,305 42,168 - 8,163 - 76,224 - 1,144 - -
ments, net
Profit on inter-
scheme transfer /
- 274 109 1,205 272 - - 1 - 42 - - - 745 - -
sale of investments,
net
Net change in
2(c)
marked to market 809 (13,144) 147 (5,262) (3,536) 5,948 (8,711) 19,172 1,477 1,179 (92,086) 28,910 2,131 (1,385) (5,232) (1,126)
&7(ii)
value of investments
Load income - - - - 20 2,183 777 1,677 27 45 1,498 3,225 79 952 - -
Other income 52 954 25 82 17 18 13 - 2 - 15 14 22 3 2 #0
Total 346,202 1,458,249 97,271 286,430 77,908 136,187 54,119 133,832 13,816 17,670 (66,073) 113,776 32,197 11,515 (1,635) (298)
EXPENSES AND LOSSES
Loss on sale /
redemption of invest- 2(d) - - - - - - - - 113 - 47,168 - 6,054 - 1,779 1,695
ments, net
Loss on inter-scheme
transfer / sale of 2(d) 24 - - - - 936 - - - - - - - - - -
investments, net
Management fee
(inclusive of service 11 3,295 22,555 3,959 11,114 2,404 14,410 13,067 13,301 2,947 2,117 30,493 6,757 1,774 818 2,198 693
tax)
Trusteeship fee 11 431 1,627 117 304 94 124 76 85 22 13 141 40 39 12 13 3
Custodian service
- 1,583 - 295 - 114 - 128 - 21 - 52 - 6 - -
charges
Registrar service
- 4,865 - 973 - 660 - 526 - 98 - 295 - 24 - -
charges
Commission to dis-
575 3,271 2,734 9,103 4,233 5,004 7,176 10,104 966 893 8,437 4,286 299 392 453 153
tributors
Audit fee - 245 - 217 - 189 - 190 - 189 - 217 - 189 - -
Investor education
861 3,264 234 611 188 250 152 170 44 26 282 80 78 25 26 6
fund
Other operating
- 377 - 77 - 55 - 316 - 69 - 182 - 11 - -
expenses
Less: Expenses
reimbursed / to be (174) (4,827) (139) (5,372) - (698) - (671) - (297) (102) (436) (29) (197) - -
reimbursed by AMC
Total 5,012 32,960 6,905 17,322 6,919 21,044 20,471 24,149 4,092 3,129 86,419 11,473 8,215 1,280 4,469 2,550
Surplus / ( Deficit ) for
341,190 1,425,289 90,366 269,108 70,989 115,143 33,648 109,683 9,724 14,541 (152,492) 102,303 23,983 10,235 (6,104) (2,848)
48
the year / period
Rupees in ’000
Peer-
Peerless less Long
Peerless Liquid Peerless Ultra Peerless Short Peerless In- Peerless 3 in 1 Peerless Equity Peerless Flexible
Midcap Term Ad-
Fund Short Term Fund Term Fund come Plus Fund Fund Fund Income Fund
Fund vantage
Fund
Schedule April April April April April April April April April April April April April April Dec Dec
01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 01, 2015 01, 2014 07,2015 30, 2015
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Transferred to / from
2(c)
unrealised apprecia- (799) 13,135 248 4,853 3,536 (4,081) 8,740 (12,943) 449 (2,138) 54,218 (28,911) (2,131) 1,386 - -
&7(ii)
tion reserve
Equalisation (debit)
2(e) (67,114) (3,383,311) 24,676 (1,088,147) 88,377 (318,611) (14,388) (18,153) 36,051 (4,408) 524,204 32,599 89,791,550 25,097 902 (1,388)
/ credit
Transfer from re-
867 1,122 3,523 5,520 19,622 26,234 7,220 7,302 - - 18,848 3,096 - - - -
tained surplus
Dividend Distribution (19,164) (131,181) (23,039) (64,871) (13,331) (19,852) (5,490) (10,924) - - (303,670) (3,371) - - - -
Dividend Distribution
(9,136) (47,619) (11,145) (25,259) (6,477) (7,778) (2,232) (3,932) - - - - - - - -
Tax
Surplus / (Defi-
cit) for the year /
period transferred 4 245,845 (2,122,565) 84,629 (898,796) 162,716 (208,945) 27,498 71,033 46,224 7,995 141,108 105,716 89,813,402 36,718 (5,202) (4,236)
to the retained
surplus
The accompanying schedules are an integral part of this revenue account.
# Amount less than Rupees 0.5 thousand.

ICAI Firm Registration Number : 101049W/ E300004 Peerless Trust Management Company Limited Peerless Funds Management Company Limited

per Amit Kabra S B Ganguly Soumendra Mohan Basu Rajiv Shastri
Partner Chairman Director Managing Director & CEO
Sunil Mitra Killol Pandya Amit Nigam\
Director Head - Fixed Income Head - Equities
Place: Kolkata
Date: 13 June, 2016
49
Schedules to the Financial Statements for the Year/Period Ended March 31, 2016
1. Background
The Peerless General Finance and Investment Company Limited is the sponsor of Peerless Mutual Fund (‘The Fund’).
In accordance with the Securities and Exchange Board of India (‘SEBI’) (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’), the
Board of Directors of Peerless Trust Management Company Limited (‘the Trustee’) has appointed Peerless Funds Management Com
pany Limited (‘the AMC’) to manage the Fund’s affairs and operate its Schemes.

The key features of the following schemes of Peerless Mutual Fund are as below:
Scheme Type of Investment objective NFO Open

Options
Name Scheme of the scheme NFO Close
Direct Plan - Growth option
To provide a high level of Direct Plan - Daily Dividend option
liquidity with reasonable February 17, 2010 Direct Plan - Weekly Dividend option
returns commensurate to Direct Plan - Monthly Dividend option
Peerless Open ended
February 18, 2010 Super Instutional Plan - Growth option
Liquid Fund Liquid Scheme with low risk through a Super Instutional Plan - Daily Dividend option
portfolio of money market Super Instutional Plan - Weekly Dividend option
and debt securities. Super Instutional Plan - Monthly Dividend
option
To provide optimal
returns and liquidity to
the investors by investing Direct Plan - Growth option
primarily in a mix of money Direct Plan - Daily Dividend option
market and short term Direct Plan - Weekly Dividend option
February 17, 2010
Peerless debt instruments which Direct Plan - Monthly Dividend option
Open ended
Ultra Short results in a portfolio having to Super Instutional Plan - Growth option
Debt Scheme
Term Fund marginally higher maturity Super Instutional Plan - Daily Dividend option
February 18, 2010
as compared to a liquid Super Instutional Plan - Weekly Dividend option
fund at the same time Super Instutional Plan - Monthly Dividend
maintaining a balance option
between safety and
liquidity.
To generate regular Growth Option
income through a portfolio Monthly Dividend Option
of predominantly high August 17, 2010 Quarterly Dividend Option
Peerless to
Open ended quality fixed income Bonus Option
Short Term August 17, 2010
Debt Scheme securities and with a Direct Plan - Growth Option
Fund
marginal exposure to Direct Plan - Monthly Dividend Option
equity and equity related Direct Plan - Quarterly Dividend Option
instruments. Direct Plan - Bonus Option
Growth Option
To generate income and
Monthly Dividend Option
Peerless capital appreciation by June 09, 2010
Open ended Quarterly Dividend Option
Income Plus investing in a diversified to
Debt Scheme Direct Plan - Growth Option
Fund portfolio of debt and July 08, 2010
Direct Plan - Monthly Dividend Option
money market securities.
Direct Plan - Quarterly Dividend Option
“To generate long term
capital appreciation Growth Option
through a portfolio of fixed Monthly Dividend Option
March 11, 2011
Peerless 3 in Open ended income securities, Gold Quarterly Dividend Option
to
1 Fund Debt Scheme Exchange traded funds Direct Plan - Growth Option
March 25, 2011
(ETFs) of other mutual Direct Plan - Monthly Dividend Option
funds and equity & equity Direct Plan - Quarterly Dividend Option
related instruments.
To generate long term Growth Option
capital appreciation by Normal Dividend Option
Open ended investing in an actively Quarterly Dividend Option
September 07, 2011
Peerless Equity Scheme managed portfolio Half Yearly Dividend Option
to
Equity Fund predominantly consisting Yearly Dividend Option
September 21, 2011
of Equity & equity related Direct Plan - Growth Option
securities diversified over Direct Plan - Normal Dividend Option
various sectors. Direct Plan - Quarterly Dividend Option
50
Scheme Type of Investment objective NFO Open
Options
Name Scheme of the scheme NFO Close
To generate reasonable
returns commensurate with
the risk taken by active
duration management of Growth Option
Peerless the portfolio. The Scheme Monthly Dividend Option
August 16, 2012
Flexible Open ended would be investing in debt Quarterly Dividend Option
to
Income Debt Scheme instruments including Direct Plan - Growth Option
August 17, 2012
Fund bonds, debentures and Direct Plan - Monthly Dividend Option
government securities and Direct Plan - Quarterly Dividend Option
money market instruments
over various maturity
periods.
To generate medium
to long term capital November 16, 2015 Regular Growth Option
Peerless to
Close ended appreciation by investing Regular Dividend Option
Midcap
Debt Scheme in equity and equity related November 30, 2015 Direct Plan - Growth Option
Fund
securities of mid cap Direct Plan - Dividend Option
companies.
To invest predominantly
in a diversified portfolio of Regular Growth Option
Peerless equity and equity related November 9, 2015
Open ended Regular Dividend Option
Long Term instruments for capital to
Equity Scheme Direct Plan - Growth Option
Advantage appreciation and income December 21, 2015 Direct Plan - Dividend Option “
Fund generation along with
the benefit of income tax
deduction
Presentation of these separate balance sheets and revenue accounts in a columnar form is not intended to indicate that they bear any relation
to each other, or are interdependent or comparable in any way.
All the above Schemes have been collectively referred to as “Schemes”.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Transactions for purchase and sale of investments are recorded
on trade date.
The financial statements are prepared on the accrual basis
of accounting, under the historical cost convention, as modified
The cost of investments includes all costs incurred in acquiring
for investments, which are ‘marked-to-market’. The significant
the investments and incidental to acquisition of investments
accounting policies, which are in accordance with the SEBI
e.g. brokerage, transaction costs, CCIL charges and any other
(Mutual Fund) Regulations and have been approved by the Board
charges customarily included in the broker’s note. Capitalization
of Directors of the Asset Management Company and the Trustee,
of such brokerage and transaction costs incurred for the purpose
are stated below.
of execution of trades is restricted to 12 bps in case of cash market
a) Determination of net asset value (‘NAV’)
transactions. Any cost in excess of the specified limit is charged to
The net asset value of the units of the schemes is determined
the revenue account of the scheme as part of the total expense ratio.
separately for the units issued under the option.
For reporting the net asset value within the portfolio, the Scheme’s Rights entitlements are recognized as investments on the ex-
daily income earned, including realised profit or loss and rights date.
unrealised gain or loss in the value of investments, and expenses
accrued, are allocated to the related option in proportion to Bonus entitlements are recognized as investments on the ex-
their respective daily net assets arrived at by multiplying day-end bonus date.
outstanding units by previous day’s closing net asset value.
b) Unit capital Valuation of investments
Unit capital represents the net outstanding units at the balance
sheet date, thereby reflecting all transactions relating to the period Investments are stated at market / fair value at the Balance
ended on that date. Sheet date / date of determination. In valuing the Scheme’s
Upon issue / redemption of units, the net premium or discount to investments:
the face value of units is adjusted against the unit premium reserve Traded equity securities are valued at the last quoted closing
of each options, after an appropriate portion of the issue proceeds price on the National Stock Exchange of India Limited (NSE).
and redemption payouts is credited/debited to the equalisation However, if the equity securities are not listed / traded on NSE,
account, a mandatory requirement for open ended mutual fund they are valued at the last quoted closing price on the exchange
schemes. where it is principally traded.
c) Investments
Accounting for investments When an equity security is not traded on any stock exchange on a
particular valuation day, the value at which it was traded on NSE
51
or any other stock exchange as the case may be, on the earliest CRISIL and ICRA security level pricing then such securities
previous day is used, provided that such day is not more than are valued at the weighted average traded YTM or weighted
thirty days prior to the valuation date. average price at which they are traded / reported on public
platform (FIMMDA / NSE WDM / BSE WDM) using traded
Non-traded / thinly traded equity securities including those not
volume thresholds on the valuation day
traded within thirty days are valued at fair value as per procedures
determined by Peerless Funds Management Co. Ltd which are In case of new purchases which are not a part of either the
approved by the Trustee and are in accordance with the guidelines list of CRISIL and ICRA security level pricing or are traded
for valuation of securities specified in the Regulations. / reported on public platform (FIMMDA / NSE WDM / BSE
WDM), such securities are valued at cost plus accruals /
Units of listed mutual fund schemes, which are traded, are valued
amortization till the prices are provided by CRSIL and ICRA or
at the closing traded price on the respective stock exchange
any other public platform (FIMMDA / NSE WDM / BSE WDM).
(where the scheme is listed) as on the valuation date. Units of
unlisted mutual fund schemes and units of listed mutual fund Net unrealised appreciation / depreciation in the value of
schemes which are not traded are valued at the NAV published investments is determined separately for each category of
on AMFI website as on the valuation date. investments. In respect of each category of investments,
net change in unrealised appreciation if any, between two
Instruments bought on ‘repo’ basis are valued at the resale price
Balance Sheet dates / valuation dates is accounted through
after deduction of applicable interest up to the date of resale.
the Revenue Account and thereafter the net change in
Instruments sold on a ‘repo’ basis are adjusted for the difference
unrealised appreciation is transferred from the Revenue
between the repurchase price (after deduction of applicable
Account to the Unrealised Appreciation Reserve. Net change
interest up to the date of repurchase) and the value of the
in unrealised depreciation if any, is accounted through the
instrument.
Revenue Account.
Collateralised Borrowing and Lending Obligations (CBLO) are
Net Unrealised appreciation is reduced from the distributable
valued at cost plus accrued interest.
income at the time of income distribution.)
Government securities (including T-Bills) greater than
d) Revenue recognition
60 days maturity are valued at the average of the prices
released by CRISIL and ICRA, as suggested by AMFI, on Dividend income is recognised on the ex-dividend
the basis of the valuation principles laid down by SEBI. date.
Interest income is recognised on an accrual basis.
Government securities (including T-Bills) with residual
Profit or loss on sale / redemption of investments is
maturity up to 60 days are valued at the amortized price as
determined on the basis of the weighted average cost
long as it is within ±0.10% bps of the reference price. In case
method.
the variance exceeds ±10 bps of the reference price, the
valuation shall be adjusted to bring it within the ±10 bps band. e) Equalisation account
Investments in fixed income securities (except government
When units are issued or redeemed, the distributable
securities) are valued as follows:
surplus (excluding unit premium reserve, but including
a) All traded money market securities, debt securities and balance of distributable surplus at the beginning of the
floating rate securities, with residual maturity of up to 60 year) as on the date of the transaction is determined. Based
days are valued at the weighted average traded YTM or on the number of units outstanding on the transaction date,
weighted average price at which they are traded / reported the distributable surplus (excluding unit premium reserve, but
on public platform (FIMMDA / NSE WDM / BSE WDM) using including balance of distributable surplus at the beginning
traded volume thresholds on the valuation day or trades of of the year) associated with each unit is computed. The per
marketable lots done by schemes managed by the AMC. unit amount so determined is credited / debited to the
equalisation account on issue / redemption of each unit
b) Non-traded /thinly traded money market and debt securities
respectively.
and floating rate securities, with residual maturity of up to 60
days are valued on amortization basis. Floating rate securities The balance in equalisation account is transferred to revenue
with floor and caps on coupon rate and residual maturity of account at the year-end without affecting the net income of
up to 60 days are valued on amortization basis taking the the Scheme.
coupon rate as floor. Traded yield gets compared with the
f) Load
reference yields provided by the Rating Agencies (CRISIL &
ICRA) to ascertain if the difference is within +/- 10 bps of The exit load collected is recognized as income and credited
the reference yield. In case of traded yield falling outside the to the scheme in accordance with SEBI circular No. CIR/IMD/
band, the traded yield is adjusted in order to bring it within the DF/21/2012.
band.
g) Cash and cash equivalent
c) All debt securities and floating rate securities with residual
maturity of over 60 days are valued at the simple average Cash and cash equivalent includes balance with banks in
of the prices obtained from CRISIL and ICRA in accordance current accounts, deposits placed with scheduled banks
with the guidance dated 19 November 2013 issued by AMFI. (with an original maturity of upto three months) and
collateralized lending.
In case of new purchases which are not a part of the list of
52
PEERLESS MUTUAL FUND
SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016
Peerless Liquid Fund Peerless Ultra Short Term Fund**
As at March 31, 2016 As at March 31, 2015 As at March 31, 2016 As at March 31, 2015
3 Unit Capital
Amount Amount Amount Amount
Units Unites Unites Unites
(Rs in 000’s) (Rs in 000’s) (Rs in 000’s) (Rs in 000’s)
Initial Capital 53,833,900.000 538,339 53,833,900.000 538,339 242,383,600.000 2,423,836 2,423,836

242,383,600.000
Outstanding Unit Capital
Retail Plan - Growth option
Opening balance - - 80,425.230 804 33.073 33 418,119.584 4,181
Issued during the year @ Rs 1000
- - 0.001 0 - - - -
each-ongoing
Redeemed during the year @ Rs 10
- - 47,714.716 477 - - 239,208.403 2,392
each
Redeemed during the year @ Rs
- - 327.106 327 33.073 33 1,756.039 1,756
1000 each
Adjustment for Face Value change
(Note 1*)
Reduced on conversion date @ Rs
- - 32,710.514 327 - - 178,911.181 1,789
10 each
Created on conversion date @ Rs
- - 327.105 327 - - 1,789.112 1,789
1000 each
Unit Capital at the end of the year
- - - - - - 33.073 33
(Note 2#)
Retail Plan - Daily Dividend option
Opening Balance - - 6,198.308 62 - - 187,577.289 1,876
- - 217.585 2 - - 1,618.011 16
each
- - 59.807 60 - - 1,859.593 1,860
each
(Note 1*)
Reduced on conversion date @ Rs 10
- - 5,980.723 5,981 - - 185,959.278 1,860
each
- - 59.807 60 - - 1,859.593 1,860
1000 each
- - - - - - - -
(Note 2#)
Retail Plan - Weekly Dividend option
Opening Balance - - 44,843.449 448 - - 85,465.156 855
53
- - - - - - 15,143.979 151
each
3 Unit Capital
- - 448.434 448 - - 703.212 703
each
(Note 1*)
- - 44,843.449 448 - - 70,321.177 703
each
- - 448.434 448 - - 703.212 703
1000 each
- - - - - - - -
(Note 2#)
Retail Plan - Monthly Dividend option
Opening Balance - - 4,971.368 50 - - 3,296.402 33
- - 49.714 50 - - 32.964 33
each
(Note 1*)
- - 4,971.368 50 - - 3,296.402 33
each
- - 49.714 50 - - 32.964 33
1000 each
- - - - - - - -
(Note 2#)
Institutional Plan - Growth option
Opening Balance - - 2,919.405 29 - - - -
- - 29.194 29 - - - -
each
(Note 1*)
- - 2,919.405 29 - - - -
each
- - 29.194 29 - - - -
1000 each
- - - - - - - -
(Note 2#)
Institutional Plan - Daily Dividend option
Opening Balance - - 7,896.608 79 - - - -
- - 0.001 - - - - -
54
each-ongoing

3 Unit Capital
- - - - - - - -
each
- - 78.967 79 - - - -
each
(Note 1*)
- - 7,896.608 79 - - - -
each
- - 78.966 79 - - - -
1000 each
- - - - - - - -
(Note 2#)
Opening Balance 640,053.466 640,053 402,744,130.696 4,027,441 124,077.288 124,077 151,245,617.296 1,512,456
Issued during the year @ Rs 10 each-
- - 24,122,377,855.461 241,223,779 - - 119,072,186.597 1,190,722
ongoing
65,117,208.660 65,117,209 109,200,280.148 109,200,280 784,164.755 784,165 272,912.643 272,913
each-ongoing
- - 23,703,480,629.462 237,034,806 - - 215,706,884.145 2,157,069
each
65,186,173.118 65,186,173 116,776,640.249 116,776,640 803,715.812 803,716 694,944.552 694,945
each
(Note 1*)
- - 821,641,356.695 8,216,414 - - 54,610,919.748 546,109
each
- - 8,216,413.567 8,216,414 - - 546,109.197 546,109
1000 each
571,089.008 571,089 640,053.466 640,053 104,526.231 104,526 124,077.288 124,077
(Note 2#)
Direct Plan - Dividend option
Opening Balance 303,386.541 303,387 101,685,510.309 1,016,855 399,853.625 399,854 52,850,602.830 528,506
- - 2,591,783,815.128 25,917,838 - - 266,498,513.161 2,664,985
ongoing
3,494,155.838 3,494,156 6,558,798.006 6,558,798 1,409,734.509 1,409,734 4,247,191.214 4,247,191
55
each-ongoing

3 Unit Capital
- - 2,467,703,474.902 24,677,035 - - 268,781,826.446 2,687,818
each
3,529,795.151 3,529,795 8,513,069.970 8,513,070 1,608,482.462 1,608,482 4,353,010.484 4,353,010
each
(Note 1*)
- - 225,765,850.535 2,257,659 - - 50,567,289.545 505,673
each
- - 2,257,658.505 2,257,659 - - 505,672.895 505,673
1000 each
267,747.228 267,748 303,386.541 303,387 201,105.672 201,106 399,853.625 399,854
(Note 2#)
Direct Plan - Weekly Dividend option
Opening Balance 1.150 1 108.027 1 458.318 458 1,110.842 11
- #0 3.447 #0 - - 115,703.696 1,157
ongoing
0.057 0 0.035 0 100,458.057 100,458 21.326 21
each-ongoing
- - - - - - 13,460.903 135
each
- - - - 100,915.146 100,915 596.544 597
each
(Note 1*)
- - 111.474 - - - 103,353.635 1,034
each
- - 1.115 - - - 1,033.536 1,034
1000 each
1.207 1 1.150 1 1.229 1 458.318 458
(Note 2#)
Super Institutional Plan - Growth option
Opening Balance 1.158 1 146,376.026 1,464 3,273.138 3,273 236,621.160 2,366
- - 831.838 8 - - 523,484.486 5,235
ongoing
84,438.698 84,439 178.146 178 465,532.551 465,533 2,099.886 2,100
each-ongoing
56
- - 147,096.353 1,471 - - 147,761.278 1,478
each

3 Unit Capital
84,438.630 84,439 178.103 178 292,652.506 292,653 4,950.192 4,950
each
(Note 1*)
- - 111.511 1 - - 612,344.368 6,123
each
- - 1.115 1 - - 6,123.444 6,123
1000 each
1.226 1 1.158 1 176,153.183 176,153 3,273.138 3,273
(Note 2#)
Super Institutional Plan - Growth option
Opening Balance 140,107.754 140,108 222,326,821.810 2,223,268 377,587.184 377,587 153,405,751.410 1,534,058
- - 6,239,942,779.138 62,399,428 - - 184,474,286.017 1,844,743
ongoing
21,518,225.131 21,518,225 22,749,552.216 22,749,552 262,118.929 262,119 626,598.499 626,598
each-ongoing
- - 6,315,224,692.826 63,152,247 - - 278,872,129.340 2,788,721
each
21,227,086.850 21,227,087 24,079,893.543 24,079,894 402,884.749 402,885 839,090.396 839,090
each
(Note 1*)
- - 147,044,908.122 1,470,449 - - 59,007,908.087 590,079
each
- - 1,470,449.081 1,470,449 - - 590,079.081 590,079
1000 each
431,246.035 431,246 140,107.754 140,108 236,821.364 236,821 377,587.184 377,587
(Note 2#)
Super Institutional Plan - Daily Dividend option
Opening Balance 382,388.639 382,389 25,514,703.011 255,147 329,660.803 329,661 53,721,584.819 537,216
- - 827,260,050.980 8,272,601 - - 16,372,294.064 163,723
ongoing
893,687.371 893,687 1,943,053.318 1,943,053 55,217.811 55,218 70,091.295 70,091
each-ongoing
57

3 Unit Capital
- - 787,792,501.319 7,877,925 - - 35,042,341.283 350,423
each
1,220,878.914 1,220,879 2,210,487.206 2,210,487 361,757.475 361,758 90,945.868 90,946
each
(Note 1*)
- - 64,982,252.672 649,823 - - 35,051,537.600 350,515
each
- - 649,822.527 649,823 - - 350,515.376 350,515
1000 each
Unit Capital at the end of the
55,197.096 55,197 382,388.639 382,389 23,121.139 23,121 329,660.803 329,661
year (Note 2#)
Super Institutional Plan - Weekly Dividend option
Opening Balance 3,166.038 3,164 817,399.710 8,172 16,192.808 16,193 4,986,607.416 49,866
- - 123,368.180 1,234 - - 291,346.553 2,913
ongoing
104.706 105 268.933 269 7,376.013 7,376 149,234.679 149,235
each-ongoing
- - 275,360.628 2,754 - - 1,739,756.231 17,398
each
2,446.561 2,447 3,756.968 3,757 4,815.575 4,816 168,423.848 168,424
each
(Note 1*)
- - 665,407.262 6,654 - - 3,538,197.738 35,382
each
- - 6,654.073 6,654 - - 35,381.977 35,382
1000 each
824.183 822 3,166.038 3,164 18,753.246 18,753 16,192.808 16,193
year (Note 2#)
Super Institutional Plan - Monthly Dividend option
Opening Balance 527.064 529 742,872.181 7,431 5,148.553 5,149 636,275.692 6,363
- - 888,761.132 8,888 - - 1,801,351.226 18,014
each-ongoing
58
1,221.222 1,221 361.382 361 3,791.144 3,791 6,297.835 6,298
each-ongoing

3 Unit Capital
- - 1,141,003.727 11,410 - - 2,244,769.541 22,448
each
908.938 909 4,740.614 4,741 7,256.249 7,256 3,077.856 3,078
1000 each
(Note 1*)
- - 490,629.586 4,906 - - 192,857.377 1,929
10 each
- - 4,906.296 4,906 - - 1,928.574 1,929
1000 each
839.348 841 527.064 529 1,683.448 1,684 5,148.553 5,149
year (Note 2#)
Total
Opening Balance 1,469,631.810 1,469,632 754,125,176.138 7,541,248 1,256,284.790 1,256,285 417,778,629.896 4,177,787
- - 33,782,377,465.304 337,823,776 - - 589,149,165.800 5,891,491
each-ongoing
91,109,041.683 91,109,042 140,452,492.186 140,452,493 3,088,393.769 3,088,394 5,374,447.377 5,374,447
each-ongoing
- - 33,275,812,691.518 332,758,126 - - 802,804,899.560 8,028,049
each
91,251,728.162 91,251,728 151,589,759.875 151,589,759 3,582,513.047 3,582,513 6,159,391.548 6,159,392
1000 each
(Note 1*)
- - 1,260,689,949.924 12,606,899 - - 204,122,896.136 2,041,229
10 each
- - 12,606,899.499 12,606,899 - - 2,041,228.961 2,041,229
1000 each
1,326,945.331 1,326,946 1,469,631.810 1,469,632 762,165.512 762,166 1,256,284.790 1,256,285
year (Note 2#)
“*Note1:TheAssetManagementCompany,withtheapprovalofPeerlessTrustManagementCompanyLimited,haschangedtheFaceValueperunitforalltheoptionsunderPeerlessLiquidFund
(w.e.f. 21st September, 2014) & Peerless Ultra Short Term Fund (w.e.f. 22nd September, 2014) from Rs. 10 Face Value per unit to Rs. 1000 Face Value per unit.”

# Note 2: Units of Rs 1000 each fully paid up for Peerless Liquid Fund and Peerless Ultra Short Term Fund.
59
PEERLESS
SCHEDULES TO THE FINANCIAL STATEMENTS
Peerless Short Term Fund**

March 31, 2016 March 31, 2015 March
3 Unit Capital
Amount Amount
Units Units Units
(Rs. in 000’s) (Rs. in 000’s)
Units of Rs 10 each fully paid up
50,030,500.000 500,305 50,030,500.000 500,305 16,457,377.634
Growth Option
Outstanding, beginning of year / period 34,364,212.538 343,642 95,644,199.205 956,441 42,555,601.164
Issued
-new fund offer - - - - -
-during the year / period 14,159,225.774 141,592 12,085,858.196 120,859 20,551,193.349
Redeemed during the year / period 23,394,730.678 233,947 73,365,844.863 733,658 21,090,225.692
Outstanding, end of year / period 25,128,707.634 251,287 34,364,212.538 343,642 42,016,568.821
Dividend Option
Outstanding, beginning of year / period - - - - -
Issued
-during the year / period - - - - -
Redeemed during the year / period - - - - -
Outstanding, end of year / period - - - - -
Outstanding, beginning of year 1,068,240.777 10,682 2,956,539.911 29,565 3,146,861.219
Issued
-new fund offer 363,532.954 3,635 897,307.313 8,973 238,195.194
-during the year 326,128.328 3,261 2,785,606.447 27,856 1,490,551.553
Redeemed during the year 1,105,645.403 11,056 1,068,240.777 10,682 1,894,504.860
Quarterly Dividend Option
Outstanding, beginning of year 4,011,386.987 40,113 4,862,519.675 48,625 13,162,480.937
Issued
-during the year 146,998.472 1,470 358,728.852 3,587 1,168,963.692
Redeemed during the year 1,849,627.692 18,496 1,209,861.540 12,099 10,954,235.357
Outstanding, end of year 2,308,757.767 23,087 4,011,386.987 40,113 3,377,209.272
Retail Plan - Bonus
Outstanding, beginning of year / period 2,612,243.118 26,122 9,549,438.877 95,494 -
Issued
Redeemed during the year / period 2,002,317.223 20,023 6,937,195.759 69,372 -
Outstanding, end of year / period 609,925.895 6,099 2,612,243.118 26,122 -
Outstanding, beginning of year / period 3,704,001.677 37,040 5,278,013.761 52,780 760,195.531
Issued
-during the year / period 28,896,479.060 288,965 2,002,054.240 20,021 274,610.744
Redeemed during the year / period 28,954,989.153 289,550 3,576,066.324 35,761 352,100.262
Outstanding, end of year / period 3,645,491.584 36,455 3,704,001.677 37,040 682,706.013
Issued
Direct Plan - Monthly Dividend option
Outstanding, beginning of year 18,249,157.052 182,492 18,258,185.768 182,582 118,137.614
Issued
-during the year 26,407,451.745 264,075 98.795 1 31,565.817
60
MUTUAL FUND
FOR THE YEAR/PERIOD ENDED MARCH 31, 2016
Peerless Income Plus Fund Peerless 3 in 1 Fund**

31, 2016 March 31, 2015 March 31, 2016 March 31, 2015

Units Units Units
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)
Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up
164,573 16,457,377.634 164,573 9,965,347.000 99,654 9,965,347.000 99,654
425,557 47,804,537.283 478,046 8,660,159.876 86,601 10,222,874.251 102,228
- - - - - - -
205,512 29,062,699.938 290,627 2,935,283.880 29,353 959,506.082 9,595
210,902 34,311,636.057 343,116 2,533,814.669 25,338 2,522,220.457 25,222
420,167 42,555,601.164 425,557 9,061,629.087 90,616 8,660,159.876 86,601
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
31,466 5,080,436.039 50,802 4,105.913 42 6,113.357 62
2,382 1,211,099.552 12,111 394,754.503 3,948 886.881 9

14,906 3,144,674.372 31,447 355,078.962 3,551 2,894.325 29
18,942 3,146,861.219 31,466 43,781.454 439 4,105.913 42
131,626 12,105,216.996 121,053 53,226.567 531 62,338.945 622
- - - - - - -
11,689 6,017,700.523 60,177 244,020.575 2,440 2,308.343 23
109,542 4,960,436.582 49,604 15,668.793 156 11,420.721 114
33,773 13,162,480.937 131,626 281,578.349 2,815 53,226.567 531
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,602 355,336.266 3,554 214,009.333 2,140 102,596.310 1,026
- - - - - - -
2,746 739,724.522 7,397 15,845,619.201 158,456 141,495.739 1,415
3,521 334,865.257 3,349 12,488,807.924 124,888 30,082.716 301
6,827 760,195.531 7,602 3,570,820.610 35,708 214,009.333 2,140
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
1,182 37,638.429 377 123.566 1 123.566 1
316 81,128.999 811 5,069,132.983 50,691 - -

61
PEERLESS
Peerless Short Term Fund**

3 Unit Capital
Amount Amount
Units Units Units
(Rs. in 000’s) (Rs. in 000’s)
50,030,500.000 500,305 50,030,500.000 500,305 16,457,377.634
Redeemed during the year 26,594,286.594 265,943 9,127.511 91 132,462.275
Outstanding, end of year 18,062,322.203 180,624 18,249,157.052 182,492 17,241.156
Direct Plan - Bonus
Outstanding, beginning of year / period 415.277 4 348.665 3 -
Issued
-during the year / period - - 66.612 1 -
Redeemed during the year / period 348.665 3 - - -
Outstanding, end of year / period 66.612 1 415.277 4 -
Outstanding, end of year
Direct Plan - Quarterly Dividend option
Outstanding, beginning of year 11,352.785 114 23,858.993 239 3,739.606
Issued
-during the year 224.836 2 1,388.352 14 2,369.035
Redeemed during the year 11,470.774 114 13,894.560 139 -
Outstanding, end of year 106.847 2 11,352.785 114 6,108.641
Direct Plan - Half Yearly Dividend option
Outstanding, beginning of year - - - - -
Issued
-during the year - - - - -
Redeemed during the year - - - - -
Outstanding, end of year - - - - -
Direct Plan - Yearly Dividend option
Issued
-during the year - - - - -
Redeemed during the year - - - - -
Outstanding, end of year - - - - -
Total
Outstanding, beginning of year / period 64,021,010.211 640,209 136,573,104.855 1,365,729 59,747,016.071
Issued
62
MUTUAL FUND
Peerless Income Plus Fund Peerless 3 in 1 Fund**


Units Units Units
Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up
164,573 16,457,377.634 164,573 9,965,347.000 99,654 9,965,347.000 99,654
1,325 629.814 6 619.375 6 - -
173 118,137.614 1,182 5,068,637.174 50,686 123.566 1
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
37 1,534.685 15 292.839 3 292.839 3
24 2,663.312 27 66.250 1 493.729 5

- 458.391 5 - - 493.729 5
61 3,739.606 37 359.089 4 292.839 3
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
597,471 65,384,699.698 653,847 8,931,918.094 89,318 10,394,339.268 103,942
- - - - - - -
222,669 37,115,016.846 371,151 24,488,877.392 244,889 1,104,690.774 11,047
340,196 42,752,700.473 427,527 15,393,989.723 153,939 2,567,111.948 25,671
479,944 59,747,016.071 597,471 18,026,805.763 180,268 8,931,918.094 89,318
63
PEERLESS
Peerless Equity Fund

3 Unit Capital
Amount Amount
Units Units Units
(Rs. in 000’s) (Rs. in 000’s)

23,537,787.622 235,378 23,537,787.622 235,378 46,757,494.346
Growth Option
Issued
Dividend Option
Outstanding, beginning of year / period 5,910,125.048 59,103 1,916,934.423 19,171 -
Issued
-during the year / period 87,480,097.261 874,801 5,439,303.433 54,393 -
Redeemed during the year / period 82,195,698.381 821,957 1,446,112.808 14,461 -
Outstanding, end of year / period 11,194,523.928 111,947 5,910,125.048 59,103 -
Outstanding, beginning of year
Issued - - - - 825,591.819
-during the year
Redeemed during the year - - - - 363.179
Outstanding, end of year - - - - 763,263.908
Outstanding, end of year - - - - 62,691.090
Quarterly Dividend Option
Outstanding, beginning of year - - - - 25,600.362
Issued
-during the year 71,228,570.989 712,286 - - -
Redeemed during the year 68,514,107.003 685,141 - - 25,600.362
Outstanding, end of year 2,714,463.986 27,145 - - -
Retail Plan - Bonus
Issued
Outstanding, end of year / period
Issued
Outstanding, beginning of year / period 52,521.257 526 32,562.498 326
Issued
-new fund offer - - - -
64
MUTUAL FUND
Peerless Flexible Income Fund** Peerless Midcap Fund** Peerless Long Term Advantage Fund

Units Units Units
Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up
467,576 46,757,494.346 467,576 40,369,323.118 403,694 10,477,340.000 104,773
33,599 24,475,488.346 244,754 - - - -
- - - 14,991,241.249 149,912 7,390,480.000 73,905

11,326 3,380,114.945 33,801 5,663,305.089 56,633 3,431,288.627 34,313
22,497 24,495,556.344 244,956 623,963.559 6,240 - -
22,428 3,360,046.947 33,599 20,030,582.779 200,305 10,821,768.627 108,218
- - - - - - -
- - - 2,337,223.048 23,372 993,160.000 9,932

- - - 624,245.575 6,243 251,548.930 2,515
- - - 27,174.107 272 - -
- - - 2,934,294.516 29,343 1,244,708.930 12,447
8,256 76,295.764 763 - - - -
4 852,721.297 8,527 - - - -
7,633 103,425.242 1,034 - - - -
627 825,591.819 8,256 - - - -
255 50,000.000 500 - - - -
- - - - - - -
- 25,699.802 256 - - - -
255 50,099.440 501 - - - -
- 25,600.362 255 - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
222,626 62,023.975 620 - - - -
- - - 22,827,508.821 228,275 2,082,300.000 20,823

292,516 30,791,445.911 307,914 1,872,396.251 18,724 99,749.570 997
448,943 8,590,835.300 85,908 12,222,478.877 122,225 - -
66,199 22,262,634.586 222,626 12,477,426.195 124,774 2,182,049.570 21,820
- - - - - - - -
- - - - 213,350.000 2,134 11,400.000 114

Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up Units of Rs 10 each fully paid up
65
PEERLESS
Peerless Equity Fund
3 Unit Capital
Amount Amount
Units Units Units
(Rs. in 000’s) (Rs. in 000’s)
23,537,787.622 235,378 23,537,787.622 235,378 46,757,494.346
-during the year / period 6,136,331.495 61,363 46,666.755 467 -
Redeemed during the year / period 3,272,163.119 32,722 26,707.996 267 -
Outstanding, end of year / period 2,916,689.633 29,167 52,521.257 526 -
Direct Plan - Monthly Dividend option
Outstanding, beginning of year - - - - 51.149
Issued
-during the year / period - - - - 18,643,374.807
Redeemed during the year - - - - 18,643,374.807
Outstanding, end of year - - - - 51.149
Direct Plan - Bonus
Issued
Direct Plan - Quarterly Dividend option
Outstanding, beginning of year - - - - 9,026,462.028
Issued
-during the year 22,137.319 221 - - 25,462,145.628
Redeemed during the year - - - - 26,150,846.276
Outstanding, end of year 22,137.319 221 - - 8,337,761.380
Direct Plan - Half Yearly Dividend option
Issued
-new fund offer 194,315.843 1,943 - - -
-during the year 421.799 4 - - -
Redeemed during the year 193,894.044 1,939 - - -
Outstanding, end of year -
Direct Plan - Yearly Dividend option
Issued
-during the year 775.309 8 - - -
Redeemed during the year 160.653 2 - - -
Outstanding, end of year 614.656 6 - - -
Total
Issued
-new fund offer - -- - -
-during the year / period 213,596,834.739 2,135,969 44,928,162.272 449,280 74,490,099.363
Redeemed during the year / period 182,837,235.618 1,828,372 33,586,339.698 335,864 92,727,093.079
**Note: Details of large holdings (over 25% of the NAV of the Scheme):
Name of the Scheme March 31, 2016 March 31, 2015

No. of Investors % Holding No. of Investors % Holding
Peerless 3 in 1 Fund 1 28.43 - -
Peerless Ultra Short Term Fund - - 1 26.17
Peerless Flexible Income Fund 2 85.10 2 56.48
Peerless Short Term Fund 1 27.46 - -
Peerless Midcap Fund 1 27.89 - -
66
MUTUAL FUND
Peerless Flexible Income Fund** Peerless Midcap Fund** Peerless Long Term Advantage Fund

Units Units Units
467,576 46,757,494.346 467,576 40,369,323.118 403,694 10,477,340.000 104,773
- - - 909,040.176 9,090 25,459.774 255
- - - 404,915.302 4,049 - -
- - - 717,474.874 7,175 36,859.774 369
1 51.149 1 - - - -
186,434 - - - - - -
186,434 - - - - - -
1 51.149 1 - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
90,265 50.749 1 - - - -
254,621 9,026,682.920 90,267 - - - -

261,508 271.641 3 - - - -
83,378 9,026,462.028 90,265 - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
355,002 24,663,909.983 246,639 - - - -
- - - 40,369,323.118 403,694 10,477,340.000 104,773

744,901 44,076,664.875 440,765 9,068,987.091 90,690 3,808,046.901 38,080
927,270 33,240,187.967 332,402 13,278,531.845 132,785 - -
172,633 35,500,386.891 355,002 36,159,778.364 361,599 14,285,386.901 142,853
67
SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2016
Rupees in ’000
Peerless
Peerless
Peerless Liquid Peerless Ultra Peerless Short Peerless Income Peerless 3 in 1 Peerless Equity Peerless Flexible Long Term
Midcap
Fund Short Term Fund Term Fund Plus Fund Fund Fund Income Fund Advantage
Fund
4 RESERVES AND SURPLUS Fund
March
March March March March March March March March March March March March March March March
31,
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016 31, 2016
2015
Unit premium reserve
Balance, beginning of year / period 217 (612) (98,172) (12,909) (222,817) (630) 2,607 (347) 148 33,928 7,586 3,305 (327) - -
(210,294)
Net premium / discount on issue /
(66,744) (3,382,482) (101,492) (1,173,410) (71,757) (306,088) (16,880) (21,390) 43,423 (4,903) 569,540 58,941 (44,058) 28,729 968 (1,365)
redemption of units
Transferred to equalisation account 67,114 3,383,311 (24,676) 1,088,147 (88,377) 318,611 14,388 18,153 (36,051) 4,408 (524,204) (32,599) (89,791,550) (25,097) (902) 1,388
Balance, end of year / period 587 217 (224,340) (98,172) (210,294) (3,122) (630) 7,025 (347) 79,264 33,928 (89,832,303) 3,305 66 23
(370,428)
Unrealised appreciation reserve
Balance, beginning of year / period 55 13,190 1,458 6,311 5,066 985 27,344 14,401 5,085 2,947 54,218 25,307 52 1,438 - -
Unrealised appreciation in value of
799 (13,135) (248) (4,853) (3,536) 4,081 (8,740) 12,943 (449) 2,138 (54,218) 28,911 2,131 (1,386) - -
investments
Balance, end of year / period 854 55 1,210 1,458 1,530 5,066 18,604 27,344 4,636 5,085 - 54,218 2,183 52 - -
Retained surplus
Balance, beginning of year / period 418,804 2,542,491 373,027 1,277,343 443,986 679,165 206,149 142,418 32,633 24,638 132,542 29,922 60,153 23,435 - -
Transfer to revenue account (867) (1,122) (3,523) (5,520) (19,622) (26,234) (7,220) (7,302) - - (18,848) (3,096) - - - -
Surplus transferred from revenue
245,845 (2,122,565) 84,629 (898,796) 162,716 (208,945) 27,498 71,033 46,224 7,995 141,108 105,716 89,813,402 36,718 (5,202) (4,236)
account
Balance, end of year / period 663,782 418,804 454,133 373,027 587,080 443,986 226,427 206,149 78,857 32,633 254,802 132,542 89,873,555 60,153 (5,202) (4,236)
Total reserves and surplus 665,223 419,076 231,003 276,313 218,182 238,758 241,910 232,863 90,518 37,371 334,066 220,688 43,434 63,510 (5,136) (4,213)
The share of the options in the reserves and surplus is as follows:
Growth option - - - - 168,968 189,975 233,754 207,478 43,639 36,177 226,183 141,915 5,546 5,830 (3,312) (3,259)
Dividend option - - - - - - - - - - 27,330 32,485 - - (484) (375)
Monthly Dividend option - - - - 864 905 861 2,758 211 17 - - 90 624 - -
Quarterly Dividend option - - - - 1,791 3,354 3,012 18,482 1,355 222 8,080 - - 20 - -
Half Yearly Dividend option - - - - - - - - - - 944 - - - - -
Yearly Dividend option - - - - - - - - - - 3 - - - - -
Retail Plan - Growth option - - - 15 - - - - - - - - - - - -
Retail Plan - Bonus option - - - - 1,546 4,281 - - - - - - - - - -
Direct Plan - Growth option 379,734 343,311 71,367 68,425 26,173 21,582 4,255 3,973 19,026 953 62,827 45,978 19,187 44,407 (1,250) (572)
Direct Plan - Dividend option - - - - - - - - - - 8,639 310 - - (90) (7)
Direct Plan - Daily Dividend option 345 391 1,337 2,659 - - - - - - - - - - - -
Direct Plan - Weekly Dividend option - - - 3 - - - - - - - - - - - -
Direct Plan - Monthly Dividend option - - 2,436 49 18,840 18,647 19 165 2 1 - - 18,611 12,629 - -
Direct Plan - Quarterly Dividend
- - - - - 12 9 7 26,285 1 60 - - - - -
option
Direct Plan - Bonus option - - - - - 2 - - - - - - - - - -
Super Institutional Plan - Growth
285,069 74,878 155,618 203,244 - - - - - - - - - - - -
option
Super Institutional Plan - Daily
71 493 128 1,800 - - - - - - - - - - - -
Dividend option
Super Institutional Plan - Weekly
1 2 110 79 - - - - - - - - - - - -
Dividend option
Super Institutional Plan - Monthly
2 1 7 39 - - - - - - - - - - - -
Dividend option
665,223 419,076 231,003 276,313 218,182 238,758 241,910 232,863 90,518 37,371 334,066 220,688 43,434 63,510 (5,136) (4,213)
68
Rupees in ’000
Peerless
Peerless
Midcap
Fund
5 CURRENT LIABILITIES Fund
March
31,
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016 31, 2016
2015
Amount due to AMC
Management fees - 828 - 117 - 202 - 1,190 - 291 - 3,806 - 77 - 715 262
Others - 1,079 - 685 - - 3,348 48 554 - 8 - 381 - - - 28
Trusteeship fee payable 33 - 7 - 6 - 6 - 2 - 14 - 2 - 3 1
Sundry creditors for units redeemed
by investors
Lateral shift payable - #0 - 178,397 296 3 - 49 8 76,986 - 21,010 18 #0 - 53,516 -
Others - 25 - 118 121 #0 192 1,275 1,818 221 361 753,543 6,329 #0 - 107 -
Contract for purchase of investments 148,513 - 21,835 - #0 - 6,869 4,059 4,492 2,293 127,118 22,242 - - 5,794 10,941
Dividend payable on units #0 1 #0 - #0 - #0 - - - #0 - #0 - - -
Dividend tax payable 142 150 260 527 161 - 294 - - - - - - - - -
Interscheme payable 91 - - - 305 299 - - - - - - - - 376 -
Unit application pending allotment 1,401 1,275 423 - 500 - 500 35 - - - 2 - - - 500
Unclaimed redemptions payable #0 - 39 - 11 11 472 451 59 70 107 26 - - - -
Audit fee payable #0 245 - 217 #0 189 - 190 - 189 - 217 - 189 - -
Commission to distributors payable #0 1,701 - 653 #0 185 - 265 - 34 - 129 - 2 - -
Registar fee payable #0 - - - #0 - - - - - - - - - - -
Custody fee payable #0 - - - #0 - - - - - - - - - - -
Investor education expense provision 74 6,412 15 1,230 12 412 12 239 5 41 31 104 5 63 7 2
Other current liabilities 200 244 40 51 52 73 359 411 49 80 536 165 30 6 165 65
152,386 10,028 201,935 3,095 1,252 4,709 11,084 8,030 82,106 3,076 906,165 29,613 114 260 60,683 11,799
Rupees in ’000
Peerless
Peerless
Midcap
Fund
6 LOANS Fund
March
31,
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016 31, 2016
2015
Loans from scheduled bank - 799,448 - - - - - - - - - - - - - -
- 799,448 - - - - - - - - - - - - - -
69
Rupees in ’000
Peerless
Peerless
Peerless Ultra Short Peerless Short Term Peerless Income Peerless 3 in 1 Peerless Equity
Peerless Flexible Long Term
Peerless Liquid Fund Midcap
Term Fund Fund Plus Fund Fund Fund
Income Fund Advantage
7. INVESTMENTS Fund
Fund
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Listed equity shares - - - - - - 143,603 165,063 54,974 30,563 917,501 520,229 - - 346,903 132,348
Mutual fund units - - 41 - 11 11 82,377 76,613 53,213 19,861 116 55,043 - - - -
Listed debentures
- - 301,099 260,153 435,080 514,417 347,688 445,500 72,817 62,300 - - - - - -
and bonds
Certificates of
835,343 1,439,740 388,279 772,106 171,788 349,846 55,942 39,793 29,890 - - - - 99,788 - -
deposit
Commercial paper 790,489 741,964 296,256 486,784 98,520 - - - - - - - - - - -
Treasury Bills - 496,335 21,822 - - - - - - - - - - - - -

Government securi-
- - - - - - 23,160 77,963 45,910 - - - 184,603 291,121 - -
ties
1,625,832 2,678,039 1,007,497 1,519,043 705,399 864,274 652,770 804,932 256,804 112,724 917,617 575,272 184,603 390,909 346,903 132,348
Investments in mutual fund includes Investments of unclaimed dividend / redemption amounts belonging to investors.
(i) All the investments are held in the name of the Scheme, as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.
(ii) Aggregate appreciation and depreciation in the value of investments are as follows: Rupees in ’000
Peerless
Peerless
Peerless Ultra Short Peerless Short Peerless Income Peerless 3 in 1 Peerless Equity Peerless Flexible Long Term
Term Fund Term Fund Plus Fund Fund Fund Income Fund Advantage
Fund
Fund
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Listed equity shares
- appreciation - - - - - - 13,703 21,450 2,624 4,197 13,771 63,408 - - 9,864 2,181
- depreciation - - - - - - 4,357 3,403 1,700 622 51,639 9,208 - - 15,096 3,307
Unlisted equity shares
- appreciation - - - - - - - - - - - - - - - -
- depreciation - - - - - - - - - - - - - - - -
Listed debentures and bonds
- appreciation - - 838 70 1,756 5,000 2,571 8,497 820 1,511 - - - - - -
- depreciation - - 325 478 463 21 398 356 50 - - - - - - -
Privately placed debentures and bonds
- appreciation - - - - - - - - - - - - - - - -
70
- depreciation - - - - - - - - - - - - - - - -
Rupees in ’000
Peerless
Peerless
Fund
Fund
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Certificates of deposit
- appreciation 853 48 581 876 184 88 - - 2 - - - - - - -
- depreciation 35 4 3 1 1 1 #3 #0 1 - - - #0 #0 - -
Commercial paper
- appreciation 104 10 120 583 54 - - - - - - - - - - -
- depreciation 68 - 1 - - - - - - - - - - - - -
Treasury Bills
- appreciation - - - - - - - - - - - - - - - -
- depreciation - 9 13 - - - - - - - - - - - - -
Government securities
- appreciation - - - - - - 191 49 559 - - - 2,183 411 - -
- depreciation - - - - - - - 81 - - - - - 359 - -
Mutual fund units
- appreciation - - - - - - 6,894 1,156 - - - 17 - - - -
- depreciation - - - - - - - - - 1,923 - - - - - -
Exchange Traded Funds
- appreciation - - - - - - - - 2,382 - - - - - - -
- depreciation - - - - - - - - - - - - - - - -
71

(iii) The aggregate value of investments acquired and sold/redeemed during the year and these amounts as a percentage of average daily net assets are as follows: Rupees in ’000
Peerless
Peerless
Peerless Ultra Short Peerless Short Term Peerless Income Peerless 3 in 1 Peerless Equity Peerless Flexible Long Term
Term Fund Fund Plus Fund Fund Fund Income Fund Advantage
Fund
Fund
April April April April April April April April April April April April April April Dec Dec
01 2015 01, 2014 01 2015 01, 2014 01 2015 01, 2014 01 2015 01, 2014 01 2015 01, 2014 01 2015 01, 2014 01 2015 01, 2014 07, 2015 30, 2015
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Purchases (excluding collateralised lending and fixed deposits)
amount 79,277,817 247,877,795 10,781,099 23,655,404 3,430,959 5,410,398 937,359 2,776,042 527,029 293,691 818,004 2,576,871 939,708 611,931 151,015
2,616,462
as a percent-
age of aver-
1840.08% 1518.88% 922.76% 774.10% 365.94% 432.64% 124.03% 326.04% 241.21% 228.63% 185.63% 203.32% 660.23% 759.30% 148.34% 126.04%
age daily net
assets
Sales / Redemptions (excluding collateralised lending and fixed deposits)
amount 80,663,184 256,560,937 11,364,486 27,439,736 3,638,068 6,364,906 1,101,767 2,841,865 384,618 320,630 2,134,953 622,951 2,780,432 756,392 258,016 15,846
as a percent-
age of aver-
1872.23% 1572.09% 972.69% 897.94% 388.03% 508.96% 145.79% 333.78% 176.03% 249.61% 151.47% 154.84% 712.38% 611.18% 62.55% 13.23%
age daily net
assets
(iv) The aggregate purchases made by all schemes of the Fund during the current year and previous year and the fair value of such investments as at March 31, 2016 in
companies which have invested in any scheme of the Fund in the current year in excess of five per cent of that scheme’s net assets are provided in Annexure I. Rupees in ’000
v) Peerless
Aggregate Peerless Peerless
Peerless Liquid Peerless Ultra Peerless Short Peerless 3 in Peerless Peerless Flexible Long Term
fair value of Income Plus Midcap
Fund Short Term Fund Term Fund 1 Fund Equity Fund Income Fund Advantage
non traded Fund Fund
Fund
investments
valued in March March March March March March March March March March March March March March March March
good faith 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
1,581,878 2,678,039 935,686 1,519,043 680,414 864,263 347,688 485,293 77,733 62,300 - - - 99,788 - -
(vi) Outstanding investments in the Sponsor company and its group companies as at the balance sheet date is Nil (Previous year Nil).
(vii) The Schemes have not entered into any derivative transactions during the current and previous year.
72
Rupees in ’000
Peerless
Peerless Ultra Peerless Peerless Flex- Peerless Long
Peerless Liquid Peerless Short Peerless 3 in 1 Peerless
Short Term Income Plus ible Income Midcap Term Ad-
Fund Term Fund Fund Equity Fund
8) Deposits Fund Fund Fund Fund vantage
Fund
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
Deposit with
10,000 - - - - - 10,000 5,000 - - - - 20,000 20,000 - -
scheduled bank
10,000 - - - - - 10,000 5,000 - - - - 20,000 20,000 - -
Rupees in ’000
Peerless
Peer-
Peerless Peerless Peerless Flex- Long
Peerless Liquid Peerless Ultra Peerless 3 in 1 Peerless Equity less
Short Term Income Plus ible Income Term Ad-
Fund Short Term Fund Fund Fund Midcap
Fund Fund Fund vantage
9) Other Current Fund
Fund
Assets
March
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
31,
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
Balances with
banks in current 3,356 17,836 975 5,513 1,295 1,208 2,207 1,330 646 1,069 2,288 1,084 487 5 1,549 1,636
accounts
Sundry debtors for units issued to investors
- Lateral shift
#0 - 178,230 15 118 193 #0 110 76,967 - 77 5 #0 - 397 -
receivable
- Others 4 - 229 1,277 1,061 57 539 1,090 27 12 1,169 760 2 2 677 1,573
Contracts for sale
495,909 - - - - - 1,408 3,652 421 918 487,279 11,620 - - 8,760 -
of investments
Margin deposit
with Clearing
9,085 100 1,200 2,800 1,600 2,000 800 - 700 300 2,615 300 600 500 1,300 600
Corporation of
India Limited
Interscheme
- 42 139 141 - - 9 9 5 5 94 114 134 134 - 391
receivable
Outstanding and
169 - 5,835 42 11,512 12,148 12,139 12,054 2,977 1,853 135 - 3,403 5,082 - -
accrued income
Amount due from
Asset Management - 1,368 - 41 3,561 - - - 254 - 799 - 56 42 97 -
Company
Collateralised
200 799 999 6,792 3,498 3,796 53,066 10,187 14,091 12,884 477,506 2,897 6,896 2,098 57,463 13,891
lending
Other current
- - - 29 - - - - - - - - - - - -
assets
508,723 20,145 187,607 16,650 22,645 19,402 70,168 28,432 96,088 17,041 971,962 16,780 11,578 7,863 70,243 18,091
73
SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2016 Rupees in ’000
Peerless
Peerless
Midcap
Fund
10) INTEREST Fund
April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, April 01, Dec 07, Dec 30,
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2015
March March March March March March March March March March March March March March March March 31,
31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 2016
Money market
316,789 69,028 230,811 22,497 29,005 822 12,834 635 1,048 - 14 284 1,108 - -
instruments 1,345,535
Debentures and
- 7,700 24,496 44,131 53,975 92,831 42,928 52,897 7,201 5,883 - - - 659 - -
bonds
Deposits 409 29,273 - 5,523 - - 648 4 - - - - 1,424 517 - -
Collateralised
15,208 53,506 2,497 7,050 3,281 3,148 1,617 3,096 877 929 2,725 1,424 2,287 1,449 1,450 282
lending
Government
securities (including 12,488 24,154 - 33 - 22 4,391 198 2,950 - - - 25,970 6,323 - -
treasury bills)
Others - - - - - - - - - - - - - - - -
Less: Interest on
(3,065) (1,679) - - - - - - - - - - - - - -
borrowing
341,828 1,458,489 96,022 287,548 79,753 125,006 50,406 69,029 11,663 7,860 2,725 1,438 29,965 10,056 1,450 282
11) MANAGEMENT AND TRUSTEESHIP FEE
The Schemes pay fees for investment management services under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme’s average daily
net assets, after excluding the net asset value of the investments by the AMC in the scheme, fixed deposits and net asset value of investment made in other schemes, if any. During the
year ended March 31, 2016, the Schemes have paid management fee at an annualised average rate as follows:
Peerless
Peerless
Midcap
Fund
Fund
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2015
31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 2016
Management fee
(inclusive of service
0.08% 0.14% 0.34% 0.36% 0.26% 1.15% 1.73% 1.56% 1.35% 1.65% 2.16% 1.68% 0.45% 0.66% 1.68% 2.28%
tax) at annualised
average rate
The Schemes pay fees for Trusteeship services under an agreement with the Trustee, at the rate of 0.01 per cent of the Scheme’s average daily net assets.

74
12) INCOME AND EXPENDITURE
The total income and expenditure and these amounts as a percentage of the scheme’s average daily net assets on an annualised basis are provided below:
Rupees in ’000
Peerless
Peerless
Midcap
Fund
Fund
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2015
31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 31,2015 31,2016 2016
Income (excluding net change in marked to market value of investments)
- amount 345,393 1,471,393 97,124 291,692 81,444 130,239 62,830 114,660 12,339 16,491 26,013 84,866 30,066 12,900 3,597 828
- as a
percentage of
8.02% 9.02% 8.31% 9.55% 8.69% 10.41% 8.31% 13.47% 5.65% 12.84% 1.85% 21.09% 7.70% 10.42% 0.87% 0.69%
average daily net
assets
Expenditure ( excluding realised loss on sale of investments, realised loss on inter-scheme transfer/sale of investments)
- amount 4,988 32,960 6,905 17,322 6,919 21,044 20,471 24,149 3,979 3,129 39,251 11,473 2,161 1,280 2,690 855
- as a
percentage of
0.12% 0.20% 0.59% 0.57% 0.74% 1.68% 2.71% 2.84% 1.82% 2.44% 2.78% 2.85% 0.55% 1.03% 0.65% 0.71%
average daily net
assets
75
13. INVESTMENT PORTFOLIO
(a) Peerless Liquid Fund
SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION
Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31,
2016 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets.
Amount Percentage to Net Percentage to

Industry and Company Particulars Quantity
(Rs.in ‘000) Assets Investment category
Certificates Of Deposit
Banks 8,440 835,343 41.93 100.00
Corporation Bank* 2,500 248,438 12.47 29.74
Oriental Bank of Commerce* 2,500 246,986 12.40 29.57
IDBI Bank Ltd* 2,500 246,461 12.37 29.50
Punjab and Sind Bank* 500 49,504 2.48 5.93
Bank of Maharashtra 440 43,954 2.21 5.26
Total 8,440 835,343 41.93 100.00
Commercial Paper
Finance 1,200 592,695 29.75 74.98
Rural Electrification Corporation Ltd* 500 247,634 12.43 31.33
Religare Comtrade Ltd* 500 246,150 12.36 31.14
National Bank for Agricultural & Rural Development* 100 49,492 2.48 6.26
Housing Development Finance Corporation Ltd* 100 49,419 2.48 6.25
Industrial Products 400 197,794 9.93 25.02
NRB Bearings Ltd 400 197,794 9.93 25.02
Total 1,600 790,489 39.68 100.00
Deposits
Fixed Deposit 10,000,000 10,000 0.50 100.00
HDFC Bank Ltd 10,000,000 10,000 0.50 100.00
Total 10,000,000 10,000 0.50 100.00
Other Current Assets 508,723 25.54
Total Assets 2,144,555 107.65
Less: Current Liabilities 152,386 7.65
Net Assets 1,992,169 100.00
* Non traded / thinly traded investments
76
(b) Peerless Ultra Short Term Fund

Debentures And Bonds
Finance 300 301,099 30.32 100.00
LIC Housing Finance Ltd* 50 50,116 5.05 16.64
Shriram Transport Finance Company Ltd* 50 50,042 5.04 16.62
Power Finance Corporation Ltd* 50 49,857 5.02 16.56
Total 300 301,099 30.32 100.00
Banks 3,950 388,279 39.09 100.00
Axis Bank Ltd* 950 93,400 9.40 24.05
IDBI Bank Ltd* 500 49,416 4.98 12.73
Allahabad Bank* 500 49,350 4.97 12.71
ICICI Bank Ltd* 500 49,271 4.96 12.69
Canara Bank* 500 48,498 4.88 12.49
State Bank of Hyderabad* 500 48,396 4.87 12.47
Total 3,950 388,279 39.09 100.00
Commercial Paper
Finance 300 148,476 14.95 50.12
Export Import Bank of India* 200 98,889 9.96 33.38
Aditya Birla Finance Ltd* 100 49,587 4.99 16.74
Transportation 300 147,780 14.88 49.88
Adani Ports and Special Economic Zone Ltd* 300 147,780 14.88 49.88
Total 600 296,256 29.83 100.00
Treasury Bills 220,000 21,822 2.20 100.00
91 Days T Bill - 12 May 2016 220,000 21,822 2.20 100.00
Total 220,000 21,822 2.20 100.00
Total Assets 1,195,063 120.32
Net Assets 993,169 100.00
77
(c) Peerless Short Term Fund

Finance 302 305,332 42.01 70.18
SIDBI* 100 100,719 13.86 23.15
Fullerton India Credit Company Ltd* 50 49,967 6.87 11.48
Consumer Non Durables 100 129,748 17.85 29.82
Jyothy Laboratories Limited* 100 129,748 17.85 29.82
Total 402 435,080 59.86 100.00
Banks 1,750 171,788 23.64 100.00
Axis Bank Ltd* 1,000 98,316 13.53 57.23
Canara Bank* 500 48,498 6.67 28.23
Total 1,750 171,788 23.64 100.00
Commercial Paper
Transportation 200 98,520 13.56 100.00
Adani Ports and Special Economic Zone Ltd* 200 98,520 13.56 100.00
Total 200 98,520 13.56 100.00
Total Assets 728,033 100.18
Net Assets 726,792 100.00
78
(d) Peerless Income Plus Fund

Equity Shares
Listed Equity Shares
Auto 3,150 10,095 1.40 7.03
Bajaj Auto Ltd. 3,000 7,218 1.00 5.03
Eicher Motors Ltd. 150 2,877 0.40 2.00
Auto Ancillaries 45,000 8,739 1.22 6.09
Motherson Sumi Systems Ltd. 21,000 5,595 0.78 3.90
Suprajit Engineering Ltd. 24,000 3,144 0.44 2.19
Banks 74,550 34,865 4.83 24.28
HDFC Bank Ltd. 9,000 9,640 1.34 6.71
Kotak Mahindra Bank Ltd. 12,000 8,168 1.13 5.69
ICICI Bank Ltd. 30,000 7,099 0.98 4.94
IndusInd Bank Ltd. 7,050 6,822 0.95 4.75
Canara Bank 16,500 3,136 0.43 2.19
Cement 968 6,068 0.84 4.23
Shree Cements Ltd. 300 3,726 0.52 2.60
Ultratech Cement Ltd. 368 1,188 0.16 0.83
Grasim Industries Ltd. 300 1,154 0.16 0.80
Chemicals 6,600 3,889 0.54 2.71
Pidilite Industries Ltd. 6,600 3,889 0.54 2.71
Consumer Durables 32,439 12,006 1.67 8.36
Havells India Ltd. 14,975 4,812 0.67 3.35
Bata India Ltd 7,500 3,815 0.53 2.66
Titan Company Ltd. 9,964 3,379 0.47 2.35
Consumer Non Durables 19,735 12,076 1.68 8.41
Jyothy Laboratories Ltd. 15,000 4,371 0.61 3.04
Nestle India Ltd 735 4,232 0.59 2.95
Asian Paints Ltd. 4,000 3,473 0.48 2.42
Engineering Services 4,500 2,333 0.32 1.62
VA Tech Wabag Ltd. 4,500 2,333 0.32 1.62
Finance 23,350 15,469 2.14 10.77
Housing Development Finance Corporation Ltd. 4,650 5,141 0.71 3.58
Sundaram Finance Ltd. 3,600 4,682 0.65 3.26
Repco Home Finance Ltd. 7,500 4,344 0.60 3.02
Power Finance Corporation Ltd. 7,600 1,302 0.18 0.91
Gas 9,300 5,297 0.73 3.69
Indraprastha Gas Ltd. 9,300 5,297 0.73 3.69
Industrial Capital Goods 4,200 5,142 0.71 3.58
Bharat Electronics Ltd. 4,200 5,142 0.71 3.58
Industrial Products 12,732 11,210 1.56 7.81
AIA Engineering Ltd. 4,500 4,229 0.59 2.95
Cummins India Ltd. 4,800 4,041 0.56 2.81
79
Swaraj Engines Ltd. 3,432 2,940 0.41 2.05
Petroleum Products 4,350 3,934 0.54 2.74
Bharat Petroleum Corporation Ltd. 4,350 3,934 0.54 2.74
Pharmaceuticals 4,890 4,010 0.56 2.79
Sun Pharmaceuticals Industries Ltd. 4,890 4,010 0.56 2.79
Softwares 2,400 8,471 1.17 5.90
Oracle Financial Services Software Ltd. 2,400 8,471 1.17 5.90
Total 248,164 143,603 19.91 100.00
Mutual Fund Units 6,349,153 81,894 11.34 100.00
Peerless Mutual Fund 6,349,153 81,894 11.34 100.00
Total 6,349,153 81,894 11.34 100.00
(a) Listed debentures and bonds
Finance 295 347,688 48.17 100.00
Religare Enterprises Ltd* 85 132,828 18.40 38.20
Dewan Housing Finance Corp Ltd* 50 50,131 6.94 14.42
Total 295 347,688 48.17 100.00
Banks 560 55,942 7.75 100.00
Total 560 55,942 7.75 100.00
Government Securities of India 225,000 23,160 3.21 100.00
8.27% Government Securities 2020 225,000 23,160 3.21 100.00
Total 225,000 23,160 3.21 100.00
Deposits
Fixed Deposit 10,000,000 10,000 1.39 100.00
HDFC Bank Ltd 10,000,000 10,000 1.39 100.00
Total 10,000,000 10,000 1.39 100.00
Net Assets 721,853 100.00
80
(e) Peerless 3 in 1 Fund

Equity Shares
Auto 1,251 3,865 1.43 7.03
Bajaj Auto Ltd. 1,200 2,887 1.07 5.25
Eicher Motors Ltd. 51 978 0.36 1.78
Banks 29,700 13,629 5.03 24.79
HDFC Bank Ltd. 3,600 3,856 1.42 7.02
ICICI Bank Ltd. 9,000 2,130 0.79 3.87
Canara Bank 9,900 1,881 0.69 3.42
Cement 215 1,650 0.62 3.00
Shree Cements Ltd. 100 1,242 0.46 2.26
Grasim Industries Ltd. 60 231 0.09 0.42
Ultratech Cement Ltd. 55 177 0.07 0.32
Chemicals 2,200 1,296 0.48 2.36
Bata India Ltd 3,000 1,526 0.56 2.78
Nestle India Ltd 330 1,900 0.70 3.46
Asian Paints Ltd. 1,400 1,216 0.45 2.21
Engineering Services 1,400 726 0.27 1.32
VA Tech Wabag Ltd. 1,400 726 0.27 1.32
Finance 9,150 6,616 2.44 12.04
Power Finance Corporation Ltd. 2,400 411 0.15 0.75
Gas 3,600 2,051 0.76 3.73
81
Software 780 2,753 1.02 5.01
Oracle Financial Services Software Ltd. 780 2,753 1.02 5.01
TOTAL 96,326 54,974 20.33 100.00
Mutual Fund 20,733 53,154 19.63 100.00
Goldman Sachs Mutual Fund (Old:Benchmark
20,733 53,154 19.63 100.00
MF Gold)
20,733 53,154 19.63 100.00
Finance 63 72,817 26.89 100.00
Religare Enterprises Ltd* 15 23,440 8.66 32.19
LIC Housing Finance Ltd* 10 10,218 3.77 14.03
Total 63 72,817 26.89 100.00
Banks 300 29,890 11.04 100.00
Axis Bank Ltd* 50 4,916 1.82 16.45
Total 300 29,890 11.04 100.00
Government Securities of India 450,000 45,910 16.95 100.00
Total 450,000 45,910 16.95 100.00
Net Assets 270,786 100.00
82
(f) Peerless Equity Fund

Equity Shares

Auto 16,500 64,860 6.60 7.07
Bajaj Auto Ltd. 15,000 36,089 3.67 3.93
Eicher Motors Ltd. 1,500 28,771 2.93 3.14


Banks 510,000 230,896 23.48 25.17
HDFC Bank Ltd. 69,000 73,909 7.52 8.06
ICICI Bank Ltd. 180,000 42,597 4.33 4.64
Canara Bank 150,000 28,507 2.90 3.11

Cement 13,165 66,388 6.75 7.24
Grasim Industries Ltd. 7,440 28,601 2.91 3.12
Shree Cements Ltd. 2,100 26,083 2.65 2.84
Ultratech Cement Ltd. 3,625 11,704 1.19 1.28

Chemicals 30,000 17,679 1.80 1.93

Bata India Ltd 45,000 22,887 2.33 2.52

Nestle India Ltd 4,800 27,635 2.81 3.01
Asian Paints Ltd. 24,000 20,842 2.12 2.27

Engineering Services 39,000 20,216 2.06 2.20
VA Tech Wabag Ltd. 39,000 20,216 2.06 2.20
83
Finance 148,572 91,087 9.26 9.92
Power Finance Corporation Ltd. 45,000 7,711 0.78 0.84

Gas 52,500 29,904 3.04 3.26





Software 15,000 52,941 5.38 5.77

Total 1,562,022 917,501 93.31 100.00
Total Assets 1,889,463 192.14
Net Assets 983,414 100.00
84
(g) Peerless Flexible Income Fund
Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March
31, 2016 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets.

Industry And Company Particulars Quantity
Government Securites 1,825,000 184,603 85.44 100.00

Total 1,825,000 184,603 85.44 100.00
Deposits
Fixed Deposit 20,000,000 20,000 9.26 100.00
HDFC Bank Ltd 20,000,000 20,000 9.26 100.00

Total 20,000,000 20,000 9.26 100.00
Less: Current Liabilities 114 0.06
Net Assets 216,067 100.00
85
(h) Peerless Midcap Fund

Equity Shares

Amara Raja Batteries Ltd. 15,000 13,164 3.69 3.79

Banks 93,000 39,073 10.97 11.27
Karur Vysya Bank Ltd. 30,000 13,104 3.68 3.78
Canara Bank 45,000 8,552 2.40 2.47

Cement 25,500 15,363 4.31 4.43
The Ramco Cements Ltd. 24,000 9,597 2.69 2.77
Grasim Industries Ltd. 1,500 5,766 1.62 1.66

Commercial Services 6,000 9,067 2.54 2.61
Nesco Ltd. 6,000 9,067 2.54 2.61


Colgate Palmolive (India) Ltd. 18,000 14,956 4.20 4.31
Berger Paints (I) Ltd. 60,000 14,688 4.12 4.23
Britannia Industries Ltd. 4,800 12,895 3.62 3.72

Finance 32,800 24,407 6.85 7.04
Gas 18,000 10,253 2.88 2.96
V-Guard Industries Ltd. 17,389 15,310 4.30 4.41
Triveni Turbine Ltd. 120,000 11,478 3.22 3.31
86
Supreme Industries Ltd. 16,500 12,204 3.42 3.52
Pesticides 21,000 11,937 3.35 3.44
PI Industries Ltd 21,000 11,937 3.35 3.44
Castrol India Ltd. 30,000 11,225 3.15 3.24
Software 25,400 52,023 14.59 15.00
eClerx Services Ltd. 12,000 15,590 4.37 4.50
Tata Elxsi Ltd. 6,600 12,433 3.49 3.58
Transportation 24,000 8,851 2.48 2.55
VRL Logistics Ltd 24,000 8,851 2.48 2.55
Total 717,789 346,903 97.32 100.00
Net Assets 356,464 100.00
87
(i) Peerless Long Term Advantage Fund

Equity Shares

Auto 2,640 10,378 7.49 7.84
Bajaj Auto Ltd. 2,400 5,775 4.17 4.36
Eicher Motors Ltd. 240 4,603 3.32 3.48

Amara Raja Batteries Ltd. 4,500 3,949 2.85 2.99

Banks 48,600 27,074 19.53 20.46
HDFC Bank Ltd. 7,500 8,034 5.79 6.07
ICICI Bank Ltd. 24,000 5,680 4.10 4.29

Cement 11,352 7,134 5.15 5.39
The Ramco Cements Ltd. 10,500 4,199 3.03 3.17
Ultratech Cement Ltd. 552 1,782 1.29 1.35
Grasim Industries Ltd. 300 1,153 0.83 0.87

Chemicals 4,500 2,652 1.91 2.00


Colgate Palmolive (India) Ltd. 6,000 4,985 3.60 3.77
Britannia Industries Ltd. 1,800 4,836 3.49 3.65
Berger Paints (I) Ltd. 18,000 4,406 3.18 3.33
Asian Paints Ltd. 2,800 2,431 1.75 1.84

Finance 11,300 8,925 6.44 6.74
88
Gas 7,500 4,272 3.08 3.23
V-Guard Industries Ltd. 4,835 4,257 3.07 3.22
Supreme Industries Ltd. 6,000 4,438 3.20 3.35
Pesticides 7,500 4,263 3.08 3.22
PI Industries Ltd 7,500 4,263 3.08 3.22
Software 6,391 12,986 9.37 9.81
eClerx Services Ltd. 4,291 5,574 4.02 4.21
Transportation 7,506 2,768 2.00 2.09
VRL Logistics Ltd 7,506 2,768 2.00 2.09
Total 212,656 132,348 95.48 100.00
Net Assets 138,640 100.00
89
14 NET ASSET VALUE
Rupees
Peerless
Peerless
Options Fund
Fund
March
31,
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
Growth option - - - - 16.7240 15.5283 15.5634 14.8751 14.8160 14.1780 15.9036 16.5605 12.4728 11.7352 9.8347 9.6988
Dividend option - - - - - - - - - - - - - - 9.8345 9.6990
Normal Dividend
- - - - - - - - - - 12.4413 15.4965 - - - -
option*
Monthly Dividend
- - - - 10.7817 10.8471 10.4543 10.8765 14.8182 14.1824 - - 11.4321 10.7562 - -
option
Half yearly Divi-
- - - - - - - - - - 14.8701 - - - - -
dend option
Quarterly Dividend
- - - - 10.7756 10.8361 10.8919 11.4042 14.8118 14.1758 12.9765 - - 10.7949 - -
option
Yearly Dividend
- - - - - - - - - - 14.8450 - - - - -
option
Retail Plan -
- 1,400.0000 - 1,443.2399 - - - - - - - - - - - -
Growth option
Retail Plan - Bo-
- - - - 12.5348 11.6387 - - - - - - - - - -
nus
Super Institutional
Plan - Growth 1,661.0359 1,534.4281 1,657.1057 1,538.2626 - - - - - - - - - - - -
option
Super Institutional
Plan - Daily Divi- 1,001.2900 1,001.2900 1,005.4600 1,005.4600 - - - - - - - - - - - -
dend option
Super Institutional
Plan - Weekly 1,001.8102 1,000.7759 1,005.8453 1,004.8491 - - - - - - - - - - - -
Dividend option
Super Institutional
Plan - Monthly 1,002.1550 1,002.3006 1,004.2379 1,007.5505 - - - - - - - - - - - -
Dividend option
Direct Plan -
1,664.9274 1,536.3721 1,682.7606 1,551.4680 17.1796 15.8266 16.2304 15.2263 15.3283 14.4510 16.5581 16.9859 12.8984 11.9947 9.8998 9.8010
Growth option
Direct Plan - Divi-
- - - - - - - - - - - - - - 9.8750 9.7379
dend option
Direct Plan -
Normal Dividend - - - - - - - - - - 12.9619 15.8976 - - - -
option*
Direct Plan - Daily
1,001.2900 1,001.2900 1,006.6500 1,006.6500 - - - - - - - - - - - -
Dividend option
Direct Plan -
90
Weekly Dividend 1,001.7846 1,000.8522 1,007.5696 1,005.5616 - - - - - - - - - - - -
option
SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2016 Rupees
Peerless
Peerless
Options Fund
Fund
March
31,
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
Direct Plan -
Monthly Dividend 1,002.1631 1,002.0898 1,013.8316 1,014.8696 11.0430 11.0218 11.0750 11.4003 15.1858 14.4102 - - 11.7130 10.9281 - -
option
Direct Plan -
Quarterly Dividend - - - - 11.0819 11.0614 11.5424 11.9460 15.1537 14.3827 12.6943 - 12.2321 11.3991 - -
option
Direct Plan -
- - - - 17.1832 15.8235 - - - - - - - - - -
Bonus
The net asset value of the Scheme’s unit is determined separately for units issued under the options after including the respective unit capital and reserves and surplus.
The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV.
* Erstwhile called as Dividend and Direct Dividend till 1st November 2015
15.
RELATED PARTY TRANSACTIONS
(i) Peerless Liquid Fund, Peerless Ultra Short Term Fund have entered into transactions with certain related parties. The information required in this regard in accordance with
Accounting Standard 18 on Related Party Disclosure’ issued by Institute of Chartered Accountants of India is provided below:

(a) Related Party Relationships
Name Description of Relationship
The Peerless General Finance and Investment Company Limited Sponsor of the Fund
Peerless Trust Management Company Limited Trustee of the Fund
Peerless Funds Management Company Limited The Scheme’s asset manager
Peerless Financial Services Ltd Associate
Peerless Securities Limited Associate
Peerless Financial Products Distribution Ltd. (formerly Peerless Developers Ltd.) Associate
Schemes of the Fund under common control

 Peerless Liquid Fund  Peerless Equity Fund
 Peerless Ultra Short Term Fund  Peerless Flexible Income Fund
 Peerless Short Term Fund  Peerless Midcap Fund
 Peerless Income Plus Fund  Peerless Long Term Advantage Fund
 Peerless 3 in 1 Fund
91
SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2016 Rupees in ’000
b) Transactions covered by Accounting Standard-18 Peerless Liquid Fund Peerless Ultra Short Term Fund
Balance Balance Balance Balance
Name of Nature of Year ended Payable as Year ended Payable as Year ended Payable as Year ended Payable as
related party transactions March 2016 at March 31, March 2015 at March 31, March 2016 at March 31, March 2015 at March 31,
2016 2015 2016 2015
Subscription of units
Peerless 3 in 1 Fund - - 63,882 - - - - -
at NAV
Redemption of units
Peerless 3 in 1 Fund - - - - - - - -
at NAV
Peerless Equity Fund - - 49,913 - - - - -
at NAV
Redemption of units
Peerless Equity Fund 55,099 - - - - - -
at NAV
Peerless Flexible Income Fund - - 140,728 - - - - -
at NAV
Redemption of units
Peerless Flexible Income Fund - - - - - - -
at NAV
Peerless Income Plus Fund - - 359,429 - - - 49,858 -
at NAV
Redemption of units
Peerless Income Plus Fund - - 43,830 - - - 4,956 -
at NAV
Peerless Liquid Fund - - - - - - 3,658,961 -
at NAV
Redemption of units
Peerless Liquid Fund - - - - - - 1,896,018 -
at NAV
Peerless Short Term Fund - - 722,210 - - - - -
at NAV
Redemption of units
Peerless Short Term Fund - - 331,226 - - - 465,455 -
at NAV
Peerless Ultra Short Term Fund - - 1,896,018 - - - - -
at NAV
Redemption of units
Peerless Ultra Short Term Fund - - 3,658,961 - - - - -
at NAV
Peerless Midcap Fund 150,000 - - - - - - -
at NAV
Redemption of units
Peerless Midcap Fund 150,881 - - - - - - -
at NAV
Peerless Income Plus Fund Purchase of Securities 49607 - - - 53065 - - -
Peerless Income Plus Fund Sale of Securities - - - - - - - -
Peerless Ultra Short Term Fund Purchase of Securities 684579 - - - - - - -
Peerless Ultra Short Term Fund Sale of Securities 198423 - - - - - - -
Peerless Liquid Fund Purchase of Securities - - - - 198423 - - -
Peerless Liquid Fund Sale of Securities - - - - 684579 - - -
Peerless Short Term Fund Purchase of Securities 9915 - - - - - -
Peerless Short Term Fund Sale of Securities - - - 50721 - - -
Peerless Trust Management Fees for trusteeship
431 33 - - 117 7 - -
Company Limited services
Peerless Funds Management Fees for investment
3,295 828 22,555 - 3,959 117 11,114 -
Company Limited management services
92
Rupees in ’000
b) Transactions covered by Accounting Standard-18 Peerless Liquid Fund Peerless Ultra Short Term Fund
Balance Balance Balance Balance
Name of Nature of Year ended Payable as Year ended Payable as Year ended Payable as Year ended Payable as
related party transactions March 2016 at March 31, March 2015 at March 31, March 2016 at March 31, March 2015 at March 31,
2016 2015 2016 2015
Peerless Funds Management Expenses reimbursed
174 - 4,827 - 139 - 5,372 -
Company Limited by AMC
Peerless Funds Management Subscription of units
226,778 - 250,129 - 884,775 - 927,850 143,589
Company Limited at NAV
Peerless Funds Management Redemption of units
190,778 96,026 581,779 50,216 863,321 183430 808,383 -
Company Limited at NAV
The Peerless General Finance
and Investment Company 1,180,000 - 1,903,095 - 1,400,000 - 6,130,984 -
at NAV
Limited
The Peerless General Finance
Redemption of units
and Investment Company 1,034,970 250,919 1,802,993 100,102 1,612,422 201797 6,231,219 400,765
at NAV
Limited
Peerless Securities Limited 90,500 - 112,000 - - - 0 -
at NAV
Redemption of units
Peerless Securities Limited 90,677 - 112,226 - - - 0 -
at NAV
Peerless Financial Services Ltd 181,300 - 363,703 - - - 362,108 -
at NAV
Redemption of units
Peerless Financial Services Ltd 183,260 - 365,804 - - - 491,846 -
at NAV
Peerless Financial Products Subscription of units
- - - - 204,229 - 204,180 -
Distribution Ltd at NAV
Peerless Financial Products Redemption of units
- - - - 206,589 - 236,598 -
Distribution Ltd at NAV
ii) Transactions covered by Regulation 25(8) of the SEBI Regulations with the sponsor or associate of the sponsor of the Fund:
Rupees in ’000
Peerless
Peerless Flex- Peerless Long
Peerless Liq- Peerless Ultra Peerless Short Peerless Income Peerless 3 in 1 Peerless Equity
Particulars ible Income Midcap Term Ad-
uid Fund Short Term Fund Term Fund Plus Fund Fund Fund
Fund Fund vantage
Fund
March 31, March 31, March 31, March 31’ March 31, March 31, March 31, March 13, March 31,
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2016
Commission paid on distribution of units
Peerless
Financial Prod-
ucts Distribution
Ltd. (formerly #0 2 33 126 186 235 3045 3,844 326 156 2115 2,005 13 45 641 62
Peerless De-
velopers Ltd.)
93
(Associate)
Rupees in ’000
Peerless Securi-
ties Limited 7 10 1 14 182 156 47 96 4 3 43 74 4 22 59 14
(Associate)
The Peerless
General Finance
and Investment #0 #0 #0 #0 #0 #0 810 1,009 479 523 6 4 - - 2 1
Company Lim-
ited (Sponsor)
HDFC Bank
- - 2 2 - - - - - - - - - - - -
(Associates)
Brokerage Paid on Investment transactions
Peerless Securi-
ties Limited - - - - - - 11 44 9 10 177 104 - - 29 9
(Associate)
16. SURPLUS AVAILABLE FOR DISTRIBUTION
Peerless
Peerless
Midcap
Fund
Particulars Fund
31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2015 31, 2016 31, 2016
Total Reserves 665,223 419,076 231,003 276,313 218,182 238,758 241,910 232,863 90,518 37,371 334,066 220,688 43,434 63,510 (5,136) (4,213)
Less : Unreal-
ised apprecia-
tion on invest-
854 55 1,210 1,458 1,530 5,066 18,604 27,344 4,636 5,085 0 54,218 2,183 52 0 0
ments as on
March 31, 2016
at portfolio level
Less : Credit
balance in unit
0 1,003 0 760 0 17 0 1,087 0 366 0 38,203 0 6,620 0 0
premium reserve
at plan level
Distributable
664,369 418,018 229,793 274,095 216,652 233,675 223,306 204,432 85,882 31,920 334,066 128,267 41,251 56,838 (5,136) (4,213)
Surplus
17. CONTINGENT LIABILITIES

At March 31, 2016 - Nil (March 31, 2015 - Nil).
18. LOANS
Year ended March 31, 2016
a) Borrowings outstanding as on March 31, 2016 - Nil
94
b) Borrowings for the period April 01, 2015 to March 31, 2016
Rupees in ’000
In order to meet temporary liquidity needs for the purpose of redemption of units, during the year, Peerless Liquid Fund, in accordance with the Regulation 44(2) of SEBI (Mutual Funds) Regulations, 1996,
has borrowed Rs. 165.00 crores and Rs. 843.34 crores from Bank and Collateralized Borrowing and Lending Obligation (CBLO) respectively during the year ended March 31, 2016 which was within the
regulatory limit of 20% of the previous day’s net assets of the Scheme and repaid (including amount outstanding as on balance sheet date) these amounts within the regulatory time limit of six months.
The cost of borrowing to the extent of portfolio yield (amount borrowed against CBLO) has been adjusted against the interest income for the year and the balance is borne by the AMC.
Year ended March 31, 2015
a) Borrowings outstanding as on March 31, 2015
Amount
Source Loan
of secu-
Scheme Nature of Mode of (Institutions Date of bor- Rate of Amount (Rs. Repayment
Name of the scheme rity pledged Purpose
type security borrowing / Banks / rowing Interest in Thou- date
(Rs. In
others) sand)
Thousand)
Treasury
Peerless Liquid Fund Liquid Secured 500,000 CCIL Redemption 31-Mar-2015 8.41% 399,448 6-Apr-2015
bills
Peerless Liquid Fund Liquid Nil Unsecured - Bank Redemption 31-Mar-2015 13.25% 400,000 6-Apr-2015
b) Borrowings for the period April 01, 2014 to March 31, 2015
IIn order to meet temporary liquidity needs for the purpose of redemption of units, during the year, Peerless Liquid Fund, in accordance with the Regulation 44(2) of SEBI (Mutual
Funds) Regulations, 1996, has borrowed Rs. 40.00 crores and Rs. 798.22 crores from Bank and Collateralized Borrowing and Lending Obligation (CBLO) respectively during the
year ended March 31, 2015 which was within the regulatory limit of 20% of the previous day’s net assets of the Scheme and repaid (including amount outstanding as on balance
sheet date) these amounts within the regulatory time limit of six months. The cost of borrowing to the extent of portfolio yield (amount borrowed against CBLO) has been adjusted
against the interest income for the year and the balance is borne by the AMC.
19. SEGMENT REPORTING
Peerless Liquid Fund and Peerless Ultra Short Term Fund operates in one segment only viz. to primarily generate reasonable returns based on the investment objective of the
Scheme.
20. INVESTOR EDUCATION AND AWARENESS INITIATIVES
An annual charge of 2 basis points ( 0.02% p.a.) of daily net assets, being part of total recurring expenses is set aside for Investor Education and Awareness Initiatives (IEAI) in
accordance with SEBI (Mutual Funds) Regulations, 1996 and guidelines issued thereunder. These funds set aside are used only for meeting expenses for Investor Education and
Awareness Initiatives.
Further, in accordance with AMFI best practice guidelines circular no 135/BP/56/2015-16 dated 20 April 2015, the cumulative balance of the IEAI is transferred on periodic basis
to a separate bank account maintained for the purpose.
The unspent funds are deployed in the money market security i.e. Peerless Liquid Fund effective 07 May 2015.
Movement of IEAI balances for Peerless Mutual fund during the financial year ended 31 March, 2016 and 31 March, 2015 is given below:
Particulars Amount (Rs. in '000)

FY 2015-16 FY 2014-15
Opening balance 8,502 4,481
Additions during the current year ** 2,417 4,431
Less : utilisation during the current year 10,635 410
Closing balance 284 8,502
** Amount shown for FY 2015-16 includes interest earned on Invesments
95
21. PRIOR PERIOD COMPARATIVES
(i) As these are the first financial statements of Peerless Midcap Fund and Peerless Long Term Advantage Fund , since the date of launch,
there are no prior period comparatives

(ii) Prior year / period figures have been reclassified and regrouped, wherever applicable, to conform to current year’s presentation.


ICAI Firm Registration No:101049W Peerless Trust Management Co. Ltd Peerless Funds Management Co Ltd

per Amit Kabra S B Ganguly Soumendra Mohan Basu Rajiv Shastri
Partner Chairman Director Managing Director
Membership No. 094533 & CEO
Sunil Mitra Killol Pandya Amit Nigam
Director Head - Fixed Income Head – Equities
Place: Kolkata
Date: 13 June, 2016
96
CASH FLOW STATEMENT FOR THE YEAR / PERIOD ENDED MARCH 31, 2016
Peerless Liquid Fund Peerless Ultra Short Term Fund
April 01, 2015 April 01, 2014 April 01, 2015 April 01, 2014
to to to to
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
a) Cashflow from Operating Activity
Net Surplus for the year 341,190 1,425,289 90,366 269,108
Adjustments for:-
Increase / decrease in investments at cost 557,105 7,326,843 511,693 3,558,731
Increase / decrease in other current assets (7,744) 43,500 (4,121) 32,698
Increase / decrease in current liabilities 142,216 (7,156) 20,547 (17,712)
Increase / decrease in Fixed Deposits (10,000) 950,000 - 250,000
Net change in marked to market value of investments (809) 13,144 (147) 5,262
Interest expense on borrowing 3,065 1,679 - -
Net cash generated from operating activities (A) 1,025,023 9,753,299 618,338 4,098,087
b) Cashflow from Financing Activities
Increase / (decrease) in unit capital (142,686) (6,071,616) (494,119) (2,921,502)
Increase / (decrease) in unit premium reserve (66,744) (3,382,482) (101,492) (1,173,410)
Adjustments for:-
Units pending allotment 126 (11,173) 423 (23,000)
Increase / decrease in sundry creditors for units redeemed by
25 - 178,137 (1,643)
investors
Increase / decrease in subscription receivable for units issued
- - (177,167) 20,848
to investors
Proceeds from borrowing 8,433,396 8,382,188 - -
Repayment of borrowing (9,232,844) (8,582,740) - -
Interest paid on borrowing (3,065) (1,587) - -
Dividend distribution (including dividend distribution Tax) (28,308) (178,654) (34,451) (89,615)
Net cash used in financing activities (B) (1,040,101) (9,846,064) (628,669) (4,188,322)
Rupees in ’000
Net increase/ (decrease) in cash and cash equivalents (A+B) (15,078) (92,765) (10,331) (90,235)
Cash and Cash Equivalents as at the beginning of the year /
18,635 111,400 12,305 102,540
period
Cash and Cash Equivalents as at the close of the year /
3,556 18,635 1,974 12,305
period
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
Cash and Cash Equivalents include the following :
Balances with Scheduled Banks in current account (net off

3,356 17,836 975 5,513
overdrawn balance)
Collateralised lending 200 799 999 6,792
97
Total 3,556 18,635 1,974 12,305
ICAI Firm Registration No: 101049W Peerless Trust Management Co. Ltd Peerless Funds Management Co Ltd
/ E300004

per Amit Kabra S B Ganguly Soumendra Mohan Basu
Partner Chairman Director
Sunil Mitra Rajiv Shastri
Director Managing Director &
CEO
Killol Pandya
Head - Fixed Income

Amit Nigam
Head – Equities
Place: Kolkata
Date: 13 June, 2016
98
Annexure I
Disclosure under Regulation 25 (11) of SEBI (Mutual Fund) Regulations, 1996
Investments made by the schemes of Peerless Mutual Fund in Companies or their subsidiaries that have invested
more than 5% of the net assets of any scheme
Aggregate Cost
Of Acquisition Outstanding
Investments Made By The
During The As On March
Name Of The Scheme Invested By The Schemes Of Peerless Mutual
Current Year 31, 2016 % To Nav
Company Company Fund In The Company Or Its
And Previous (Rupees In
Subsidiary
Year (Rupees In Lakhs)
Lakhs)
PEERELSS 3 IN 1 FUND 99.78 - -
PEERLESS INCOME PLUS FUND 2,076.69 - -
ALLAHABAD BANK PEERLESS LIQUID FUND PEERLESS LIQUID FUND 95,779.49 - -
PEERLESS SHORT TERM FUND 299.34 - -
PEERLESS ULTRA SHORT TERM
3,550.45 495.87 5.00%
FUND
ASPIRE HOME PEERLESS LIQUID FUND PEERLESS LIQUID FUND 2480.83 - -
FINANCE CORPORA- PEERLESS ULTRA SHORT
TION LTD TERM FUND
PEERLESS EQUITY FUND 91.70 - -
BANK OF BARODA PEERLESS LIQUID FUND PEERLESS LIQUID FUND 77,903.86 - -
3,223.06 - -
FUND
PEERELSS 3 IN 1 FUND 267.23 18.81 0.69%
PEERLESS EQUITY FUND 691.64 285.08 2.82%
PEERLESS INCOME PLUS FUND 3,024.05 31.36 0.43%
CANARA BANK PEERLESS LIQUID FUND PEERLESS LIQUID FUND 215,191.41 - -
PEERLESS MIDCAP FUND 136.71 85.52 2.41%
PEERLESS SHORT TERM FUND 11,291.36 484.98 6.68%
27,497.09 484.98 4.89%
FUND
CAN FIN HOMES
PEERLESS LIQUID FUND 4964.76 - -
LTD
(Subsidiary of CA-
NARA BANK)
PEERLESS LIQUID FUND 31,927.95 - -
COX & KINGS
PEERLESS LIQUID FUND PEERLESS ULTRA SHORT TERM
LIMITED 2,437.18 - -
FUND
CROMPTON
PEERLESS LIQUID FUND PEERLESS EQUITY FUND 113.05 - -
GREAVES LIMITED
PEERLESS INCOME PLUS FUND 52.88 - -
DENA BANK PEERLESS LIQUID FUND PEERLESS SHORT TERM FUND 99.15 - -
10,333.85 - -
FUND
PEERLESS LIQUID FUND PEERLESS INCOME PLUS FUND 50.57 - -
ECL FINANCE
PEERLESS SHORT TERM PEERLESS SHORT TERM FUND 3,243.51 - -
LIMITED
FUND PEERLESS ULTRA SHORT TERM
9,456.69 - -
FUND
EXPORT IMPORT
PEERLESS LIQUID FUND PEERLESS SHORT TERM FUND 1,984.49 - -
BANK OF INDIA
1,483.72 988.89 9.97%
FUND
99
Aggregate Cost
Subsidiary
Lakhs)
PEERELSS 3 IN 1 FUND 56.63 38.56 1.42%
PEERLESS EQUITY FUND 1,959.80 739.09 7.32%
PEERLESS FLEXIBLE INCOME
2,375.00 200.00 9.26%
FUND
HDFC BANK LTD PEERLESS LIQUID FUND
PEERLESS INCOME PLUS FUND 615.88 196.40 2.72%
PEERLESS LIQUID FUND 3,600.86 100.00 0.50%
PEERLESS LONG TERM ADVAN-
79.00 80.34 5.86%
TAGE FUND
HDB FINANCIAL
SERVICES LIMITED
(Subsidiary of HDFC
BANK LTD)
INDIABULLS
HOUSING FINANCE PEERLESS LIQUID FUND PEERLESS SHORT TERM FUND 1,255.55 - -
LIMITED PEERLESS ULTRA SHORT TERM
1,068.19 - -
FUND
INDIAN OVERSEAS PEERLESS LIQUID FUND 19,851.26 - -
PEERLESS LIQUID FUND
BANK PEERLESS ULTRA SHORT TERM
7,479.42 - -
FUND
PEERELSS 3 IN 1 FUND 98.22 29.03 1.07%
PEERLESS EQUITY FUND 1,326.71 348.34 3.45%
1,487.46 - -
FUND
PEERLESS INCOME PLUS FUND 445.76 68.22 0.95%
INDUSIND BANK PEERLESS LIQUID FUND 138,979.53 - -
LTD PEERLESS LONG TERM ADVAN-
57.56 58.06 4.24%
TAGE FUND
PEERLESS MIDCAP FUND 273.46 174.17 4.91%
PEERLESS SHORT TERM FUND 1,747.33 - -
20,587.25 - -
FUND
PUNJAB NATIONAL
PEERLESS LIQUID FUND PEERLESS LIQUID FUND 51,582.45 - -
BANK
PEERLESS SHORT TERM FUND 4,103.25 - -
PNB HOUSING
FINANCE LIMITED
(Subsidiary of
PUNJAB NATIONAL
BANK)
RELIANCE CAPITAL
LIMITED 2,914.08 - -
FUND
RELIGARE
PEERLESS LIQUID FUND PEERLESS LIQUID FUND 5421.95 2461.50 12.36%
COMTRADE LTD
RELIGARE FINVEST PEERLESS LIQUID FUND 4,981.51 - -
LIMITED PEERLESS ULTRA SHORT TERM
478.18 - -
FUND
100
Aggregate Cost
Subsidiary
Lakhs)
RELIGARE
PEERLESS LIQUID FUND PEERLESS LIQUID FUND 39433.39 - -
SECURITIES LTD
SHRIRAM PEERLESS FLEXIBLE INCOME
TRANSPORT PEERLESS LIQUID FUND 20.61 - -
FUND
FINANCE CO LTD PEERLESS ULTRA SHORT TERM
3,011.04 500.42 5.05%
FUND
24.70 - -
FUND
STATE BANK OF PEERLESS INCOME PLUS FUND 492.17 - -
MYSORE PEERLESS LIQUID FUND 33,882.03 - -
1,034.88 - -
FUND
STATE BANK OF
TRAVANCORE 2,451.79 - -
FUND
STCI FINANCE
PEERLESS LIQUID FUND PEERLESS LIQUID FUND 12421.36 - -
LIMITED
THE SOUTH INDIAN
BANK LTD
7,755.77 - -
FUND
UNION BANK OF
INDIA
3,704.09 - -
FUND
YES BANK LTD PEERLESS LIQUID FUND PEERLESS LIQUID FUND 2,198.67 - -
799.17 - -
FUND
These investments comprise equity shares, debentures / bonds, commercial papers and certificate of deposits. These investments have
been made on account of their high credit quality and competitive yield for the investment in fixed income / money market instruments and
in the case of equity shares, because of attractive valuations of these companies.
101
Action on (a) and (b)

(a) No.
of com-
plaints
Com-
Type of pending (b)No of
plaint Resolved Pending
complaint # at the com- Non
code
begin- plaints Ac-
ning of received tion-
the year during Beyond
Within 30-60 60-180 able* 0-3 3-6 6-9 9-12
the year 180
30 days days days months months months months
days
Non receipt of
IA 0 1 1 0 0 0 0 0 0 0 0
Dividend on Units
Interest on
IB delayed payment 0 0 0 0 0 0 0 0 0 0 0
of Dividend
Non receipt of
IC Redemption 0 3 3 0 0 0 0 0 0 0 0
Proceeds
Interest on
ID delayed payment 0 0 0 0 0 0 0 0 0 0 0
of Redemption
Non receipt of
Statement of
II A 0 0 0 0 0 0 0 0 0 0 0
Account/Unit
Certificate
Discrepancy in
II B Statement of 0 0 0 0 0 0 0 0 0 0 0
Account
Data corrections
II C 0 8 8 0 0 0 0 0 0 0 0
in Investor details
Non receipt of
Annual Report/
II D 0 0 0 0 0 0 0 0 0 0 0
Abridged
Summary
Wrong switch
III A between 0 0 0 0 0 0 0 0 0 0 0
Schemes
Unauthorized
III B switch between 0 0 0 0 0 0 0 0 0 0 0
Schemes
Deviation
III C from Scheme 0 0 0 0 0 0 0 0 0 0 0
attributes
Wrong or excess
III D 0 0 0 0 0 0 0 0 0 0 0
charges/load
Non updation
of changes viz.
III E address, PAN, 0 0 0 0 0 0 0 0 0 0 0
bank details,
nomination, etc
IV Others ** 0 6 6 0 0 0 0 0 0 0 0
# including against its authorized persons/ distributors/ employees. etc.
*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately
Example : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others)
are 200 then provide Transmission as separate reason (V) along with all other parameters

102
k
an
bl
ft
le
lly
na
io
nt
te
in
is
ge
pa
is
Th
k
an
bl
ft
le
lly
na
io
nt
te
in
is
ge
pa
is
Th
Registered Office: Peerless Funds Management Co. Limited, 3rd Floor, Peerless Mansion, 1, Chowringhee Square, Kolkata-700069.
Tel : 033 4018 5000, Fax : 033 40185010
Investment & Operations Office: 102, Centrepoint, J.B. Nagar, Andheri - Kurla Road, Andheri (East) , Mumbai-400059.
Tel : 022 6177 9922, Fax : 022 6177 9996.
Toll free : 1800 103 8999
Branches/Customer Service Centres :
EAST
AGARTALA: 42, Akhaura Road, Agartala Tripura (West) 799 001, BANKURA: College Road, Raghunathpur Main Road, Opp.
Bankura Christian College, PO & Dist: Bankura 722 101, *CONTAI: Vill: Dhandighi, Holding No.: 359 / 351, P.O. & P.S.: Contai, Dist:
Purba Midnapore, West Bengal 721 401, DURGAPUR: Unit No. A-212, 1st Floor, Kamdhenu Commercial Complex, Durgapur City
Center, Durgapur West Bengal - 713216, *GHATAL: Argora, P.O. &P.S: Ghatal, Dist: Paschim Midnapur, 721 212 *GUWAHATI: 2nd
Floor, Suren Paradise Market, Opposite Hanuman Mandir, G.S Road, Ulubari, Guwahati 781 007, *KOLKATA: Peerless Mansion,
3rd Floor, 1 Chowringhee Square, Kolkata 700 069. SERAMPORE: Peerless Sadan, 57/B, G.T. Road, Kalitala, Hooghly 712 201,
SILIGURI: Peerless House, Hill Cart Road, PO: Siliguri, Dist. Darjeeling, 734 001.
WEST
*MUMBAI: 102, Centrepoint, J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059. *PUNE: Aurora Towers,
9, Moledina Road, West Wing Pune - 411 001.
NORTH
*DELHI: 1005, 10th floor, Tolstoy House, Tolstoy Marg, Cannaught Place, New Delhi - 110 001, JAIPUR: 203 A 2nd Floor, Adarsha
Plaza, Khasha Kothi Circle, Jai Singh Highway, Jaipur 302 001. LUCKNOW: 103, Trade Point, 4 A,Ground Floor, Saran Chambers-1, 5-
Park Road, Hazratganj, Lucknow - 226001.
SOUTH
*BENGALURU: Ramanashree Arcade, 3rd Floor, 18 M.G Road, Bengaluru 560 001, *CHENNAI: Fagun Chambers, 2nd Floor, No.8
New No. 17 (Old No. 26A), Ethiraj Salai, Egmore, Chennai - 600 008, *COIMBATORE: 1078 , Nagappa Complex, Mettupalayam
High Road, Coimbatore 641 002, *HYDERABAD: Kancharla Towers, (1st floor), 1-7-143,143/A, Golconda X Roads, Musheerabad,
Hyderabad - 500 020, KANNUR: Sadhu Building, D No C.P 29/500, Fort Road, Kannur - 670 001,
VIZAG: Dasapalla Centre, 2nd Floor, 38-2-40, Surya Bagh, Vizag - 530 020.
* Note : These locations are Official Points of Acceptance.
Registrar and Transfer Agent :

KARVY SELENIUM, Plot number 31 & 32, Tower B, Survey No. 115/22, 115/24 & 115/25, Financial District, Gachibowli, Nanakramguda,
Serlingampally Mandal Hyderabad - 500032 Telangana

Annual Report MF 15 16

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ANNUAL REPORT

Asset Management Company

Peerless Mutual Fund

Unclaimed Dividends Unclaimed Redemptions

For Peerless Trust Management Co. Limited

Place: Kolkata S.B. Ganguly

Details of Votes cast during the Financial year 2015-16

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

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Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

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Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Details of voting rights exercised

Summary of Votes cast during the F.Y. 2015-2016

Peerless Funds Management Company Ltd.

For M.P. Chitale & Co.

For S.R. Batliboi & Associats LLP per Amit Kabra

The accompanying schedules are an integral part of this balance sheet.

Scheme Type of Investment objective NFO Open

Initial Capital 53,833,900.000 538,339 53,833,900.000 538,339 242,383,600.000 2,423,836 2,423,836

Peerless Liquid Fund Peerless Ultra Short Term Fund**

Peerless Liquid Fund Peerless Ultra Short Term Fund**

Peerless Liquid Fund Peerless Ultra Short Term Fund**

Peerless Liquid Fund Peerless Ultra Short Term Fund**

Peerless Liquid Fund Peerless Ultra Short Term Fund**

Peerless Short Term Fund**

Peerless Income Plus Fund Peerless 3 in 1 Fund**

Amount Amount Amount Amount

425,557 47,804,537.283 478,046 8,660,159.876 86,601 10,222,874.251 102,228

31,466 5,080,436.039 50,802 4,105.913 42 6,113.357 62

2,382 1,211,099.552 12,111 394,754.503 3,948 886.881 9