Sam Clar 2223

Sundaram
Asset Management
Company Limited
27th Annual Report

2022-23
1
Sundaram Asset Management Company Limited
Board of Directors Harsha Viji Chairman
Arvind Sethi
Rajiv C Lochan
K N Sivasubramanian
R. Raghuttama Rao
Vikaas M Sachdeva
Aarti Ramakrishnan
Sunil Subramaniam Managing Director
R.S.Raghunathan CFO
R.Ajith Kumar Company Secretary
Audit Committee Arvind Sethi Chairman
Harsha Viji
Raghuttama Rao
Nomination and Remuneration Committee Harsha Viji Chairman
Arvind Sethi
Rajiv C Lochan
K N Sivasubramanian
Corporate Social Responsibility Committee Harsha Viji Chairman
Rajiv C Lochan
Sunil Subramaniam
K N Sivasubramanian
Registered Office 21, Patullos Road, Chennai - 600 002
Corporate Office Sundaram Towers, I & II Floor,
46, Whites Road, Royapettah, Chennai - 600 014
Tel: 044-28569900/40609900, Fax: 044-28262040
Website : www.sundarammutual.com
CIN U93090TN1996PLC034615
Auditors M/s. Suri & Co., Chennai, Chartered Accountants
Information Security Assurance Auditors M/s. C V Ramaswamy and Co., Chennai
2 Annual Report 2022-23

Management Team
Investment Management Equity Fixed Income
Ravi Gopalakrishnan- Chief Investment Officer – Equity Dwijendra Srivastava, Chief Investment Officer-Debt
S Bharath, Head - Research and Senior Fund Manager Sandeep Agarwal, Head – Fixed Income, Retail Business
Rohit Seksaria, Fund Manager
Sudhir Kedia, Fund Manager
Ashish Aggarwal, Fund Manager
Ratish B Varier, Fund Manager
Sales and Marketing Loganathan C M National Head - Sales
P Nishant Deputy Head - Sales & Head - Retail Branch & Proprietary Channel
Rajiv Ashok Chhabria National Head – Distribution & Institutional Sales.
Ajit Narasimhan Chief Marketing Officer
Risk Management, Operations, R Ajith Kumar Company Secretary & Head - Compliance
Customer Service, Compliance R S Raghunathan Chief Financial Officer
and IT H. Lakshmi Head Operations
Muruganandam D Head- Risk Management
S Murali Chief Information Officer
Ramesh Krishnamurthy Regional Head - Distribution, Middle East and North Africa
Subsidiaries Sundaram Asset Management Singapore Pte. Ltd. (Incorporated in Singapore)
Sundaram Alternate Assets Ltd.
SAMC Support Services Private Limited(formerly known as Principal Asset Management Private Limited)
SAMC Services Private Limited(formerly known as Principal Retirement Advisors Private Limited)
Principal Trustee Company Private Limited
Bankers Axis Bank Ltd.
HDFC Bank Ltd.
ICICI Bank Ltd.
Kotak Mahindra Bank Ltd.
State Bank of India
Sponsor
Sundaram Finance Limited

Registered Office: 21, Patullos Road, Chennai 600 002. India


A wholly-owned subsidiary of
Contents
Board's Report 5
Report on CSR Activities 13
Disclosure as per Secretarial Standard
on meetings of the Board of Directors 16
Secretarial Audit Report 17
Form AOC 22
Independent Auditors' Report 23
Balance Sheet 30
Statement of Profit and Loss 31
Cash Flow Statement 32
Statement of changes in equity 34
Notes to the Accounts 35
Statement in Form AOC-1 relating to Subsidiaries 77
Consolidated Financial Statements
Independent Auditors' Report 80
Balance Sheet 84
Statement of Profit and Loss 85
Cash Flow Statement 86
Statement of changes in equity 88
Notes to the Accounts 89

Board’s Report
To the Members
400 379
Income (` cr.)
Your Directors have pleasure in presenting the 27th Annual 340
350 330
301
Report along with the audited financial statements for the year 300
250
ended March 31, 2023. The summarised financial results of
200
your Company are given below: 150
(` in cr.) 100
50
Particulars Standalone Consolidated 0
2019-20 2020-21 2021-22 2022-23
March 31, March 31, March 31, March 31,
2023 2022 2023 2022
Average AUM 44,037 35,739 55,648 46,630 Profit After Tax (` cr.)
80
Gross Income 265.80 237.52 379.26 345.00 70
Less: Operating 60
Expenses 181.09 141.84 276.13 247.05 50
40
Profit before Tax 84.71 95.69 103.13 97.96
30
Provision for
20
Taxation 15.96 18.13 24.41 26.32 10
Profit After Tax 68.74 77.56 78.72 71.63 0
2019-20 2020-21 2021-22 2022-23
Company Performance
Your Company earned a gross income of ` 265.80cr. for the Mutual Fund Industry
financial year ended 31st March 2023 as against ` 237.52 Cr.
The overall assets under management of the Indian mutual fund
in the previous financial year and reported a profit after tax of
` 68.74 cr. for the financial year 2022-23 as against ` 77.56 cr. industry have grown from `38,37,994 cr. to `40,51,147 cr.,
in the previous financial year. registering a growth of 6% over the previous year. The
proportionate share of equity-oriented schemes is now 51.60%
Average assets of mutual funds under management is ` 44,037
cr. for the financial year ended 31 March 2023 as against ` of the industry assets in March 2023, up from 49.6% in Apr
35,739 cr., in the previous financial year. 2022. The proportionate share of debt-oriented schemes is
19.60% of industry assets in March 2023, down from 22.4% in
The overall average assets under management under Mutual
Fund, AIF, PMS and international operations for the financial Apr 2022. There has been an increase in ETF market share from
year ended 31st March 2023 stood at ` 55,648 cr., as against 11.8% in Apr 2022 to 13.10% in March 2023. Individual
` 46,630 cr. in the previous year. investors now hold a relatively higher share of industry assets,
Financial Highlights i.e. 58.10 % in March 2023, compared with 55.4% in Apr
Consolidated AUM (`cr.) 2022. Institutional investors account for 41.90% of the assets,
60,000 55,648
of which corporates are 96%. The rest are Indian and foreign
50,000 46,630
institutions and banks. The gross mobilisation by the industry
40,000 36,920 36,962
during the year was ` 10,15,669 cr. as against `9,84,058 cr. in
30,000 the previous year. The gross redemption from the schemes
20,000 during the year was `10,34,933 cr. as against `10,53,942 cr. in
10,000 the previous year, the net new cash generated by the industry
for the year 2022-23 is ` (19,264 cr.) as against (`69,883 cr.)
0
2019-20 2020-21 2021-22 2022-23 generated in the previous year.

Sundaram Mutual Fund Sundaram Alternate Assets Limited (SA)
The gross mobilization by Sundaram Mutual schemes during SA, another wholly owned subsidiary of your company acting
the year (other than liquid schemes) was ` 67,526 cr. as against as Investment Managers for Portfolio Management as well as
` 53,389 cr. registered in the previous year. The redemptions AIF category II and III schemes. As of March 31, 2023 SA
from the schemes (other than liquid schemes) during the year manages 4 Category III and 3 Category II AIF funds with
was ` 66,815 cr. as against `57,311 cr. in the previous year. average assets under management of `1,983 cr. (previous year:
Average assets of mutual funds under management is ` 44,011 `1,455 cr. as of March 31, 2022).
cr. for the financial year ended 31 March 2023 as against Under Category II, SA launched a new credit fund called
`41,981.23 Cr., in the previous financial year. Emerging Corporate Credit Opportunities Fund (ECCOF1), a
The net assets under management as at March 31, 2023 was close-ended fund during Q2 FY 2023 which garnered
`43,285 Cr. commitments of ` 536 cr. as of date. This fund is open for
subscription to investors while being in the investment phase
New Fund Offer
and the team is actively evaluating deals and building the
During the year under review, Sundaram Mutual Fund has
pipeline. Further, in the high yield secured Real Estate Fund
launched Sundaram Flexi Cap Fund which raised ` 1679 cr
Series III, SA raised additional commitments of `276 cr. during
during the New Fund Offer.
FY 2023.
Dividend
Sundaram Alternative Opportunities Fund – High Yield Secured
Your Directors are pleased to recommend a dividend on equity Debt Fund - I matured in October 2022 and the fund had
of ` 20.88 per share (73% dividend payout ratio)) for the year returned 133% to its investors in the form of interest and capital
ended March 31, 2023 repayments.
Your company’s net worth stood at `62 cr. as at 31st March Under Category III, SA launched ATLAS II, a multi cap close-
2023, which is well above the net worth criteria of `50 cr.
ended fund in December 2022 and raised a commitment of
prescribed under SEBI (Mutual Funds) Regulations, 1996.
`75 cr. The fund is being marketed to prospective investors.
Ratings Further, during the year, SA raised additional commitments of
The long term bank facilities are rated “AA” (Highest Degree of `253 cr., under Atlas I, a multi cap open-ended Category III AIF
Safety) with a “Stable outlook” and short term bank facilities which was launched in February 2022.
are rated “A1+” (very strong degree of safety) by ICRA. SAMC Services Private Limited (formerly ‘Principal
Subsidiaries Retirement Advisors Private Limited’)
Sundaram Asset Management Singapore Pte Ltd. (SAMS) SAMC Services Private Limited, a wholly owned subsidiary of
your Company registered income of `27.67 Lakhs for FY 2022-
SAMS, a wholly owned subsidiary of your Company registered
23 as against ` 40.05 Lakhs, reported in the previous year. It
income of `33.24 cr. as against `34.74 cr., reported in the
made a profit of ` 9,160 during FY 2022-23 as against loss of
previous year. SAMS made a profit before tax of ` 9.02 cr. for
` 57.85 Lakhs during the previous year.
the year ended 31 March 2023 as against `8.83 cr. reported in
the previous year. SAMC Support Services Private Limited (formerly ‘Principal
Asset Management Private Limited
Sundaram Asset Management Singapore Pte Ltd. (SAMS) is
growing at a steady rate. Average AUM of the funds of SAMS as SAMC Support Services Private Limited, a wholly owned
at ` 7,399 cr. as at 31 March 2023 (Previous year the Average subsidiary of your Company is under liquidation, accordingly,
AUM was ` 7,126 cr.) financial information is not available.

SAMC Trustee Private Limited (formerly ‘Principal Trustee the annual accounts of the Subsidiary Companies will be
Company Private Limited’) available for inspection by the members, at the registered office
SAMC Trustee Private Limited, a wholly owned subsidiary of of the Company and will also be made available to the
your Company is under liquidation, accordingly, financial members upon request.
information is not available. Fund Performance
Consolidated Financial Statements Many of the schemes registered good performance during the
The Consolidated Financial Statements, drawn up in year beating the benchmark. In line with our philosophy,
accordance with the applicable Accounting Standards, form several equity and fixed income schemes distributed sizeable
part of the Annual Report. A separate statement containing the dividends.
salient features of the financial statements of Subsidiaries in Sundaram Midcap returned 23% since inception of the fund
Form AOC-1 forms part of the Annual Report. (30-Jul-2002) and on a ten-year annualized return, Sundaram
The annual accounts of all the Subsidiary Companies have Midcap returned 17% as on 31 March 2023
been posted on your Company’s website – Your schemes were recognised by rating agencies and the
www.sundarammutual.com. Detailed information, including press. Some of the accolades were:
Value
Scheme Name Category CRISIL Morningstar
Research
Sundaram Balanced Advantage Fund Hybrid: Dynamic Asset Allocation 5 Stars N.A 2 Stars
Sundaram Balanced Advantage Fund - Direct Plan Hybrid: Dynamic Asset Allocation 5 Stars N.A 3 Stars
Sundaram Large Cap Fund - Direct Plan Equity: Large Cap 5 Stars Rank 3 N.A
Sundaram Large Cap Fund – Regular Plan Equity: Large Cap N.A Rank 3 N.A
Sundaram Low Duration Fund Debt: Low Duration 5 Stars Rank 3 2 Stars
Sundaram Low Duration Fund - Direct Plan Debt: Low Duration 5 Stars Rank 3 2 Stars
Sundaram Short Duration Fund Debt: Short Duration 5 Stars Rank 3 3 Stars
Sundaram Short Duration Fund - Direct Plan Debt: Short Duration 5 Stars Rank 4 3 Stars
Sundaram Corporate Bond Fund - Direct Plan Debt: Corporate Bond 4 Stars Rank 2 5 Stars
Sundaram Corporate Bond Fund - Regular Plan Debt: Corporate Bond 4 Stars Rank 1 4 Stars
Sundaram Equity Savings Fund - Direct Plan Hybrid: Equity Savings 4 Stars N.A 5 Stars
Sundaram Equity Savings Fund – Regular Plan Hybrid: Equity Savings 3 Stars N.A 4 Stars
Sundaram Financial Services Opportunities Fund - Direct Plan Equity: Sectoral-Banking 4 Stars N.A 5 Stars
Sundaram Financial Services Opportunities Fund - Regular Plan Equity: Sectoral-Banking 4 Stars N.A 4 Stars
Sundaram Focused Fund Equity: Flexi Cap 4 Stars Rank 3 3 Stars
Sundaram Focused Fund - Direct Plan Equity: Flexi Cap 4 Stars Rank 3 4 Stars
Sundaram Liquid Fund Debt: Liquid 4 Stars Rank 4 N.A
Sundaram Liquid Fund - Direct Plan Debt: Liquid 4 Stars Rank 4 N.A
Sundaram Aggressive Hybrid Fund Hybrid: Aggressive Hybrid 3 Stars Rank 3 4 Stars
Sundaram Aggressive Hybrid Fund - Direct Plan Hybrid: Aggressive Hybrid 3 Stars Rank 3 4 Stars
Sundaram Large and Mid Cap Fund Equity: Large & MidCap 3 Stars Rank 3 3 Stars
Sundaram Large and Mid Cap Fund - Direct Plan Equity: Large & MidCap 3 Stars Rank 3 3 Stars
Sundaram Large Cap Fund - Regular Plan Equity: Large Cap 3 Stars Rank 3 N.A
Sundaram Money Market Fund - Direct Plan Debt: Money Market 3 Stars N.A 3 Stars
Sundaram Money Market Fund - Regular Plan Debt: Money Market 3 Stars N.A 3 Stars
Sundaram Tax Savings Fund Equity: ELSS 3 Stars Rank 3 4 Stars
Sundaram Tax Savings Fund - Direct Plan Equity: ELSS 3 Stars Rank 3 4 Stars
Sundaram Ultra Short Duration Fund - Direct Plan Debt: Ultra Short Duration 3 Stars Rank 2 3 Stars
Sundaram Ultra Short Duration Fund – Regular Plan Debt: Ultra Short Duration N.A Rank 3 N.A
Sundaram Mid Cap fund-Regular Plan Equity: Mid Cap N.A Rank 3 2 Stars
Sundaram Mid Cap fund-Direct Plan Equity: Mid Cap N.A Rank 3 2 Stars
Sundaram Debt Oriented Hybrid Fund – Direct Plan Hybrid: Debt Oriented N.A N.A 4 Stars
Sundaram Debt Oriented Hybrid Fund – Growth Hybrid: Debt Oriented N.A N.A 3 Stars
Sundaram Multi Cap Fund – Direct Plan Equity : Multi Cap N.A N.A 4 Stars

Brand Awards MF account.

• Sundaram Mutual recognised as The Economic Times Iconic • Modification in Cyber Security and Cyber Resilience
Brands of India 2022 Framework of Mutual Funds/ Asset Management
• Sundaram Tax Savings Fund has won DSIJ's 2022 Mutual Companies (AMCs) was brought in by SEBI to have
Fund Award under the Best ELSS Fund Category. uniformity for identifying and classifying critical assets,
across the industry and to adopt “audit the auditor
• The Sundaram Flexi Cap NFO has been awarded the
approach” for conducting the Vulnerability Assessment and
Marketing Campaign of the Year (2022) at the Tamil Nadu
Penetration Testing (VAPT) of the intermediaries.
Brand Leadership Awards by the World Marketing Congress.
• SEBI introduced new set of formats for nomination of
Leadership Awards Mutual Fund Unit holders as per which AMC shall AMC
• Mr. Sunil Subramaniam, MD, Sundaram Mutual recognized shall provide an option to the unit holder(s) to submit either
as one of the Most Promising Business Leaders of Asia for the nomination form or the declaration form for opting out
his exemplary leadership by the Economic Times (2022) of nomination in physical or online as per the choice of the
unit holder(s).
Investors and Distributors
• SEBI (KYC) Registration Agency (KRA) Regulations, 2011
During the year, your Company continued its investor
mandates KYC records of all existing clients (who have used
awareness initiatives in ten adopted districts in Tamil Nadu.
Aadhaar as an OVD).
Your Company has been taking active steps including
conducting financial literacy campaign in the districts that it • Mutual Fund units which were earlier excluded from the
has adopted. definition of securities under prohibition of Insider Trading
regulations 2015, now fall under the definition of securities
For the year 2022-23, Investor Awareness Programs (IAP) was
under SEBI (Prohibition of Insider Trading (PIT)) Regulations,
conducted in 468 centres. A sum of around ` 26.15 crores has
2015 as per the order of SEBI.
been spent towards investor education by your Company
directly and through AMFI. The Company had 23.08 lakh • SEBI reduced the timeline for processing of redemption
investors’ folio as on 31st March 2023 as against 23.23 lakh from 10 working days to 3 working days and Dividend from
investors’ folio during the previous year registering decrease of 15 working days to 7 working days.
0.64%. Sundaram Mutual schemes enrolled 15,582 fresh • Mutual Fund Distributors (MFDs) who are found to indulge
Systematic Investment Plans (SIP) during the year. in splitting of applications for earning separate transaction
Your Company has 55,982 empanelled distributors. The charges shall be ‘blocked’ for a period of six months,
company supports its investors and distributors through 80 without affecting the existing on-going systematic
places including 79 branches across the country. In addition, transactions of investors i.e., SIPs and STPs under Regular
the company has access to over 682 locations operated by Plan registered under ARN of such MFDs. MFDs who were
Sundaram Finance Group. found to indulge in splitting of transactions/ application to
all AMCs, RTAs and CAMS-AMFI Unit, to “block” the ARN
Regulation of such MFDs for a period of six months, within a period of
SEBI comprehensively reviewed the regulatory framework for 15 days from the receipt of such communication from RTAs.
Mutual Funds and took necessary steps to safeguard the interest • No financial transaction is permitted in the folios having no
of investors and maintain the orderliness and robustness of their PAN or PAN exempted KYC reference number (PEKRN).
investments. Some of the critical changes are set out hereunder: Dividends pay-outs/reinvestments are permitted in the
• SEBI mandated constitution of Audit Committee for Asset folios. Non-compliant Non-PAN and Non-PEKRN folios
Management Companies which is applicable from 1st will be liable to be frozen from April 01, 2023. AMCs shall
August 2022. The internal auditor shall submit its report to continue to report the progress and steps taken to clean-up
the Audit Committees of AMC and the Board of AMC. The the Non-PAN and Non-PEKRN folios to the Trustees in their
Audit Committee of AMC shall forward their observations quarterly report till the time such folios are remediated and
on internal audit report, if any, to the Trustees. cleaned up.
• Discontinuation of the usage of pool accounts for Your directors welcome all the steps taken by the Regulator as
transactions in the units of Mutual Funds whereby the these measures are taken in the interest of greater transparency
distributors cannot place order in its name and all funds and accountability and to protect the investors’ interest and
should be transferred directly from the investor account to support the orderly growth of the industry.

Capital Market Outlook net FDI inflows witnessed some softness on the back of rising
Indian equities witnessed a correction, starting the Jun'22 global interest rates. In addition to this, India’s trade deficit
quarter largely on the back of aggressive rate hikes from global remained elevated due to commodity price pressures.
central banks that the RBI also had to tag. The Sep'22 and However, India’s net services exports witnessed a sharp
increase, offsetting the above pressures. As a result, FY23 is
Dec'22 quarters witnessed a pickup on the back of easing
expected to see a current account deficit (CAD) of just under
inflation, macro strength and earnings growth holding up. The
2% GDP. This largely helped stabilise the rupee and contain
Mar'23 quarter however witnessed a market correction, as
the depreciation at 8.4% against the dollar, ending the fiscal
global headwinds around financial stability dominated market
year at 82.2.
narratives; taking large cap indices close to where they started
the fiscal. The fiscal deficit for the year 2022-23 was projected at 6.4% at
the start of the year and is expected to end the year at the same,
On the macro front, the year started with the baggage of the
given the appreciable pickup in direct tax collections during
Russia-Ukraine war that resulted in a sharp commodity price
the year.
surge, leading to inflationary pressures. This was over the
existing layer of global inflation, due to COVID-related stimulus India GDP growth normalised to an expected 7% y/y, from the
measures, and a post-pandemic ‘reopening’ across countries post-COVID high growth rate of 9% seen during FY22. By the
in FY22. The stage was therefore set for aggressive rate hikes Dec’22 quarter, all segments of GDP were seen to be well
from global central banks to bring down high inflation. Given above pre-COVID levels.
that the pace of rate hikes in the US were the steepest since the India inflation witnessed an appreciable pickup to 6.7% in
1970’s, there emerged a market concern around US recession FY23 from 5.5% in FY22. While the increase was not indicative
risks and a resultant impact on global markets. Therefore, for of run-away inflation, it was well above the RBI’s inflation
most part of FY23, the global markets were bracing for the targeting upper band of 6%. Further, given the backdrop of
onset of recession. Towards the end of FY23, global macro record high inflation in the US and the fastest pace of rate hikes
(especially US and Europe) witnessed surprising strength that from the Fed since the 1970’s, the RBI had to follow suit to
led to significant easing of recessionary fears. This relief was protect the rupee from a disruptive depreciation. And towards
briefly then dominated by concerns around financial stability this, the RBI raised interest rates by 225bps in FY22, taking the
in the regions with the closure of three US banks and the sale Repo rate to 6.25%.
of a Swiss bank. The Fed responded swiftly with measures that FY23 saw credit growth touch a multi-year high, a record high
directly addressed the concerns around contagion through on India's UPI transactions, an appreciable ounce in credit card
various assurances, easing market fears. spending alongside traction in e-commerce transactions.
As a result, of the above, the narrow market (Sensex) recorded Railway freight and airline passenger traffic continued to
an annual return of 0.7%, with most of the return erosion taking improve, alongside petrol sales, automobile, and two-wheeler
place in the Dec’22-Mar’23 period. The broad market (BSE500) sales. The festive demand saw improvement in vehicle
delivered (2.3)%. The mid and small cap index returns stood at registrations. Chip dispatches increased and hotel room rates
(0.2)% and (4.5)% respectively. rose, hotel demand was seen in double digits and occupancies
touched 2019 levels. The government, imposed windfall gains
The 10-year GSec traded in a narrow range of 40bps, between
tax (import/export duties), to both bring about stability to
7.1% and 7.5% during the year. AAA Corporate bond yields
government finances and partly to support the rupee by making
on the other hand trended down 50bps during the year on the
some imports pricier. Towards the end of FY22, consumer
back of surplus liquidity and easing commodity prices. Credit
sentiment witnessed a pickup, supply chains were seen back to
spreads against the 10-year GSec narrowed sharply to 40bps
pre-COVID levels and agreements with 26 companies signed
(from 105bps) during the fiscal year ending 31st March 2023.
under the PLI scheme for specialty steel. Further, 100k jobs
India started the fiscal year 2022-23 with increasing strength created by Apple over the last 19M becoming the single largest
in domestic macro variables and particular stress on the creator of blue-collar jobs in the electronics sector. The Ministry
external macro environment, especially due to elevated of Steel reported signing 57 MoU with 27 companies for
commodity prices. Domestic macro strength led to an specialty steel under the production linked incentive (PLI)
increased phase of India-differentiation during the Sep’22 and scheme. In politics, the BJP swept the 2022 Gujarat assembly
Dec’22 quarters. After $(17)bn of FII outflows in the Jun’22 elections by winning in a record number of seats, while the
quarter, the rest of the year attempted to recoup these outflows, Congress brought Himachal Pradesh back in control and saw
ending FY23 with a net outflow of $(6)bn. Net FII inflows were a close contest with the BJP in Punjab. A key development was
negative, external commercial borrowings moved lower and the centre's amendment to capital gains tax. This amendment

mentioned that debt funds with equity exposure of not more financials and operations of the Company and schemes are
than 35% would be taxed at the income-slab level; and would considered for the above-mentioned review.
be considered as short-term capital gains. Further all gains from The Board of the Trustees has formed a separate Risk
debt mutual funds would be added to the taxable income of Management Committee which regularly reviews effectiveness
investors. of the overall risk management framework and various Risk
Into FY24, the centre projects a further drop in its fiscal deficit Management reports including the audit report on Risk
to 5.9% that appears fairly do-able given the recent strength in Management activities.
tax collections and cut back on subsidies. The budget spends in
Internal Control System and Adequacy
the fiscal year 2023-24 have a strong capex focus, which is
likely to help prop-up domestic growth. This would also help Your Company has an adequate system of internal controls
partly offset the growth softness that would be seen trickling in consistent with its nature and size of the operations to ensure
due to the cumulative impact of the RBI’s rate hikes in FY23. that all assets are safeguarded and protected against loss from
GDP growth is expected to be in the range of 6-6.5% given the unauthorized use or disposition and that the transactions are
weak global growth backdrop and inflation is expected to authorized, recorded and reported correctly. The Company
hover around the 5.5% level for FY24 with some pressures that carries out extensive and regular internal control programs,
could arise if the monsoons are weak. The sharp uptick in net policy reviews, guidelines, and procedures to ensure that the
services exports are expected to continue alongside moderation internal control systems are adequate to protect the Company
in India’s trade deficit through lower commodity prices. This is against any loss or misuse of the company's assets.
set to help India’s current account deficit (CAD) that would
Board of Directors
hover just under 1.5% GDP, easing substantial pressure on the
rupee. The Board of Directors of the company is vested with general
power of superintendence, direction and management of the
Risk management affairs. During the year under review, seven Board Meetings
The Company has a well-established Enterprise Risk were held.
Management (ERM) framework. The core of the ERM
Directorship
framework consists of various policies, risk register, risk
appetite framework, delegation of power for risk management, During the year, Mr. Vikaas Sachdeva (holding DIN :
senior management roles & responsibilities for risk 05276339) has been appointed as Associate Director and Ms.
management, risk control guidelines, risk monitoring and Aarti Ramakrishnan (holding DIN: 03420819) has been
control tools, risk reporting and exception handling appointed as Independent Director to the Board. Mr. Rajiv C
mechanisms. The ERM framework covers both Investment Risks Lochan (holding DIN: 05309534), retires at the ensuing
at the scheme level and the Operational Risks at the Company General Meeting and being eligible, offers himself for re-
appointment. Necessary resolution is submitted for your
level.
approval.
The Company has two Risk Management Committees, one at
the Board level comprising Directors and the other at the Meeting of Independent Directors
executive level comprising Senior Management personnel. The During the year, the Independent Directors of the Company
Board Risk Management Committees regularly meets once in met on 30th January 2023 (i) to review the performance of non-
a quarter and the Executive Risk Management Committee independent directors and the Board as a whole, (ii) to review
meets on a Bi-Monthly basis. There is an Independent Six the performance of the Chairperson of the Company and (iii) to
member Risk Management team with a functional Head who access the quality, quantity and timeliness of flow of
reports to the Managing Director. An exclusive and information between the company management and the Board.
independent audit team audits the effectiveness of the overall
The Company has received necessary declaration from each
ERM framework and evaluates compliance with the SEBI’s Risk
Independent Director as required to be given under Section
Management framework.
149(7) of the Companies Act, 2013.
Risk monitoring, control and mitigation mechanisms are
constantly reviewed through Risk and Control Self Assessment Annual Evaluation by the Board
(RCSA) exercise for their effectiveness and practicality and The Board has made a formal evaluation of its own
suitable changes are introduced to adapt to the changing performance and that of its committees and individual directors
business environment. Observations in the reports of the as required under Section 134(3) (p) of the Companies Act,
Internal Auditor of the Company and Schemes relating to the 2013.

Board Committees The committee has also evaluated the performance of

the key management personnel and approved the
1. Audit Committee
proposal of the management on remuneration to key
The Audit Committee reviewed the internal audit plans, managerial personnel and other employees.
financial statements, adequacy of internal control systems
3. Corporate Social Responsibility Committee (CSR)
and the reports, the observations of the internal / external
auditors with the responses of the management. In terms of Section 135 of the Companies Act, 2013, the
particulars such as composition, CSR Policy and report on
2. Nomination and Remuneration Committee the CSR activities are set out in the prescribed format vide
The Committee in accordance with the mandate, formulated Annexure I.
the criteria for determining qualifications, positive attributes Disclosure as per Secretarial Standard on meetings of the
and independence of a director and recommended to the Board of Directors (SS-1)
Board a policy relating to the remuneration for the directors,
The number and dates of Meetings of the Board and
key managerial personnel and other employees, during
Committees held during the financial year indicating the
financial year 2014-15, which is available on the company’s
number of Meetings attended by each Director is furnished
website under the following link:
in Annexure II. Your Company has complied with
https://www.sundarammutual.com/pdf2/2018/Docs/Policy_
applicable Secretarial Standards issued by Institute of
on_Directors_Appointment_and_Remuneration.pdf
Company Secretaries of India.
The salient features of the policy are as under:
Public Deposits
• Any person who in the opinion of the Board is not
disqualified to become a Director, and in the opinion of Your company has not accepted any deposits from the public.
the Board, possesses the ability, integrity and relevant Secretarial Audit
expertise and experience, can be appointed as Director
In terms of Section 204 of the Companies Act, 2013 and the
of the Company.
rules thereunder, the Company has appointed Mr. A Kalyana
• For appointing any person as an Independent Director
Subramaniam, Practicing Company Secretary as the Secretarial
he/she should possess qualifications as mentioned under
Auditor of the Company. Secretarial Audit Report as provided
Rule 5 of The Companies (Appointment and
by Mr. A Kalyana Subramaniam, Practising Company Secretary
Qualification of Directors) Rules, 2014 and he / she
should satisfy the independence criteria as laid down in is annexed to this Report vide Annexure III.
Section 149(6) of the Companies Act, 2013 and SEBI Annual Return
(Mutual Funds) Regulations, 1996.
The extract of the annual return pursuant to Rule 12 (1) of the
• The Managing Director is appointed by the shareholders
Companies (Management and Administration) Rules, 2014 is
at a general meeting.
attached vide Annexure IV.
• The Board decides payment of commission to non
whole-time directors every year within 1% of the net The annual return referred to in sub-section (3) of Section 92 is
profits of the Company approved by the members. available in our website under the following link.
• The Company pays remuneration by way of salary, https://www.sundarammutual.com/Home
perquisites and allowances, performance bonus to its
Key Managerial Personnel based on the Personnel
recommendation of Nomination and Remuneration Your Company had 341 employees on its rolls as on 31st March
Committee. 2023. During the year, your Company had carried out various
• The remuneration of other employees mainly consists of employee engagement activities and welfare measures. Your
basic remuneration, perquisites, allowances and Board of Directors place on record their acknowledgement for
performance Bonus. The components of the total the support, dedication and unswerving commitment displayed
remuneration vary for different employee grades and are by the employees of the Company.
governed by industry patterns, qualifications and
experience of the employee, responsibilities handled by Particulars of Employee Remuneration
them, their individual performances, etc. Particulars of employee remuneration pursuant to Rule 5(2) of
The committee recommended to the Board the Companies (Appointment and Remuneration of Managerial
appointment and re-appointment of directors and Personnel) Rules, 2014, are set out in the Annexure VI to the
carried out evaluation of director’s performance. Directors’ Report. Any shareholder interested in obtaining a

copy of the said annexure may write to the Company Secretary (2) of the Companies (Accounts) Rules 2014, is attached as part
at the Registered Office of the Company. of this report vide Annexure V.
Disclosure under the Prevention of Sexual Harassment of The Directors' responsibility statement pursuant to Section
Women at Workplace Act, 2013 134 3 (c) of Companies Act, 2013
The Company has put in place an Anti-Sexual Harassment
Your directors confirm that:
Policy in line with the requirements of The Sexual Harassment
of Women at Workplace (Prevention, Prohibition & Redressal) 1. In the preparation of the annual accounts, the applicable
Act, 2013. Internal Complaints Committee (ICC) had been set accounting standards had been followed along with proper
up to redress complaints received regarding sexual harassment. explanation relating to material departures;
All employees (permanent, contractual, temporary, trainees) are
2. The directors had selected such accounting policies and
covered under this policy. No complaint was received during
applied them consistently and made judgments and
the year 2022-23.
estimates that are reasonable and prudent so as to give a
Conservation of Energy, Technology Absorption and Foreign true and fair view of the state of affairs of the company at the
Exchange Earnings and Outgo end of the financial year and of the profit of the company for
Information under Section 134 (3) (m) of the Companies Act, that period;
2013 read with Rule 8(3) of the Companies (Accounts) Rules
3. The directors had taken proper and sufficient care for the
2014:
maintenance of adequate accounting records in accordance
(a) Conservation of Energy and Technology Absorption:
with the provisions of the Companies Act, 2013 for
Your Company has taken following measures on the energy safeguarding the assets of the company and for preventing
saving and technology absorption: and detecting fraud and other irregularities;
• Substantial savings in energy consumption and heat
4. The directors had prepared the annual accounts on a going
reduction were achieved by consolidation of servers,
concern basis;
network and server virtualization; and
• Implemented video conferencing solution through cloud 5. The directors had devised proper systems to ensure
sharing facility thereby saving energy. compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
(b) Foreign Exchange Earnings and Outgo:
The Company had no foreign exchange earnings or outgo Acknowledgement
during the year 2022-23. Your Directors wish to place on record their appreciation of
Particulars of loans, guarantee and investments pursuant to the professional support and guidance received from the
Section 186 of the Companies Act, 2013 Trustees of Sundaram Mutual Fund and the Sponsors –
The Company has not given any loan or guarantee to any Sundaram Finance Limited.
person or body corporate. The investment in the shares of Your Board of Directors also thanks the Securities and
Sundaram Asset Management Singapore Pte. Ltd., Sundaram Exchange Board of India, Ministry of Corporate Affairs,
Alternate Assets Limited, SAMC Support Services Private Monetary Authority of Singapore, Association of Mutual Funds
Limited (formerly ‘Principal Asset Management Private
of India, the Company’s bankers and other intermediaries for
Limited’), SAMC Services Private Limited (formerly ‘Principal
their unstinting support.
Retirement Advisors Private Limited’) and SAMC Trustee Private
Limited is disclosed in Extract of Annual Report separately. Your Directors place on record their deep appreciation for the
Particulars of Related Party Transactions pursuant to Section dedication and commitment displayed by the employees of
134(3)(h) of the Companies Act, 2013 your Company.
During the year, the Company did not enter into any material
transaction with related parties, under Section 188 of the
For and on behalf of the Board of Directors
Companies Act, 2013. All transactions entered into by the
Company with the related parties were in the ordinary course Date: May 04, 2023 Harsha Viji
of business and on an arm’s length basis. Form AOC-2, as Place: Chennai Chairman
required under Section 134 (3) (h) of the Act, read with Rule 8 DIN:00602484

Annexure I
Annual Report on CSR Activities for the financial year 2022-23
1. Brief outline on CSR Policy of the Company

CSR Policy of the Company is available in our website under the following link:
https://www.sundarammutual.com/pdf2/2015/AMC_CSR_Policy.pdf
2. Composition of CSR Committee
Mr. Harsha Viji – Chairman
Mr. K N Sivasubramanian – Member
Mr. Rajiv C Lochan - Member
Mr. Sunil Subramaniam – Member
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are
disclosed on the website of the company.
The required information is available in our website under the following link:
https://www.sundarammutual.com/pdf2/2015/AMC_CSR_Policy.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).
Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. No. Financial Year Amount available for set-off from Amount required to be setoff for
preceding financial years (in `) the financial year, if any (in `)
Nil
6. Average net profit of the company as per Section 135(5)
` 59,46,28,654
7. (a) Two percent of average net profit of the company as per Section 135(5)
` 1,18,92,573
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years.
Nil
(c) Amount required to be set off for the financial year, if any
Nil
(d) Total CSR obligation for the financial year (7a+7b-7c).
` 1,18,92,573
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (in `)
Total Amount
Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under
Financial Year. Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
(in `)
Amount Date of Transfer Name of the Fund Amount Date of Transfer
1,19,00,000 Nil Nil

b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl.No. Name of the Item from the Local area Location of the Project Amount Amount spent in Amount Mode of Mode of Implementation -
Project list of activities (Yes/No.) project. duration allocated the current transferred to Implementation - Through Implementing
in Schedule VII for the financial Year Unspent CSR Direct Agency
to the Act. project (in `) Account for the (Yes/No).
(in `) project as per
Section 135(6)
(in `)
Name. CSR Registration

State District
Number
Nil
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Mode of
Item from the Location of the
Local area Amount spent for Mode of Implementation -
list of activities project.
Sl.no Name of the Project (Yes the project Implementation - Through Implementation Agency
in Schedule VII to
/ No). (in `). Direct (Yes/No). CSR Registration
the Act. State District Name
Number
1 Scholarships to Education Yes Tamil Nadu Chennai 70,00,000/- Yes Laxmi Charites CSR00005940
meritorious students
belonging to
economically weaker
section
2 Provide content, Education Yes Karnataka Bangalore 2,00,000/- Yes Anahata CSR00017310
training and impact United Efforts
monitoring to the Foundation
students.
3 Providing education Education Yes Tamil Nadu Chennai 2,00,000/- Yes Arvind CSR00003559
support to the Foundation
underprivileged mentally
challenged children and
young adults
4 Acquisition of land for Health Yes Tamil Nadu Chennai 25,00,000/- Yes Sundaram CSR00018426
construction of nurse’s Medical
hostel Foundation
5 Purchase of Hospital Health Yes Tamil Nadu Chennai 10,00,000/- Yes Hindu NA
equipment Mission
Hospital -
Tambaram
6 Renovation and Health Yes Tamil Nadu Coonor 10,00,000/- Yes Rotary Club CSR00003496
upgradation of Palliative of Nilgiris
and Geriatric Charitable Trust
Care Centre

(d) Amount spent in Administrative Overheads

Nil
(e) Amount spent on Impact Assessment, if applicable
Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e)
` 1,19,00,000/-
(g) Excess amount for set off, if any
Sl.No. Particular Amount (in `)
(i) Two percent of average net profit of the company as persection 135(5) 1,18,92,573/-
(ii) Total amount spent for the Financial Year 1,19,00,000/-
(iii) Excess amount spent for the financial year [(ii)-(i)] 7,427/-
(iv) Surplus arising out of the CSR projects or programmes oractivities of the previous
financial years, if any Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 7,427/-
9. (a) Details of Unspent CSR amount for the preceding three financial years
Sl. Preceding Amount transferred to Amount spent Amount transferred to any fund specified under Amount remaining to
No. Financial Unspent CSR in the reporting Schedule VII as per section 135(6), if any. be spent in succeeding
Year. Account under Financial Year financial years. (in `)
section 135 (6) (in `.).
(in `)
Name of the Amount Date of
Fund (in `). transfer.
Nil
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl.No. Project Name of Financial Year in Project Total amount Amount spent on the Cumulative amount Status of the project -
ID the which the project duration allocated project in the spent at the end of Completed / Ongoing.
Project. was commenced. for the project reporting Financial reporting Financial
(in `.) Year (in `.) Year. (in `.)
Nil
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year (asset-wise details).
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset).
Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5).
Not Applicable
Harsha Viji Rajiv C Lochan K N Sivasubramanian Sunil Subramaniam

Chairman - CSR Committee Member- CSR Committee Member - CSR Committee Member - CSR Committee
Place: Chennai
Date: 4th May 2023

Disclosure as per Secretarial Standard on meetings of the Board of Directors (SS-1) Annexure II
1. Board 4. Corporate Social Responsibility Committee

During the year under review, 7 meetings of the Board of During the year under review, 1 meeting of the Corporate
Directors were held. The details of directors’ attendance at Social Responsibility was held. Attendance of the members
Board Meetings are as follows: at committee meeting is as follows:
S. No. Name of the Director DIN No. of Meeting S. No. Name of the Member No. of Meeting Date
Meetings Dates Meetings
Attended
Attended
1 Arvind Sethi 00001565 6
1 Rajiv C Lochan 1 09.05.2022
2 Harsha Viji 00602484 7 18.04.2022
3 K N Sivasubramanian 08569232 7 09.05.2022 2 Sunil Subramaniam 1
4 Rajiv C Lochan 05309534 5 30.06.2022 3 K N Sivasubramanian 1

04.08.2022
5 Raghuttama Rao 00146230 7 5. Separate Meeting of Independent Directors
01.11.2022
6 Sunil Subramaniam 07222050 7 30.01.2023 A separate meeting of Independent Directors was held on
7 Aarti Ramakrishnan * 03420819 2 29.03.2023 30.01.2023. All the independent directors, as under,
8 Vikaas M Sachdeva * 05276339 2 attended the meeting.
2. Audit Committee S. No. Name of the Member
During the year under review, 5 meetings of the Audit 1 Arvind Sethi
Committee were held. Attendance of the members at 2 K N Sivasubramanian
committee meetings are as follows:
3 Raghuttama Rao
S. No. Name of the Member No. of Meeting Dates
* Ms. Aarti Ramakrishnan and Mr. Vikaas Sachdeva were
Meetings Attended appointed to the Board with effect from 30.01.2023.
1 Arvind Sethi 4 09.05.2022
2 Harsha Viji 5 30.06.2022
3 Raghuttama Rao 5 04.08.2022
01.11.2022
30.01.2023
3. Nomination and Remuneration Committee
During the year under review, 3 meetings of the Nomination
and Remuneration Committee was held. Attendance of the
members at committee meeting is as follows:
S. No. Name of the Member No. of Meeting Date
Meetings
Attended
1 Harsha Viji 3 18.04.2022
2 Arvind Sethi 3 09.05.2022
3 Rajiv C Lochan 3 30.01.2023
4 K N Sivasubramanian 3

Annexure III
Form No. MR-3
Secretarial Audit Report
For the Financial Year Ended 31.03.2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, of India.
The Members, During the period under review, the Company has complied with the
Sundaram Asset Management Company Limited provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above and there are no other specific observations
CIN-U93090TN1996PLC034615
requiring any qualification on non-compliances. ·
21, Patullos Road, Chennai – 600002.
I further report that:
I have conducted the secretarial audit of the compliance of applicable
The Board of Directors of the Company is duly constituted with proper
statutory provisions and the adherence to good corporate practices by
balance of Executive Directors, Non-Executive Directors and
M/s. Sundaram Asset Management Company Limited (hereinafter
called the Company). Secretarial Audit was conducted in a manner Independent Directors.
that provided me a reasonable basis for evaluating the corporate Adequate notice is given to all directors to schedule the Board
conducts/statutory compliances and expressing my opinion thereon. Meetings, agenda and detailed notes on agenda were sent at least
I have conducted online and offline verification & examination of seven days in advance, and a system exists for seeking and
records, as facilitat ed by the Company for the purpose of issuing this obtaining further information and clarifications on the agenda items
Report. before the meeting and for meaningful participation at the meeting.
Based on my verification of M/s. Sundaram Asset Management All decisions have been carried unanimously.
Company Limited's books, papers, minute books, forms and returns The company has obtained all necessary approvals under the various
filed and other records maintained by the Company and also the provisions of the Act.
information provided by the Company, its officers, agents and
author ised representatives during the conduct of secretarial audit, I There was no prosecution initiated and no fines or penalties were
hereby report that in my opinion, the Company has, during the audit imposed during the year under review under the Act, SEBI Act, SCRA,
period ended on 31.03.2023 complied with the statutory provisions Depositories Act, Rules, Regulations and Guidelines framed under
liste d hereunder and also that the Company has proper Board- these Acts against / on the Company, its Directors, and Officers.
processes and compliance-mechanism in place to the extent, in the The Directors have complied with the disclosure requirements in
manner and subject to the reporting made hereinafter: respect of their eligibility of appointment, their being independent and
I have examined the books, papers, minute books, forms and returns compliance with the Code for Independent Directors.
filed and other records maintained by M/s. Sundaram Asset I further report that based on the information received and records
Management Company Limited for the period ended on 31.03.2023 maintained there are adequate systems and processes in the Company
according to the provisions of: commensurate with the size and operations of the Company to
(i) The Companies Act, 2013 (the Act ) and the Rules made monitor and ensure compliance with applicable laws, rules,
thereunder; regulations and guidelines.
(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the I further report that during the period under review, the company has
Rules made thereunder; initiated for its wholly owned subsidiaries the following actions:
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws 1. SAMC Support Services Private Limited (formerly 'Principal Asset
framed thereunder; Management Private Limited') - The company has filed
Liquidation petition with National Company Law Tribunal
(iv) Foreign Exchange Management Act, 1999 and the Rules and
(NCLT), Mumbai Bench which is pending to be listed for
Regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External hearing.
Commercial Borrowings; 2. SAMC Services Private Limited (formerly 'Principal Retirement
(v) The following Regulations and Guidelines prescribed under the Advisors Private Limited') - The company has filed petition (for
Securities and Exchange Board of India Act, 1992 ('S EBI Act') to Merger with SUNDARAM ALTERNATE ASSETS LIMITED) with
the extent applicable to the Company:- NCLT, Chennai Bench and the matter is pending to be listed for
hearing.
a) The Securities and Exchange Board of India (Mutual Fund)
Regulations, 1996; 3. SAMC Trustee Private Limited (formerly 'Principal Trustee
Company Private Limited') - The company has filed Liquidation
b) The Securities and Exchange Board of India (Portfolio petition with NCLT, Mumbai Bench which is pending to be listed
Managers) Regulations, 1993; for hearing.
c) The Securities and Exchange Board of India (Alternative The company had been sanctioned term loans by its Subsidiaries and
Investment Funds) Regulations, 2012
Group Companies amounting to ` 173.50 crores, which was
d) The Securities and Exchange Board of India (Prohibition of fully availed and the outstanding as on 31/ 03/2023 is ` 33.95
Insider Trading) Reg ulations, 2015; crores
e) The Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011, and
A Kalyana Subramaniam
f) The Memorandum and Articles of Association. (FCS No.11142)
I have also examined compliance with the applicable clauses of the Place: Chennai (C.P No. 16345)
Secretarial Standards issued by The Institute of Company Secretaries Date: 04-May-2023 UDIN: F011142E000255837

Annexure IV
Form No. MGT 9
Extract of Annual Return as on the financial year ended on 31st March 2023
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS
i) C I N U93090TN1996PLC034615
ii) Registration Date 26th February 1996
iii) Name of the Company Sundaram Asset Management Company Limited
iv) Category / Sub-category of the company Limited by Shares, Indian Non-Government Company
v) Address of the Registered office and contact details 21 Patullos Road, Chennai 600 002
Mr. R. Ajith Kumar
Tel: 044-28569864;
Email: ajithk@sundarammutual.com
vi) Whether listed company No
vii) Name, address and contact details of Registrar M/s. Cameo Corporate Services Limited,
and Tansfer agent, if any ‘Subramanian Building’
No.1, Club House Road, Chennai 600 002
Ph: 044 28460390 to 0395
Email: investor@cameoindia.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name & description of main products / services NIC Code of the product / services % to total turnover of the company
Investment Management and Advisory Services 66301 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. No Name and address of the company CIN/GLN Holding/Subsidiary/Associate % of shares Held Applicable Section
1 Sundaram Finance Limited, L65191TN1954PLC002429 Holding Company 100% 2 (46)
Regd Office: 21, Patullos Road,
Chennai 600002
2 Sundaram Asset Management 179938 Subsidiary Company 100% 2 (87) (ii)
Singapore Pte Limited
Regd Office: 50, Armenian Street,
#02-02, Wilmer Place, Singapore 179938
3 Sundaram Alternate Assets Limited U65990TN2018PLC120641 Subsidiary Company 100% 2 (87) (ii)
Regd Office: 21, Patullos Road,
Chennai 600002
4 SAMC Support Services Private Limited U25000MH1991PTC064092 Subsidiary Company 100% 2 (87) (ii)
(formerly' Principal Asset Management
Private Limited')
Regd Office: Unit 002, GF, B (West) Wing,
Satellite Gazebo Andheri-
Ghatkopar Link Road, Chakala,
Andheri (East) Mumbai City Mumbai City
MH 400093
5 SAMC Services Private Limited (formerly U67190MH2004PTC149084 Subsidiary Company 100% 2 (87) (ii)
Principal Retirement Advisors Private Limited)
Regd Office: Unit 002, GF, B(West)Wing,
Satellite Gazebo Andheri-
Ghatkopar Link Road,Chakala,
Andheri (East) Mumbai City
Mumbai City MH 400093
6 Principal Trustee Company Private Limited U67110MH2000PTC129483 Subsidiary Company 100% 2 (87) (ii)
Regd Office: Unit 002, GF, B(West)Wing,
Satellite Gazebo Andheri-Ghatkopar Link
Road,Chakala, Andheri (East) Mumbai City
Mumbai City MH 400093

SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding

No of Shares held at the beginning of the year No of shares held at the end of the year % Change
Category of Shareholders % of Total % of Total During the
Demat Physical Total Demat Physical Total year
Shares Shares
A. Promoter
1) Indian
a) Individual / HUF - - - - - - - - -
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp - Sundaram Finance Limited * 2,39,50,394 6 2,39,50,400 100% 2,39,50,394 6 2,39,50,400 100% -
e) Banks / FI - - - - - - - - -
f) Any Other - - - - - - - - -
Sub Total A(1) 2,39,50,394 6 2,39,50,400 100% 2,39,50,394 6 2,39,50,400 100% -
2) Foreign
a) NRIs - Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks / FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub Total A(2) - - - - - - - - -
Total Shareholding of promoter 2,39,50,394 6 2,39,50,400 100% 2,39,50,394 6 2,39,50,400 100% -

(A) = A(1) + (A)(2)
B. Public Shareholding
1) Institutions - - - - - - - -
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FIIs - - - - - - - - -
h) Foreign Venture Capital Funds - - - - - - - - -
i) Others(Specify) - - - - - - - - -
Sub Total B(1) - - - - - - - - -
2) Non-Institutions
a) Bodies Corp. - - - - - - - - -
i) Indian - - - - - - - - -
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual shareholders holding nominal
share capital upto `1 Lakh - - - - - - - - -
ii) Individual shareholders holding nominal
share capital in excess of `1 Lakh - - - - - - - - -
c) Others Specify - - - - - - - - -
Sub Total B(2) - - - - - - - - -
Total Public Shareholding (B) = B(1) + (B)(2) - - - - - - - - -
C. Shares held by custodian for GDRs & ADRs - - - - - - - - -

Grand Total (A) + (B) + (C) 2,39,50,394 6 2,39,50,400 100% 2,39,50,394 6 2,39,50,400 100% -
* Includes 6 shares held by the nominees of Sundaram Finance Limited

ii) Shareholding of Promoters

Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year
No of Shares % of total shares of % of shares pledged/ No of Shares % of total shares of % of shares pledged/ % change in share
the company encumbered to total shares the company encumbered to total shares holding during the year
Sundaram Finance Limited 2,39,50,400 100% - 2,39,50,400 100% - -
Total 2,39,50,400 100% - 2,39,50,400 100% - -
iii) Change in Promoter's Shareholding (Please specify, if there is no change)
Shareholder’s Name Shareholding at the beginning of the year Cumulative shareholding during the year
No of Shares % of total shares of the company No of Shares % of total shares of the company
At the beginning of the year 2,39,50,400 100% — 100%
Date wise increase / decrease — — — —
At the End of the year 2,39,50,400 100%
iv) Shareholding pattern of top ten shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
Shareholder’s Name Shareholding at the beginning of the year Cumulative shareholding during the year
At the beginning of the year — — — —
At the End of the year — —
v) Shareholding pattern of Directors and Key Managerial Personnel
Sr.No. For each of the Directors and KMP Shareholding at the beginning of the year Cumulative shareholding during the year
1 Mr Harsha Viji
At the End of the year — — — —
2 Mr Rajiv C Lochan
3 Mr Arvind Sethi
4 Mr K N Sivasubramanian
5 Mr R. Raghuttama Rao
6 Mr Sunil Subramaniam, Managing Director
7 Mr R Ajith Kumar, Secretary & Compliance Officer
Date wise increase / decreas — — — —
8 Mr R S Raghunathan, Chief Financial Officer

V) Indebtedness
Indebtedness of the Company including interest outstanding / accrued but not due for payment (in `)
Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount - 1,71,00,00,000 1,71,00,00,000
ii) Interest due but not paid - -
III) Interest accrued but not due 46,40,548 46,40,548
Total (i)+(ii)+(iii) - - 1,71,46,40,548 1,71,46,40,548
Change in Indebtedness during the financial year
Addition 1,07,00,36,041 - 4,42,84,929 1,11,43,20,970
Reduction 21,71,36,988 - 1,41,94,64,929 21,71,36,988
Net Change 85,28,99,053 - (1,37,51,80,000) 2,61,18,24,530
Indebtedness at the end of the financial year
i) Principal Amount 85,00,00,000 33,50,00,000 1,18,50,00,000
ii) Interest due but not paid - - - -
III) Interest accrued but not due 28,99,053 44,60,548 73,59,601
Total (i)+(ii)+(iii) 85,28,99,053 33,94,60,548 1,19,23,59,601
VI) Remuneration of Directors and Key Managerial Personnel
A) Remuneration to Managing Director, Whole-time directors and/or Manager (in `)
Sl. No Particulars of Remuneration Name of MD/WTD/Manager
Mr. Sunil Subramaniam, Total Amount
Managing Director
1 Gross Salary
a) Salary as per provisions contained in section 17(1) of the Income tax Act, 1961 2,69,68,219 2,69,68,219
b) Value of Perquisites u/s 17(2) of the Income Tax Act, 1961 20,00,000 20,00,000
c) Profits in Lieu of salary under section 17(3) of the Income tax Act, 1961.
2 Stock Option
3 Sweat Equity
4 Commission
- as % of Profits 1,30,00,000 1,30,00,000
- others, specify
5 Others, Please specify
Total (A) 4,19,68,219 4,19,68,219
Ceiling as per the Act (11% of Net Profits)
B) Remuneration to Other Directors (in `)
Particulars of Remuneration
Name of Directors Fee for attending Board / Total
Committee Meetings Commission Others, please specify
Independent Directors:
Mr Arvind Sethi 4,10,000 900000 - 1310000.00
Mr K N Sivasubramanian 3,60,000 800000 - 1160000.00
Mr R. Raghuttama Rao 3,10,000 800000 - 1110000.00
Ms. Aarti Ramakrishnan (Joined w.e.f 30th Jan 2023) 75,000 200000 - 275000
Total (A) 11,55,000 27,00,000 - 38,55,000
Other Non-Executive Director (B) - - -
Total (B) - - -
Total Managerial Remuneration (A) + (B) 38,55,000
Overall ceiling as per the Act (11% of Net Profits) 8,53,07,200

C) Remuneration to Key Managerial Personnel other than MD/Manager / WTD

Sl. No Particulars of Remuneration Key Managerial Personnel
Company Secretary CFO Total
1 Gross Salary
a) Salary as per provisions contained in Section 17(1) of the Income 21,78,225 40,06,850 61,85,075
Tax Act, 1961
b) Value of Perquisites u/s Section17(2) of the Income Tax Act, 1961 - - -
c) Profits in Lieu of salary under Section 17(3) of the Income tax Act, 1961 - - -
2 Stock Option Nil Nil Nil
3 Sweat Equity Nil Nil Nil
4 Commission
- as % of Profits Nil Nil Nil
- Others, Please Specify 3,27,000 12,02,000 15,29,000
5 Others, Please specify Nil Nil Nil
Total 25,05,225 52,08,850 77,14,075
VII. Penalties/ Punishment/Compounding of Offences
There were no penalties / punishment / compounding of offences against the Company, Directors and other Officers in Default during the year ended 31st March 2023.
For and On behalf of the Board of Directors

Date: 4th May 2022 Harsha Viji
Place: Chennai Chairman
Annexure - V
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8 (2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in
sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis
All transactions entered into by the Company during the year with related parties were on an arm’s length basis.
2. Details of material contracts or arrangement or transactions at arm’s length basis
The details of transactions entered into by the Company during the year with related parties on an arm’s length basis are provided
under Note 33 to the annual accounts.
For and On behalf of the Board of Directors
Date: 4th May 2022 Harsha Viji
Place: Chennai Chairman

INDEPENDENT AUDITOR’S REPORT

To the Members of Sundaram Asset Management Company Limited
Report on the Audit of the Standalone Financial Statements
Opinion Information Other than the Standalone Financial Statements
We have audited the accompanying standalone financial and Auditor’s Report Thereon
statements of Sundaram Asset Management Company Limited The Company’s Board of Directors is responsible for the
(“the Company”), which comprises the Balance Sheet as at 31st preparation of the other information. The other information
March 2023, and the Statement of Profit and Loss including comprises the information included in the Management
Other Comprehensive Income, Statement of Changes in Equity Discussion and Analysis, Board’s Report including Annexures
and Statement of Cash Flows for the year then ended, and notes to Board’s Report, Corporate Governance and Shareholder’s
to the financial statements, including a summary of significant Information, but does not include standalone financial
accounting policies and other explanatory information statements and our auditor’s report thereon.
(hereinafter referred to as “the Standalone financial Our opinion on the standalone financial statements does not
statements”). cover the other information and we do not express any form of
assurance conclusion thereon.
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone In connection with our audit of the standalone financial
financial statements give the information required by the statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
Companies Act, 2013 (“the Act”) in the manner so required and
materially inconsistent with the standalone financial statements
give a true and fair view in conformity with the Indian
or our knowledge obtained during the course of our audit or
Accounting Standards prescribed under section 133 of the Act
otherwise appears to be materially misstated.
read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, (“Ind AS”) and other accounting principles If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
generally accepted in India, of the state of affairs of the
are required to report that fact. We have nothing to report in
Company as at March 31, 2023 and its profit, total
this regard.
comprehensive income, changes in equity and its cash flows
for the year ended on that date. Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements
Basis for Opinion
The Company’s Board of Directors is responsible for the matters
We conducted our audit of the standalone financial statements stated in section 134(5) of the Act with respect to the
in accordance with the Standards on Auditing (SAs) specified preparation of these standalone financial statements that give a
under section 143(10) of the Companies Act, 2013. Our true and fair view of the financial position, financial
responsibilities under those Standards are further described in performance including other comprehensive income, changes
the Auditor’s Responsibilities for the Audit of the Standalone in equity and cash flows of the Company in accordance with
Financial Statements section of our report. We are independent the Ind AS and other accounting principles generally accepted
of the Company in accordance with the Code of Ethics issued in India. This responsibility also includes maintenance of
by the Institute of Chartered Accountants of India (ICAI) adequate accounting records in accordance with the provisions
together with the ethical requirements that are relevant to our of the Act for safeguarding of the assets of the Company and for
audit of the standalone financial statements under the preventing and detecting frauds and other irregularities;
provisions of the Companies Act, 2013 and the Rules selection and application of appropriate accounting
thereunder, and we have fulfilled our other ethical policies; making judgments and estimates that are
responsibilities in accordance with these requirements and the reasonable and prudent; and design, implementation and
ICAI’s Code of Ethics. We believe that the audit evidence we maintenance of adequate internal financial controls, that were
have obtained is sufficient and appropriate to provide a basis operating effectively for ensuring the accuracy and
for our audit opinion on the standalone financial statements. completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial
Key Audit Matters statements that give a true and fair view and are free from
Key audit matters are those matters that, in our professional material misstatement, whether due to fraud or error.
judgment, were of most significance in our audit of the In preparing the standalone financial statements, management
standalone financial statements of the current period. Based on is responsible for assessing the Company’s ability to continue
the audit we have conducted we determined that there are no as a going concern, disclosing, as applicable, matters related to
key audit matters to communicate in our report. going concern and using the going concern basis of accounting

unless management either intends to liquidate the Company or However, future events or conditions may cause the
to cease operations, or has no realistic alternative but to do so. Company to cease to continue as a going concern.
The Board of Directors are also responsible for overseeing the • Evaluate the overall presentation, structure and content of
Company’s financial reporting process. the standalone financial statements, including the
disclosures, and whether the standalone financial
Auditor’s Responsibility for the Audit of the Standalone
Financial Statements statements represent the underlying transactions and events
in a manner that achieves fair presentation.
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are free Materiality is the magnitude of misstatements in the standalone
from material misstatement, whether due to fraud or error, and financial statements that, individually or in aggregate, makes it
to issue an auditor’s report that includes our opinion. probable that the economic decisions of a reasonably
Reasonable assurance is a high level of assurance but is not a knowledgeable user of the standalone financial statements may
guarantee that an audit conducted in accordance with SAs will be influenced. We consider quantitative materiality and
always detect a material misstatement when it exists. qualitative factors in (i) planning the scope of our audit work
Misstatements can arise from fraud or error and are considered and in evaluating the results of our work; and (ii) to evaluate the
material if, individually or in the aggregate, they could effect of any identified misstatements in the standalone
reasonably be expected to influence the economic decisions financial statements.
of users taken on the basis of these standalone financial We communicate with those charged with governance
statements. regarding, among other matters, the planned scope and timing
As part of an audit in accordance with SAs, we exercise of the audit and significant audit findings, including any
professional judgment and maintain professional skepticism significant deficiencies in internal control that we identify
throughout the audit. We also: during our audit.
• Identify and assess the risks of material misstatement of the We also provide those charged with governance with a
standalone financial statements of the Company, whether statement that we have complied with relevant ethical
due to fraud or error, design and perform audit procedures requirements regarding independence, and to communicate
responsive to those risks, and obtain audit evidence that is with them all relationships and other matters that may
sufficient and appropriate to provide a basis for our opinion. reasonably be thought to bear on our independence, and
The risk of not detecting a material misstatement resulting where applicable, related safeguards.
from fraud is higher than for one resulting from error, as From the matters communicated with those charged with
fraud may involve collusion, forgery, intentional omissions, governance, we determine those matters that were of most
misrepresentations, or the override of internal control. significance in the audit of the standalone financial statements
• Obtain an understanding of internal control relevant to the of the current period and are therefore the key audit matters.
audit in order to design audit procedures that are We describe these matters in our auditor’s report unless law or
appropriate in the circumstances. Under section 143(3)(i) regulation precludes public disclosure about the matter or
of the Companies Act, 2013, we are also responsible for when, in extremely rare circumstances, we determine that a
expressing our opinion on whether the Company has matter should not be communicated in our report because the
adequate internal financial controls with reference to adverse consequences of doing so would reasonably be
financial statements in place and the operating effectiveness expected to outweigh the public interest benefits of such
of such controls. communication.
• Evaluate the appropriateness of accounting policies used Report on Other Legal and Regulatory Requirements
and the reasonableness of accounting estimates and related
1. As required by Section 143(3) of the Act, we report that:
disclosures made by the management.
a) We have sought and obtained all the information and
• Conclude on the appropriateness of management’s use of
explanations which to the best of our knowledge and
the going concern basis of accounting and, based on the
belief were necessary for the purposes of our audit.
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast b) In our opinion, proper books of account as required by
significant doubt on the Company’s ability to continue as a law have been kept by the Company so far as it appears
going concern. If we conclude that a material uncertainty from our examination of those books.
exists, we are required to draw attention in our auditor’s c) The Balance Sheet and the Statement of Profit and Loss
report to the related disclosures in the standalone financial including Other Comprehensive Income, Statement of
statements or, if such disclosures are inadequate, to modify Changes in Equity and the Statement of Cash Flow
our opinion. Our conclusions are based on the audit Statement dealt with by this Report are in agreement
evidence obtained up to the date of our auditor’s report. with the books of accounts of the Company.

d) In our opinion, the aforesaid standalone financial lend or invest in other persons or entities
statements comply with the Indian Accounting identified in any manner whatsoever by or on
Standards specified under Section 133 of the Act, read behalf of the Company (“Ultimate Beneficiaries”)
with Rule 3 of the Companies (Indian Accounting or provide any guarantee, security or the like on
Standards) Rules, 2015. behalf of the Ultimate Beneficiaries.
e) On the basis of the written representations received from b) The Management has represented, that, to the
the directors as on 31st March, 2023 taken on record by best of its knowledge and belief, no funds have
the Board of Directors, none of the directors is been received by the Company from any person
disqualified as on 31st March, 2023 from being or entity, including foreign entity (“Funding
appointed as a director in terms of Section 164 (2) of the Parties”), with the understanding, whether
Act recorded in writing or otherwise, that the
f) With respect to the adequacy of the internal financial Company shall, whether, directly or indirectly,
controls with reference to financial statements of the lend or invest in other persons or entities
Company and the operating effectiveness of such identified in any manner whatsoever by or on
controls, refer to our separate Report in “Annexure B”. behalf of the Funding Party (“Ultimate
Our report expresses an unmodified opinion on the Beneficiaries”) or provide any guarantee, security
adequacy and operating effectiveness of the company’s or the like on behalf of the Ultimate Beneficiaries.
internal financial controls with reference to the financial
c) Based on the audit procedures that have been
statements.
considered reasonable and appropriate in the
g) With respect to the other matters to be included in the circumstances, nothing has come to our notice
Auditor’s Report in accordance with the requirements of that has caused us to believe that the
section 197(16) of the Act, as amended: representations under sub-clause (i) and (ii) of
In our opinion and to the best of our information and Rule 11(e), as provided under (a) and (b) above,
according to the explanations given to us, the contain any material misstatement.
remuneration paid by the Company to its directors v. As stated in Note 46 to the standalone financial statement,
during the year is in accordance with the provisions of
the Board of Directors of the Company have proposed final
section 197 of the Act.
dividend for the year which is subject to the approval of the
h) With respect to the other matters to be included in the members at the ensuing Annual General Meeting. The
Auditor’s Report in accordance with Rule 11 of the amount of dividend proposed is in accordance with section
Companies (Audit and Auditors) Rules, 2014, in our 123 of the Act, as applicable.
opinion and to the best of our information and
vi. Proviso to Rule 3(1) of the Companies (Accounts)
according to the explanations given to us:
Rules,2014 for maintaining books of accounts using
i. The Company has disclosed the impact of pending accounting software which has a feature of recording audit
litigations on its financial position in its standalone trail (edit log) facility is applicable to the company with
financial statements. - [Refer Note 34 to the
effect from April 1, 2023, and accordingly, reporting under
standalone financial statements].
Rule 11(g) of Companies (Audit and Auditors) Rules, 2014
ii. The Company did not have any long-term contracts is not applicable for the year ended March 31,2023.
including derivative contracts for which there were
2. As required by the Companies (Auditor’s Report) Order,
any material foreseeable losses.
2020 (the “Order”) issued by the Central Government in
iii. There were no amounts, required to be transferred, to terms of Section 143(11) of the Act, we give in “Annexure
Investor Education Protection Fund during the year A” a statement on the matters specified in paragraphs 3 and
by the Company. 4 of the Order.
iv. a) The Management has represented that, to the .
best of its knowledge and belief, no funds have
been advanced or loaned or invested (either from For Suri & Co.
borrowed funds or share premium or any other Chartered Accountants
sources or kind of funds) by the Company to or in Firm Registration No. 004283S
any other person or entity, including foreign
entity (“Intermediaries”), with the understanding, Place: Chennai Sanjeev Aditya M
whether recorded in writing or otherwise, that the Date: 04-05-2023 Partner
Intermediary shall, whether, directly or indirectly UDIN: 22229694AJLMIN8168 Membership No.229694

Annexure A to the Independent Auditors’ report

(Referred to in our report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
The Annexure referred to in Independent Auditors’ Report to the members (b) In our opinion, the investments made and the terms and
of the company on the financial statements for the year ended 31st March conditions of the grant of loans, during the year are, prima
2023, we report that: facie, not prejudicial to the Company’s interest.
(i) In respect of the Company’s Property, Plant and Equipment and (c) In respect of loans granted by the Company, the schedule of
Intangible Assets: repayment of principal and payment of interest has been
(a) (A) The Company has maintained proper records showing full stipulated and the repayments of principal amounts and
particulars, including quantitative details and situation of receipts of interest are generally been regular as per stipulation.
Property, Plant and Equipment and relevant details of right-of (d) In respect of loans granted by the Company, there is no
use assets. overdue amount remaining outstanding as at the balance sheet
(B) The Company has maintained proper records showing full date.
particulars of intangible assets. (e) No loan granted by the Company which has fallen due during
the year, has been renewed or extended or fresh loans granted
(b) The Company has a program of physical verification of Property,
to settle the overdues of existing loans given to the same
Plant and Equipment and right-of-use assets so to cover all the assets
parties.
once every three years which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. (f) The Company has not granted any loans or advances in the
Pursuant to the program, certain Property, Plant and Equipment were nature of loans either repayable on demand or without
due for verification during the year and were physically verified by specifying any terms or period of repayment during the year.
the Management during the year. According to the information and Hence, reporting under clause 3(iii)(f) is not applicable.
explanations given to us, no material discrepancies were noticed on (iv) The Company has not granted any loans or given guarantees or
such verification. provided security to directors or to persons in whom the directors
(c) According to the information and explanation given to us, and the are interested and hence the provisions of section 185 the Companies
books and records verified by us and based on the examination we Act, 2013 are not applicable. In respect of investment made by the
company in a body corporate, the company has complied with the
report that company does not hold any immovable properties held in
provisions of section 186 of the Companies Act, 2013. The company
the name of the company.
has not provided any loan or security to any body corporate and
d) The Company has not revalued any of its Property, Plant and
hence the provisions of section 186 the Companies Act, 2013 are
Equipment (including right- of-use assets) and intangible assets during not applicable to this extent.
the year.
(v) The Company has not accepted any deposit or amounts which are
e) No proceedings have been initiated during the year or are pending deemed to be deposits. Hence, reporting under clause 3(v) of the
against the Company as at March 31, 2023 for holding any benami Order is not applicable.
property under the Benami Transactions (Prohibition) Act, 1988 (as
(vi) The maintenance of cost records has not been specified by the
amended in 2016) and rules made thereunder.
Central Government under sub- section (1) of section 148 of the
(ii) (a) The Company does not have any inventory and hence Companies Act, 2013 for the business activities carried out by the
reporting under clause 3(ii)(a) of the Order is not applicable. Company. Hence, reporting under clause (vi) of the Order is not
(b) The Company has not been sanctioned working capital limits applicable to the Company.
in excess of ₹ 5 crore, in aggregate, at any points of time during (vii) In respect of statutory dues:
the year, from banks or financial institutions on the basis of a) In our opinion, the Company has generally been regular in
security of current assets and hence reporting under clause depositing undisputed statutory dues, including Goods and
3(ii)(b) of the Order is not applicable. Services tax, Provident Fund, Employees’ State Insurance,
(iii) The Company has made investments in, companies, firms, Limited Income Tax, Sales Tax, Service Tax, duty of Custom, duty of
Liability Partnerships, and granted unsecured loans to staffs during Excise, Value Added Tax, Cess and other material statutory dues
the year, in respect of which we report as under: applicable to it with the appropriate authorities.
(a) The Company has provided loan which is in the nature of staff There were no undisputed amounts payable in respect of
loan and the balance as on 31 March 2023 amounts to ` 47.13 Goods and Service tax, Provident Fund, Employees’ State
Lakhs. Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom,

duty of Excise, Value Added Tax, Cess and other material (ix) (a) The Company has taken loan from Group companies
statutory dues in arrears as at March 31, 2023 for a period of and based on information and explanation given to us
more than six months from the date they became payable. the company has not defaulted in repayment of loans or
(b) Details of statutory dues referred to in sub-clause (a) above other borrowings or in the payment of interest thereon to
which have not been deposited as on March 31, 2023 on any lender.
account of disputes are given below: (b) The Company has not been declared wilful defaulter by
Name of Nature Amount Amount Period to Forum any bank or financial institution or government or any
the statute of dues Disputed Paid which the where government authority.
(` in lakhs) (` in lakhs) amount dispute is (c) The Company has taken term loan during the year from
relates pending group companies and term loans were applied for the
Income Tax Income Tax purpose for which the loans was obtained.
Act, 1961 dues 702.44 Nil FY 2007-08 Madras High Court
(d) On an overall examination of the financial statements
Income Tax Income Tax
of the Company, funds raised on short- term basis have,
prima facie, not been used during the year for long-term
Income Tax Income Tax
purposes by the Company.
Income Tax Income Tax 1,166.04 Nil FY 2010-11 Income Tax Appellate Tribunal (e) On an overall examination of the financial statements
Act, 1961 dues of the Company, the Company has not taken any funds
Income Tax Income Tax from any entity or person on account of or to meet the
Act, 1961 dues 635.62 Nil FY 2011-12 Income Tax Appellate Tribunal obligations of its subsidiaries.
Income Tax Income Tax (f) The Company has not raised any loans during the year
Act, 1961 dues 17.23 Nil FY 2012-13 Income Tax Appellate Tribunal on the pledge of securities held in its subsidiaries, joint
Income Tax Income Tax ventures or associate companies, and hence reporting
Act, 1961 dues 10.41 Nil FY 2013-14 Income Tax Appellate Tribunal
on clause 3(ix)(f) of the Order is not applicable.
Income Tax Income Tax 292.00 Nil FY 2012-13 Commissioner of
(x) (a) The Company has not raised moneys by way of initial
Act, 1961 dues Income Tax (Appeals)
Income Tax Income Tax 308 Nil FY 2013-14 Commissioner of public offer or further public offer (including debt
Act, 1961 dues Income Tax (Appeals) instruments) during the year and hence reporting under
Income Tax Income Tax 458.52 Nil FY 2014-15 Commissioner of clause 3(x)(a) of the Order is not applicable.
Act, 1961 dues Income Tax (Appeals) (b) During the year, the Company has not made any
Income Tax Income Tax 1,396.28 Nil FY 2015-16 Commissioner of preferential allotment or private placement of shares or
Act, 1961 dues Income Tax (Appeals) convertible debentures (fully or partly or optionally) and
Income Tax Income Tax 864.09 Nil FY 2016-17 Commissioner of hence reporting under clause 3(x)(b) of the Order is not
Act, 1961 dues Income Tax (Appeals) applicable.
Income Tax Income Tax 1,065.96 Nil FY 2017-18 Commissioner of
(xi) (a) No fraud by the Company and no material fraud on the
Act, 1961 dues Income Tax (Appeals)
Company has been noticed or reported during the year.
Income Tax Income Tax 458.89 Nil FY 2019-20 Commissioner of
Act, 1961 dues Income Tax (Appeals) (b) No report under sub-section (12) of section 143 of the
Finance Act, Service Tax 39.61 Nil FY 2009-10 CESTAT Companies Act has been filed in Form ADT-4 as
1994 dues prescribed under rule 13 of Companies (Audit and
Finance Act, Service Tax 10.70 Nil FY 2010-11 & CESTAT Auditors) Rules, 2014 with the Central Government,
1994 dues 2011-12 during the year and upto the date of this report.º
Goods and Goods and 10.23 Nil FY 2011-12 to (c) No whistle blower complaints was received by the
Service Tax Service Act 2013-14 (Commissioner (Appeals) company during the year (and upto the date of this
Act, 2013 Dues report).
Goods and Goods and 4.41 Nil FY 2017-18 Commissioner (Appeals)
(xii) The Company is not a Nidhi Company and hence reporting
Service Tax Service Act
under clause (xii) of the Order is not applicable.
Act, 2013 Dues
(viii) There were no transactions relating to previously unrecorded (xiii) In our opinion, the Company is in compliance with Section
income that have been surrendered or disclosed as income 177 and 188 of the Companies Act, 2013 with respect to
during the year in the tax assessments under the Income Tax applicable transactions with the related parties and the details
Act, 1961 (43 of 1961). of related party transactions have been disclosed in the

standalone financial statements as required by the applicable to the Companies Act in compliance with second
accounting standards. proviso to sub-section (5) of Section 135 of the said Act.
(xiv) (a) In our opinion the Company has an adequate internal Accordingly, reporting under clause 3(xx)(a) of the Order
audit system commensurate with the size and the nature is not applicable for the year.
of its business. b) There are no amount remaining unspent under sub-
(b) We have considered, the internal audit reports for the section (5) of section 135 of the Companies Act,
year under audit, issued to the Company during the year pursuant to any ongoing project, has been transferred to
and till date, in determining the nature, timing and special account in compliance with the provision of
extent of our audit procedures. sub-section (6) of section 135 of the said Act.
(xv) In our opinion during the year the Company has not entered
into any non-cash transactions with its Directors or persons For Suri & Co.
connected with its directors. and hence provisions of section Chartered Accountants
192 of the Companies Act, 2013 are not applicable to the Firm Registration No. 004283S
Company.
(xvi) (a) In our opinion, the Company is not required to be Place: Chennai Sanjeev Aditya M
registered under section 45-IA of the Reserve Bank of Date: 04-05-2023 Partner
India Act, 1934. Hence, reporting under clause 3(xvi)(a), UDIN: 22229694AJLMIN8168 Membership No. 229694
(b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company
within the Group (as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016) and
accordingly reporting under clause 3(xvi)(d) of the Order
is not applicable.
(xvii) The Company has not incurred cash losses during the
financial year covered by our audit and the immediately
preceding financial year.
(xviii)There has been no resignation of the statutory auditors of the
Company during the year.
(xix) On the basis of the financial ratios, ageing and expected dates
of realisation of financial assets and payment of financial
liabilities, other information accompanying the financial
statements and our knowledge of the Board of Directors and
Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report indicating
that Company is not capable of meeting its liabilities existing
at the date of balance sheet as and when they fall due within
a period of one year from the balance sheet date. We,
however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is
based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet
date, will get discharged by the Company as and when they
fall due.
(xx) a) There are no unspent amounts towards Corporate Social
Responsibility (CSR) on other than ongoing projects
requiring a transfer to a Fund specified in Schedule VII

Annexure B to the Independent Auditors’ report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to the Meaning of Internal Financial Controls with reference to financial
financial statements of Sundaram Asset Management Company statements
Limited (“the Company”) as of March 31, 2023 in conjunction with A company's internal financial control with reference to the financial
our audit of the standalone financial statements of the Company for statements is a process designed to provide reasonable assurance
the year ended on that date. regarding the reliability of financial reporting and the preparation of
Management’s Responsibility for Internal Financial Controls financial statements for external purposes in accordance with
generally accepted accounting principles. A Company's internal
The Company’s management is responsible for establishing and
financial control with reference to the financial statements includes
maintaining internal financial controls with reference to the financial
those policies and procedures that:
statements based on the internal control with reference to the
financial statements criteria established by the Company considering (1) pertain to the maintenance of records that, in reasonable detail,
the essential components of internal controls stated in the Guidance accurately and fairly reflect the transactions and dispositions of
Note on Audit of Internal Financial Controls over Financial Reporting the assets of the Company;
issued by the Institute of Chartered Accountants of India. These (2) provide reasonable assurance that transactions are recorded as
responsibilities include the design, implementation and necessary to permit preparation of Ind AS financial statements in
maintenance of adequate internal financial controls that were accordance with generally accepted accounting principles, and
operating effectively for ensuring the orderly and efficient conduct of that receipts and expenditures of the Company are being made
its business, including adherence to company’s policies, the only in accordance with authorizations of management and
safeguarding of its assets, the prevention and detection of frauds and directors of the company; and
errors, the accuracy and completeness of the accounting records, (3) provide reasonable assurance regarding prevention or timely
and the timely preparation of reliable financial information, as detection of unauthorized acquisition, use, or disposition of the
required under the Companies Act, 2013. Company's assets that could have a material effect on the Ind AS
Auditors’ Responsibility financial statements.
Our responsibility is to express an opinion on the Company’s internal Inherent Limitations of Internal Financial Controls with reference
financial controls with reference to the financial statements based to the financial statements
on our audit. We conducted our audit in accordance with the Because of the inherent limitations of internal financial controls with
Guidance Note on Audit of Internal Financial Controls Over reference to the financial statements, including the possibility of
Financial Reporting (the “Guidance Note”) and the Standards on collusion or improper management override of controls, material
Auditing, issued by ICAI and deemed to be prescribed under section misstatements due to error or fraud may occur and not be detected.
143(10) of the Companies Act, 2013, to the extent applicable to an Also, projections of any evaluation of the internal financial controls
audit of internal financial controls, both applicable to an audit of with reference to the financial statements to future periods are
Internal Financial Controls and both issued by the Institute of subject to the risk that the internal financial control with reference
Chartered Accountants of India. Those Standards and the Guidance to the financial statements may become inadequate because of
Note require that we comply with ethical requirements and plan and changes in conditions, or that the degree of compliance with the
perform the audit to obtain reasonable assurance about whether policies or procedures may deteriorate.
adequate internal financial controls with reference to the financial
statements were established and maintained and if such controls Opinion
operated effectively in all material respects. In our opinion, the company has, in all material respects, an
Our audit involves performing procedures to obtain audit evidence adequate internal financial controls system with reference to the
about the adequacy of the internal financial controls system with financial statements and such internal financial controls with
reference to the financial statements and their operating reference to the financial statements were operating effectively as at
effectiveness. Our audit of internal financial controls with reference March 31, 2023, based on the internal control with reference to the
to the financial statements included obtaining an understanding of financial statements criteria established by the Company considering
internal financial controls with reference to the financial statements, the essential components of internal control stated in the Guidance
assessing the risk that a material weakness exists, and testing and Note on Audit of Internal Financial Controls Over Financial
evaluating the design and operating effectiveness of internal control Reporting issued by the Institute of Chartered Accountants of India.
based on the assessed risk. 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 For Suri & Co.
error. Chartered Accountants
We believe that the audit evidence we have obtained is sufficient Firm Registration No. 004283S
and appropriate to provide a basis for our audit opinion on the Place: Chennai Sanjeev Aditya M
Company’s internal financial controls with reference to the financial Date: 04-05-2023 Partner
statements. UDIN: 22229694AJLMIN8168 Membership No. 229694

Balance Sheet
As at 31st March, 2023
(All amounts are in Indian rupees lakhs, except share data and as otherwise stated)
Particulars Note No 31/03/2023 31/03/2022
ASSETS
1. Financial Assets
a. Cash and cash equivalents 2a. 17.13 801.71
b. Bank balances other than cash and cash equivalents 2b. 11.95 10.84
c. Receivables
(I) Trade Receivables 3 2,721.96 744.48
(II) Other Receivables - -
d. Loans 4 47.13 46.26
e. Investments 5 23,215.31 24,889.58
f. Other Financial assets 6 522.51 442.54
2. Non-Financial Assets
a. Current Tax Assets (Net) 7 5,107.39 5,000.27
b. Property, Plant and Equipment 8 374.23 256.78
c. Right of Use Assets 9 1,758.51 804.68
d. Other Intangible assets 10 20,567.76 22,928.42
e. Other Non-Financial Assets 11 772.01 1,751.66
TOTAL ASSETS 55,115.88 57,677.24
LIABILITIES AND EQUITY
Liabilities
(1) Financial Liabilities
a. Payables
(I) Trade payables
i) Total outstanding dues of micro enterprises
and small enterprises 12 7.35 -
ii) Total outstanding dues of creditors other than micro
enterprises and small enterprises 482.60 616.35
b. Borrowings (Other than Debt Securities) 13 11,923.60 17,141.97
c. Subordinated Liabilities 14 - 1,516.09
d. Lease Liabilities 15 1,965.71 926.69
e. Other financial liabilities 16 - 487.17
(2) Non-Financial Liabilities
a. Provisions 17 1,332.34 1,707.00
b. Deferred Tax Liabilities (Net) 18 790.33 100.93
c. Other Non-Financial Liabilities 19 519.60 464.53
(3) Equity
a Equity Share capital 20 2,395.04 2,395.04
b Other equity 21 35,699.32 32,321.47
TOTAL LIABILITIES AND EQUITY 55,115.88 57,677.24
Refer Note 1 for Significant Accounting Policies

See accompanying Notes to financial statements
Vide our report of even date attached
For Suri & Co. For and on behalf of the Board of Directors
Chartered Accountants Harsha Viji Sunil Subramaniam
Firm Regn No. 004283S
Director Managing Director
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Membership No. 229694 R.S. Raghunathan R Ajith Kumar
Date: 4th May 2023 Chief Financial Officer Company Secretary & Compliance Officer
Place: Chennai

Statement of Profit and Loss

For the period ended 31st March, 2023

(I) Revenue from operations
Asset Management Services 22 23,959.24 21,712.07
(II) Other Income 23 3,016.12 2,040.16
(III) Total income (I + II) 26,975.36 23,752.23
(IV) Expenses:
Finance costs 24 1,473.49 605.65
Brokerage & Marketing Expenses 25 1,993.09 2,073.28
Employee Benefits Expenses 26 7,172.26 6,223.26
Depreciation and amortization expense 8,9,10 3,230.01 1,386.21
Administrative and other expenses 27 4,603.39 3,895.29
Total expenses - (IV) 18,472.25 14,183.69
(V) Profit before Tax ( III - IV ) 8,503.12 9,568.54
(VI) Tax expense:
Current Tax 40 934.76 1,547.79
Deferred Tax 668.52 265.55
(VII) Profit / (Loss) for the period ( V - VI ) 6,899.84 7,755.20
(VIII)Other Comprehensive Income, Net of Taxes
a. Items that will not be reclassified to Statement to Profit & Loss 28
(i) Remeasurements of Defined Benefit plan 63.40 (330.39)
(ii) Fair Value gain/(loss) on investments in mututal
funds routed through OCI 82.97 -
(iii) Fair value gain/(loss) on Investment in Subsidiary 180.86 (2,173.97)
Less: Tax on the above (82.36) 630.30
Total 244.87 (1,874.07)
b. Items that will be reclassified to Statement to Profit & Loss - -
Total Other comprehensive Income - (VIII) 244.87 (1,874.07)
(IX) Total Comprehensive Income ( VII + VIII ) 7,144.71 5,881.13
Total Profit attritubituable to Equity Shareholders 7,144.71 5,881.13
Earnings per equity share of ` 10 each, fully paid up
Basic (`) 47 28.81 35.97
Diluted (`) 28.81 35.97

Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Statement of Cash Flow

Particulars 31/03/2023 31/03/2022
A CASH FLOW FROM OPERATING ACTIVITIES :
Profit/(Loss) after tax 7,144.71 5,881.13
Add: Current and deferred Tax 1,685.63 1,730.19
Profit/(Loss) before tax 8,830.34 7,611.32
Add:Profit on sale of tangible assets - (0.64)
Interest expenses 1,388.33 504.40
Loss on sale of investments 233.31
Net (gain)/Loss on fair valuation of Investments (553.29) (530.53)
(Gain)/Loss on fair valuation of Investments - OCI (263.83) 2,173.97
Loss on Sale of tangible Assets (Net) 4.24 -
Gain on closure of lease liability 1.67 (26.67)
Depreciation 3,254.75 1,386.21
Interest Income (29.04) (28.96)
Preference Dividend payable 85.16 101.25
Emoloyee Compensation Expense (Net) 33.14 20.26
OPERATING PROFIT BEFORE WORKING
CAPITAL CHANGES 12,984.79 11,210.61
(Increase) / Decrease in Loans (0.88) 0.06
(Increase) / Decrease in Other Financial Assets (79.96) 32.83
(Increase) / Decrease in Other Non Financial Assets 979.65 1,750.89
(Increase) / Decrease in Trade Receivables (1,977.47) 1,387.89
Increase / (Decrease) in Borrowings (13,750.00) 14,179.06
Increase / (Decrease) in Provisions (374.66) 570.42
Increase / (Decrease) in Trade Payable (126.41) 302.10
Increase / (Decrease) in Financial Liabilities (487.17) 487.17
Increase / (Decrease) in Other Non Financial Liabilities 55.07 (15,761.83) (13.18) 18,697.24
Cash generated from Operations (2,777.04) 29,907.85
Direct Taxes Paid 1,103.35 2,009.94
NET CASH GENERATED FROM /(USED IN)
OPERATING ACTIVITIES- (A) (3,880.38) 27,897.91

Statement of Cash Flow (Contd.)

Particulars 31/03/2023 31/03/2022

B CASH FLOW FROM INVESTING ACTIVITIES
Sale of Mutual Funds 39,867.56 62,877.95
Purchase of Mutual Funds (42,835.14) (60,153.11)
Purchase of Other investments (5.98) (51.93)
Redemption of Preference Capital received 144.39 -
Liquidation proceeds received from subsidiary 5,085.23 -
Investment in Subsidiaries - (7,842.95)
Purchase of Fixed Assets - Tangible (312.95) (673.67)
Purchase of Fixed Assets - Intangible (13.03) (23,482.28)
Sale of Fixed Assets - Tangible 8.55 1.58
Interest Income Received 5.22 5.72
NET CASH GENERATED FROM/(USED IN)
INVESTING ACTIVITIES-(B) 1,943.84 (29,318.67)
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Lease Liabilities (590.09) (601.97)
Interest on lease liabilties (225.12) (153.42)
Repayment of Preference Share Capital (1,500.00) -
Equity Share Capital issued - 5,000.00
Borrowings 9,980.00 -
Repayments during the year (1,500.00) -
Preference Dividend Paid (101.25) (101.25)
Finance Cost other than Interest on lease liabilties (1,111.58) (504.40)
Equity Dividend paid (3,800.00) (1,500.00)
NET CASH GENERATED FROM/(USED IN) FINANCING
ACTIVITIES- ( C) 1,151.96 2,138.96
NET INCREASE / (DECREASE) IN CASH & CASH
EQUIVALENTS - (A) + (B) + (C) (784.58) 718.20
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR 801.71 83.51
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 17.13 801.71
Note : Cash & Cash Equivalents comprise the following:
a. Cash on hand 0.78 0.76
b. Balances with Banks in Current accounts 16.34 800.95
Total 17.13 801.71
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Statement of changes in equity

(a) Equity Share Capital
Particulars 31/03/23 31/03/22
Balance at the beginning of the current reporting period. 2,395.04 2,000.00
Changes in Share Capital due to changes in Accounting Policies and prior period errors. - -
Restated balance at the beginning of the current reporting period. - -
Changes in Share Capital in the current reporting period. - 395.04
Balance at end of current reporting period. 2395.04 2395.04
(b) Other Equity
Items of Other
Share Reserves and Surplus Comprehensive
application Income
Particulars money Total
Capital Employees Investments in mututal Other Equity
pending General Securities Capital Retained funds routed through
allotment reserve Premium Reserve Redemption Stock Options Earnings OCI and Investment in
Reserve Reserve Subsidiary
Balance as at 1st April 2021 - 1,262.68 3,120.30 2.13 - 117.15 18,811.75 - 23,314.00
Changes in accounting policy or prior period errors - - - - - - - - -
Restated balance at the beginning of the current reporting period - - - - - - - - -
Lease - Practical expedient adjustments -
Refer Note 39 to the financial statements - - - - - - 1.12 - 1.12
Total Comprehensive Income for the year - - - - - - 7,755.20 - 7,755.20
Other Comprehensive Income- Remeasurements of
Defined Benefit plan (Net of taxes) - - - - - - (247.24) (247.24)
Other Comprehensive Income-
Investments in Subsidiary (Net of taxes) - - - - - - - (1,626.83) (1,626.83)
Final Equity Dividend paid - - - - - - (1,500.00) - (1,500.00)
Addition during the year - - 4,604.96 - - - - - 4,604.96
Employee Compensation Expense recognised - - - - - 20.26 - - 20.26
Balance as at 31st March 2022 - 1,262.68 7,725.26 2.13 - 137.40 24,820.83 (1,626.83) 32,321.47
Balance as at 1st April 2022 - 1,262.68 7,725.26 2.13 - 137.40 24,820.83 (1,626.83) 32,321.47
Changes in accounting policy or prior period errors - - - - - - - - -
Restated balance at the beginning of the current reporting period - - - - - - - - -
Total Comprehensive Income for the year - - - - - - 6,899.84 - 6,899.84
Defined Benefit plan (Net of taxes) - - - - - - 47.44 47.44
Other Comprehensive Income- Investments in mututal
funds routed through OCI (Net of taxes) - - - - - - - 62.09 62.09
Other Comprehensive Income- Investments in
Subsidiary (Net of taxes) - - - - - - - 135.34 135.34
Final Equity Dividend paid - - - - - - (3,800.00) - (3,800.00)
Addition during the year - - - - 1,500.00 - - - 1,500.00
Utilised during the year - - - - - - (1,500.00) - (1,500.00)
Employee Compensation Expense recognised - - - - - 33.14 - - 33.14
Balance as at 31st March 2023 - 1,262.68 7,725.26 2.13 1,500.00 170.54 26,468.11 (1,429.40) 35,699.32
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Note 1 to the Financial Statements for the year ended 31st March 2023. assets and liabilities.
1. Reporting Entity The Company has an established control framework
Sundaram Asset Management Company Limited (the with respect to the measurement of fair values. The
'Company’) is a public company domiciled in India, with Company regularly reviews significant unobservable
its registered office situated at 21 Patullos Road, Chennai inputs and valuation adjustments. If third party
- 600002. The Company has been incorporated under the information is required, the Company assesses the
provisions of Indian Companies Act and is currently evidence obtained by the third parties to support the
unlisted. The Company is a wholly owned subsidiary of conclusions that these valuations meet the
Sundaram Finance Limited. The Company is engaged in requirements of Ind AS, including the level in the fair
rendering investment management services. The Corporate value hierarchy in which the valuations should be
Identity Number of the company is classified.
U93090TN1996PLC034615. Fair values are categorized into different levels in a
2. Basis of preparation fair value hierarchy based on the inputs used in the
A. Statement of compliance valuation techniques as follows:
These financial statements have been prepared in Level 1: quoted prices (unadjusted) in active markets
accordance with Indian Accounting Standards ('Ind for identical assets or liabilities.
AS') as per the Companies (Indian Accounting Level 2: inputs other than quoted prices included in
Standards) Rules, 2015 notified under Section 133 of Level 1 that are observable for the asset or liability,
the Companies Act, 2013 (the ‘Act’) and the relevant either directly (i.e. as prices) or indirectly (i.e. derived
provisions of the Act. from prices).
The financial statements were authorized for issue by Level 3: inputs for the asset or liability that are not
the Company's Board of Directors on 04th May 2023. based on observable market data (unobservable
B. Functional and presentation currency inputs).
These financial statements are presented in Indian When measuring the fair value of an asset or a
Rupees (‘INR’), which is also the Company’s liability, the Company uses observable market data as
functional currency. far as possible. If the inputs used to measure the fair
value of an asset or a liability fall into different levels
C. Basis of measurement
of the fair value hierarchy, then the fair value
The financial statements have been prepared on the measurement is categorized in its entirety in the same
historical cost basis except for the following items: level of the fair value hierarchy as the lowest level
Items Measurement basis input that is significant to the entire measurement.
Financial assets Fair value at initial In respect of financial guarantee obligations the
and liabilities recognition company measures the fair value as the present value
Net defined benefit Present value of defined of the probability weighted cash flows that may arise
(asset) / liability benefit obligation less fair under the guarantee (i.e the expected value of the
value of plan assets liability)
D. Use of estimates and judgments
The Company recognizes transfers between levels of
The preparation of the financial statements in the fair value hierarchy at the end of the reporting
conformity with Ind AS requires management to make period during which the change has occurred.
estimates and assumptions that affect the reported
Further information about the assumptions made in
amounts of revenues and expenses during the
measuring fair values is included in the following
reporting period, reported balances of assets and
notes.
liabilities, and disclosure of contingent liabilities as
3. Significant accounting policies
at the date of the financial statements. Actual results
could differ from those estimates. Estimates and The note below provides a list of the significant accounting
underlying assumptions are reviewed on an ongoing policies adopted in the preparation of the financial
basis. Any revision to accounting estimates is statements. These policies have been consistently applied
recognized prospectively in current and future to all the years presented, unless otherwise stated.
periods. a. Property, plant and equipment
E. Measurement of fair values i. Recognition and measurement
The Company’s accounting policies and disclosures Items of property, plant and equipment are
require the measurement of fair values for financial measured at cost of acquisition less accumulated

depreciation and/or accumulated impairment initially measured at cost. Such intangible assets
loss, if any. The cost of an item of property, plant are subsequently measured at cost less
and equipment comprises its purchase price accumulated amortization and accumulated
including non-refundable taxes or levies and any impairment losses, if any.
directly attributable cost of bringing the asset to An intangible asset is derecognized on disposal
its working condition for its intended use; any or when no future economic benefits are
trade discounts and rebates are deducted in expected from its use and disposal. Losses arising
arriving at the purchase price. from retirement and gains or losses arising from
If significant parts of an item of property, plant disposal of an intangible asset are measured as
and equipment have different useful lives, then the difference between the net disposal proceeds
they are accounted for as separate items (major and the carrying amount of the assets and are
components) of property, plant and equipment. recognized in the statement of profit and loss.
Items of property, plant and equipment are ii. Subsequent expenditure
eliminated from the financial statements on Subsequent expenditure is capitalized only when
disposal or when no further benefit is expected it increases the future economic benefits
from its use and disposal. Losses arising from embodied in the specific asset to which it relates.
retirement or gains or losses arising from disposal All other expenditure is recognized in profit or
of property, plant and equipment which are loss as incurred.
carried at cost are recognized in the statement of
iii. Amortization
profit and loss.
Amortization is calculated to write off the cost of
ii. Subsequent expenditure
intangible assets less their estimated residual
Subsequent expenditures related to an item of values over their estimated useful lives using the
property, plant and equipment are added to its straight-line method and is included in
book value only if they increase the future depreciation and amortization in statement of
benefits from the existing asset beyond its profit and loss.
previously assessed standard of performance.
The estimated useful lives are as follows:
iii. Depreciation
Asset Estimate of useful life
Depreciation is calculated on cost of items of
Software 3 years
property, plant and equipment less their
Asset Management Rights 10 years
estimated residual values over their estimated
Amortization method and useful lives are
useful lives using written down value method
reviewed at each reporting date. If the useful life
and is generally recognized in the statement of
of an asset is estimated to be significantly
profit and loss. Expenditure incurred towards
different from previous estimates, the
renovation, decoration, etc. in respect of leased
amortization period is changed accordingly. If
office premises is capitalized under
there has been a significant change in the
“Improvements to Rented Premises” and are
expected pattern of economic benefits from the
depreciated over the shorter of the lease term
asset, the amortization method is changed to
and their useful lives.
reflect the changed pattern.
Depreciation on property, plant and equipment
Intangible Assets under development
is provided at rates prescribed in Schedule II to
the Companies Act, 2013. Assets costing `5000 Development expenditure on new products is
or less acquired during the year are written down capitalized as intangible asset if all the following
to Re.1. are demonstrated.
Depreciation method, useful lives and residual • Technical feasibility of completing the asset
values are reviewed at each financial year-end • Intention to complete the asset
and adjusted if appropriate, prospectively. • The ability to use or sell the asset
Depreciation on additions (disposals) is provided • Probability that the intangible asset will
on a pro-rata basis i.e. from (up to) the date on generate future economic benefits
which asset is ready for use (disposed off).
• Availability of the adequate technical,
b. Other intangible assets financial, and other resources to complete
i. Recognition and measurement the intangible asset
Intangible assets acquired by the Company are • The ability to measure reliably the expenditure

attributable during the development stage calculation results in a potential asset for the
c. Employee benefits Company, the recognized asset is limited to the
present value of economic benefits available in
i. Short-term employee benefits
the form of any future refunds from the plan or
Short-term employee benefit obligations are reductions in future contributions to the plan
measured on an undiscounted basis and are (‘the asset ceiling’). In order to calculate the
expensed as the related service is provided. A present value of economic benefits,
liability is recognized for the amount expected consideration is given to any minimum funding
to be paid, if the Company has a present legal or requirements.
constructive obligation to pay this amount as a
Remeasurements of the net defined benefit
result of past service provided by the employee,
liability, which comprise actuarial gains and
and the amount of obligation can be estimated
losses, the return on plan assets (excluding
reliably.
interest) and the effect of the asset ceiling (if any,
ii. Defined contribution plan – Provident Fund excluding interest), are recognized in OCI. The
Eligible employees receive benefits from the Company determines the net interest expense
provident fund, which is a defined contribution (income) on the net defined benefit liability
plan. Both the employee and the Company make (asset) for the period by applying the discount
monthly contributions to the government rate used to measure the defined benefit
administered provident fund plan equal to obligation at the beginning of the annual period
specified percentage of the covered employee’s to the then-net defined benefit liability (asset),
basic salary. The Company has no further taking into account any changes in the net
obligations under the plan beyond its monthly defined benefit liability (asset) during the period
contributions. Contributions to provident fund as a result of contributions and benefit payments.
are charged to the statement of profit and loss on Net interest expense and other expenses related
accrual basis. to defined benefit plans are recognized in profit
or loss.
iii. Defined contribution plan – National Pension
scheme When the benefits of a plan are changed or when
a plan is curtailed, the resulting change in benefit
Eligible employees receive benefits from the
that relates to past service (‘past service cost’ or
National Pension Scheme, which is a defined
‘past service gain’) or the gain or loss on
contribution plan. The Company make monthly
curtailment is recognized immediately in profit
contributions to the National Pension Scheme
or loss. The Company recognizes gains and
equal to specified percentage of the covered
losses on the settlement of a defined benefit plan
employee’s basic salary. The Company has no
when the settlement occurs.
further obligations under the plan beyond its
monthly contributions. Contributions to v. Other long-term employee benefits –
provident fund are charged to the statement of Compensated absences
profit and loss on accrual basis. The Company makes an annual contribution to a
iv. Defined benefit plan - Gratuity fund managed by Life Insurance Corporation of
India. The employees can carry-forward a portion
The Company provides gratuity, a defined benefit
of the unutilized accrued compensated absences
plan covering eligible employees. Contributions and utilize it in future service periods or receive
are made to a Gratuity Fund administered by cash compensation on termination of
trustees and managed by Life Insurance employment. Since the compensated absences
Corporation of India, The Company's net do not fall due wholly within twelve months after
obligation in respect of a defined benefit plan is the end of the period in which the employees
calculated by estimating the amount of future render the related service and are also not
benefit that employees have earned in return for expected to be utilized wholly within twelve
their service in the current and prior periods; that months after the end of such period, the benefit
benefit is discounted to determine its present is classified as long-term employee benefit. The
value. Any unrecognized past service costs and Company records an obligation for such
the fair value of any plan assets are deducted. compensated absences in the period in which
The calculation of defined benefit obligation is the employee renders the services that increase
performed annually by an independent actuary this entitlement. Provision for long- term
using the projected unit credit method. When the compensated absences is made on the basis of

actuarial valuation as at the balance sheet date transferred to the customer. In evaluating
by an independent actuary using projected unit whether collectability of an amount of
credit method. Actuarial gain or loss is consideration is probable, the entity considers
recognized immediately in the statement of profit the customer’s ability and intention to pay that
and loss. amount of consideration when it is due. The
vi. Share Based Payments amount of consideration to which the entity will
be entitled may be less than the price stated in
Employee Stock Options
the contract if the consideration is variable
The employees of the company are entitled to because the entity may offer the customer a price
participate in the Employees Stock Option concession.
Scheme formulated by the Holding Company in
e. Foreign currency transactions
accordance with SEBI Guidelines 1999. As per
Ind AS 102, Share Based Payments, a parent that Transactions in foreign currencies are translated into
grants rights to its equity instruments directly to the respective functional currencies of the Company
the employees of its subsidiary has the obligation at the exchange rates at the dates of the transactions
to provide the employees of the subsidiary with or an average rate if the average rate approximates the
the equity instruments. The subsidiary does not actual rate at the date of the transaction.
have an obligation to provide its parent’s equity Monetary assets and liabilities denominated in foreign
instruments to the subsidiary’s employees. The currencies are translated into the functional currency
subsidiary shall measure the services received at the exchange rate at the reporting date. Non-
from its employees in accordance with the monetary assets and liabilities that are, measured at
requirements applicable to equity-settled fair value in a foreign currency are translated into the
share-based payment transactions, and functional currency at the exchange rate when the fair
recognise a corresponding increase in equity as value was determined. Non-monetary assets and
a contribution from the parent. Accordingly, the liabilities that are measured based on historical cost in
company has recognized the employee a foreign currency are translated at the exchange rate
compensation expense in its financial at the date of the transaction. Exchange differences
statements, with a corresponding increase to a are recognized in profit or loss account.
separate reserve created for this purpose. f. Provisions (other than for employee benefits)
d. Revenue A provision is recognized if, as a result of a past event,
Revenue towards satisfaction of a performance the Company has a present legal or constructive
obligation is measured at the amount of transaction obligation that can be estimated reliably, and it is
price (net of variable consideration) allocated to that probable that an outflow of economic benefits will be
performance obligation. The company accounts for a required to settle the obligation. Provisions are
contract with a customer that is within the scope of determined by discounting the expected future cash
IND AS 115, only when all the following criteria are flows (representing the best estimate of the
met: expenditure required to settle the present obligation at
the balance sheet date) at a pre-tax rate that reflects
(a) the parties to the contract have approved the
current market assessments of the time value of
contract (in writing, orally or in accordance with
money and the risks specific to the liability. The
other customary business practices) and are
unwinding of the discount is recognized as finance
committed to perform their respective
cost. Expected future operating losses are not
obligations;
provided for.
(b) the entity can identify each party’s rights
Contingent liabilities are disclosed when there is
regarding the goods or services to be transferred;
events where it is either not probable that an outflow
(c) the entity can identify the payment terms for the of resources will be required to settle the obligation
goods or services to be transferred; or a reliable estimate of the amount cannot be made.
(d) the contract has commercial substance (i.e. the A contingent asset is not recognised but disclosed in
risk, timing or amount of the entity’s future cash the financial statements where an inflow of economic
flows is expected to change as a result of the benefit is probable.
contract); and Commitments includes the amount of purchase order
(e) it is probable that the entity will collect the (net of advance) issued to counterparties for
consideration to which it will be entitled in supplying/development of assets and amounts
exchange for the goods or services that will be pertaining to Investments which have been

committed but not called for. Provisions, contingent In respect of the ongoing disputes if any the Company
assets, contingent liabilities and commitments are depending on probability of the uncertainty that
reviewed at each balance sheet date. the company will loose the subsequent appeals
g. Income tax provides for the same by debiting the profit and
loss account or discloses the same as a direct tax
Income tax comprises current and deferred tax. It is
contingency
recognized in profit or loss except to the extent that it
relates to an item recognized directly in equity or in h. Financial instruments
other comprehensive income. i. Recognition and initial measurement
i. Current tax All financial assets and financial liabilities are
Current tax comprises the expected tax payable initially recognized when the Company becomes
or receivable on the taxable income or loss for a party to the contractual provisions of the
the year and any adjustment to the tax payable or instrument. Trade receivables are initially
receivable in respect of previous years. The recognized when they are originated.
amount of current tax reflects the best estimate A financial asset or financial liability is initially
of the tax amount expected to be paid or measured at fair value plus or minus, for an item
received after considering the uncertainty, if any, not at fair value through profit and loss (FVTPL),
related to income taxes. It is measured using tax transaction costs that are directly attributable to
rates (and tax laws) enacted or substantively its acquisition or issue.
enacted by the reporting date. Transaction costs include fees and commission
Current tax assets and current tax liabilities are paid to agents (including employees acting as
offset only if there is a legally enforceable right to selling agents), advisers, brokers and dealers,
set off the recognized amounts, and it is intended levies by regulatory agencies and security
to realize the asset and settle the liability on a net exchanges, and transfer taxes and duties.
basis or simultaneously. Transaction costs do not include debt premiums
or discounts, financing costs or internal
ii. Deferred tax
administrative or holding costs.
Deferred tax is recognized in respect of
ii. Classification and subsequent measurement
temporary differences between the carrying
amounts of assets and liabilities for financial Financial assets
reporting purposes and the corresponding On initial recognition, a financial asset is
amounts used for taxation purposes. Deferred tax classified as measured at
is also recognized in respect of carried forward - amortized cost;
tax losses and tax credits. Deferred tax assets are - FVTOCI - debt investment;
recognized to the extent that it is probable that
- FVTOCI - equity investment; or
future taxable profits will be available against
which they can be used. - FVTPL
Deferred tax is measured at the tax rates that are Financial assets are not reclassified subsequent
expected to apply to the period when the asset is to their initial recognition, except if and in the
realized or the liability is settled, based on the period the Company changes its business model
laws that have been enacted or substantively for managing financial assets.
enacted by the reporting date. A financial asset is measured at amortized cost
Deferred tax assets and liabilities are offset if if it meets both of the following conditions and is
there is a legally enforceable right to offset not designated as at FVTPL:
current tax liabilities and assets, and they relate - the asset is held within a business model
to income taxes levied by the same tax authority whose objective is to hold assets to collect
on the same taxable entity, or on different tax contractual cash flows; and
entities, but they intend to settle current tax - the contractual terms of the financial asset
liabilities and assets on a net basis or their tax give rise on specified dates to cash flows that
assets and liabilities will be realized are solely payments of principal and interest
simultaneously. MAT Credit Entitlement are in on the principal amount outstanding.
the form of unused tax credits and are A debt investment is measured at FVTOCI if it
accordingly grouped under Deferred Tax Assets. meets both of the following conditions and is not
iii Direct tax contingencies designated as at FVTPL:

- the asset is held within a business model gains and losses accumulated in OCI
whose objective is achieved by both are reclassified to profit or loss.
collecting contractual cash flows and selling Equity investments at FVTOCI These assets are subsequently
financial assets; and measured at fair value. Dividends are
- the contractual terms of the financial asset recognized as income in profit or loss
give rise on specified dates to cash flows that unless the dividend clearly represents
are solely payments of principal and interest a recovery of part of the cost of the
on the principal amount outstanding. investment. Other net gains and losses
On initial recognition of an equity investment and income are recognized in OCI
that is not held for trading, the Company may and are not reclassified to profit or
irrevocably elect to present subsequent changes loss.
in the investment’s fair value in OCI (designated Financial liabilities: Classification, subsequent measurement
as FVTOCI – equity investment). This election is and gains and losses
made on an investment-by-investment basis. Financial liabilities are classified as measured at amortized cost
All financial assets not classified as measured at or FVTPL. A financial liability is classified as at FVTPL if it is
amortized cost or FVTOCI as described above classified as held-for-trading, or it is a derivative or it is
are measured at FVTPL. This includes all designated as such on initial recognition. Financial liabilities
derivative financial assets. On initial recognition, at FVTPL are measured at fair value and net gains and losses,
the Company may irrevocably designate a including any interest expense, are recognized in profit or loss.
financial asset that otherwise meets the Other financial liabilities are subsequently measured at
requirements to be measured at amortized cost amortized cost using the effective interest method. Any gain or
or at FVTOCI as at FVTPL if doing so eliminates loss on derecognition is also recognized in profit or loss.
or significantly reduces an accounting mismatch iii. Derecognition
that would otherwise arise.
Financial assets
Financial assets: Business model assessment
The company derecognizes a financial asset
The Company makes an assessment of the objective of the when the contractual rights to the cash flows
business model in which a financial asset is held at a portfolio from the financial asset expire, or it transfers the
level because this best reflects the way the business is managed rights to receive the contractual cash flows in a
and information is provided to management. transaction in which substantially all of the risks
Financial assets: Subsequent measurement and gains and and rewards of ownership of the financial asset
losses are transferred or in which the company neither
Financial assets at FVTPL These assets are subsequently transfers nor retains substantially all of the risks
measured at fair value. Net gains and and rewards of ownership and does not retain
losses, including any interest or control of the financial asset.
dividend income, are recognized in If the Company enters into transactions whereby
profit or loss. it transfers assets recognized on its balance sheet
Financial assets at amortized cost These assets are subsequently but retains either all or substantially all of the
measured at amortized cost using the risks and rewards of the transferred assets, the
effective interest method. transferred assets are not derecognized.
The amortized cost is reduced by Financial liabilities
impairment losses. Interest income, The Company derecognizes a financial liability
foreign exchange gains and losses and when its contractual obligations are discharged
impairment are recognized in profit or or cancelled or expire.
loss. Any gain or loss on derecognition The Company also derecognizes a financial
is recognized in profit or loss. liability when its terms are modified and the cash
Debt investments at FVTOCI These assets are subsequently flows under the modified terms are substantially
measured at fair value. Interest income different. In this case, a new financial liability
under the effective interest method, based on the modified terms is recognized at fair
foreign exchange gains and losses and value. The difference between the carrying
impairment are recognized in profit or amount of the financial liability extinguished and
loss. Other net gains and losses are the new financial liability with modified terms is
recognized in OCI. On derecognition, recognized in profit or loss.

iv. Offsetting Measurement of expected credit losses

Financial assets and financial liabilities are offset Expected credit losses are a probability-weighted
and the net amount presented in the balance estimate of credit losses. Credit losses are
sheet when, and only when, the Company measured as the present value of all cash
currently has a legally enforceable right to set off shortfalls (i.e. the difference between the cash
the amounts and it intends either to settle them flows due to the Company in accordance with
on a net basis or to realize the asset and settle the contract and the cash flows that the
the liability simultaneously. Company expects to receive).
i. Impairment Presentation of allowance for expected credit
i. Impairment of financial instruments losses in the balance sheet
The Company recognizes loss allowances for Loss allowances for financial assets measured at
expected credit losses on financial assets amortized cost are deducted from the gross
measured at amortized cost. carrying amount of the assets.
At each reporting date, the Company assesses Write-off
whether financial assets carried at amortized cost The gross carrying amount of a financial asset is
are credit-impaired. A financial asset is ‘credit- written off (either partially or in full) to the extent
impaired’ when one or more events that have a that there is no realistic prospect of recovery. This
detrimental impact on the estimated future cash is generally the case when the Company
flows of the financial asset have occurred. determines that the debtor does not have assets
Evidence that a financial asset is credit-impaired or sources of income that could generate
includes the following observable data: sufficient cash flows to repay the amounts
- significant financial difficulty of the borrower subject to the write-off. However, financial assets
or issuer; that are written off could still be subject to
- a breach of contract such as a default or enforcement activities in order to comply with
being past due for 365 days or more; the Company’s procedures for recovery of
amounts due.
- is probable that the borrower will enter
bankruptcy or other financial reorganization; ii. Impairment of non-financial assets
Loss allowances for trade receivables are always The Company’s non-financial assets, other than
measured at an amount equal to lifetime deferred tax assets are reviewed at each reporting
expected credit losses. date to determine whether there is any indication
of impairment. If any such indication exists, then
Lifetime expected credit losses are the expected
the asset’s recoverable amount is estimated.
credit losses that result from all possible default
events over the expected life of a financial For impairment testing, assets that do not
instrument. generate independent cash inflows are grouped
together into cash-generating units (CGUs). Each
In all cases, the maximum period considered
CGU represents the smallest Company of assets
when estimating expected credit losses is the
maximum contractual period over which the that generates cash inflows that are largely
Company is exposed to credit risk. independent of the cash inflows of other assets
or CGUs.
When determining whether the credit risk of a
financial asset has increased significantly since The recoverable amount of a CGU (or an
initial recognition and when estimating expected individual asset) is the higher of its value in use
credit losses, the Company considers reasonable and its fair value less costs to sell. Value in use is
and supportable information that is relevant and based on the estimated future cash flows,
available without undue cost or effort. This discounted to their present value using a pre-tax
includes both quantitative and qualitative discount rate that reflects current market
information and analysis, based on the assessments of the time value of money and the
Company’s historical experience and informed risks specific to the CGU (or the asset).
credit assessment and including forward-looking An impairment loss is recognized if the carrying
information. amount of an asset or CGU exceeds its estimated

recoverable amount. Impairment losses are to ordinary shareholders of the Company by the
recognized in the statement of profit and loss. weighted average number of ordinary shares
j. Scheme expenses outstanding during the period, adjusted for own
shares held (if any). Diluted EPS is determined by
New fund offer expenses are recognized in the profit
adjusting the profit or loss attributable to ordinary
or loss account in the year they are incurred.
shareholders and the weighted average number of
Brokerage expenses incurred are amortised as under: ordinary shares outstanding, adjusted for own shares
Incurred towards Amortized over a held and for the effects of all dilutive potential
period of ordinary shares.
Equity Linked Savings Scheme 36 Months n. Cash flow statements
Open Ended Equity Schemes – SIP 36 Months Cash flow statements are prepared under Indirect
Open Ended Equity Schemes – Lumpsum 12 Months Method whereby profit or loss is adjusted for the
Closed Ended Schemes Over the Tenor of effects of transactions of a non-cash nature, any
the Scheme deferrals or accruals of past or future operating cash
receipts or payments, and items of income or expense
k. Borrowing cost
associated with investing or financing cash flows.
Borrowing costs are interest and other costs (including
o. Cash and cash equivalents
exchange differences relating to foreign currency
borrowings to the extent that they are regarded as an Cash and cash equivalents comprise cash and cash
adjustment to interest costs) incurred in connection on deposit with banks.
with the borrowing of fund. Borrowing costs directly p. Events occurring after the balance sheet date
attributable to acquisition or construction of an asset Assets and liabilities are adjusted for events occurring
which necessarily take a substantial period of time to after the reporting period that provide additional
get ready for their intended use are capitalized as part evidence to assist the estimation of amounts relating
of the cost of that asset. Other borrowing costs are to conditions existing at the end of the reporting
recognized as an expense in the period in which they period.
are incurred.
q. Leases
l. Recognition of interest expense
A contract is, or contains, a lease if the contract
Interest expense is recognized using the effective
conveys the right to control the use of an identified
interest method.
asset for a period of time in exchange for
The ‘effective interest rate’ is the rate that exactly consideration.
discounts estimated future cash payments or receipts
The Company evaluates if an arrangement qualifies to be a
through the expected life of the financial instrument
lease as per the requirements of Ind AS 116. Identification of a
to:
lease requires significant judgment. The Company uses
- the gross carrying amount of the financial asset; significant judgement in assessing the lease term (including
or anticipated renewals) and the applicable discount rate.
- the amortized cost of the financial liability. The Company determines the lease term as the non-cancellable
In calculating interest income and expense, the period of a lease, together with both periods covered by an
effective interest rate is applied to the gross carrying option to extend the lease if the Company is reasonably certain
amount of the asset (when the asset is not credit- to exercise that option; and periods covered by an option to
impaired) or to the amortized cost of the liability. terminate the lease if the Company is reasonably certain not to
However, for financial assets that have become credit- exercise that option. In assessing whether the Company is
impaired subsequent to initial recognition, interest reasonably certain to exercise an option to extend a lease, or
income is calculated by applying the effective interest not to exercise an option to terminate a lease, it considers all
rate to the amortized cost of the financial asset. If the relevant facts and circumstances that create an economic
asset is no longer credit-impaired, then the incentive for the Company to exercise the option to extend the
calculation of interest income reverts to the gross lease, or not to exercise the option to terminate the lease. The
basis. Company revises the lease term if there is a change in the non-
m. Earnings per share cancellable period of a lease.
The Company presents basic and diluted earnings per The discount rate is generally based on the incremental
share (EPS) data for its ordinary shares. Basic EPS is borrowing rate specific to the lease being evaluated or for a
calculated by dividing the profit or loss attributable portfolio of leases with similar characteristics.

Company as a lessee specific to the lease or the incremental borrowing rate for the
Lease contracts entered by the Company majorly pertains for portfolio as a whole. The lease payments shall include fixed
buildings taken on lease to conduct its business in the ordinary payments, variable lease payments, residual value guarantees,
course and vehicles taken on lease from holding company for exercise price of a purchase option where the Company is
its employees. The Company does not have any lease reasonably certain to exercise that option and payments of
restrictions and commitment towards variable rent as per the penalties for terminating the lease, if the lease term reflects the
contract. lessee exercising an option to terminate the lease. The lease
The Company accounts for each lease component within the liability is subsequently remeasured by increasing the carrying
contract as a lease separately from non-lease components of amount to reflect interest on the lease liability, reducing the
the contract and allocates the consideration in the contract to carrying amount to reflect the lease payments made and
each lease component on the basis of the relative stand-alone remeasuring the carrying amount to reflect any reassessment
price of the lease component and the aggregate stand-alone or lease modifications or to reflect revised in-substance fixed
price of the non-lease components. lease payments. The company recognises the amount of the re-
The Company recognises right-of-use asset representing its right measurement of lease liability due to modification as an
to use the underlying asset for the lease term at the lease adjustment to the carrying value of right-of-use asset and
commencement date. The cost of the right-of-use asset statement of profit and loss depending upon the nature of
measured at inception shall comprise of the amount of the modification. In case of partial/full termination of lease, the
initial measurement of the lease liability adjusted for any lease lease liability is remeasured by decreasing the carrying amount
payments made at or before the commencement date less any of the right-of-use asset to reflect the partial or full termination
lease incentives received, plus any initial direct costs incurred of the lease for lease modifications that decrease the scope of
and an estimate of costs to be incurred by the lessee in the lease and recognise in the statement of profit and loss any
dismantling and removing the underlying asset or restoring the gain or loss relating to the partial or full termination of the
underlying asset or site on which it is located. The right-of-use lease. Where the carrying amount of the right-of-use asset is
assets is subsequently measured at cost less any accumulated reduced to zero and there is a further reduction in the
depreciation, accumulated impairment losses, if any and measurement of the lease liability, the Company recognises any
adjusted for any remeasurement of the lease liability. The right- remaining amount of the re-measurement in statement of profit
of-use assets is depreciated using the straight-line method from and loss.
the commencement date over the shorter of lease term or useful The Company has elected not to apply the requirements of Ind
life of right-of-use asset. The estimated useful lives of right-of-
AS 116 Leases to short-term leases of all assets that have a lease
use assets are determined on the same basis as those of
term of 12 months or less and leases for which the underlying
property, plant and equipment. Right-of-use assets are tested
asset is of low value. The lease payments associated with these
for impairment whenever there is any indication that their
leases are recognized as an expense. On transition, the
carrying amounts may not be recoverable. Impairment loss, if
Company recognised a lease liability measured at the present
any, is recognised in the statement of profit and loss.
value of the remaining lease payments. The right-of-use asset is
The Company measures the lease liability at the present value recognized for amount equal to the lease liabilities. Hence,
of the lease payments that are not paid at the commencement there is no adjustment to the Retained Earnings.
date of the lease. The lease payments are discounted using the
interest rate implicit in the lease, if that rate can be readily Company as a lessor
determined. If that rate cannot be readily determined, the The Company accounted for its leases in accordance with Ind
Company uses incremental borrowing rate. For leases with AS 116 from the date of initial application. The Company does
reasonably similar characteristics, the Company, on a lease by not have any significant impact on account of sub-lease on the
lease basis, may adopt either the incremental borrowing rate application of this standard.

Notes forming part of the financial statements

Particulars 31/03/2023 31/03/2022

Financial assets
Note 2.a Cash and cash equivalents
b. Balances with banks:
- In current accounts 16.34 800.95
17.13 801.71
Note 2b. Bank balances other than cash and cash equivalents
Fixed deposit with Bank 11.95 10.84
11.95 10.84
Note 3 Trade Receivables*@
Unsecured, Considered good 2,721.96 744.48
Less: Allowance for impairment loss - -
2,721.96 744.48
* No debts are due from directors or other officers or any of them either severally or jointly with any other person. No debts are due from
firms, Limited Liability Partnerships or private companies in which any director is a partner or a director or a member except `33.01 lakhs
dues receivable from its wholly owned subsidiary company in which there are common directors.
@ Refer Note 37 to the financial statements for outstanding ageing
Note 4 Loans
Unsecured,considered good
At Amortised Cost
Staff Loans (Gross) 47.13 46.26
Less: Impairment allowance - -
Net Total Loans 47.13 46.26
Net Total Loans in India # 47.13 46.26
Loans outside India # - -
# Impairment allowance - `NIL (Previous year - ` NIL)
Note 4 Loans (Contd.)
Details of loans to promoter, directors, KMPs for 2022-23
Type of Borrower Amount of loan Percentage to the total
or advance in the Loans and Advances in
nature of loan outstanding the nature of loans
Promoter - 0.00%
Director - 0.00%
KMPs - 0.00%
Related Party - 0.00%
Promoter - 0.00%
Director - 0.00%
KMPs - 0.00%

Financial assets
Note 5
Investments
As at 31/03/2023 As at 31/03/2022
At Fair Value At Fair Value At Fair Value
Amortised Amortised
Through Profit At Cost* Total Through Profit Total
Cost Through OCI Cost Through OCI At Cost*
Particulars and Loss and Loss
(5) = (1)+(2) (10) = (6) +
(1) (2) (3) (4) (6) (7) (8) (9)
+(3)+(4) (7) + (8) + (9)
Mutual Funds # 12,339.90 3,575.72 15,915.63 - 12,315.24 - 12,315.24
Equity Shares
- In subsidiaries
Sundaram AMC Singapore Pte Ltd - 2,781.03 2,781.03 2,781.03 2,781.03
Sundaram Alternate Assets Limited - 3,900.00 3,900.00 3,900.00 3,900.00
SAMC Support Services Private Limited - - 4,479.31 - 4,479.31
(formerly known as Principal
AMC Pvt Ltd)**
SAMC Services Private Limited 531.30 531.30 531.30 531.30
(formerlyknown as Principal
Retirement Advisors Pvt Ltd)**
SAMC Trustee Private Limited - - 658.36 658.36
(Principal Trustee Co Pvt Ltd)**
- In MF Utilities India Private Limited 29.90 29.90 28.02 28.02
- In AMC REPO Clearing Ltd 57.45 57.45 51.93 51.93
Preference Shares
- In subsidiaries
Sundaram AMC Singapore Pte Ltd## - - 144.39 144.39
Total (A) - 12,427.25 3,575.72 7,212.33 23,215.31 144.39 12,395.19 4,479.31 7,870.69 24,889.58
(i) Investments In India - 12,427.25 3,575.72 4,431.30 20,434.27 - 12,395.19 4,479.31 5,089.66 21,964.16
(ii) Investments Outside India - - 2,781.03 2,781.03 144.39 - 2,781.03 2,925.42
Total (B) - 12,427.25 3,575.72 7,212.33 23,215.31 144.39 12,395.19 7,870.69 24,889.58
Less : Allowance for Impairment Loss ( C) - - - - - - - - - -
Total Net Investments (A-C) - 12,427.25 3,575.72 7,212.33 23,215.31 144.39 12,395.19 4,479.31 7,870.69 24,889.58
* Investment in subsidiaries are held at cost as per Ind AS 27 except for investment in SAMC Support Services Private Limited (formerly known as Principal AMC
Pvt Ltd) which is held as FVTOCI as per IND AS 109
^ Investments in mutual funds towards seed capital have been designated to be held as FVTOCI as per IND AS 109 . Refer Note 44 to the Financial Statements
** Refer Note 42(a) and 42(b) to the Financial Statements
## Refer Note 43(a) to the Financial Statements
# Refer Note 5.a. for scripwise details


# Note 5.a. Mutual Funds
31/03/2023 31/03/2022
Particulars No. of shares / Value No. of shares / Value
units units
In Mutual Funds - Designated at FVTPL
Sundaram Liquid Fund-Direct-Growth Plan 34,407.07 683.97 12,663.12 237.96
Sundaram Debt Oriented Hybrid Fund Direct Monthly Dividend - - 508.61 0.07
Sundaram Global Brand Fund - Growth Option 1,42,159.51 37.94 2,23,987.14 58.80
JM Core 11 Fund - Direct Plan 510.44 0.07 510.44 0.07
HDFC Top 100 Fund - Direct Plan 10.09 0.08 10.09 0.07
Quant Active Fund - Direct Plan 5.78 0.03 5.78 0.03
Axis Bluechip Fund - Direct Plan 153.56 0.07 153.56 0.08
Union Largecap Fund - Direct Plan 462.96 0.08 462.96 0.08
UTI - Master share unit scheme Fund - Direct Plan 8.19 0.02 8.19 0.02
Baroda Multi Cap Fund - Direct Plan 49.23 0.09 49.23 0.09
Nippon India Large Cap Fund - Direct Plan 29.49 0.02 29.49 0.02
Edelweiss Large Cap Fund - Direct Plan 134.59 0.08 134.59 0.08
IDFC Focused Equity Fund - Direct Plan 129.60 0.08 129.60 0.08
Indiabulls Blue chip Fund - Direct Plan 44.78 0.01 44.78 0.01
DSP Equity Fund - Direct Plan 24.99 0.02 24.99 0.02
PGIM India Large Cap Fund - Direct Plan 27.75 0.08 27.75 0.07
Baroda BNP Paribas Large Cap Fund - Direct Plan 50.88 0.08 50.88 0.08
Kotak Emerging Equity Fund - Direct Plan 122.03 0.10 122.03 0.10
L&T Emerging Businesses Fund - Direct Plan 213.93 0.11 213.93 0.10
LIC MF Large & Mid Cap Fund - Direct Plan 315.38 0.08 315.38 0.08
Mirae Asset Large Cap Fund - Direct Plan 93.41 0.08 93.41 0.08
Essel Large Cap Equity Fund - Direct Plan 41.72 0.02 41.72 0.02
Invesco India Largecap Fund - Direct Plan 32.80 0.02 32.80 0.02
IDBI Diversified Equity Fund - Direct Plan 222.22 0.08 222.22 0.09
Taurus Discovery (Midcap) Fund - Direct Plan 118.34 0.09 118.34 0.09
ICICI Prudential Bluechip Fund - Direct Plan 23.28 0.02 23.28 0.02
Motilal Oswal Multicap 35 Fund - Direct Plan 37.99 0.01 37.99 0.01
Aditya Birla Sun Life Frontline Equity Fund - Direct Plan 4.42 0.02 4.42 0.02
Mahindra Manulife multi cap Badhat Yojana - Direct Plan 91.38 0.02 91.38 0.02
Parag Parikh Long Term Equity Fund - Direct Plan 38.64 0.02 38.64 0.02
Franklin India Focused Equity Fund - Direct Plan 117.39 0.09 117.39 0.08
Canara Robeco Emerging Equities Fund - Direct Plan 52.14 0.09 52.14 0.09
Tata Banking And Financial Services Fund - Direct Plan 243.24 0.07 243.24 0.07
Sundaram Aggressive Hybrid Fund 27.49 0.01


# Note 5.a. Mutual Funds (Contd.)

31/03/2023 31/03/2022
units units
Sundaram Large Cap Fund 40.28 0.01 139.98 0.02
Sundaram Mid Cap Fund Direct Growth 15.65 0.12
Sundaram Overnight Fund - Direct Growth 53.84 0.64 53.84 0.61
Sundaram Arbitrage Fund - Direct Growth - - - -
Sundaram Bluechip Fund Direct Growth - - - -
Sundaram Large And Mid Cap Fund-Direct-Growth - - 154.60 0.09
Sundaram Focused Fund-Direct-Growth - - 1,08,323.02 126.97
Sundaram Short Duration Fund 34,243.33 13.68 34,808.82 13.11
Sundaram Tax Savings Fund Direct Growth - - 36,035.30 123.38
Sundaram Dividend Yield Fund - - 1,36,512.27 121.37
Sundaram Ultra Short Duration Fund 3,95,696.50 9,812.86 4,93,287.28 11,561.22
Sundaram Banking and PSU Fund - Direct Growth 1,97,565.36 72.41 1,97,565.36 69.82
Sundaram Money Market Fund Direct Growth 1,33,63,061.11 1,709.46 - -
Sundaram Medium Term Bond Fund Direct Growth 10,987.06 7.24 - -
Total (A) 12,339.90 12,315.24
In Mutual Funds for Seed Capital- Designated at FVTOCI

Sundaram Aggressive Hybrid Fund 2,25,171.97 278.53 - -
Sundaram Mid Cap Fund Direct Growth 1,16,065.42 887.24 - -
Sundaram Large And Mid Cap Fund-Direct-Growth 9,61,928.98 555.14 - -
Sundaram Focused Fund-Direct-Growth 1,08,323.02 122.92 - -
Sundaram Tax Savings Fund Direct Growth 36,902.65 126.61 - -
Sundaram Dividend Yield Fund 1,36,512.27 124.50 - -
Sundaram Small Cap Fund Direct Growth 1,07,477.51 168.84 - -
Sundaram Services Fund Direct Growth 8,56,443.24 187.12 - -
Sundaram Multi Cap Fund 64,995.98 160.64 - -
Sundaram Consumption Fund 62,205.37 39.53 - -
Sundaram Balanced Advantage Fund 3,33,530.65 97.83 - -
Sundaram Flexi Cap Fund Direct Growth 24,44,557.46 236.56 - -
Sundaram Ultra Short Duration Fund 1,783.67 44.23 - -
Sundaram Large Cap Fund 26,20,196.62 399.53 - -
Sundaram Liquid Fund-Direct-Growth Plan 6,270.66 124.65 - -
Sundaram Global Brand Fund - Growth Option 81,827.63 21.84 - -
Total (B) 3,575.72 -

Total investments in Mutual Funds (A+B) 15,915.63 12,315.24


Particulars 31/03/2023 31/03/2022

Note 6 Other Financial Assets
Security Deposits 243.33 261.85
Balance with Government Authorities 138.70 138.26
Amount receivable from subsidiary company 33.02 31.66
Others 107.46 10.78
522.51 442.54
Note 7. Current Tax Assets

Tax Payment Pending Adjustments (Net) 5,107.39 5,000.27
5,107.39 5,000.27
Note 8. Property, Plant and Equipment

Reconciliation of the gross carrying amounts and net carrying amounts at the beginning and at the end of the year
Computers Office Furniture Vehicles Electrical Improvements Total
Particulars equipments and fixtures Equipment to rented
premises
Gross carrying value
At April 1, 2021 1,099.85 274.76 193.01 25.34 255.78 625.89 2,474.64
Additions 58.13 10.26 5.62 27.96 13.31 60.09 175.37
Disposals - - 2.27 0.35 8.46 - 11.07
At March 31, 2022 1,157.99 285.02 196.37 52.95 260.63 685.99 2,638.93
At April 1, 2022 1,157.99 285.02 196.37 52.95 260.63 685.99 2,638.93
Additions 225.38 14.94 4.63 - 9.61 58.38 312.95
Disposals 226.44 5.26 7.22 19.86 22.24 - 281.01
At March 31, 2023 1,156.93 294.70 193.78 33.09 248.01 744.37 2,670.87
Accumulated depreciation
At April 1, 2021 994.66 241.52 189.41 19.00 225.77 575.38 2,245.74
Depreciation expense 56.10 14.55 4.38 5.56 15.53 50.43 146.54
Disposals - - 2.08 0.30 7.75 - 10.13
At March 31, 2022 1,050.76 256.07 191.72 24.26 233.55 625.81 2,382.15
At April 1, 2022 1,050.76 256.07 191.72 24.26 233.55 625.81 2,382.15
Disposals 220.07 5.11 6.88 15.42 20.75 - 268.22
At March 31, 2023 930.14 264.83 190.83 15.13 226.60 669.11 2,296.64
Net carrying value March 31, 2023 226.79 29.86 2.95 17.96 21.41 75.26 374.23
NOTE: The company follows cost model as per Ind AS 16 and the company has not revalued its PPE.
The company does not hold any immovable properties.


Note 9. Right-Of-Use Assets

Particulars Buildings Vehicles Total
At April 1, 2021 1990.08 34.55 2024.64
Additions 382.84 25.61 408.45
Disposals 677.69 14.38 692.07
Adjustments on account of Modification 48.87 40.98 89.85
At March 31, 2022 1744.10 86.76 1830.86
At April 1, 2022 1744.10 86.76 1830.86
Additions 1651.95 0.00 1651.95
Disposals 685.07 28.62 713.69
At March 31, 2023 2716.23 58.14 2774.37
At April 1, 2021 974.29 27.02 1001.31
Depreciation expense 622.30 10.88 633.18
Disposals 668.50 13.19 681.69
At March 31, 2022 964.52 61.66 1026.18
At April 1, 2022 964.52 61.66 1026.18
Disposals 664.84 19.10 683.93
At March 31, 2023 966.93 48.92 1015.85
Net carrying value March 31, 2023 1749.30 9.22 1758.51
Note 10. Other Intangible Assets
Particulars Asset Management Rights Computer Software Total
At April 1, 2021 - 396.64 396.64
Additions 23,479.28 3.00 23,482.28
Disposals -
Other Adjustments -
At March 31, 2022 23,479.28 399.64 23,878.91
At April 1, 2022 23,479.28 399.64 23,878.91
Additions - 13.03 13.03
Disposals - - -
Other Adjustments -
At March 31, 2023 23,479.28 412.67 23,891.94
At April 1, 2021 - 344.00 344.00
Disposals - - -
Other Adjustments -
At March 31, 2022 578.62 371.87 950.49
At April 1, 2022 578.62 371.87 950.49
Depreciation expense 2,346.64 27.05 2,373.69
Disposals - - -
Other Adjustments -
At March 31, 2023 2,925.27 398.92 3,324.19
Net carrying value March 31, 2023 20,554.01 13.75 20,567.76
NOTE: The company has not revalued its Intangible Assets.

Particulars 31/03/2023 31/03/2022

Note 11. Other Non-Financial assets
Prepaid Expenses 764.24 1,748.57
Advance for expenses 7.76 3.10
772.01 1,751.66
Financial Liabilities
Note 12. Trade payables @
i) Total outstanding dues of micro enterprises and small enterprises 7.35 -
ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 482.60 616.35
Total 489.95 616.35
@ Refer Note 38 to the financial statements for outstanding ageing and Note 48 for disclosure under MSMED Act,2006
Note 13. Borrowings (other than Debt Securities)
Term Loans (At Amortised Cost)
Secured
From Financial Institutions
Axis Finance Limited 8,528.99 -
Nature of Security:
Secured by the entire current assets of the company including Book Debts,
Investments and other receivables.
Repayment Terms
Repayable in 60 monthly instalments commencing from July 2022.
Rate of Interest - Floating rate of one month MCLR rate (10% on an average)
Period and amount of default - NIL
8,528.99 -
Borrowings from Related Parties
Un-secured
Sundaram Fund Services Limited 3,039.95 3,039.95
Repayable in 1 year from the date of renewal -18-11-2022, Rate of Interest 6.00%
Sundaram Finance Limited - 10,000.00
Repayable in 6 months from 01-January-2022, Rate of Interest 6.00%
SAMC Support Services Private Limited (formerly known as Principal AMC Pvt Ltd) - 3,751.85
Repayable in 12 months, Quarterly Interest payable from 01-June-2022, Rate of Interest 6.00%
Note 13 Continued
SAMC Services Private Limited (Principal Retirement Advisory Pvt Ltd) 354.66 350.17
Repayable in 1 year from the date of renewal - 01-06-2023, Rate of Interest 6.00%
NOTE: The company as at the balance sheet date has used the entire borrowings from financial institutions for the specific purpose for
which it was taken.The quarterly returns/statements of current assets filed by the Company with Financial Institutions are in agreement
with the Books of Accounts.
Borrowings in India 11,923.60 17,141.97
Borrowings outside India - -
Total 11,923.60 17,141.97

Particulars 31/03/2023 31/03/2022
Note 14. Subordinated Liabilities*

Redeemable Cumulative Non-convertible Preference Shares
From Related Parties - Unsecured
At Amortised Cost
Sundaram Finance Holdings Limited - 1,516.09
(Face Value - `100/- each)
Redeemable in 5 years on 30-Jan-2023
Rate of Dividend : 6.75%
- 1,516.09
Subordinated Liabilities in India - 1,516.09
Subordinated Liabilities Outside India - -
Total - 1,516.09
* Refer Note 43(b) to the Financial Statements
Note 15. Lease Liabilities

Buildings 1,955.43 900.29
Vehicles 10.28 26.40
1,965.71 926.69
*Refer Note 39 to the financial statements.
Note 16. Other financial liabilities

Share purchase payable pending - 487.17
- 487.17
Note 17. Provisions

Provision for Employee Benefits*
Gratuity Payable (Net) 40.27 413.44
Compensated Absences (Net) 57.33 114.24
Provision for other employee benefits 1,234.74 1,179.33
1,332.34 1,707.00
Note 18. Deferred Tax Liabilities (Net)

Deferred Tax Liabilities 790.33 100.93
790.33 100.93
Note 19. Other non financial liabilities

Statutory dues 519.60 464.53
519.60 464.53


Note 20 - Share Capital

Particulars 31/03/2023 31/03/2022
A) Authorised, Issued, Subscribed and Paid up Share capital

Authorised:
4,00,00,000 Equity Shares of ` 10/- each 4,000.00 4,000.00
(Previous year 21-22:- 4,00,00,000 Equity shares of ` 10/- each)
Issued & Subscribed & Paid-up:
2,39,50,384 Equity Shares of ` 10/- each fully paid up 2,395.04 2,395.04
(Previous year 2021-22:- 2,39,50,384 Equity shares of ` 10/- each fully paid up)
Total 2,395.04 2,395.04
B) Movement in Equity Share Capital during the year:

Particulars 31/03/23 31/03/22
No. of Equity Share Capital No. of Equity Share Capital
Shares Shares
Shares outstanding at the beginning of the year
(face value of ` 10 each) 2,39,50,384 2,395 2,00,00,000 2,000
Add: Shares issued during the year (face value of 10 each) - - 39,50,384 395
Shares outstanding at the end of the year (face value of 10 each) 2,39,50,384 2,395 2,39,50,384 2,395
C) Details of Shareholders holding more than 5%

31/03/23 31/03/22
Name of the Shareholder Number of Percentage of Number of Percentage of
shares held in shares held shares held in shares held
the company the company
Sundaram Finance Limited - Holding Company 2,39,50,384 100.00% 2,39,50,384 100.00%
D) Promoter Holding Details

31/03/23
Name of the promoter Number of Percentage of % change duing
shares held in shares held the year
the company
Sundaram Finance Limited - Holding Company 2,39,50,384 100.00% 0.00%
31/03/22
shares held shares held the year
in the company
Sundaram Finance Limited - Holding Company 2,39,50,384 100.00% 0.00

E) Rights, preferences and restrictions in respect of equity shares
The Equity share holders are entitled to receive dividends as and when declared; a right to vote in proportion to holding etc.
and their rights, preferences and restrictions are governed by / in terms of their issue under the provisions of the Companies
Act, 2013.
F) Shares in respect of each class in the company held by its holding company
31/03/23
Name of the company Number of Percentage of % change duing
the company
31/03/22
the company
31/03/23 31/03/22
G) Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and
amounts NIL NIL
H) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
(i) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s)
without payment being received in cash NIL NIL
(ii) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares NIL NIL
(iii)Aggregate number and class of shares bought back NIL NIL
I) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending
order starting from the farthest such date NA NA
J) Calls unpaid (showing aggregate value of calls unpaid by directors and officers) NIL NIL
K) Forfeited shares (amount originally paid-up) NIL NIL


Particulars 31/03/2023 31/03/2022
Note 21 - Other equity
I. Reserves and Surplus
A) Securities Premium
Amounts received (on issue of shares) in excess of the par value has been classified as
securities premium.
Opening balance 7,725.26 3,120.30
Add: Securities premium received during the year - 4,604.96
Closing balance 7,725.26 7,725.26
B) General Reserve
Adjustments - -
Closing Balance 1,262.68 1,262.68
C) Capital Reserve
Opening balance 2.13 2.13
Closing Balance 2.13 2.13
D) Capital Redemption Reserve#
Opening balance - -
Addition during the year 1,500.00
Closing Balance 1,500.00 -
(Reserve created on account of redemption of Preference share capital)
#Refer Note 43(b) to the Financial Statements
E) Employee Stock Options Reserve*
Adjustments 33.14 20.26
*Refer Note 35 of the Financial Statements
F) Retained Earnings
Appropriations:
Dividend paid (3,800.00) (1,500.00)
(3,800.00) (1,500.00)
Transfer to Capital Redemption Reserve (1,500.00) -
Lease - Practical expedient adjustments - Refer Note 39 to the financial statements - 1.12
Total Profit for the period 6,899.84 7,755.20
Acturial gain/(loss) on obligations 47.44 (247.24)
II. Other items of other comprehensive income
Opening balance (1,626.83) -
Fair Value gain/(loss) on investments in mututal funds routed through OCI* 62.09
Fair value gain/(loss) on Investment in Subsidiary 135.34 (1,626.83)
Transferred to retained earnings (47.44) 247.24
Closing Balance (1,429.40) (1,626.83)
TOTAL OF OTHER EQUITY 35,699.32 32,321.47
*Refer Note 44 to the Financial Statements
Movement in Other Equity during the year:
Particulars 31/03/23 31/03/22
Changes in other equity due to changes in Accounting Policies and prior period errors. - -
Changes in other equity in the current reporting period. 3,377.84 9,007.47
Balance at end of current reporting period. 35,699.32 32,321.47

Particulars 31/03/2022 31-03-2020

Note 22. Revenue From Operations
Asset Management Services
Investment Management Fees - Mutual Fund 23,677.90 21,450.77
Income from Support Services 269.48 250.25
Advisory Fees 11.86 11.04
23,959.24 21,712.07
Note 23. Other Income
(A) Income from investments
Net gain/ (loss) on financial instruments at fair value through profit or loss*
- Realised 420.80 466.08
- Unrealised 130.46 64.45
Dividends from Mutual Funds/AIF schemes
- On Financial Assets measured at Fair Value Through Profit and Loss - 0.01
Dividends from Equity Shares
- On Financial Assets measured at Cost 2,344.20 1,369.23
Dividends from Preference Shares
- On Financial Assets measured at Amortised Cost 0.03 2.74
Subtotal - (A) 2,895.50 1,902.51
* Refer Note 32 to the Financial Statements for Net Gain/Loss on Fair Value Changes recognised in Statement of Profit and Loss
(B) Others
Interest on security deposits
- On Financial Assets measured at amortised cost 22.71 23.24
Others
Interest income 5.22 5.72
Profit on Sale of Assets - 0.64
Creditors No Longer Required Written Back 5.40 4.72
Rental Income 15.00 58.03
Gain on closure of Lease liability 4.23 12.44
Gain on Modification of Lease liability - 8.14
Gain on Modification of Right to Use Asset - 16.46
Gain on exchange fluctuation (Net) - 1.21
Miscellaneous Receipts 68.05 7.05
Subtotal - (B) 120.62 137.65
Grand Total - (A) + (B) 3,016.12 2,040.16
Note 24. Finance Costs
On Financial Liabilities measured at amortised cost
Interest on borrowings 1,163.21 350.98
Interest Expense on Lease Liabilities 225.12 153.42
Dividend on Redeemable Preference Shares 85.16 101.25
1,473.49 605.65
Note 25. Brokerage & Marketing Expenses
Registrar and Transfer Agent Fees 13.56 -
Brokerage Expenses - Mutual Fund 390.78 799.18
Marketing & Other Expenses 1,588.75 1,274.10
1,993.09 2,073.28

Note 26. Employee Benefits Expense

Salaries, allowances and bonus 6,331.51 5,596.70
Company's contribution to Provident Fund, NPS, ESI Schemes 359.09 285.12
Provision for Gratuity & Leave Encashment 279.79 208.23
Expense on Employee Stock Option Scheme* 33.14 20.26
Staff Welfare Expenses 168.75 112.95
7,172.26 6,223.26
Note 27. Administrative & Other Expenses
Rent 26.80 27.40
Rates and Taxes 19.95 45.25
Electricity Charges 98.27 79.76
Repairs and Maintenance
- Building 46.52 56.21
- Others 122.78 120.30
Communication Expenses 318.38 252.03
Printing & Stationery 71.79 62.26
Business Development Expenses 661.30 235.33
Director's Sitting Fees and Commission 39.05 28.80
Professional and Consultancy Fees 347.62 513.91
Insurance 90.60 40.51
Outsourcing Cost 595.10 1,009.09
Subscription 654.22 506.31
Fund Accounting Charges 231.98 240.18
Travelling and Conveyance 346.80 108.02
Database and Networking Expenses 155.07 119.18
Corporate Social Responsibility 119.00 90.43
Loss on Sale of Investments# 233.31
- On Financial Assets measured at cost - -
Loss on Sale of Asset 4.24 -
Loss on closure of Right to Use Assets - 10.38
Loss on exchange fluctuation (Net) 7.41 -
Miscellaneous expenses* 413.20 349.93
4,603.39 3,895.29
*Miscellaneous Expenses includes remuneration to auditors:
Statutory Audit 11.66 11.66
Tax Audit 4.84 4.84
Other Services 7.18 6.37
Total 23.68 22.87
# Refer Note 42(a) to the Financial Statements
Note 28. Other Comprehensive Income
A. Items that will not be reclassified to profit or loss
Remeasurements of Defined Benefit plan
Less: Current Tax on above (15.96) 83.15
Fair Value gain/(loss) on investments in mututal funds routed through OCI* 82.97 -
Add: Deferred Tax on above (20.88) -
Fair value gain/(loss) on Investment in Subsidiary 180.86 (2,173.97)
Less: Current Tax on above (45.52) -
Add: Deferred Tax on above - 547.15
244.87 (1,874.07)

Note 29: Capital Management

The Company manages its capital to ensure that it will be able to continue as going concerns while maximizing the return to
stakeholders through the optimisation of the debt and equity balance. The Company's policy is to maintain a strong capital base
so as to maintain investors, creditors and market confidence to sustain future development of the business.
The capital structure of the Company consists of debt and total equity of the Company as tabled below:
Particulars As at March 31, 2023 As at March 31, 2022
Total equity attributable to equity share holders of the Company 38,094.35 34,716.51
Borrowings (Other than Debt Securities) 11,923.60 17,141.97
Subordinated Liabilities - 1,516.09
Total debt held by the Company 11,923.60 18,658.06
Total capital (Equity and Debt) 50,017.95 53,374.57
Equity as a percentage of total capital 76% 65%
Debt as a percentage of total capital 24% 35%
The Company is predominantly equity financed which is evident from the capital structure table above. The Company’s risk
management committee reviews the capital structure of the Company on an ongoing basis. As part of this review, the committee
considers the cost of capital and the risks associated with each class of capital.
Note 30: Financial Risk Management
The Company is exposed to a variety of financial risks; credit risk, liquidity risk and market risk,viz; foreign currency risk and
interest rate risk. The Company has a risk management policy to manage & mitigate these risks.
The Company’s risk management policy aims to reduce volatility in financial statements and aims to foresee the unpredictability
of financial markets and seek to minimize potential adverse effects on its financial performance.
The Board of Directors reviews and agrees policies for managing each of these risks as summarized below:"
Credit risk:
Credit risk is the risk of financial loss to the Company if a customer or counterparty to the financial instrument fails to meet its
contractual obligations and arises principally from the Company's receivables from customers and investment securities.
Financial instruments that potentially subject the Company to concentration of credit risk consists of trade receivables, investments,
loans, cash and cash equivalents and other financial assets. The maximum exposure to credit risk is equal to the carrying value of
the financial assets. By their nature, all such financial assets involve risks, including the credit risk of non-performance by
counterparties.
The Company periodically assesses the credit quality of the counterparties by taking into account their financial position, past
experience, ageing of accounts receivables and any other factor determined by individual characteristic of the counterparty.
The maximum amount of exposure to credit was as follows:
Particulars Balance As at Balance As at
March 31, 2023 March 31, 2022
Investments 23,215.31 24,889.58
Trade receivables 2,721.96 744.48
Cash and cash equivalents 17.13 801.71
Bank balances other than Cash and cash equivalents 11.95 10.84
Loans 47.13 46.26
Other financial assets 522.51 442.54
TOTAL 26,535.98 26,935.42
Liquidity Risk:
Liquidity risk is the risk that the Company will not be able to encounter its financial obligations associated with financial liabilities
as they become due. The Company manages its liquidity risk by ensuring, as far as possible, to maintain sufficient liquid funds to
meet its liabilities on the due date. The Company consistently generates sufficient cash flows from operations (with adequate
reserves) and has access to multiple sources of funding (banking facilities and loans from promoter company) to meet the financial
obligations and maintain adequate liquidity for use.
The processes and policies related to such risks are overseen by Senior Management.

Note No 30 : Financial Risk Management continued

Maturity profile of the Company’s non-derivative financial liabilities/assets based on contractual payments is as below:
For the financial year 2022-2023
Maturity for following periods from due date of payment
Particulars Less than Over 6 months 1-2 years 2-3 years Over 3 years - 5 years Total
6 months - 1 year upto 5 years and above
A. Non-Derivative Financial Assets
Cash and cash equivalents 17.13 - - - - - 17.13
Bank balances other than cash and cash equivalents - - 11.95 - - - 11.95
Trade receivables 2,721.96 - - - - - 2,721.96
Investments - 15,915.63 7,299.68 23,215.31
Loans 21.07 9.57 12.35 4.14 - - 47.13
Other financial assets 283.96 30.75 55.98 13.32 128.43 10.07 522.51
Balance with Government Authorities 133.95 4.76 138.70
Security deposits 9.54 30.75 51.22 13.32 128.43 10.07 243.33
Others 140.48 140.48
Total 3,044.12 40.31 15,995.90 17.47 128.43 7,309.74 26,535.98
A. Non-Derivative Financial Liabilities
Trade payables 489.95 - - - - - 489.95
Borrowings other than debt securities 1,073.60 1,350.00 5,000.00 2,000.00 2,500.00 - 11,923.60
Subordinated Liabilities - - - - - - -
Other Financial Liabilities - - - - - - -
Others - -
Lease Liabilities (at fair value on a discounted basis) 335.80 335.98 631.00 342.81 310.00 10.13 1,965.71
Building 333.76 334.16 627.01 340.37 310.00 10.13 1,955.43
Vehicle 2.04 1.81 3.99 2.44 - - 10.28
Total 1,899.34 1,685.98 5,631.00 2,342.81 2,810.00 10.13 14,379.25
Maturity for following periods from due date of payment
Bank balances other than cash and cash equivalents 10.84 10.84
Trade receivables 744.48 - - - - - 744.48
(i) Undisputed Trade receivables – considered good 744.48 744.48
Investments 144.39 12,343.26 12,401.93 24,889.58
Loans 19.57 11.38 11.19 4.12 - - 46.26
Other financial assets
Balance with Government Authorities 133.95 - 4.32 - - - 138.26
Others 42.44 - - - - - 42.44
Total 2,052.67 27.34 12,380.87 30.18 34.16 12,410.20 26,935.42
Trade payables 616.35 - - - - - 616.35
Borrowings other than debt securities 10,000.00 4,102.02 3,039.95 - - 17,141.97
Subordinated Liabilities 1,516.09 1,516.09
Other Financial Liabilities 487.17 - - - - - 487.17
Others 487.17 - - - - - 487.17
Lease Liabilities 165.41 165.41 253.71 162.35 152.35 27.46 926.69
Building 160.37 160.37 246.52 155.99 149.59 27.46 900.29
Vehicles 5.04 5.04 7.19 6.35 2.76 - 26.40
Total 11,268.93 5,783.52 253.71 3,202.29 152.35 27.46 20,688.26

The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
Particulars 31st Mar 2023 31st Mar 2022
Expiring within one year - 5,000.00
Expiring beyond one year - -
Market risk:
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest
rates, credit, liquidity and other market changes. The Company’s exposure to market risk is primarily on account of foreign currency
exchange rate risk.
Foreign Currency Risk:
- The fluctuation in foreign currency exchange rates may have potential impact on the Statement of Profit and Loss and Other
Comprehensive Income and equity, where any transaction references more than one currency or where assets / liabilities are
denominated in a currency other than the functional currency of the Company.
- The Company's exchange risk arises its exposure to foreign currency assets and liabilities (primarily in SGD and AED). The
exchange rate between the Indian rupee and these foreign currencies has changed substantially in recent periods and may
continue to fluctuate substantially in the future.
- The Company periodically determines its strategy to mitigate foreign currency risk. The Company evaluates the impact of foreign
exchange rate fluctuations by assessing its exposure to exchange rate risks.
The maximum amount of exposure to foreign currency risk is as follows:
Investments
In Singapore Dollars 2,781.03 2,919.35
Trade Receivables
In Singapore Dollars 3.09 2.80
Rent Deposits
In Emirati Dirham 0.71 0.79
Bank balances other than cash and cash equivalents
Cash and cash equivalents
Total 2,801.28 2,940.82
Lease Liabilities
Total 48.72 6.75
Lease Liabilities
Total 48.72 6.75
Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates arises on Company's debt obligations. The
Company's borrowings are primarily based on the MCLR rates.
Sensitivity Analysis:
The following table sets out the effect on the Statement of Profit and Loss due to fluctuations in the interest rates:
Finacial Liabilities- Borrowings Impact of Profit/(loss) before taxation
31st March 2023 31st March 2022
Increase by 1% (72.00) (72.00)
Decrease by 1% 72.00 72.00


Note 31: Financial Instruments

The carrying value and fair value of financial instruments by categories as at March 31, 2023 and March 31, 2022 is as follows:
Particulars Balance as at March 31, 2023 Balance as at March 31, 2022
Financial Assets
At Amortized Cost
Trade and other receivables 2,721.96 744.48
Loans 47.13 46.26
Others financial assets 522.51 442.54
Investments in Preference shares of Subsidiary - 144.39
At Fair Value through profit and loss
Investments in Mutual Funds 12,339.90 12,315.24
Investments in AMC Repo Clearing Ltd 57.45 51.93
Investments in MF Utilities India Private Limited 29.90 28.02
At Fair Value through OCI
Investments in Mutual Funds 3,575.72 -
Investments in Subsidiaries - 4,479.31
At Cost
Investments in Subsidiaries 7,212.33 7,870.69
TOTAL ASSETS 26,535.98 26,935.42
At Amortized Cost
Borrowings other than debt securities 11,923.60 17,141.97
Lease Liabilities 1,965.71 926.69
Trade Payables 489.95 616.35
Other financial liabilities - 487.17
TOTAL LIABILITIES 14,379.25 20,688.26
Notes:
The Management assessed the fair value of cash and short-term deposits, trade receivables and trade payables, bank overdrafts, and
other financial assets and liabilities as approximately equal to the carrying amounts largely due to the short-term maturities of these
instruments.
Investments in Mutual Funds has been valued using the Net Asset Value (NAV) of the investee which falls under Level I hierarchy
of inputs used in valuation techniques.
Investments in MF Utilities Private Limited and AMC Repo Clearing Ltd has been valued using the financial statements of the
investee which falls under Level II hierarchy of inputs used in valuation techniques.
Investments in SAMC Support Services Private Limited (formerly known as Principal Asset Management Private Limited) has been
valued using the financial statements of the investee which falls under Level II hierarchy of inputs used in valuation techniques.
Borrowings other than debt securities have been valued using the MCLR rate of the financial institution which falls under Level II
hierarchy of inputs used in valuation techniques.
Security Deposits receivable and loans have been valued using the unobservable inputs which falls under Level III hierarchy of
valuation techniques.
Note 32: Net gain/ (loss) on fair value changes in Profit & Loss Account
Particulars 2021-2022 2020-2021
(A) Net gain/ (loss) on financial instruments at fair value through profit or loss
On financial instruments designated at fair value through profit or loss
(i) Investments 551.26 530.53
On financial instruments designated at fair value through OCI
(i) Investments 263.83 (2,173.97)
Subtotal (A) 815.09 (1,643.44)
(B) Fair Value Changes
- Realised 420.80 466.08
- Unrealised 394.29 (2,109.52)
Subtotal (B) 815.09 (1,643.44)


Note 33: Corporate Social Responsibility (CSR) Expenditure:

Particulars 31/03/2023 31/03/2022
(a) Gross amount required to be spent by the company during the year 118.93 88.29
(b) Amount spent for the current year 119.00 90.43
(c) Shortfall at the end of the year - -
(d) Amount spent in the current year relating to previous year's shortfall - -
(e) Reason for shortfall NA NA
(f) Nature of CSR activities 1. Promoting health care including preventinve
health care
2. Promoting education among children,
women, elderly and the differently abled and
livelihood enhancement projects
3. Other facilities for senior citizens and
measures for reducing inequalities faced by
socially and economically backward groups
(g) Where a provision is made with respect to a liability incurred
by entering into a contractual obligation, the movements in the provision NA NA
(h) Details of related party transactions (contribution to a trust
controlled by the company in relation to CSR expenditure) NIL NIL
Note 34: Contingent liabilities and commitments:
1.Contingent Liabilities
A.Claims against the Company not acknowledged as debts
Particulars 31/03/2023 31/03/2022
Income tax Matters 7,439.31 7,439.31
Service Tax matters 64.95 60.54
The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income
Tax Act, 1961. These claims are on account of multiple issues of disallowances such as disallowance of brokerage, disallowance
of advisory payment due to Non - TDS deduction and disallowance of renovation cost treated as capital expenditure.Out of the
total claims under the Income Tax matters, the department has preferred further appeals with the higher forums for claims amounting
to `2,595.67.
The claims against the company under the Indirect Tax matters includes the issues of ITC claimed under the CGST Act, 2017 and
Service Tax on Exports and other matters. These matters are pending before various Appellate Authorities.
The management expects that its position will likely be upheld on ultimate resolution and will not have a material adverse effect
on the Company's financial position and results of operations..
2. Commitments 31/03/2023 31/03/2022
a. Estimated amount of contracts remaining to be executed on capital account and not provided for - -
b. Uncalled liability on shares and other investments partly paid - -
Others - -


Note 35: Employee Benefits

Defined Contribution Plans:
During the year, the company has recognized the following amounts in the Profit and Loss Statement, which are included in
Employee benefits expense in Note 27 to the Financial Statements
Particulars 2022-2023 2021-2022
Contribution to Superannuation Fund
Contribution to National Pension Fund 42.21 37.00
Contribution to Pension Fund 48.75 45.58
Contribution to Employees State Insurance - ESI 0.53 0.67
Contribution to Provident Fund 254.97 190.29
346.46 273.54
Defined Benefit Plan for Gratuity- Funded:
Particulars Year ended 31/03/2023 Year ended 31/03/2022
1) Amount Recogonised in Balance Sheet:
The Total Amount of net liability/asset to be recorded in the balance sheet of the Company, along with the comparative figures for
pervious period, is shown in the below table:
Present Value of the funded defined benefit obligation 1,070.91 1,059.72
Fair Value of plan assets 1,030.65 646.28
Net funded obligation 40.27 413.44
Present value of unfunded defined benefit obligation - -
Amount not recogonised due to asset limit - -
Net defined benefit liability/ (asset) recogonised in balance sheet 40.27 413.44
Net defined benefit liability/ (asset) bifurcated as follows:
Current - -
Non-Current 40.27 413.44
2) Profit & Loss Account Expense: Year ended 31/03/2023 Year ended 31/03/2022
The expenses charged to the profit & loss account for period along with the
corresponding charge of the previsous period is presented in th table below:
Current Service cost 107.94 87.49
Past service cost
Administration expenses
Interest on net defined benefit liability / (asset) 24.03 (2.56)
(Gains) / Losses on settlement
Total expense charged to profit and loss account 131.97 84.93
Amount recorded in other Comprehensive Income:
The total amount of reimbursement items and impact of liabilities assumed
or settled if any, which is recorded immediately in Other Comprehensive
Income during the period is shown in the table below:
Opening amount recogonized in OCI outside profit and loss account 413.78 79.78
Remeasurements during the period due to
Changes in financial assumptions (31.23) (27.83)
Experience adjustments (22.99) 377.05
Actual return on plan assets less interest on plan assets (9.18) (15.22)
Adjustment to recogonize the effect os asset ceiling
Closing amount recognized in OCI outside profit and loss account 350.39 413.78


3) Reconciliation of Net Liability / Asset: Year ended 31/03/2023 Year ended 31/03/2022
The movement of net liability / asset from the beginning to the end of
the accounting period as recogonized in the balance sheet of the
company is shown below:
Opening net defined benefit liability / (asset) 413.44 37.31
Expenses charged to profit & loss account 131.97 84.93
Amount recogonized outside profit & loss account (63.40) 334.00
Employer contributions (450.24) (39.19)
Closing net defined benefit liability / (asset) 40.27 413.44
Movement in Benefit Obligations:
A reconciliation of the benefit obligation during the inter-valuation
period is given below:
Opening of defined benefit obligation 1,059.72 845.86
Current service cost 107.94 87.49
Interest on defined benefit obligation 65.75 52.67
Remeasurements due to:
Acturial loss / (gain) arising from change in financial assumptions (31.23) (27.83)
Acturial loss / (gain) arising on account of experience changes (22.99) 377.05
Benefits paid (159.64) (261.94)
Liabilities assumed/ (settled)* 51.36 (13.58)
Liabilities extinguished on settlements - -
Closing of defined benefit obligation 1,070.91 1,059.72
4) Movement in Plan Assets: Year ended 31/03/2023 Year ended 31/03/2022
The fair value of the assets as at the balance sheet date has been
estimated by us based on the latest date for which a certified value of
assets is readily available and the cash flow information to and form the
fund between this date and the balance sheet date allowing for
estimated interest for the period:
A reconciliation of the plan assets during the inter-valuation period is
given below:
Opening fair value of plan assets 646.28 808.55
Employer contributions 450.24 39.19
Interest on plan assets 41.72 55.23
Administration expenses - -
Actual return on plan assets less interest on plan assets 9.18 15.22
Benefits paid (159.64) (261.94)
Assets acquired / (settled)* 42.86 (9.97)
Assets distributed on settlements - -
Closing fair value of plan assets 1,030.65 646.28
Movement in Asset Ceiling: - -
A reconciliation of the asset ceiling during the inter-valuation perios is
given below: - -
Opening value of asset ceiling - -
Interest on opening balance of asset ceiling - -
Remeasurements due to: - -
Change in surplus/deficit - -
Closing value of asset ceiling - -
* On account of inter group transfers
The expected contribution to the fund asset for FY 2022-23 for group gratuity scheme is `40.27 lakhs.


Year ended Year ended Year ended Year ended Year ended Year ended
5) Disaggregation of Plan Assets: 31/03/2023 31/03/2023 31/03/2023 31/03/2022 31/03/2022 31/03/2022
Quoted Value Unquoted value Total Quoted Value Unquoted value Total
A split of plans asset between various asset classes
as well as segregation 'between quoted and
unquoted values is presented below:
Property - - - - - -
Government debt instruments - - - - - -
Other debt instruments - - - - - -
Equity instruments - - - - - -
Insurer managed funds - 1,030.65 1,030.65 - 646.28 646.28
Others - - - - - -
Grand Total - 1,030.65 1,030.65 - 646.28 646.28
Year ended Year ended
6) Key Acturial Assumptions:
31/03/2023 31/03/2022
The Key acturial assumptions adopted for the
purpose of this valuation are given below:
a) Discount rate (p.a.) 7.45% 7.10%
b) Salary escalation rate (p.a.) 7.00% 7.00%
c) Retirement Age:
The employees of the company are assumed to
retire at the age of 58 years.
d) Mortality:
Published rates under the Indian Assured Lives
Morality (2012-14) Ut table.
Rates of Indian Assured Lives Morality table at
specimen ages are as shown below: Age (years) Rates (p.a.) Age (years) Rates (p.a.)
18 0.000874 18 0.000874
23 0.000936 23 0.000936
28 0.000942 28 0.000942
33 0.001086 33 0.001086
38 0.001453 38 0.001453
43 0.002144 43 0.002144
48 0.003536 48 0.003536
53 0.006174 53 0.006174
58 0.009651 58 0.009651
e) Leaving Service: Age (years) Rates (p.a.) Age (years) Rates (p.a.)
Rates of leaving service at specimen ages are as shown below: 21-30 10% 21-30 10%
31-40 5% 31-40 5%
41-50 3% 41-50 3%
51-57 2% 51-57 2%
f) Disability:
Leaving service due to disability is included in the provision made for all caused of leaving serivce (paragraph (e) above).


7) Sensitivity Analysis: Year ended 31/03/2023 Year ended 31/03/2022

Discount Rate Salary Escalation Discount Rate Salary Escalation
Rate Rate
Gratuity is a lump sum plan and the cost of
providing these benefits is typically less sensitive to
small changes in demographic assumptions. The
Key acturial assumptions to which the benefit
obligation results are particularly sensitive to are
discount rate and future salary escalation rate. The
following table summarizes the change in defined
benefit obligation and impact in percentage terms
compared with the reported defined benefit
obligation at the end of the reporting period arising
on account of an increase or decrease in the
reported assumption by 50 basis points.
Defined benefit Obligation on increase in 50bps 1,028.86 1,116 1,015.96 1,107
Impact of increase in 50bps on DBO -3.93% 4.21% -4.13% 4.42%
Defined benefit obligation on decrease in 50bps 1,116.00 1,028.50 1,106.79 1,015.72
Impact of decrease in 50bps on DBO 4.21% -3.96% 4.44% -4.15%
The sensitivities have been calculated to show the
movement in defined benefit obligation in
isolation and assuming there are no changes in
market conditions at the accounting date. There
have been no changes from the previsous periods
in the methods and assumptions used in preparing
the sensitivity analysis.
Disclosures in accordance with Ind AS 102 - Share based Payments
As per Ind AS 102, Share Based Payments, a parent that grants rights to its equity instruments directly to the employees of its
subsidiary has the obligation to provide the employees of the subsidiary with the equity instruments. The subsidiary does not have
an obligation to provide its parent’s equity instruments to the subsidiary’s employees. The subsidiary shall measure the services
received from its employees in accordance with the requirements applicable to equity-settled share-based payment
transactions, and recognise a corresponding increase in equity as a contribution from the parent. Accordingly, the company has
recognized the employee compensation expense in its financial statements, with a corresponding increase to a separate reserve
created for this purpose. The company has recognised employee compensation expense of `33.14 (previous year `20.26) during
the year with corresponding increase to Employee Stock Options Reserve.


Note No.36. Disclosures in accordance with Ind AS 24 - Related Parties
Holding Company
Wholly Owned Subsidiaries
Sundaram Alternate Assets Limited (Indian Subsidiary)
Sundaram Asset Management Pte Limited (Foreign Subsidiary)
SAMC Support Services Private Limited (formerly known As Principal Asset Management Private Limited) (Taken over by the
official liquidator for liquidation)
SAMC Services Private Limited (formerly known as Principal Retirement Advisors Private Limited)
SAMC Trustee Private Limited (formerly known as Principal Trustee Company Private Limited) (Taken over by the official
liquidator for liquidation)
Associates
Sundaram Mutual Fund
Sundaram Alternate Investment Trust Cat III
Sundaram Alternate Investment Trust Cat II
Fellow Subsidiaries/Associates
Sundaram Home Finance Limited
Sundaram Trustee Company Limited
LGF Services Limited
Sundaram BNP Paribas Fund Services Limited
Royal Sundaram General Insurance Company Limited
Sundaram Finance Holdings Ltd. (formerly known as - Sundaram Finance Investment Limited)
Mind SRL, Italy (w.e.f 14th December, 2021)
Sundaram Composite Structures Private Limited (w.e.f 6th December, 2021)
Associates of Fellow Subsidiaries
Flometallic India Private Ltd.
The Dunes Oman LLC (FZC)
Sundaram Hydraulics Ltd.
Axles India Ltd.
Turbo Energy Private Ltd.
Transenergy Ltd.
Sundaram Dynacast Private Ltd.
Wheels India Limited
Key Management Personnel
Mr Sunil Subramaniam – Managing Director
Mr R.S.Raghunathan – Chief Financial Officer
Mr Ajith Kumar R- Company Secretary
Directors
Mr Harsha Viji
Mr Arvind Sethi
Mr K N Sivasubramaniam
Mr Raghavendra Rahguttama Rao
Mr Rajiv C Lochan
Ms Aarti Ramakrishnan (w.e.f. 30-01-2023)
Mr Vikaas M Sachdeva (w.e.f. 30-01-2023)
Post Employment Benefit Plans
Sundaram Asset Management Company Limited Employees Group Gratuity Fund


Transactions with related parties were made on terms equivalent to those that prevail in an arm’s length transactions.
Fellow / Subsidiaries / Key Management
Particulars Holding Company
Associates Personnel and Directors
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
INCOME
Investment Management and Advisory Fees :
(Grouped under Note 22 – Revenue from Operations)
Sundaram Mutual Fund 23,398.73 20,684.55
Service Income : (Grouped under Note 22 –
Revenue from Operations)
Sundaram Trustee Company Limited 27.61 26.30
Sundaram Alternate Assets Limited 241.86 223.95
Sundaram Singapore PTE Limited 11.85 11.04
Total - - 23,680.05 20,945.85 - -
OTHER INCOME
Rental Income : (Grouped under Note 23 –
Other Income)
Sundaram Fund Services Limited 3.00 3.00
SAMC Support Services Private Limited( formerly
known as Prinicipal Asset Management Private Limited) - 40.64
SAMC Trustee Private Limited (formerly
known as Prinicipal Trustee Company Private Limited) - 1.59
SAMC Services Private Limited (formerly known
as Prinicipal Retirement Advisors Private Limited) - 0.80
Dividend Income : (Grouped under Note 23 –
Other Income)
Sundaram Asset Management Singapore Pte Limited.
(Equity Dividend) 550.19 569.23
Sundaram Alternate Assets Limited 1,794.00 800.00
Sundaram Asset Management Singapore Pte Limited.
(Preference Dividend) 0.03 0.14
TOTAL - - 2,359.22 1,427.40 - -
TOTAL INCOME - - 26,039.27 22,373.25 - -
EXPENSES
Rent and Office Maintenance
Sundaram Finance Limited 235.00 231.82
Vehicle Lease Rental
Insurance : (Grouped under Note 27 - Administrative
and Other Expenses – Insurance)
Royal Sundaram General Insurance Co. Limited 18.86 24.31
REMUNERATION
Key Management Personnel of the Company
Mr Sunil Subramaniam - Managing Director 399.68 399.68
Mr R.S.Raghunathan - Chief Financial Officer 54.19 38.00
Mr Ajith Kumar R- Company Secretary 25.89 22.75
Director sitting fees and Director's Commission
Mr Arvind Sethi 13.35 10.35
Mr K N Siva Subramaniam 11.60 8.85
Mr Raghutamma Rao 11.35 9.60
Ms Aarti Ramakrishnan 2.75 -


2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Shared Services Cost
SAMC Support Services Private Limited( formerly
known as Prinicipal Asset Management Private Limited) 39.24 451.78
Payroll processing and AMC Accounting Charges,
Call Centre Charges (Grouped under Note 27 -
Administrative and Other Expenses –
Miscellaneous Expenses)
Sundaram Finance Holdings Limited 24.95 28.92
Fund Accounting & Registrar and Transfer fees and
Call Centre Charges : (Grouped under Note 27 -
Administrative Expenses)
System Services Cost : (Grouped under Note 27 -
Administrative Expenses – Repairs and
Maintenance Cost)
Internal, Concurrent and Audit Fees
Sundaram Finance Ltd 40.00 12.00
(Grouped under Note 27 -
Administrative Expenses – Miscellaneous Expenses)
Interest on borrowings (Grouped under Note 24.
Finance Costs- Interest on borrowings)
SAMC Support Services Private Limited
(formerly known As Principal Asset Management
Private Limited) 144.86 1.23
SAMC Services Private Limited (formerly known as
Prinicipal Retirement Advisors Private Limited) 21.00 0.12
TOTAL 391.08 424.73 647.97 702.63 518.81 489.23
Dividend on Preference Shares : (Grouped under
Note 24 - Finance Costs)
Final Dividend Paid during the year
Sundaram Finance Limited 3,800.00 1,500.00
ASSETS
Investment Management Fees and Support
Services Receivable (Grouped under Note 3 -
Trade Receivables)
Sundaram Mutual Fund 2,715.00 737.45
Sundaram Asset Management Singapore Pte Limited 3.09 2.80
Administrative Charges Receivable : (Grouped under
Note 3 – Trade Receivables)
Reimbursement Of Expenses (Grouped under Note 6 -
Other Financial Assets)
Sundaram Fund Services Limited 2.83 -


2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Investment In Trust Securities at the end of the year :
(Grouped under Note 5 –Investments and Note 5.a.-
Investments)
Investment In Subsidiary Company :
(Grouped under Note 5 – Investments)
Preference Shares
Sundaram Asset Management Singapore Pte. Ltd - 144.39
Equity Shares : (Grouped under Note 5-Investments)
SAMC Support Services Private Limited (formerly
known As Principal Asset Management Private Limited) - 4,479
SAMC Trsutee Private Limited (formerly known as
Prinicipal Trustee Company Limited) - 658.36
SAMC Services Private Limited (formerly known as
Prinicipal Retirement Advisors Private Limited) 531.30 531.30
Sundaram Asset Management Singapore Pte. Ltd 2,781.03 2,781.03
Sundaram Alternate Assets Limited 3,900.00 3,900.00
Rent and Insurance Deposit : (Grouped under Note 6
– Other Financial Assets)
Royal Sundaram General Insurance Company Limited 0.03 0.26
Sale of Vehicle to KMP
Mr Sunil Subramaniam 4.44 -
Total 26.95 26.95 25,883.98 25,455.33 4.44 -
Liabilities
Share Capital
Securities Premium
Lease Liabilities : (Grouped under Note 15 –
Lease Liabilities)
Sundaram Finance Limited 423.83 -
Other Liabilities (Grouped under Note 12 –
Trade Payables)
Sundaram Alternate Assets Limited - 6.27
Borrowings (Grouped under Note 13 Borrowings
(other than Debt Securities))
Loan from Sundaram Finance Limited - 10,000
Loan from Sundaram Fund Services Limited 3,039.95 3,039.95
Loan from SAMC Support Services Private Limited
(formerly known as Principal Asset Management
Private Limited) - 3,751.85
Loan from SAMC Services Private Limited
(formerly known as Prinicipal Retirement
Advisors Private Limited) 354.66 350.17
Redeemable Cumulative Non-Convertible
Preference Shares Alloted
(Grouped under Note 14– Subordinated Liabilities)
Total 10,544.13 20,120.30 3,440.87 8,670.85 - -


Note 37. Trade Receivables ageing schedule

For the Financial year 31/03/2023
Outstanding for following periods from due date of payment
Particulars
Less than 6 months Over 6 months - 1 year 1-2 years 2-3 years More than 3 years Total
Trade receivables 2,721.96 - - - - 2,721.96
(i) Undisputed Trade receivables –
considered good 2,721.96 - - - - 2,721.96
(ii) Undisputed Trade Receivables –
which have significant increase in credit risk - - - - - -
(iii) Undisputed Trade Receivables – credit impaired - - - - - -
(iv) Disputed Trade
Receivables–considered good - - - - - -
(v) Disputed Trade Receivables – which have
significant increase in credit risk - - - - - -
(vi) Disputed Trade Receivables – credit impaired - - - - - -
Receivables – credit impaired
There are no unbilled dues for the company
Trade receivables 744.48 - - - - 744.48
(i) Undisputed Trade receivables – considered good 744.48 - - - - 744.48
(iv) Disputed Trade
(v) Disputed Trade Receivables –
Note 38. Trade Payables ageing schedule

Particulars
Less than 1 year 1-2 years 2-3 years Over 3 years Total
Trade payables 484.11 - - 5.84 489.95
(i) MSME 7.35 - - - 7.35
(ii) Others 476.76 - 5.84 482.60
(iii) Disputed dues – MSME - - - -
(iv) Disputed dues - Others - - - -
Trade payables 610.52 - 5.84 - 616.35
(i) MSME - - - - -
(ii) Others 610.52 5.84 616.35
(iii) Disputed dues – MSME - - - - -
(iv) Disputed dues - Others - - - - -


Note 39. Disclosures in accordance with Ind AS 116 - Leases
(a) Disclosure under IND AS 116 as a Lessee
Particulars 31/03/2023 31/03/2022
Depreciation charge for ROU Asset 673.61 633.18
Interest expense on lease liability 225.12 153.42
Expenses relating to short term leases (need not include the expense
relating to leases with a lease term of one month or less) - -
Expense relating to leases of low-value assets (not include the expense r
elating to short-term leases of low-value assets included in above line) 2.06 4.53
Expenses relating to variable lease payments - -
Income from sub-leasing of ROU Asset 15.00 58.03
Total Cash Outflow for leases 817.27 700.81
Additions to ROU Assets during the year 1,651.95 408.45
Gains or losses arising from sale and leaseback transactions - -
Carrying amount of right-of-use assets at the end of the reporting period
for each asset category - -
Building 1749.30 779.58
Vehicles 9.22 25.10
b) Disclosure under IND AS 116 as a Lessor
Particulars 31/03/2023 31/03/2022
Lease Income 15.00 58.03
Income relating to variable lease payments - -
c) Note on Covid Waiver
During FY 2021-22, due to Covid-19, the company has received certain rent concessions satisfying the conditions in the Para 46B
of Ind AS 116. The company has used a practical expidient and has accounted for change in lease payments resulting from the rent
concession the same way it would account for the change applying this Standard if the change were not a lease modification.
Applying the principles of amended Ind AS 116, the company has recognised the effect of such practical expidient in the opening
balance of the retained earnings for `1.12 lakhs.
Note 40. Components of Tax Expense
Particulars 31.03.2023 31.03.2022
Income tax expense in the statement of profit and loss consists of:
Current income tax:
In respect of the current year 934.76 1,547.79
In respect of the previous years
Deferred tax:
In respect of the current year 668.52 265.55
Income tax expense recognised in the statement of profit and loss: 1,603.28 1,813.34
Income tax recognised in other comprehensive income
Current tax arising on income and expense recognised in
other comprehensive income 61.48 (83.15)
Deferred tax arising on income and expense recognised in
other comprehensive income 20.88 (547.15)
Total 82.36 (630.30)
The reconciliation between the provison for income tax of the Company
and amounts computed by applying the Indian statutory income tax
rates to profit before taxes is as follows:
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Profit before tax 8,503.12 9,568.54
Enacted income tax rate in India 25.168% 25.168%
Computed expected tax expenses 2,140.06 2,408.21


Particulars For the year ended March 31, 2023

Amount Tax Impact
Effect of:
Expenses that are not deductible in determining taxable profit (202.08) 52.71
Due to change in tax rates 1.68
Deduction for dividend income out of the dividend declared 2,344.20 (589.99)
Due to other disallowance/(allowance) under Income Tax Act 4.70 (1.18)
Tax expense as per Statement of Profit and Loss 1,603.28
Amount Tax Impact
Effect of:
Due to change in tax rates - (48.23)
Deduction for dividend income out of the dividend declared 1,369.23 (344.61)
Due to other disallowance/(allowance) under Income Tax Act (249.20)
Calculation of Applicable Tax Rate:
March 31, 2023 March 31, 2022
Basic tax rate 22.00 22.00
Surcharge @ 10% 2.20 2.20
Aggregate of tax and surcharge 24.20 24.20
Cess @ 4% on tax and Surcharge 0.968 0.968
Tax Rate applicable 25.168 25.168
Deferred tax assets / (liabilities) as at March 31,2023
Particulars As at April 1, 2022 Income recognized in As at March 31, 2023
Property, Plant and Equipment (556.35) (701.45) (1,257.80)
Fair Valuation of Investments routed through PL (38.43) (32.83) (71.26)
Fair Valuation of Investments routed thorugh OCI 547.15 (20.88) 526.26
Rent Deposit 0.72 0.91 1.64
Upfront Brokerage (87.11) 38.17 (48.94)
Borrowings at amortised cost - 7.30 7.30
Leases 33.09 19.19 52.28
Stamp-duty on closing units of Mutual Fund Investments - 0.19 0.19
Total (100.93) (689.40) (790.33)
Property, Plant and Equipment 39.18 (595.54) (556.35)
Fair Valuation of Investments routed thorugh OCI - 547.15 547.15
Rent Deposit 0.82 (0.09) 0.72
Axis Bank borrowings - - -
Leases 31.85 1.24 33.09
Stamp-duty on closing units of Mutual Fund Investments - - -
Total (382.53) 281.60 (100.93)


Note 41. Disclosures in accordance with Ind AS 108 - Operating Segments

The CEO of the Company has been identified as the Chief Operating Decision Maker. The CODM has considered only Investment
Management Business as the operating segment as defined under Ind AS 108. The Company’s operations primarily relate to providing
Investment Management services.
Non-Current Assets used in the Company’s business, assets or liabilities contracted, other than those specifically identifiable are
located in the company’s country of domicile.
During the years ended 31 March 2023 and 31 March 2022, Sundaram Mutual Fund contributed more than 10% of the revenue
of the Company.
Note No.42(a). Liquidation of Subsidiaries
During the year, the two subsidiaries of the company namely SAMC Support Services Private Limited (formerly known as Principal
Asset Management Private Limited) and SAMC Trustee Private Limited (formerly known as Principal Trustee Company Private
Limited) have commenced the process of liquidation and have been taken over by the official liquidator. The formalities of
liquidation are complete and the application is pending before NCLT. Pursuant to such liquidation, the investments in these
subsidiaries have been derecognised and the resulting gain or losses arising on difference between the carrying value and liquidation
proceeds have been accouunted for in the Statement of Profit and Loss or Other comprehensive income as the case may be. The
resulted loss on liquidation of SAMC Trusee Private Limited is `2,33,31,194 (in absolute figures) and the same is recognised in the
Statement of Profit and Loss and the resulted Gain/Loss on liquidation of SAMC Support Services Private Limited (formerly known
as Principal Asset Management Company Private Limited is ` NIL.
Note No.42(b). Business Combinations
During the year, a scheme of arrangement has been approved by the Board of Directors of the company on 30th June, 2022.
approving merger with itself the fund accounting divsion, which will be demerged from Sundaram Fund Services Limited. The
application is pending before the NCLT. On Approval of the scheme, the company shall issue 1 equity share of Face Value `10 each
(in absolute figures) fully paid up for every 100 equity shares held in Sundaram Fund Services Limited having face value of `10 each
(in absolute figures) fully paid up in consideration for takeover of their Net assets.
During the year a scheme of arrangement has been approved by the Board of Directors of the company on 4th August 2022
approving merger of its subsidary SAMC Services Private Limited (formerly known as Principal Retirement Advisors Private Limited)
with its other subsidiary Sundaram Alternate Assets Limited. The application is pending before the NCLT. There shall be no financial
impact to the company on account of the proposed amalgamation
Note No.43(a). Redemption of Investment in Preference Shares
The investments in preference share capital of Sundaram AMC Singapore Pte Ltd have been redeemed on at par.
Note No.43(b). Redemption of Preference Share Capital
The company during the year redeemed the preference share capital issued at par. As required under Section 69 of the Companies
Act 2013, the company has created a Capital Redemption Reserve for `15,00,00,000 (in absolute figures) being the face value of
shares redeeemed.
Note No.44. Investments in Mutual Funds - Seed Capital
Pursuant to approval of the SEBI Board meeting dated February 17, 2020 and as mandated by the Amendment in SEBI (Mutual
Funds) Regulations, 1996, the investments in seed capital of the Assets managed by the company have been made during the year.
Considering the nature of this investment being equity investments not held for trading, the company has elected to designate the
same at Fair value through Other comprehensive income as per IND AS 109 with all subsequent changes in fair value being
recognised in other comprehensive income.


Note 45. Disclosures in accordance with Ind AS 115 - Revenue from contracts with customers
Movement of Trade Receivables
Particulars 31/03/2023 31/03/2022
Opening Net Trade Receivables (A) 744.48 2,132.38
Add: Revenue recognised during the year 23,689.76 21,003.88
Exchange fluctuation gain (.16) (.07)
GST Collected 4,264.16 3,780.70
Brokerage and Marketing Expenses incurred
and receivable - -
Total (B) 27,953.76 24,784.50
Less: Collections 25,491.16 25,748.83
Changes due to business combinations
Tax Deducted at Source 473.80 419.67
Compensation to investors payable by the
company but incurred by Mutual Fund 11.34 3.89
Total (C) 25,976.29 26,172.39
Closing Balance (A+B-C) 2,721.95 744.48
Performance Obligations
The performance obligations in the entity's contract with customers are satisfied upon completion of service. The contracts with
customers have no significant financing components. Revenue is recognised on time proportion basis using agreed rates. Other
revenues are recognised when the customer obtains control of services rendered by the company.
Note 46. Proposed Dividend

Board of Directors of the Company at their meeting held on 4th May 2023 have recommended a dividend of `20.88 per share to
the shareholders of the company subject to the approval of Members at the ensuing Annual General Meeting. The dividend payable
to preference share holders have been considered as a liability and accounted for.
Note 47 - Disclosures in accordance with Ind AS 33 - Earnings Per Share

Sl. No Particulars 2022-2023 2021-2022
1 Total Comprehensive Income (A) 7,144.71 5,881.13
2 Other Comprehensive Income (B) 244.87 (1,874.07)
3 Profit / (Loss) for the period (C)=(A)-(B) 6,899.84 7,755.20
4 Number of shares (nominal value of `10/- each ) (D) 2,39,50,384 2,15,58,508
5 Earnings per share (Basic) – ` (C)/(D) 28.81 35.97
6 Earnings per share (Diluted) – ` 28.81 35.97
7 Dividend proposed to be distributed – `20.88/-
per share (Previous Year `15.87/- per share) 5,000.00 3,800.00
8 Dividend per share – ` 20.88 15.87
Note 48 - Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006
The Company has initiated the process of obtaining confirmation from suppliers who have registered under the Micro, Small and
Medium Enterprises Development Act, 2006. Based on the information available with the company there is no amount outstanding
as on 31st March 2023 other than those specified below. There are no overdue principal amounts and therefore no interest is paid
or payable. The information required to be disclosed under the Micro, Small And Medium Enterprises Development Act,2006('the
MSMED Act") has been determined to the extent such parties have been identified on the basis of information received from such
parties and available with the Company. There are no overdue to parties on account of principal amount and / or interest as disclosed
below:


Particulars For the year ended

March 31, 2023 March 31, 2022
The Principal amount and interest thereon, remaining unpaid to any supplier at the 7.35 -
end of each accounting year.
The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act 2006
The amount of payment made to suppliers beyond the appointed day during each
accounting year
The amount of interest due and payable for the period of delay in making payment(which
have been paid beyond the appointed day during the year) but without adding the
interest specified under MSMED Act, 2006 Nil
The amount of interest accrued and remaining unpaid at the end of each accounting
year
The amount of further interest remaining due and payable even in the succeeding years
until such dates when the interest due above are actually paid to all the small enterprises,
for the purpose of disallowance as a deductible expenditure under Section 23 of the
MSMED Act 2006
Note 49. Dues to Investor Education and Protection Fund:

There are no amounts due for payment to the Investor Education & Protection Fund under Section 125 of the Companies Act,
2013 as at March 31, 2023.
Note 50. Contractual liabilities:
All contractual liabilities connected with business operations of the Company have been appropriately provided for.
Note 51. Utilization of Borrowed Funds:
The term loans were applied for the purpose for which the loans were obtained and funds raised on short term basis have not
been utilised for long term purposes.
Note 52. Benami Property
No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
Note 53. Wilful Defaulter
The company has not been declared as wilful defaulter by the Bank or Financial Institution or other lender.
Note 54. Relationship with Struck off Companies
The company has not entered into any kind of transactions with Struck off Companies under Section 248 of the Companies
Act, 2013.
Note 55. Registration of charges or satisfaction
All charges have been properly executed and registered with ROC.
Note 56. Compliance with number of layers of companies
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013
read with the Companies (Restriction on number of Layers) Rules, 2017.
Note 57. Ratios
(a) Capital to risk-weighted assets ratio (CRAR):- NA
(b) Tier I CRAR:- NA
(c) Tier II CRAR:- NA
(d) Liquidity Coverage Ratio:- NA

Note 58. Compliance with approved Scheme(s) of Arrangements

The Company has not entered in to any Scheme of Arrangments in terms of sections 230 to 237 of the Companies Act, 2013
other than those mentioned in Note 42(b) to the Financial Statements.
Note 59. Utilisation of Borrowed funds and Share Premium
The Company has not advanced (or) loaned (or) invested funds (either borrowed funds or Share Premium or any other sources or
kind of funds) to any other person or entity, including foreign entities (Intermediaries) with the understanding (whether recorded
in writing or otherwise).
The company has not received any fund from any person or entity, including foreign entity (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the company has to directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
Note 60. Undisclosed income
There are no transaction that are not recorded in the Books of Accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961.
Note 61. Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency.
Note 62. Regrouping and Reclassification
Previous year figures have been regrouped/reclassified wherever necessary for better presentation
Note 63. Recent Accounting Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time.
On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023. Certain
amemdments are discussed below:
Ind AS 1. Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting
policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual
periods beginning on or after April 1, 2023. The Company has evaluated the amendment and the impact of the
amendment is insignificant in the financial statements.
Ind AS 8. Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind AS 8 to help entities distinguish changes in accounting
policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods
beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its
financial statement
Ind AS 12. Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not
apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of
this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment
and there is no impact on its financial statement.

Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

FORM AOC - 1
(Persuant to first proviso to sub-section(3) of section 129 red with rule 5 of the Companies(Accounts) Rules, 2014
Statement containing salient features of the financial statement of subsidiaries / associate companies/ joint venture
PART "A" : Subsidiaries
Amount in `
1. Sl. No 1 2
M/s Sundaram Asset Management
2. Name of the Subsidiary M/s Sundaram Alternate Assets Ltd.
Singapore Pte Ltd.
3. The date since when subsidiary was acquired N/a N/a
4. Reporting period for the subsidiary concerned, if
N/a N/a
different from the holding company's reporting period.
5. Reporting Currency and Exchange Rate as of the last
date of the relevant Financial Year in the case of foreign SGD INR
subsidiaries
6. Share Capital 58,55,001 39,00,00,000
7. Reserves & Surplus -23,56,570 9,52,57,490
8. Total Assets 49,85,364 68,17,44,614
9. Total Liabilities 49,85,364 68,17,44,614
10. Investments 2,57,900 21,98,85,522
11. Turnover 43,58,810 67,39,57,512
12. Profit before Taxation 3,89,128 13,11,81,320
13. Provision for Taxation - 3,22,69,910
14. Profit after Taxation 3,89,128 9,89,11,410
15. Proposed Dividend - -
16. % of Shareholding 100% 100%
PART "B" : Associates & Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
M/s Sundaram Asset Management
Name of Associates / Joint Ventures M/s Sundaram Alternate Assets Ltd.
Singapore Pte Ltd.
1. Latest Audited Balance Sheet Date
2. Date on which the Associate or Joint Venture was associated or acquired
3. Share of Associate / Joint Ventures held by the company on the year end
Number
Amount of Investment in Associates / Joint Ventures
Extend of Holding % Not Applicable Not Applicable
4. Description of how there is significant influence
5. Reason why the associate/joint venture is not consolidated
6. Networth attributable to share holding as per latest audited balance sheet
7. Profit / Loss for the year
i. Considered in Consolidation.
ii. Not Considered in Consolidation
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Consolidated
Financial
Statements
2022-23

INDEPENDENT AUDITOR’S REPORT

To the Members Sundaram Asset Management Company Limited
Report on the Audit of the Consolidated Financial Statements
Opinion comprises the information included in the Management
We have audited the accompanying consolidated financial Discussion and Analysis, Board’s Report including Annexures to
statements Sundaram Asset Management Company Limited (“the Board’s Report, Corporate Governance and Shareholder’s
Holding Company”) and its subsidiaries (Holding Company and its Information, but does not include the consolidated financial
subsidiaries together referred to as “the Group”), which comprise statements, standalone financial statements and our auditor’s
the consolidated Balance Sheet as at 31st March 2023, and the report thereon.
consolidated Statement of Profit and Loss including Other Our opinion on the consolidated financial statements does not
Comprehensive Income, Consolidated Statement of Changes in cover the other information and we do not express any form of
Equity and the Consolidated Statement of Cash Flow for the year assurance conclusion thereon.
then ended, and notes to the financial statements, including a In connection with our audit of the consolidated financial
summary of significant accounting policies and other explanatory statements, our responsibility is to read the other information
information (hereinafter referred to as “the consolidated financial and, in doing so, consider whether the other information is
statements”). materially inconsistent with the consolidated financial statements
In our opinion and to the best of our information and according to or our knowledge obtained during the course of our audit or
the explanations given to us, the aforesaid consolidated financial otherwise appears to be materially misstated.
statements give the information required by the Companies Act, If, based on the work we have performed, we conclude that there
2013 (“the Act”) in the manner so required and give a true and fair is a material misstatement of this other information, we are
view in conformity with the Indian Accounting Standards (Ind AS) required to report that fact.
prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standard) Rules, 2015 as amended and other We have nothing to report in this regard.
accounting principles generally accepted in India, of the Responsibilities of Management and Those Charged with
consolidated state of affairs of the Group as at March 31, 2023, of Governance for the Consolidated Financial Statements
consolidated profit including other comprehensive income, The Company’s Board of Directors is responsible for the matters
consolidated changes in equity and its consolidated cash flows for stated in section 134(5) of the Act with respect to the
the year then ended. preparation of these consolidated financial statements that give
Basis for Opinion a true and fair view of the consolidated financial position,
We conducted our audit of the consolidated financial statements consolidated financial performance, including other
in accordance with the Standards on Auditing (SAs) specified comprehensive income, consolidated cash flows and consolidated
under section 143(10) of the Companies Act, 2013. Our changes in equity of the Group in accordance with the IND AS
responsibilities under those Standards are further described in the specified under section 133 of the Act and accounting principles
Auditor’s Responsibilities for the Audit of the Consolidated generally accepted in India.
Financial Statements section of our report. We are independent of The respective Board of Directors of the companies included
the Group in accordance with the ethical requirements that are in the Group are responsible for maintenance of adequate
relevant to our audit of the consolidated financial statements in accounting records in accordance with the provisions of the Act
India in terms of the Code of Ethics issued by ICAI and the relevant for safeguarding of the assets of the Company and for preventing
provisions of the Companies Act, 2013 and rules made thereunder, and detecting frauds and other irregularities; selection and
and we have fulfilled our other ethical responsibilities in application of appropriate accounting policies; making
accordance with these requirements and the ICAI’s Code of Ethics. judgments and estimates that are reasonable and prudent; and
We believe that the audit evidence we have obtained is sufficient design, implementation and maintenance of adequate internal
and appropriate to provide a basis for our opinion on the financial controls, that were operating effectively for ensuring the
consolidated financial statements. accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements that
Key Audit Matters
give a true and fair view and are free from material misstatement,
Key audit matters are those matters that, in our professional whether due to fraud or error, which have been used for the
judgment, were of most significance in our audit of the purpose of preparation of the consolidated financial statements
consolidated financial statements of the current period. These by the Directors of the Holding Company, as aforesaid.
matters were addressed in the context of our audit of the
In preparing the consolidated financial statements, the respective
consolidated financial statements as a whole, and in forming
Board of Directors of the companies included in the Group are
our opinion thereon, and we do not provide a separate opinion on
responsible for assessing the Company’s ability to continue as a
these matters. Based on the audit we have conducted we
going concern, disclosing, as applicable, matters related to going
determined that there are no key audit matters to communicate in
concern and using the going concern basis of accounting unless
our report.
the Board of Directors either intends to liquidate the Company or
Information Other than the Consolidated Financial Statements to cease operations, or has no realistic alternative but to do so.
and Auditor’s Report Thereon The respective Board of Directors of the companies included in
The Company’s Board of Directors are responsible for the the Group are responsible for overseeing the financial reporting
preparation of the other information. The other information process of the Group.

Auditor’s Responsibility for the Audit of the Consolidated remain responsible for the direction, supervision and
Financial Statements performance of the audits carried out by them. We remain
Our objectives are to obtain reasonable assurance about whether solely responsible for our audit opinion.
the consolidated financial statements as a whole are free from Materiality is the magnitude of misstatements in the consolidated
material misstatement, whether due to fraud or error, and to issue financial statements that, individually or in aggregate, makes it
an auditor’s report that includes our opinion. Reasonable probable that the economic decisions of a reasonably
assurance is a high level of assurance but is not a guarantee that knowledgeable user of the financial statements may be influenced.
an audit conducted in accordance with SAs will always detect a We consider quantitative materiality and qualitative factors in (i)
material misstatement when it exists. Misstatements can arise from planning the scope of our audit work and in evaluating the results
fraud or error and are considered material if, individually or in the of our work; and (ii) to evaluate the effect of any identified
aggregate, they could reasonably be expected to influence the misstatements in the consolidated financial statements.
economic decisions of users taken on the basis of these
We communicate with those charged with governance regarding
consolidated financial statements.
of the Holding Company and such other entities included in the
As part of an audit in accordance with SAs, we exercise consolidated financial statements of which we are the
professional judgment and maintain professional skepticism independent auditors regarding, among other matters, the planned
throughout the audit. We also: scope and timing of the audit and significant audit findings,
• Identify and assess the risks of material misstatement of the including any significant deficiencies in internal control that we
consolidated financial statements of the Company, whether identify during our audit.
due to fraud or error, design and perform audit procedures We also provide those charged with governance with a statement
responsive to those risks, and obtain audit evidence that is that we have complied with relevant ethical requirements
sufficient and appropriate to provide a basis for our opinion. regarding independence, and to communicate with them all
The risk of not detecting a material misstatement resulting from relationships and other matters that may reasonably be thought to
fraud is higher than for one resulting from error, as fraud may bear on our independence, and where applicable, related
involve collusion, forgery, intentional omissions, safeguards.
misrepresentations, or the override of internal control.
From the matters communicated with those charged with
• Obtain an understanding of internal control relevant to the
governance, we determine those matters that were of most
audit in order to design audit procedures that are appropriate
significance in the audit of the consolidated financial statements
in the circumstances. Under section 143(3)(i) of the Companies
of the current period and are therefore the key audit matters. We
Act,2013, we are also responsible for expressing our opinion
describe these matters in our auditor’s report unless law or
on whether the Company has adequate internal financial
regulation precludes public disclosure about the matter or when,
controls system in place and the operating effectiveness of such
controls. in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
• Evaluate the appropriateness of accounting policies used and consequences of doing so would reasonably be expected to
the reasonableness of accounting estimates and related outweigh the public interest benefits of such communication.
disclosures made by the management.
• Conclude on the appropriateness of management’s use of the Other Matters
going concern basis of accounting and, based on the audit We did not audit the financial statements/financial information of
evidence obtained, whether a material uncertainty exists the subsidiary companies, whose financial statements / financial
related to events or conditions that may cast significant doubt information reflect total assets of ` 12,008.63 lakhs as at 31st
on the ability of the Group to continue as a going concern. If March, 2023, total revenues of ` 12,714.40 lakhs and net cash
we conclude that a material uncertainty exists, we are required inflow amounting to ` 579.53 lakhs for the year ended on that date
to draw attention in our auditor’s report to the related as considered in the consolidated financial statements. These
disclosures in the consolidated financial statements or, if such financial statements have been audited by other auditors whose
disclosures are inadequate, to modify our opinion. Our reports have been furnished to us by the Management and our
conclusions are based on the audit evidence obtained up to opinion on the consolidated financial statements, in so far as it
the date of our auditor’s report. However, future events or relates to the amounts and disclosures included in respect of the
conditions may cause the Holding Company and Subsidiaries subsidiary and our report in terms of sub-section (3) and (11) of
to cease to continue as a going concern. Section 143 of the Act, insofar as it relates to the aforesaid
• Evaluate the overall presentation, structure and content of the subsidiaries, is based solely on the reports of the other auditors.
consolidated financial statements, including the disclosures, Our opinion on the consolidated financial statements, and our
and whether the consolidated financial statements represent report on Other Legal and Regulatory Requirements below, is not
the underlying transactions and events in a manner that modified in respect of the above matters with respect to our
achieves fair presentation. reliance on the work done and the reports of the other auditors
• Obtain sufficient appropriate audit evidence regarding the and the financial statements / financial information certified by the
financial information of the entities or business activities within Management.
the Group to express an opinion on the consolidated financial
Report on Other Legal and Regulatory Requirements
statements. We are responsible for the direction, supervision
and performance of the audit of the financial statements of 1. As required by Section 143(3) of the Act, we report that:
such entities included in the consolidated financial statements a) We have sought and obtained all the information and
of which we are the independent auditors. For the other explanations which to the best of our knowledge and belief
entities included in the consolidated financial statements, were necessary for the purposes of our audit of the
which have been audited by other auditors, such other auditors aforesaid consolidated financial statements.

b) In our opinion, proper books of account as required by law or any other sources or kind of funds) by the company
relating to preparation of the aforesaid consolidated to or in any other person(s) or entity(ies), including
financial statements have been kept so far as it appears foreign entities ("Intermediaries"), with the
from our examination of those books and the reports of the understanding, whether recorded in writing or
other auditors. otherwise, that the Intermediary shall, whether, directly
c) The Consolidated Balance Sheet, Consolidated Statement or indirectly lend or invest in other persons or entities
of Profit and Loss including Other Comprehensive Income, identified in any manner whatsoever by or on behalf of
Consolidated Statement of Cash Flow and Consolidated the company ("Ultimate Beneficiaries") or provide any
Statement of Changes in Equity dealt with by this Report guarantee, security or the like on behalf of the Ultimate
are in agreement with the books of accounts maintained Beneficiaries;
for the purpose of preparation of the consolidated financial (b) The respective managements of the company and have
statements. represented that, to the best of their knowledge and
d) In our opinion, the aforesaid consolidated financial belief, no funds have been received by the company
statements comply with the Indian Accounting Standards from any person(s) or entity(ies), including foreign
specified under Section 133 of the Act, read with Rule 3 of entities ("Funding Parties"), with the understanding,
the Companies (Indian Accounting Standards) Rules, 2015. whether recorded in writing or otherwise, that the
e) On the basis of the written representations received from company shall, whether, directly or indirectly, lend or
the directors of the Holding Company as on 31st March, invest in other persons or entities identified in any
2023 taken on record by the Board of Directors of the manner whatsoever by or on behalf of the Funding Party
Holding Company and the reports of the statutory auditors ("Ultimate Beneficiaries") or provide any guarantee,
of its subsidiary companies incorporated in India, none of security or the like on behalf of the Ultimate
the directors of the group company incorporated in India is Beneficiaries; and
disqualified as on 31st March, 2023 from being appointed (c) Based on such audit procedures performed by us that
as a director in terms of Section 164 (2) of the Act. have been considered reasonable and appropriate in
f) With respect to the adequacy of the internal financial the circumstances, nothing has come to our notice that
controls with reference to consolidated financial statements has caused us to believe that the representations under
of the Group and the operating effectiveness of such sub-clause (i) and (ii) of Rule 11(e) as provided under
controls, refer to our separate Report in the “Annexure A”. (a) and (b) above contain any material misstatement.
Our report expresses an unmodified opinion on the v. As stated in Note 47 to the Consolidated financial
adequacy and operating effectiveness of internal financial statement, the Board of Directors of the Company have
controls with reference to consolidated financial statements proposed final dividend for the year which is subject to the
of those companies. approval of the members at the ensuing Annual General
g) With respect to the other matters to be included in the Meeting. The amount of dividend proposed is in
Auditor’s Report in accordance with the requirements of accordance with section 123 of the Act, as applicable.
section 197(16) of the Act, as amended: vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules,
In our opinion and to the best of our information and 2014 for maintaining books of account using accounting
according to the explanations given to us, the remuneration software which has a feature of recording audit trail (edit
paid by the Group to its directors during the year is in log) facility is applicable with effect from April 1, 2023 to
accordance with the provisions of section 197 of the Act. the Company and its subsidiaries, which are companies
On the basis of the reports of the statutory auditors of the incorporated in India, and accordingly, reporting under
Subsidiary incorporated in India, the remuneration paid by Rule 11(g) of Companies (Audit and Auditors) Rules, 2014
the Subsidiary to its directors during the current year is in is not applicable for the financial year ended March 31,
accordance with the section 197 of the Act. 2023.
h) With respect to the other matters to be included in the Auditor’s 2. With respect to the matters specified in paragraphs 3(xxi) and
Report in accordance with Rule 11 of the Companies (Audit 4 of the Companies (Auditor’s Report) Order, 2020 (the
and Auditors) Rules, 2014, in our opinion and to the best of “Order”/ “CARO”) issued by the Central Government in terms
our information and according to the explanations given to us: of Section 143(11) of the Act, to be included in the Auditor’s
i. The Group has disclosed the impact of pending litigations report, according to the information and explanations given to
on its financial position in its consolidated financial us, and based on the CARO reports issued by us for the
statements - [Refer Note 35 to the consolidated financial Company and issued by auditors of the companies included
statements] in the consolidated financial statements of the Company, to
ii. The Group did not have any long-term contracts including which reporting under CARO is applicable, we report that
derivative contracts for which there were any material there are no qualifications or adverse remarks in these CARO
foreseeable losses. reports.
iii. There were no amount required to be transferred to the For Suri & Co.
Investor Education and Protection Fund by the Company Chartered Accountants
and its subsidiary company incorporated in India. Firm Registration No. 004283S
iv. (a) The respective managements of the company have
represented that, to the best of their knowledge and Place: Chennai Sanjeev Aditya M
belief, no funds have been advanced or loaned or Date: 04-05-2023 Partner
invested (either from borrowed funds or share premium UDIN: 22229694AJLMIN8168 Membership No.229694

Annexure-A to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section regarding the reliability of financial reporting and the preparation of
3 of Section 143 of the Companies Act, 2013 (“the Act”) Consolidated financial statements for external purposes in accordance with
We have audited the internal financial controls with reference to generally accepted accounting principles. A Company's internal financial
consolidated financial statements of Sundaram Asset Management control with reference to consolidated financial statements includes those
Company Limited (“the Holding Company”) and its subsidiaries (Holding policies and procedures that:
Company and its subsidiaries together referred to as “the Group”) as of (1) pertain to the maintenance of records that, in reasonable detail,
March 31, 2023 in conjunction with our audit of the consolidated financial accurately and fairly reflect the transactions and dispositions of the
statements of the Group for the year ended on that date. assets of the Company;
Management’s Responsibility for Internal Financial Controls (2) provide reasonable assurance that transactions are recorded as
The respective Board of Directors of the Holding company and its necessary to permit preparation of Consolidated financial statements
Subsidiary which is a company incorporated in India responsible for in accordance with generally accepted accounting principles, and that
establishing and maintaining internal financial controls based on the receipts and expenditures of the Company are being made only in
internal control with reference to financial statements criteria established accordance with authorizations of management and directors of the
by the respective companies considering the essential components of Company; and
internal controls stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered (3) provide reasonable assurance regarding prevention or timely detection
Accountants of India. These responsibilities include the design, of unauthorized acquisition, use, or disposition of the Company's
implementation and maintenance of adequate internal financial controls assets that could have a material effect on the Consolidated financial
that were operating effectively for ensuring the orderly and efficient statements.
conduct of its business, including adherence to Company’s policies, the Inherent Limitations of Internal Financial Controls with reference to
safeguarding of its assets, the prevention and detection of frauds and errors, consolidated financial statements
the accuracy and completeness of the accounting records, and the timely
Because of the inherent limitations of internal financial controls with
preparation of reliable financial information, as required under the
reference to consolidated financial statements, including the possibility of
Companies Act, 2013.
collusion or improper management override of controls, material
Auditors’ Responsibility misstatements due to error or fraud may occur and not be detected. Also,
Our responsibility is to express an opinion on the Company’s internal projections of any evaluation of the internal financial controls with
financial controls with reference to consolidated financial statements based reference to consolidated financial statements to future periods are subject
on our audit. We conducted our audit in accordance with the Guidance to the risk that the internal financial control with reference to consolidated
Note on Audit of Internal Financial Controls Over Financial Reporting (the financial statements may become inadequate because of changes in
“Guidance Note”) and the Standards on Auditing, issued by ICAI and conditions, or that the degree of compliance with the policies or
deemed to be prescribed under section 143(10) of the Companies Act, procedures may deteriorate.
2013, to the extent applicable to an audit of internal financial controls
with reference to consolidated financial statements. Those Standards and Other Matters
the Guidance Note require that we comply with ethical requirements and Our aforesaid reports under section 143(3)(i) of the act on the adequacy
plan and perform the audit to obtain reasonable assurance about whether and operating effectiveness of the internal financial controls with reference
adequate internal financial controls with reference to consolidated to consolidated financial statements in so far as it relates to two Subsidiary
financial statements were established and maintained and if such controls companies as at 31/03/2023 which is incorporated in India, is based on the
operated effectively in all material respects. corresponding report of the auditor of such company incorporated in India.
Our audit involves performing procedures to obtain audit evidence about Opinion
the adequacy of the internal financial controls system with reference to
In our opinion, the Group has, in all material respects, an adequate internal
consolidated financial statements and their operating effectiveness. Our
financial controls system with reference to consolidated financial
audit of internal financial controls with reference to consolidated financial
statements included obtaining an understanding of internal financial statements and such internal financial controls with reference to
controls with reference to consolidated financial statements, assessing the consolidated financial statements were operating effectively as at March
risk that a material weakness exists, and testing and evaluating the design 31, 2023, based on the internal control with reference to consolidated
and operating effectiveness of internal control based on the assessed risk. financial statements criteria established by the Company considering the
The procedures selected depend on the auditor’s judgment, including the essential components of internal control stated in the Guidance Note on
assessment of the risks of material misstatement of the financial statements, Audit of Internal Financial Controls Over Financial Reporting issued by the
whether due to fraud or error. Institute of Chartered Accountants of India.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Company’s For Suri & Co.
internal financial controls system with reference to consolidated financial Chartered Accountants
statements. Firm Registration No. 004283S
Meaning of Internal Financial Controls with reference to consolidated
financial statements Place: Chennai Sanjeev Aditya M
A Company's internal financial control with reference to consolidated Date: 04-05-2023 Partner
financial statements is a process designed to provide reasonable assurance UDIN: 22229694AJLMIN8168 Membership No. 229694

Balance Sheet
As at 31st March, 2023
ASSETS
1. Financial Assets
a. Cash and cash equivalents 2a. 2,185.61 3,140.57
b. Bank balances other than cash and cash equivalents 2b. 171.80 155.63
c. Receivables
(I) Trade Receivables 3 4,491.93 2,618.92
(II) Others - -
d. Loans 4 51.88 52.32
e. Investments 5 18,469.57 17,492.19
f. Other Financial assets 6 505.07 471.15
(2) Non-Financial Assets
a. Current Tax Assets (Net) 7 5,031.79 5,273.20
b. Property, plant and equipment 8 392.15 324.71
c. Right of Use Assets 9 1,856.97 846.01
d. Other Intangible assets 10 20,600.40 22,953.55
e. Goodwill on Consolidation 11 2.82 163.34
f. Other Non-Financial Assets 12 6,171.83 4,788.92
TOTAL ASSETS 59,931.83 58,280.49
LIABILITIES AND EQUITY
Liabilities
(1) Financial Liabilities
a. Payables
(I) Trade payables
i) Total outstanding dues of micro enterprises
and small enterprises 13 7.35 -
ii) Total outstanding dues of creditors other than micro
enterprises and small enterprises 2,715.12 2,680.35
b. Debt Securities 13
b. Borrowings (Other than Debt Securities) 14 11,568.94 13,039.95
c. Subordinated Liabilities 15 - 1,516.09
d. Lease Liabilities 16 2,064.39 965.28
e. Other financial liabilities 17 - 487.17
(2) Non-Financial Liabilities
a. Provisions 18 1,697.24 2,197.30
b. Deferred Tax Liabilities (Net) 19 793.64 136.61
c. Other Non-Financial Liabilities 20 670.61 849.42
Equity
a Equity Share capital 21 2,395.04 2,395.04
b Other equity 22 38,019.50 34,013.30
TOTAL LIABILITIES AND EQUITY 59,931.83 58,280.49

Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai



(I) Revenue from operations
Asset Management Services 23 36,277.81 32,667.81
(II) Other Income 24 952.24 1,555.83
(III) Total income (I + II) 37,230.05 34,223.63
(IV) Expenses:
Finance costs 25 1,308.51 659.44
Impairment of goodwill 11 - 1,035.93
Brokerage & Marketing Expenses 26 7,970.48 7,540.84
Employee Benefits expense 27 9,167.93 9,472.16
Depreciation and amortization expense 8,9,10 3,293.49 1,477.32
Loss on derecognition of subsidiary 11, 42(a) 258.30 -
Administrative and other expenses 28 5,486.95 4,242.30
Total expenses - (IV) 27,485.66 24,427.99
(V) Profit before Tax ( III - IV ) 9,744.39 9,795.65
(VI) Tax expense:
Current Tax 41 1,777.12 2,357.66
Deferred Tax 656.02 275.00
(VII) Profit / (Loss) for the period ( V - VI ) 7,311.24 7,162.99
(VIII)Other Comprehensive Income, Net of Taxes
a. Items that will not be reclassified to Statement to 29
i) Remeasurement of Defined Benefit Plans 38.22 (275.92)
ii) Fair Value gain on Investments 62.09 547.15
b. Items that will be reclassified to Statement to Profit & Loss
i) Foreign Currency Translation Reserve 361.52 76.99
(IX) Total Other comprehensive Income 461.82 348.22
(X) Total Comprehensive Income ( VII + IX) 7,773.07 7,511.20
Total Profit attritubituable to Equity Shareholders 7,773.07 7,511.20
Earnings per equity share of ` 10 each, fully paid up
Basic 48 30.53 33.23
Diluted 30.53 33.23

Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Statement of Cash Flow

Particulars 31/03/2023 31/03/2022
A CASH FLOW FROM OPERATING ACTIVITIES :

Profit/(Loss) after tax 7,773.07 7,511.20
Add: Current and deferred Tax 2,466.88 2,632.66
Profit/(Loss) before tax 10,239.94 10,143.86
Add:Profit on sale of tangible assets - (188.34)
Interest expenses 997.35 402.01
Interest on lease liabilities 226.00 156.18
Preference Dividend Paid 85.16 101.25
Net (gain)/Loss on fair valuation of Investments (762.45) (433.07)
Loss on Sale of tangible Assets (Net) 16.88 -
Depreciation 3,293.49 1,477.32
Impairment of goodwill - 1,035.93
Loss on derecogntion of subsidiary 258.30 -
Interest Income (31.99) (95.55)
Employee Compensation Expense (Net) 33.14 20.26
Effect of foreign currency translation reserve 361.52 76.99
OPERATING PROFIT BEFORE WORKING
CAPITAL CHANGES 14,717.35 12,696.85
(Increase) / Decrease in Loans 0.44 (3.10)
(Increase) / Decrease in Other Financial Assets (33.93) 13.55
(Increase) / Decrease in Other Non Financial Assets (2,393.88) 2,629.70
(Increase) / Decrease in Trade Receivables (1,873.01) 1,073.73
Increase / (Decrease) in Borrowings - -
Increase / (Decrease) in Provisions (500.06) 763.43
Increase / (Decrease) in Lease Liabilities 1,914.32 1,739.94
Increase / (Decrease) in Trade Payable 42.13 (457.55)
Increase / (Decrease) in Financial Liabilities (487.17) 487.17
Increase / (Decrease) in Other Non Financial Liabilities (174.37) (3,505.52) (21.37) 6,225.52
Cash generated from Operations 11,211.84 18,922.37
Direct Taxes Paid 1,470.86 3,506.81
NET CASH GENERATED FROM /(USED IN)
OPERATING ACTIVITIES (A) 9,740.97 15,415.56

Statement of Cash Flow (Contd.)

Particulars 31/03/2023 31/03/2022

B CASH FLOW FROM INVESTING ACTIVITIES
Sale of Investments 41,272.28 238.11

Purchase of Investments (42,835.14)
Purchase of Other Investments (5.98) (57.91)
Purchase of Fixed Assets - Tangible (321.35) (241.54)
Purchase of Fixed Assets - Intangible (127.92) (24,718.75)
Sale of Fixed Assets - Tangible 11.72 13.27
Interest Income Received 15.81 90.98
INVESTING ACTIVITIES (B) (1,990.58) (24,675.84)
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Lease Liabilities (815.21) (755.39)
Interest paid (1,013.44) (357.63)
Borrowings 8,528.99 13,000.00
Issue of Equity Share Capital - 5,000.00
Repayments of Borrowings (10,004.44) (4,196.41)
Redemption of preference share capital (1,500.00)
Preference Dividend Paid (101.25) (101.25)
Equity Dividend paid (3,800.00) (1,500.00)
FINANCING ACTIVITIES (C) (8,705.35) 11,089.32
NET INCREASE / (DECREASE) IN CASH & CASH
EQUIVALENTS - (A) + (B) + (C) (954.95) 1,829.04
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR 3,140.57 1,311.53
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2,185.62 3,140.57
Note : Cash & Cash Equivalents comprise the following :
b. Balances with Banks in Current accounts 2,184.69 3,139.75
Total 2,185.62 3,140.57
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Statement of changes in equity

(a) Equity Share Capital
Particulars 31/03/23 31/03/22
Changes in Share Capital due to changes in Accounting Policies and prior period errors. - -
Changes in Share Capital in the current reporting period. - 395.04
Balance at end of current reporting period. 2395.04 2395.04
(b) Other Equity
Reserves and Surplus Items of Other
Comprehensive Income
Share
application Investments in
Particulars money Foreign mututal funds Total
General Securities Capital Capital Employees Retained Currency routed through Other Equity
pending Redemption Stock Options
allotment reserve Premium Reserve Reserve Reserve Earnings Translation OCI and
Reserve Investment in
Subsidiary
Balance as at 1st April 2021 - 1,262.68 3,120.30 - - 117.15 18,666.49 209.14 - 23,375.76
Changes in accounting policy or prior period errors - - - - - - - - - -
Restated balance at the beginning of the - - - - - - - - - -
current reporting period
Lease - Practical expedient adjustments - - - - - - - 1.12 - - 1.12
Refer Note 40 to the financial statements
Total Comprehensive Income for the year - - - - - - 7,162.99 - - 7,162.99
Other Comprehensive Income- Remeasurements - - - - - - (275.92) - - (275.92)
Defined Benefit plan (Net of taxes)
Other Comprehensive Income- Investments - - - - - - - - 547.15 547.15
in Subsidiary (Net of taxes)
Final Equity Dividend Paid - - - - - - (1,500.00) - - (1,500.00)
Addition during the year - - 4,604.96 - - - - 76.99 - 4,681.95
Employee Compensation Expense recognised - - - - - 20.26 - 20.26
Balance as at 31st March 2022 - 1,262.68 7,725.26 - - 137.40 24,054.67 286.13 547.15 34,013.30
Balance as at 1st April 2022 - 1,262.68 7,725.26 - - 137.40 24,054.67 286.13 547.15 34,013.30
Changes in accounting policy or prior period errors - - - - - - - - - -
Restated balance at the beginning of the - - - - - - - - - -
current reporting period
Total Comprehensive Income for the year - - - - - - 7,311.24 - - 7,311.24
Defined Benefit plan (Net of taxes) - - - - - - 38.22 - - 38.22
Other Comprehensive Income- Investments in
mututal funds routed through OCI (Net of taxes) - - - - - - - - 62.09 62.09
Final Equity Dividend Paid - - - - - - (3,800.00) - - (3,800.00)
Addition during the year - - - - 1,500.00 - 361.52 - 1,861.52
Utilised during the year - - - - - - (1,500.00) - - (1,500.00)
Employee Compensation Expense recognised - - - - 33.14 - - - 33.14
Balance as at 31st March 2023 - 1,262.68 7,725.26 - 1,500.00 170.54 26,104.14 647.65 609.23 38,019.50
Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Note 1 to the Financial Statements for the year ended 31st March 2023. If the parent loses control over the subsidiary, the parent
1. Reporting Entity (i) Derecognises
Sundaram Asset Management Company Limited (the (a) the assets (including any goodwill) and liabilities of
'Company’) is a public company domiciled in India, with the subsidiary at their carrying amounts at the date
its registered office situated at 21 Patullos Road, Chennai when control is lost; and
- 600002. The Company has been incorporated under the (b) the carrying amount of any non-controlling interests
provisions of Indian Companies Act and is currently in the former subsidiary at the date when control is
unlisted. The Company is a wholly owned subsidiary of lost (including any components of other
Sundaram Finance Limited. The Company is engaged in comprehensive income attributable to them).
rendering investment management services.
(ii) Recognises
2. Principles of Consolidation:
(a) the fair value of the consideration received, if any,
The subsidiaries in the Group considered in the from the transaction, event or circumstances that
presentation of these consolidated financial statements resulted in the loss of control
are:
(b) if the transaction, event or circumstances that resulted
(i) Sundaram Alternate Assets Limited (Wholly Owned in the loss of control involves a distribution of shares
Indian Subsidiary) of the subsidiary to owners in their capacity as
(ii) Sundaram Asset Management Singapore Pte Limited owners, that distribution; and
(Wholly Owned Foreign Subsidiary) (c) any investment retained in the former subsidiary at its
(iii) SAMC Support Services Private Limited (formerly fair value at the date when control is lost.
known as Principal Asset Management Company Reclassifies to the Statement of Profit and Loss, or
Private Limited) (Wholly owned Indian Subsidiary transfer directly to retained earnings if required by
w.e.f 31-12-2021) (Taken over by the official other Ind ASs, the amounts recognised in other
liquidator for liquidation). comprehensive income in relation to the subsidiary
(iv) Principal Retirement Advisors Private Limited (Wholly Recognises any resulting difference as a gain or loss
owned Indian Subsidiary w.e.f. 31-12-2021). in profit or loss attributable to the parent.
(v) Principal Trustee Company Private Limited (Wholly (d) For preparation of consolidated financial statements
owned Indian Subsidiary w.e.f. 31-12-2021) ((Taken of the Group, the financial statements of the parent
over by the official liquidator for liquidation)) company and its subsidiaries have been combined on
The consolidated financial statements in all material aspects a line-by-line basis by adding together book values of
have been prepared in accordance with Indian Accounting like items of assets, liabilities, income and expenses
Standards (“Ind AS”) notified under Section 133 of the after eliminating intra-group balances and
Companies Act, 2013 read with the Companies (Indian transactions and resulting unrealized gain/loss. The
Accounting Standards) Rules, 2015 and Companies (Indian consolidated financial statements are prepared by
Accounting Standards) Amendment Rules, 2016 as applicable. applying uniform accounting policies in use by the
The audited financial statements of foreign subsidiaries have Group.
been prepared in accordance with the Generally Accepted Goodwill on consolidation
Accounting Principle of its Country of Incorporation or
Goodwill represents the purchase consideration in excess of
International Financial Reporting Standards. The differences in
the Group's interest in the net fair value of identifiable assets,
accounting policy, if any of the Company and its subsidiaries
liabilities and contingent liabilities of the acquired entity. When
are adjusted in the consolidated financial statements, if
the net fair value of the identifiable assets, liabilities and
material.
contingent liabilities acquired exceeds purchase consideration,
The Consolidated Financial Statements comprise the financial the fair value of net assets acquired is reassessed and the
statements of the parent company and its subsidiaries bargain purchase gain is recognized in capital reserve.
consolidated for all entities which are controlled by the parent
Goodwill is measured at cost less accumulated impairment
company. Control exists when the parent has power over an
losses.
investee, exposure or rights to variable returns from its
involvement with the investee and ability to use its power to Impairment
affect those returns. Power is demonstrated through existing Goodwill is tested for impairment on an annual basis and
rights that give the ability to direct relevant activities, those whenever there is an indication that the recoverable amount is
which significantly affect the entity’s returns. Subsidiaries are less than its carrying amount. An impairment loss on goodwill
consolidated from the effective date the control commences is recognized in the Consolidated Statement of Profit and Loss
and ceases when the control is lost. and is not reversed in the subsequent period.

3. Basis of preparation identical assets or liabilities.

A. Statement of compliance Level 2: inputs other than quoted prices included in Level
These financial statements have been prepared in 1 that are observable for the asset or liability, either directly
accordance with Indian Accounting Standards ('Ind AS') (i.e. as prices) or indirectly (i.e. derived from prices).
as per the Companies (Indian Accounting Standards) Level 3: inputs for the asset or liability that are not based
Rules, 2015 notified under Section 133 of the Companies on observable market data (unobservable inputs).
Act, 2013 (the ‘Act’) and the relevant provisions of the Act. When measuring the fair value of an asset or a liability,
The financial statements were authorized for issue by the the Company uses observable market data as far as
Company's Board of Directors on 4th May 2023. possible. If the inputs used to measure the fair value of an
B. Functional and presentation currency asset or a liability fall into different levels of the fair value
hierarchy, then the fair value measurement is categorized
These financial statements are presented in Indian Rupees
in its entirety in the same level of the fair value hierarchy
(‘INR’), which is also the Company’s functional currency.
as the lowest level input that is significant to the entire
C. Basis of measurement measurement.
The financial statements have been prepared on the In respect of financial guarantee obligations the company
historical cost basis except for the following items: measures the fair value as the present value of the
Items Measurement basis probability weighted cash flows that may arise under the
Financial assets Fair value at initial recognition guarantee (i.e the expected value of the liability)
and liabilities The Company recognizes transfers between levels of the
Net defined benefit Present value of defined benefit fair value hierarchy at the end of the reporting period
during which the change has occurred.
(asset) / liability obligation less fair value of
plan assets Further information about the assumptions made in
measuring fair values is included in the following notes.
D. Use of estimates and judgments
4. Significant accounting policies
The preparation of the financial statements in conformity
The note below provides a list of the significant accounting
with Ind AS requires management to make estimates and
policies adopted in the preparation of the financial
assumptions that affect the reported amounts of revenues
statements. These policies have been consistently applied
and expenses during the reporting period, reported
to all the years presented, unless otherwise stated.
balances of assets and liabilities, and disclosure of
contingent liabilities as at the date of the financial a. Property, plant and equipment
statements. Actual results could differ from those i. Recognition and measurement
estimates. Estimates and underlying assumptions are Items of property, plant and equipment are measured at
reviewed on an ongoing basis. Any revision to accounting cost of acquisition less accumulated depreciation and/or
estimates is recognized prospectively in current and future accumulated impairment loss, if any. The cost of an item
periods. of property, plant and equipment comprises its purchase
E. Measurement of fair values price including non-refundable taxes or levies and any
The Company’s accounting policies and disclosures directly attributable cost of bringing the asset to its working
require the measurement of fair values for financial assets condition for its intended use; any trade discounts and
and liabilities. rebates are deducted in arriving at the purchase price.
The Company has an established control framework with If significant parts of an item of property, plant and
respect to the measurement of fair values. The Company equipment have different useful lives, then they are
regularly reviews significant unobservable inputs and accounted for as separate items (major components) of
valuation adjustments. If third party information is property, plant and equipment.
required, the Company assesses the evidence obtained by Items of property, plant and equipment are eliminated
the third parties to support the conclusions that these from the financial statements on disposal or when no
valuations meet the requirements of Ind AS, including the further benefit is expected from its use and disposal. Losses
level in the fair value hierarchy in which the valuations arising from retirement or gains or losses arising from
should be classified. disposal of property, plant and equipment which are
Fair values are categorized into different levels in a fair carried at cost are recognized in the statement of profit
value hierarchy based on the inputs used in the valuation and loss.
techniques as follows: ii. Subsequent expenditure
Level 1: quoted prices (unadjusted) in active markets for Subsequent expenditures related to an item of property,

plant and equipment are added to its book value only if Amortization method and useful lives are reviewed at each
they increase the future benefits from the existing asset reporting date. If the useful life of an asset is estimated to
beyond its previously assessed standard of performance. be significantly different from previous estimates, the
iii. Depreciation amortization period is changed accordingly. If there has
Depreciation is calculated on cost of items of property, been a significant change in the expected pattern of
plant and equipment less their estimated residual values economic benefits from the asset, the amortization method
over their estimated useful lives using written down value is changed to reflect the changed pattern.
method and is generally recognized in the statement of Intangible Assets under development
profit and loss. Expenditure incurred towards renovation, Development expenditure on new products is capitalized
decoration, etc. in respect of leased office premises is as intangible asset if all the following are demonstrated.
capitalized under “Improvements to Rented Premises” and
• Technical feasibility of completing the asset
are depreciated over the shorter of the lease term and their
useful lives. • Intention to complete the asset
Depreciation on property, plant and equipment is • The ability to use or sell the asset
provided at rates prescribed in Schedule II to the • Probability that the intangible asset will generate
Companies Act, 2013. Assets costing `5000 or less future economic benefits
acquired during the year are written down to Re.1. • Availability of the adequate technical, financial, and
Depreciation method, useful lives and residual values are other resources to complete the intangible asset
reviewed at each financial year-end and adjusted if • The ability to measure reliably the expenditure
appropriate, prospectively.
attributable during the development stage
Depreciation on additions (disposals) is provided on a pro-
c. Employee benefits
rata basis i.e. from (up to) the date on which asset is ready
for use (disposed of). i. Short-term employee benefits
b. Other intangible assets Short-term employee benefit obligations are measured on
an undiscounted basis and are expensed as the related
i. Recognition and measurement
service is provided. A liability is recognized for the amount
Intangible assets acquired by the Company are initially expected to be paid, if the Company has a present legal or
measured at cost. Such intangible assets are subsequently constructive obligation to pay this amount as a result of
measured at cost less accumulated amortization and past service provided by the employee, and the amount of
accumulated impairment losses, if any.
obligation can be estimated reliably.
An intangible asset is derecognized on disposal or when
ii. Defined contribution plan – Provident Fund
no future economic benefits are expected from its use and
disposal. Losses arising from retirement and gains or losses Eligible employees receive benefits from the provident
arising from disposal of an intangible asset are measured fund, which is a defined contribution plan. Both the
as the difference between the net disposal proceeds and employee and the Company make monthly contributions
the carrying amount of the assets and are recognized in to the government administered provident fund plan equal
the statement of profit and loss. to specified percentage of the covered employee’s basic
ii. Subsequent expenditure salary. The Company has no further obligations under the
plan beyond its monthly contributions. Contributions to
Subsequent expenditure is capitalized only when it
provident fund are charged to the statement of profit and
increases the future economic benefits embodied in the
loss on accrual basis.
specific asset to which it relates. All other expenditure is
recognized in profit or loss as incurred. iii. Defined contribution plan – National Pension scheme
iii. Amortization Eligible employees receive benefits from the National
Amortization is calculated to write off the cost of Pension Scheme, which is a defined contribution plan. The
intangible assets less their estimated residual values over Company makes monthly contributions to the National
their estimated useful lives using the straight-line method Pension Scheme equal to specified percentage of the
and is included in depreciation and amortization in covered employee’s basic salary. The Company has no
statement of profit and loss. further obligations under the plan beyond its monthly
The estimated useful lives are as follows: contributions. Contributions to provident fund are charged
Asset Estimate of useful life to the statement of profit and loss on accrual basis.
Software 3 years iv. Defined benefit plan - Gratuity
Asset Management Rights 10 years The Company provides gratuity, a defined benefit plan

covering eligible employees. Contributions are made to a related service and are also not expected to be utilized
Gratuity Fund administered by trustees and managed by wholly within twelve months after the end of such period,
Life Insurance Corporation of India, The Company's net the benefit is classified as long-term employee benefit. The
obligation in respect of a defined benefit plan is calculated Company records an obligation for such compensated
by estimating the amount of future benefit that employees absences in the period in which the employee renders the
have earned in return for their service in the current and services that increase this entitlement. Provision for long-
prior periods; that benefit is discounted to determine its term compensated absences is made on the basis of
present value. Any unrecognized past service costs and actuarial valuation as at the balance sheet date by an
independent actuary using projected unit credit method.
the fair value of any plan assets are deducted.
Actuarial gain or loss is recognized immediately in the
The calculation of defined benefit obligation is performed statement of profit and loss.
annually by an independent actuary using the projected
vi. Share Based Payments
unit credit method. When the calculation results in a
Employee Stock Options
potential asset for the Company, the recognized asset is
limited to the present value of economic benefits available The employees of the company are entitled to participate
in the form of any future refunds from the plan or in the Employees Stock Option Scheme formulated by the
reductions in future contributions to the plan (‘the asset Holding Company in accordance with SEBI Guidelines
1999. As per Ind AS 102, Share Based Payments, a parent
ceiling’). In order to calculate the present value of
that grants rights to its equity instruments directly to the
economic benefits, consideration is given to any minimum
employees of its subsidiary has the obligation to provide
funding requirements.
the employees of the subsidiary with the equity
Remeasurements of the net defined benefit liability, which instruments. The subsidiary does not have an obligation to
comprise actuarial gains and losses, the return on plan provide its parent’s equity instruments to the subsidiary’s
assets (excluding interest) and the effect of the asset ceiling employees. The subsidiary shall measure the services
(if any, excluding interest), are recognized in OCI. The received from its employees in accordance with the
Company determines the net interest expense (income) on requirements applicable to equity-settled share-based
the net defined benefit liability (asset) for the period by payment transactions, and recognise a corresponding
applying the discount rate used to measure the defined increase in equity as a contribution from the parent.
benefit obligation at the beginning of the annual period to Accordingly, the company has recognized the employee
the then-net defined benefit liability (asset), taking into compensation expense in its financial statements, with a
account any changes in the net defined benefit liability corresponding increase to a separate reserve created for
(asset) during the period as a result of contributions and this purpose.
benefit payments. Net interest expense and other expenses d. Revenue
related to defined benefit plans are recognized in profit or Revenue towards satisfaction of a performance obligation
loss. is measured at the amount of transaction price (net of
When the benefits of a plan are changed or when a plan variable consideration) allocated to that performance
is curtailed, the resulting change in benefit that relates to obligation. The company accounts for a contract with a
customer that is within the scope of IND AS 115, only
past service (‘past service cost’ or ‘past service gain’) or
when all the following criteria are met :
the gain or loss on curtailment is recognized immediately
in profit or loss. The Company recognizes gains and losses (a) the parties to the contract have approved the contract
on the settlement of a defined benefit plan when the (in writing, orally or in accordance with other
settlement occurs. customary business practices) and are committed to
perform their respective obligations;
v. Other long-term employee benefits – Compensated
(b) the entity can identify each party’s rights regarding the
absences
goods or services to be transferred;
The Company makes an annual contribution to a fund
(c) the entity can identify the payment terms for the
managed by Life Insurance Corporation of India. The
goods or services to be transferred;
employees can carry-forward a portion of the unutilized
accrued compensated absences and utilize it in future (d) the contract has commercial substance (i.e. the risk,
service periods or receive cash compensation on timing or amount of the entity’s future cash flows is
termination of employment. Since the compensated expected to change as a result of the contract); and
absences do not fall due wholly within twelve months after (e) it is probable that the entity will collect the
the end of the period in which the employees render the consideration to which it will be entitled in exchange

for the goods or services that will be transferred to the enacted or substantively enacted by the reporting date.
customer. In evaluating whether collectability of an Current tax assets and current tax liabilities are offset only
amount of consideration is probable, the entity if there is a legally enforceable right to set off the
considers the customer’s ability and intention to pay recognized amounts, and it is intended to realize the asset
that amount of consideration when it is due. The and settle the liability on a net basis or simultaneously.
amount of consideration to which the entity will be ii. Deferred tax
entitled may be less than the price stated in the
Deferred tax is recognized in respect of temporary
contract if the consideration is variable because the
differences between the carrying amounts of assets and
entity may offer the customer a price concession.
liabilities for financial reporting purposes and the
e. Foreign currency transactions corresponding amounts used for taxation purposes.
Transactions in foreign currencies are translated into the Deferred tax is also recognized in respect of carried
respective functional currencies of the Company at the forward tax losses and tax credits. Deferred tax assets are
exchange rates at the dates of the transactions or an recognized to the extent that it is probable that future
average rate if the average rate approximates the actual taxable profits will be available against which they can be
rate at the date of the transaction. used.
Monetary assets and liabilities denominated in foreign Deferred tax is measured at the tax rates that are expected
currencies are translated into the functional currency at to apply to the period when the asset is realized or the
the exchange rate at the reporting date. Non-monetary liability is settled, based on the laws that have been
assets and liabilities that are, measured at fair value in a enacted or substantively enacted by the reporting date.
foreign currency are translated into the functional currency
Deferred tax assets and liabilities are offset if there is a
at the exchange rate when the fair value was determined.
legally enforceable right to offset current tax liabilities and
Non-monetary assets and liabilities that are measured
assets, and they relate to income taxes levied by the same
based on historical cost in a foreign currency are translated
tax authority on the same taxable entity, or on different tax
at the exchange rate at the date of the transaction.
entities, but they intend to settle current tax liabilities and
Exchange differences are recognized in profit or loss
assets on a net basis or their tax assets and liabilities will
account.
be realized simultaneously. MAT Credit Entitlement are in
f. Provisions (other than for employee benefits) the form of unused tax credits and are accordingly
A provision is recognized if, as a result of a past event, the grouped under Deferred Tax Assets.
Company has a present legal or constructive obligation iii Direct tax contingencies
that can be estimated reliably, and it is probable that an
In respect of the ongoing disputes if any the Company
outflow of economic benefits will be required to settle the
depending on probability of the uncertainty that the
obligation. Provisions are determined by discounting the
company will loose the subsequent appeals provides for
expected future cash flows (representing the best estimate
the same by debiting the profit and loss account or
of the expenditure required to settle the present obligation
discloses the same as a direct tax contingency.
at the balance sheet date) at a pre-tax rate that reflects
current market assessments of the time value of money h. Financial instruments
and the risks specific to the liability. The unwinding of the i. Recognition and initial measurement
discount is recognized as finance cost. Expected future All financial assets and financial liabilities are initially
operating losses are not provided for. recognized when the Company becomes a party to the
g. Income tax contractual provisions of the instrument. Trade receivables
Income tax comprises current and deferred tax. It is are initially recognized when they are originated.
recognized in profit or loss except to the extent that it A financial asset or financial liability is initially measured
relates to an item recognized directly in equity or in other at fair value plus or minus, for an item not at fair value
comprehensive income. through profit and loss (FVTPL), transaction costs that are
i. Current tax directly attributable to its acquisition or issue.
Current tax comprises the expected tax payable or Transaction costs include fees and commission paid to
receivable on the taxable income or loss for the year and agents (including employees acting as selling agents),
any adjustment to the tax payable or receivable in respect advisers, brokers and dealers, levies by regulatory agencies
of previous years. The amount of current tax reflects the and security exchanges, and transfer taxes and duties.
best estimate of the tax amount expected to be paid or Transaction costs do not include debt premiums or
received after considering the uncertainty, if any, related to discounts, financing costs or internal administrative or
income taxes. It is measured using tax rates (and tax laws) holding costs.

ii. Classification and subsequent measurement Financial assets: Subsequent measurement and gains and
Financial assets losses
On initial recognition, a financial asset is classified as Financial assets at FVTPL These assets are subsequently
measured at measured at fair value. Net
gains and losses, including any
- amortized cost;
interest or dividend income,
- FVOCI - debt investment; are recognized in profit or loss.
- FVOCI - equity investment; or Financial assets at amortized cost These assets are subsequently
- FVTPL measured at amortized cost
Financial assets are not reclassified subsequent to their using the effective interest
initial recognition, except if and in the period the method. The amortized cost is
Company changes its business model for managing reduced by impairment losses.
financial assets. Interest income, foreign
exchange gains and losses and
A financial asset is measured at amortized cost if it meets
impairment are recognized in
both of the following conditions and is not designated as profit or loss. Any gain or loss
at FVTPL: on derecognition is recognized
- the asset is held within a business model whose in profit or loss.
objective is to hold assets to collect contractual cash Debt investments at FVTOCI These assets are subsequently
flows; and measured at fair value. Interest
- the contractual terms of the financial asset give rise income under the effective
on specified dates to cash flows that are solely interest method, foreign
payments of principal and interest on the principal exchange gains and losses and
amount outstanding. impairment are recognized in
A debt investment is measured at FVOCI if it meets both of profit or loss. Other net gains
the following conditions and is not designated as at and losses are recognized in
FVTPL: OCI. On derecognition, gains
and losses accumulated in OCI
- the asset is held within a business model whose
are reclassified to profit or loss.
objective is achieved by both collecting contractual
cash flows and selling financial assets; and Equity investments at FVTOCI These assets are subsequently
measured at fair value.
- the contractual terms of the financial asset give rise
Dividends are recognized as
on specified dates to cash flows that are solely income in profit or loss unless
payments of principal and interest on the principal the dividend clearly represents
amount outstanding. a recovery of part of the cost of
On initial recognition of an equity investment that is the investment. Other net gains
not held for trading, the Company may irrevocably elect to and losses are recognized in
present subsequent changes in the investment’s fair value in OCI and are not reclassified to
OCI (designated as FVOCI – equity investment). This election is profit or loss.
made on an investment-by-investment basis. Financial liabilities: Classification, subsequent
All financial assets not classified as measured at amortized cost measurement and gains and losses
or FVOCI as described above are measured at FVTPL. This Financial liabilities are classified as measured at amortized
includes all derivative financial assets. On initial recognition, cost or FVTPL. A financial liability is classified as at FVTPL
the Company may irrevocably designate a financial asset that if it is classified as held-for-trading, or it is a derivative or
otherwise meets the requirements to be measured at amortized it is designated as such on initial recognition. Financial
cost or at FVOCI as at FVTPL if doing so eliminates or liabilities at FVTPL are measured at fair value and net gains
significantly reduces an accounting mismatch that would and losses, including any interest expense, are recognized
otherwise arise. in profit or loss. Other financial liabilities are subsequently
Financial assets: Business model assessment measured at amortized cost using the effective interest
The Company makes an assessment of the objective of the method. Any gain or loss on derecognition is also
recognized in profit or loss.
business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed iii. Derecognition
and information is provided to management. Financial assets

The company derecognizes a financial asset when the bankruptcy or other financial
contractual rights to the cash flows from the financial asset reorganization;
expire, or it transfers the rights to receive the contractual Loss allowances for trade receivables are always
cash flows in a transaction in which substantially all of the measured at an amount equal to lifetime
risks and rewards of ownership of the financial asset are expected credit losses.
transferred or in which the company neither transfers nor Lifetime expected credit losses are the expected
retains substantially all of the risks and rewards of credit losses that result from all possible default
ownership and does not retain control of the financial events over the expected life of a financial
asset. instrument.
If the Company enters into transactions whereby it In all cases, the maximum period considered
transfers assets recognized on its balance sheet but retains when estimating expected credit losses is the
either all or substantially all of the risks and rewards of the maximum contractual period over which the
transferred assets, the transferred assets are not Company is exposed to credit risk.
derecognized.
When determining whether the credit risk of a
Financial liabilities financial asset has increased significantly since
The Company derecognizes a financial liability when its initial recognition and when estimating expected
contractual obligations are discharged or cancelled or credit losses, the Company considers reasonable
expire. and supportable information that is relevant and
The Company also derecognizes a financial liability when available without undue cost or effort. This
its terms are modified and the cash flows under the includes both quantitative and qualitative
modified terms are substantially different. In this case, a information and analysis, based on the
new financial liability based on the modified terms is Company’s historical experience and informed
recognized at fair value. The difference between the credit assessment and including forward-looking
carrying amount of the financial liability extinguished and information.
the new financial liability with modified terms is Measurement of expected credit losses
recognized in profit or loss. Expected credit losses are a probability-weighted
iv. Offsetting estimate of credit losses. Credit losses are
Financial assets and financial liabilities are offset and the measured as the present value of all cash
net amount presented in the balance sheet when, and only shortfalls (i.e. the difference between the cash
when, the Company currently has a legally enforceable flows due to the Company in accordance with
right to set off the amounts and it intends either to settle the contract and the cash flows that the
them on a net basis or to realize the asset and settle the Company expects to receive).
liability simultaneously. Presentation of allowance for expected credit
i. Impairment losses in the balance sheet
i. Impairment of financial instruments Loss allowances for financial assets measured at

amortized cost are deducted from the gross
The Company recognizes loss allowances for carrying amount of the assets.
expected credit losses on financial assets
Write-off
measured at amortized cost.
The gross carrying amount of a financial asset is
At each reporting date, the Company assesses
written off (either partially or in full) to the extent
whether financial assets carried at amortized cost
that there is no realistic prospect of recovery. This
are credit-impaired. A financial asset is ‘credit-
is generally the case when the Company
impaired’ when one or more events that have a
determines that the debtor does not have assets
detrimental impact on the estimated future cash
or sources of income that could generate
flows of the financial asset have occurred.
sufficient cash flows to repay the amounts
Evidence that a financial asset is credit-impaired subject to the write-off. However, financial assets
includes the following observable data: that are written off could still be subject to
- significant financial difficulty of the enforcement activities in order to comply with
borrower or issuer; the Company’s procedures for recovery of
- a breach of contract such as a default or amounts due.
being past due for 365 days or more; ii. Impairment of non-financial assets
- is probable that the borrower will enter The Company’s non-financial assets, other than

deferred tax assets are reviewed at each reporting date In calculating interest income and expense, the effective
to determine whether there is any indication of interest rate is applied to the gross carrying amount of the
impairment. If any such indication exists, then the asset (when the asset is not credit-impaired) or to the
asset’s recoverable amount is estimated. amortized cost of the liability. However, for financial assets
For impairment testing, assets that do not generate that have become credit-impaired subsequent to initial
independent cash inflows are grouped together into recognition, interest income is calculated by applying the
cash-generating units (CGUs). Each CGU represents effective interest rate to the amortized cost of the financial
the smallest Company of assets that generates cash asset. If the asset is no longer credit-impaired, then the
inflows that are largely independent of the cash calculation of interest income reverts to the gross basis.
inflows of other assets or CGUs. m. Earnings per share
The recoverable amount of a CGU (or an individual The Company presents basic and diluted earnings per
asset) is the higher of its value in use and its fair value share (EPS) data for its ordinary shares. Basic EPS is
less costs to sell. Value in use is based on the calculated by dividing the profit or loss attributable to
estimated future cash flows, discounted to their ordinary shareholders of the Company by the weighted
present value using a pre-tax discount rate that average number of ordinary shares outstanding during the
reflects current market assessments of the time value
period, adjusted for own shares held (if any). Diluted EPS
of money and the risks specific to the CGU (or the
is determined by adjusting the profit or loss attributable to
asset).
ordinary shareholders and the weighted average number
An impairment loss is recognized if the carrying of ordinary shares outstanding, adjusted for own shares
amount of an asset or CGU exceeds its estimated held and for the effects of all dilutive potential ordinary
recoverable amount. Impairment losses are shares.
recognized in the statement of profit and loss.
n. Cash flow statements
j. Scheme expenses
Cash flow statements are prepared under Indirect Method
New fund offer expenses are recognized in the profit or
whereby profit or loss is adjusted for the effects of
loss account in the year they are incurred. Brokerage
transactions of a non-cash nature, any deferrals or accruals
expenses incurred are amortised as under:
of past or future operating cash receipts or payments, and
Incurred towards Amortized over a period of items of income or expense associated with investing or
Equity Linked Savings Scheme 36 Months financing cash flows.
Open Ended Equity Schemes-SIP 36 Months o. Cash and cash equivalents
Open Ended Equity Schemes-Lumpsum 12 Months Cash and cash equivalents comprise cash and cash on
Closed Ended Schemes Over the Tenor of the Scheme deposit with banks.
k. Borrowing cost p. Events occurring after the balance sheet date
Borrowing costs are interest and other costs (including Assets and liabilities are adjusted for events occurring after
exchange differences relating to foreign currency the reporting period that provide additional evidence to
borrowings to the extent that they are regarded as an assist the estimation of amounts relating to conditions
adjustment to interest costs) incurred in connection with existing at the end of the reporting period.
the borrowing of fund. Borrowing costs directly q. Leases
attributable to acquisition or construction of an asset
A contract is, or contains, a lease if the contract conveys
which necessarily take a substantial period of time to get
the right to control the use of an identified asset for a
ready for their intended use are capitalized as part of the period of time in exchange for consideration.
cost of that asset. Other borrowing costs are recognized
The Company evaluates if an arrangement qualifies to be
as an expense in the period in which they are incurred.
a lease as per the requirements of Ind AS 116.
l. Recognition of interest expense Identification of a lease requires significant judgment. The
Interest expense is recognized using the effective interest Company uses significant judgement in assessing the lease
method. term (including anticipated renewals) and the applicable
The ‘effective interest rate’ is the rate that exactly discounts discount rate.
estimated future cash payments or receipts through the The Company determines the lease term as the non-
expected life of the financial instrument to: cancellable period of a lease, together with both periods
- the gross carrying amount of the financial asset; or covered by an option to extend the lease if the Company
- the amortized cost of the financial liability. is reasonably certain to exercise that option; and periods

covered by an option to terminate the lease if the of the lease payments that are not paid at the commencement
Company is reasonably certain not to exercise that option. date of the lease. The lease payments are discounted using the
In assessing whether the Company is reasonably certain interest rate implicit in the lease, if that rate can be readily
to exercise an option to extend a lease, or not to exercise determined. If that rate cannot be readily determined, the
an option to terminate a lease, it considers all relevant Company uses incremental borrowing rate. For leases with
facts and circumstances that create an economic incentive reasonably similar characteristics, the Company, on a lease-by-
for the Company to exercise the option to extend the lease, lease basis, may adopt either the incremental borrowing rate
or not to exercise the option to terminate the lease. The specific to the lease or the incremental borrowing rate for the
Company revises the lease term if there is a change in the portfolio as a whole. The lease payments shall include fixed
non-cancellable period of a lease. payments, variable lease payments, residual value guarantees,
The discount rate is generally based on the incremental exercise price of a purchase option where the Company is
borrowing rate specific to the lease being evaluated or for reasonably certain to exercise that option and payments of
a portfolio of leases with similar characteristics. penalties for terminating the lease, if the lease term reflects the
Company as a lessee lessee exercising an option to terminate the lease. The lease
liability is subsequently remeasured by increasing the carrying
Lease contracts entered by the Company majorly pertains for
amount to reflect interest on the lease liability, reducing the
buildings taken on lease to conduct its business in the ordinary
carrying amount to reflect the lease payments made and
course and vehicles taken on lease from holding company for
remeasuring the carrying amount to reflect any reassessment
its employees. The Company does not have any lease
or lease modifications or to reflect revised in-substance fixed
restrictions and commitment towards variable rent as per the
lease payments. The company recognises the amount of the re-
contract.
measurement of lease liability due to modification as an
The Company accounts for each lease component within the
adjustment to the carrying value of right-of-use asset and
contract as a lease separately from non-lease components of
statement of profit and loss depending upon the nature of
the contract and allocates the consideration in the contract to
modification. In case of partial/full termination of lease, the
each lease component on the basis of the relative stand-alone
lease liability is remeasured by decreasing the carrying amount
price of the lease component and the aggregate stand-alone
of the right-of-use asset to reflect the partial or full termination
price of the non-lease components.
of the lease for lease modifications that decrease the scope of
The Company recognises right-of-use asset representing its right the lease and recognise in the statement of profit and loss any
to use the underlying asset for the lease term at the lease gain or loss relating to the partial or full termination of the
commencement date. The cost of the right-of-use asset
lease. Where the carrying amount of the right-of-use asset is
measured at inception shall comprise of the amount of the
reduced to zero and there is a further reduction in the
initial measurement of the lease liability adjusted for any lease
measurement of the lease liability, the Company recognises any
payments made at or before the commencement date less any
remaining amount of the re-measurement in statement of profit
lease incentives received, plus any initial direct costs incurred
and loss.
and an estimate of costs to be incurred by the lessee in
The Company has elected not to apply the requirements of Ind
dismantling and removing the underlying asset or restoring the
AS 116 Leases to short-term leases of all assets that have a lease
underlying asset or site on which it is located. The right-of-use
assets is subsequently measured at cost less any accumulated term of 12 months or less and leases for which the underlying
depreciation, accumulated impairment losses, if any and asset is of low value. The lease payments associated with these
adjusted for any re-measurement of the lease liability. The right- leases are recognized as an expense. On transition, the
of-use assets is depreciated using the straight-line method from Company recognised a lease liability measured at the present
the commencement date over the shorter of lease term or useful value of the remaining lease payments. The right-of-use asset is
life of right-of-use asset. The estimated useful lives of right-of- recognized for amount equal to the lease liabilities. Hence,
use assets are determined on the same basis as those of there is no adjustment to the Retained Earnings.
property, plant and equipment. Right-of-use assets are tested Company as a lessor
for impairment whenever there is any indication that their The Company accounted for its leases in accordance with Ind
carrying amounts may not be recoverable. Impairment loss, if AS 116 from the date of initial application. The Company does
any, is recognised in the statement of profit and loss. not have any significant impact on account of sub-lease on the
The Company measures the lease liability at the present value application of this standard.


Particulars 31/03/2023 31/03/2022

Financial assets
Note 2.a Cash and cash equivalents
b. Balances with banks:
- In current accounts 2,184.69 3,139.75
2,185.61 3,140.57
Note 2b. Bank balances other than cash and cash equivalents
Fixed deposit with Bank 171.80 155.63
171.80 155.63
Note 3 Trade Receivables*@
Unsecured, Considered good 4,491.93 2,618.92
Less: Allowance for impairment loss - -
4,491.93 2,618.92
* No debts are due from directors or other officers or any of them either severally or jointly with any other person. No debts are due
from firms, Limited Liability Partnerships or private companies in which any director is a partner or a director or a member.
@ Refer Note 38 to the financial statements for outstanding ageing
Note 4 Loans
Unsecured,considered good
At Amortised Cost
Staff Loans (Gross) 51.88 52.32
Less: Impairment allowance - -
Net Total Loans in India # 51.88 52.32
Loans outside India # - -
# Impairment allowance - `NIL (Previous year - ` NIL)
Note 4 Loans (Contd.)
Type of Borrower Amount of loan Percentage to the total
or advance in the Loans and Advances in
nature of loan outstanding the nature of loans
Promoter - 0.00%
Director - 0.00%
KMPs - 0.00%
Promoter - 0.00%
Director - 0.00%
KMPs - 0.00%

Financial assets
Note 5
Investments
As at 31/03/2023 As at 31/03/2022
At Fair Value At Fair Value At Fair Value
Amortised Amortised
Through Profit At Cost* Total Through Profit At Cost* Total
Cost Through OCI Cost
Particulars and Loss and Loss
(5) = (1)+(2) (9) = (6) + (7)
(1) (2) (3) (4) (6) (7) (8)
+(3)+(4) + (8)
Mutual Funds # 14,806.34 3,575.72 18,382.07 - 17,406.10 - 17,406.10
Equity Shares
- In Trust
Sundaram Alternative Opportunities 0.08 0.08 0.08 0.08
Fund Mauritius Ltd
Sundaram Alternative Opportunities 0.08 0.08 0.08 0.08
Fund II Mauritius Ltd
- In MF Utilities India Private Limited 29.90 29.90 28.02 28.02
- In AMC REPO Clearing Ltd 57.45 57.45 57.91 57.91
Total Gross - (A) - 14,893.69 3,575.72 0.15 18,469.57 - 17,492.03 0.15 17,492.19
(i) Investments In India - 14,893.69 3,575.72 - 18,469.41 - 17,492.03 - 17,492.03
(i) Investments Outside India - - - 0.15 0.15 - - 0.15 0.15
Total (B) - 14,893.69 3,575.72 0.15 18,469.57 - 17,492.03 0.15 17,492.19
Less : Allowance for Impairment Loss (C) - - - - - - - - -
Total Net Investments (A-C) - 14,893.69 3,575.72 0.15 18,469.57 - 17,492.03 0.15 17,492.19
* Investment in subsidiaries are held at cost as per Ind AS 27

^ Investments in mutual funds towards seed capital have been designated to be held as FVTOCI as per IND AS 109 . Refer
Note 45 to the Financial Statements
# Refer Note 5.a for scripwise details


# Note 5.a. Mutual Funds
31/03/2023 31/03/2022
units units
In Mutual Funds - Designated at FVTPL
Sundaram Debt Oriented Hybrid Fund Direct Monthly Dividend - - 508.61 0.07
Sundaram Global Brand Fund - Growth Option 1,42,159.51 37.94 2,23,987.14 58.80
JM Core 11 Fund - Direct Plan 510.44 0.07 510.44 0.07
HDFC Top 100 Fund - Direct Plan 10.09 0.08 10.09 0.07
Quant Active Fund - Direct Plan 5.78 0.03 5.78 0.03
Axis Bluechip Fund - Direct Plan 153.56 0.07 153.56 0.08
Union Largecap Fund - Direct Plan 462.96 0.08 462.96 0.08
UTI - Master share unit scheme Fund - Direct Plan 8.19 0.02 8.19 0.02
Baroda Multi Cap Fund - Direct Plan 49.23 0.09 49.23 0.09
Nippon India Large Cap Fund - Direct Plan 29.49 0.02 29.49 0.02
Edelweiss Large Cap Fund - Direct Plan 134.59 0.08 134.59 0.08
IDFC Focused Equity Fund - Direct Plan 129.60 0.08 129.60 0.08
Indiabulls Blue chip Fund - Direct Plan 44.78 0.01 44.78 0.01
DSP Equity Fund - Direct Plan 24.99 0.02 24.99 0.02
PGIM India Large Cap Fund - Direct Plan 27.75 0.08 27.75 0.07
Baroda BNP Paribas Large Cap Fund - Direct Plan 50.88 0.08 50.88 0.08
Kotak Emerging Equity Fund - Direct Plan 122.03 0.10 122.03 0.10
L&T Emerging Businesses Fund - Direct Plan 213.93 0.11 213.93 0.10
LIC MF Large & Mid Cap Fund - Direct Plan 315.38 0.08 315.38 0.08
Mirae Asset Large Cap Fund - Direct Plan 93.41 0.08 93.41 0.08
Essel Large Cap Equity Fund - Direct Plan 41.72 0.02 41.72 0.02
Invesco India Largecap Fund - Direct Plan 32.80 0.02 32.80 0.02
IDBI Diversified Equity Fund - Direct Plan 222.22 0.08 222.22 0.09
Taurus Discovery (Midcap) Fund - Direct Plan 118.34 0.09 118.34 0.09
ICICI Prudential Bluechip Fund - Direct Plan 23.28 0.02 23.28 0.02
Motilal Oswal Multicap 35 Fund - Direct Plan 37.99 0.01 37.99 0.01
Aditya Birla Sun Life Frontline Equity Fund - Direct Plan 4.42 0.02 4.42 0.02
Mahindra Manulife multi cap Badhat Yojana - Direct Plan 91.38 0.02 91.38 0.02
Parag Parikh Long Term Equity Fund - Direct Plan 38.64 0.02 38.64 0.02
Franklin India Focused Equity Fund - Direct Plan 117.39 0.09 117.39 0.08
Canara Robeco Emerging Equities Fund - Direct Plan 52.14 0.09 52.14 0.09
Tata Banking And Financial Services Fund - Direct Plan 243.24 0.07 243.24 0.07
Sundaram Large And Mid Cap Fund-Direct-Growth - - 154.60 0.09
Sundaram Large Cap Fund 40.28 0.01 139.98 0.02
Sundaram Liquid Fund-Direct-Growth Plan 34,407.07 683.97 26,337.70 644.76
Sundaram Overnight Fund - Direct Growth 53.84 0.64 53.84 0.61
Sundaram Arbitrage Fund - Direct Growth - - - -
Sundaram Bluechip Fund Direct Growth - - - -
Sundaram Banking and PSU Fund - Direct Growth 1,97,565.36 72.41 1,97,565.36 69.82
Sundaram Equity Savings Fund - - - -


# Note 5.a. Mutual Funds (Contd.)

31/03/2023 31/03/2022
units units
Sundaram Focused Fund-Direct-Growth - - 1,08,323.02 126.97
Principal Arbitrage Fund - -
Principal Global Opportunities Fund - Direct Plan Growth - -
Sundaram Aggressive Hybrid Fund - - 27.49 0.01
Sundaram Dividend Yield Fund - - 1,36,512.27 121.37
Sundaram Low Duration Fund - - - -
Sundaram Mid Cap Fund Direct Growth - - 15.65 0.12
Sundaram Multi Cap Fund - - - -
Sundaram Short Duration Fund 34,243.33 13.68 34,808.82 242.93
Sundaram Medium Term Bond Fund Direct Growth 10,987.06 7.24 - -
Sundaram Tax Savings Fund Direct Growth - - 36,035.30 123.38
Sundaram Ultra Short Duration Fund 4,71,907.20 11,702.80 6,30,520.95 14,777.58
Sundaram Money Market Fund Direct Growth 1,33,63,061.11 1,709.46 - -
Sundaram Alternative Investment Opp Fund -
High Yield Secured Debt Fund II 100.00 100.00 100.00 100.00
Sundaram Alternative Investment Opp Fund -
High Yield Secured Debt Fund III 90.00 90.00 - -
Sundaram Alternative Investment Opp Fund - India Premier Fund 10,000.00 150.43 10,000.00 173.05
Sundaram Alternative Opportunities Fund - ACORN 82.73 135.28 26,450.35 955.39
Sundaram Atlas Fund 100.00 100.79 - -
Total (A) 14,806.34 17,406.10
In Mutual Funds for Seed Capital- Designated at FVTOCI

Sundaram Aggressive Hybrid Fund 2,25,171.97 278.53 - -
Sundaram Mid Cap Fund Direct Growth 1,16,065.42 887.24 - -
Sundaram Large And Mid Cap Fund-Direct-Growth 9,61,928.98 555.14 - -
Sundaram Focused Fund-Direct-Growth 1,08,323.02 122.92 - -
Sundaram Tax Savings Fund Direct Growth 36,902.65 126.61 - -
Sundaram Dividend Yield Fund 1,36,512.27 124.50 - -
Sundaram Small Cap Fund Direct Growth 1,07,477.51 168.84 - -
Sundaram Services Fund Direct Growth 8,56,443.24 187.12 - -
Sundaram Multi Cap Fund 64,995.98 160.64 - -
Sundaram Consumption Fund 62,205.37 39.53 - -
Sundaram Balanced Advantage Fund 3,33,530.65 97.83 - -
Sundaram Flexi Cap Fund Direct Growth 24,44,557.46 236.56 - -
Sundaram Ultra Short Duration Fund 1,783.67 44.23 - -
Sundaram Large Cap Fund 26,20,196.62 399.53 - -
Sundaram Liquid Fund-Direct-Growth Plan 6,270.66 124.65 - -
Sundaram Global Brand Fund - Growth Option 81,827.63 21.84 - -
Total (B) 3,575.72 - -
Total investments in Mutual Funds (A+B) 18,382.07 - 17,406.10


Particulars 31/03/2023 31/03/2022

Note 6 Other Financial Assets
Security Deposits 257.25 318.88
Balance with Government Authorities 138.70 138.26
Others 109.12 14.00
505.07 471.15
Note 7. Current Tax Assets

Tax Payment Pending Adjustments (Net) 5,031.79 5,273.20
5,031.79 5,273.20
Note 8. Property, Plant and Equipment

Computers Office Furniture Vehicles Electrical Improvements Total
Particulars equipments and fixtures Equipment to rented
premises
At April 1, 2021 1,140.22 281.09 200.37 40.32 260.94 686.81 2,609.75
Additions 114.72 17.08 6.47 27.96 13.31 62.01 241.54
Disposals - - 2.27 0.35 8.46 - 11.07
Other Adjustments - - - - - - -
Translation Adjustments 0.48 0.15 0.20 - 0.02 1.35 2.20
At March 31, 2022 1,255.42 298.31 204.78 67.93 265.81 750.17 2,842.42
At April 1, 2022 1,255.42 298.31 204.78 67.93 265.81 750.17 2,842.42
Additions 233.78 14.94 4.63 - 9.61 58.38 321.35
Disposals 266.92 11.55 8.07 34.29 22.24 1.92 344.97
At March 31, 2023 1,224.35 302.35 202.13 33.64 253.25 811.88 2,827.59
At April 1, 2021 1,023.94 247.00 196.77 24.58 229.76 636.29 2,358.35
Disposals - - 2.08 0.30 7.75 - 10.13
Translation Adjustments (1.36) (0.31) 0.20 - 0.02 1.35 (0.10)
At March 31, 2022 1,094.74 263.42 199.44 32.26 237.86 689.99 2,517.71
At April 1, 2022 1,094.74 263.42 199.44 32.26 237.86 689.99 2,517.71
Disposals 226.72 6.38 7.04 23.80 20.75 1.92 286.61
At March 31, 2023 980.83 271.97 199.18 15.66 231.20 736.62 2,435.44
Net carrying va˜lue March 31, 2022 160.68 34.90 5.33 35.67 27.95 60.18 324.71
NOTE: The company follows cost model as per Ind AS 16 and the company has not revalued its Property, Plant and Equipment. The
company does not hold any immovable properties.


Note 9. Right-Of-Use Assets

Particulars Buildings Vehicles Total
At April 1, 2021 2151.24 34.56 2185.79
Additions 382.83 25.61 408.45
Disposals 677.69 14.38 692.07
Translation Adjustments -8.29 -8.29
At March 31, 2022 1,896.96 86.76 1,983.73
At April 1, 2022 1896.96 86.76 1983.73
Additions 1757.00 0.00 1757.00
Disposals 685.07 28.62 713.69
Translation Adjustments 0.00 0.00 0.00
At March 31, 2023 2,974.14 58.14 3032.28
At April 1, 2021 1058.11 27.02 1085.12
Disposals 668.10 13.19 681.29
Translation Adjustments -27.03 0.00 -27.03
At March 31, 2022 1,076.06 61.66 1,137.72
At April 1, 2022 1076.06 61.66 1137.72
Disposals 664.84 19.10 683.93
Translation Adjustments 5.02 0.00 5.02
At March 31, 2023 1,126.38 48.92 1175.30
Note 10. Other Intangible Assets
Particulars Asset Management Rights Computer Software Total
At April 1, 2021 - 506.41 506.41
Additions 23,479.28 40.21 23,519.48
Disposals - -
Other Adjustments - -
At March 31, 2022 23,479.28 546.61 24,025.89
At April 1, 2022 23,479.28 546.61 24,025.89
Additions - 30.14 30.14
Disposals - - -
At March 31, 2023 23,479.28 576.76 24,056.03
At April 1, 2021 - 450.09 450.09
Disposals - -
At March 31, 2022 578.62 493.72 1,072.34
At April 1, 2022 578.62 493.72 1,072.34
Depreciation expense 2,346.64 36.65 2,383.29
Disposals - - -
Other Adjustments - - -
At March 31, 2023 2,925.27 530.37 3,455.64
NOTE: The company has not revalued its Intangible Assets.

Note 11. Goodwill
Particulars PAMC PTCL PRAPL Total

At April 1, 2021 - - - -
Additions 1,035.93 160.52 2.82 1,199.27
At March 31, 2022 1,035.93 160.52 2.82 1,199.27
At April 1, 2022 1,035.93 160.52 2.82 1,199.27

Additions - 97.78 - 97.78
At March 31, 2023 1,035.93 258.30 2.82 1,297.05
Impairment
At April 1, 2021 - - - -
Impairment 1,035.93 - - 1,035.93
At March 31, 2022 1,035.93 - - 1,035.93
At April 1, 2022 1,035.93 - - 1,035.93

Derecognition on loss of control of subsidiary - 258.30 - 258.30
At March 31, 2023 1,035.93 258.30 - 1,294.23
Net carrying value March 31, 2023 - - 2.82 2.82
Net carrying value March 31, 2022 - 160.52 2.82 163.34
NOTE: The company has put goodwill to impairment test
Particulars 31/03/2023 31/03/2022
Note 12. Other Non-Financial assets

Prepaid Expenses 6,155.39 4,785.46
Advance for expenses 15.86 3.10
6,171.83 4,788.92
Note 13. Trade payables @
i) Total outstanding dues of micro enterprises and small enterprises 7.35 -
ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,715.12 2,680.35
2,722.48 2,680.35
@ Refer Note 39 to the financial statements for outstanding ageing and Note 49 for disclosure under MSMED Act,2006

Note 14. Borrowings (other than Debt Securities)

Term Loans (At Amortised Cost)
Secured
From Financial Institutions
Axis Bank Limited 8,528.99 -
Nature of Security
Secured by the entire current assets of the company including Book Debts,
Investments and other receivables.
Repayment Terms
Repayable in 60 monthly instalments commencing from July 2022.
Rate of Interest - Floating rate of one month MCLR rate (10% on an average)"
8,528.99 -
Borrowings from Related Parties
Unsecured
Sundaram Fund Services Limited 3,039.95 3,039.95
Repayable in 1 year from the date of renewal -18-11-2022, Rate of Interest 6.00%
Sundaram Finance Limited - 10,000.00
Repayable in 6 installments commencing from 01-01-2022,
Rate of Interest 6.00%
Borrowings in India 11,568.94 13,039.95
Borrowings outside India - -
Total 11,568.94 13,039.95
NOTE: The company has used the entire borrowings from banks and financial institutions above for the specific purpose for which it
was taken at the balance sheet date.The quarterly returns/statements of current assets filed by the Company with Banks or Financial
Institutions are in agreement with the Books of Accounts.
Note 15. Subordinated Liabilities*
Redeemable Cumulative Non-convertible Preference Shares
From Related Parties - Unsecured
At Amortised Cost
(Face Value - `100/- each)
Redeemable in 5 years on 30-Jan-2023
Rate of Dividend : 6.75%
- 1,516.09
Subordinated Liabilities in India - 1,516.09
Subordinated Liabilities Outside India - -
Total - 1,516.09
* Refer Note 44(b) to the Financial Statements


Particulars 31/03/2023 31/03/2022
Note 16. Lease Liabilities

Buildings 2,054.11 938.88
Vehicles 10.28 26.40
2,064.39 965.28
Note 17. Other financial liabilities

Share purchase payable pending - 487.17
- 487.17
Note 18 Provisions
Provision for Employee Benefits*
Gratuity Payable (Net) 38.49 429.06
Compensated Absences 150.30 313.00
Provision for employee benefits 1,508.44 1,455.24
1,697.24 2,197.30
Note 19. Deferred Tax Liabilities (Net)

Deferred Tax Liabilities 793.64 136.61
793.64 136.61
Note 20. Other non financial liabilities

Statutory dues 670.61 849.42
670.61 849.42
Note 21 - Share Capital

Particulars 31/03/2023 31/03/2022
A) Authorised, Issued, Subscribed and Paid up Share capital

Authorised:
4,00,00,000 Equity Shares of ` 10/- each 4,000.00 4,000.00
(Previous year 21-22:- 4,00,00,000 Equity shares of ` 10/- each)
Issued & Subscribed & Paid-up:
2,39,50,384 Equity Shares of ` 10/- each fully paid up 2,395.04 2,395.04
(Previous year 21-22:- 2,00,00,000 Equity shares of ` 10/- each fully paid up)
Total 2,395.04 2,395.04
B) Movement in Equity Share Capital during the year:
Particulars 31/03/23 31/03/22
No. of Equity Share Capital No. of Equity Share Capital
Shares Shares
Shares outstanding at the beginning of the year
(face value of ` 10 each) 2 39 50 384 2,395.04 2 00 00 000 2,000.00
Add: Shares issued during the year (face value of 10 each) - - 39 50 384 395.04
Shares outstanding at the end of the year (face value of 10 each) 2 39 50 384 2,395.04 2 39 50 384 2,395.04

C) Details of Shareholders holding more than 5%

31/03/23 31/03/22
Name of the Shareholder Number of Percentage of Number of Percentage of
shares held in shares held shares held in shares held
the company the company
Sundaram Finance Limited - Holding Company 2,39,50,384 100.00% 2,39,50,384 100.00%
D) Promoter Holding Details
31/03/23
the company
31/03/22
shares held shares held the year
in the company
E) Rights, preferences and restrictions in respect of equity shares
The Equity share holders are entitled to receive dividends as and when declared; a right to vote in proportion to holding etc.
and their rights, preferences and restrictions are governed by / in terms of their issue under the provisions of the Companies
Act, 2013.
F) Shares in respect of each class in the company held by its holding company
31/03/23
the company
31/03/22
the company
31/03/23 31/03/22
G) Shares reserved for issue under options and contracts/commitments for the sale NIL NIL
of shares/disinvestment, including the terms and amounts
H) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
(i) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s)
without payment being received in cash NIL NIL
(ii) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares NIL NIL
(iii)Aggregate number and class of shares bought back NIL NIL
I) Terms of any securities convertible into equity/preference shares issued along with the
earliest date of conversion in descending order starting from the farthest such date NA NA
J) Calls unpaid (showing aggregate value of calls unpaid by directors and officers) NIL NIL
K) Forfeited shares (amount originally paid-up) NIL NIL


Particulars 31/03/2023 31/03/2022
Note 22 - Other equity
I. Reserves and Surplus
A) Securities Premium
Amounts received (on issue of shares) in excess of the par value has been classified as
securities premium.
Add: Securities premium received during the year - 4,604.96
Closing balance 7,725.26 7,725.26
B) General Reserve
Adjustments -
C) Capital Reserve
Opening balance - -
Closing Balance - -
D) Capital Redemption Reserve#
Opening balance - -
Addition during the year 1,500.00 -
Closing Balance 1,500.00 -
(Reserve created on account of redemption of Preference share capital)
# Refer Note 44(b) to the Financial Statements
E) Employee Stock Options Reserve*
Adjustments 33.14 20.26
F) Retained Earnings
Appropriations:
Dividend paid (3,800.00) (1,500.00)
(3,800.00) (1,500.00)
Transfer to Capital Redemption Reserve (1,500.00) -
Lease - Practical expedient adjustments# - 1.12
Total Profit for the period 7,311.24 7,162.99
#Refer Note 40 to the Financial Statements
Note 22 - Other equity Continued.
G) Foreign Currency Translation Reserve
Opening Balance 286.13 209.14
Additions during the year 361.52 76.99
II. Other items of other comprehensive income
Opening balance 547.15 -
Fair Value gain/(loss) routed through OCI* 62.09 547.15
Transferred to retained earnings (38.22) 275.92
TOTAL OF OTHER EQUITY 38,019.50 34,013.30
Movement in Other Equity during the year: 31/03/2023 31/03/2022
Changes in other equity due to changes in Accounting Policies and prior period errors. - -
Changes in other equity in the current reporting period. 4,006.20 10,637.54
Balance at end of current reporting period. 38,019.50 34,013.30

Particulars 31/03/2022 31-03-2020

Note 23. Revenue From Operations
Asset Management Services
Investment Management Fees - Mutual Fund 26,891.69 24,408.00
Income from Support Services 27.62 32.94
Investment Management Fees - AIF 3,999.08 3,332.56
Portfolio Management Service Fees 5,080.36 4,659.49
Advisory Fees 251.58 216.75
Other Operating Revenue 27.48 18.07
36,277.81 32,667.81

(A) Income from investments
Net gain/ (loss) on financial instruments at fair value through profit or loss*
- Realised 620.14 632.68
- Unrealised 59.34 (199.61)
Dividends from Mutual Funds/AIF schemes
- On Financial Assets measured at Amortised Cost - 0.01
679.48 433.08
* Refer Note 33 to the Financial Statements for Net Gain/Loss on Fair Value
Changes recognised in Statement of Profit and Loss
(B) Others
Interest on security deposits
- On Financial Assets measured at amortised cost 22.71 26.50
(B) Others Contd.
Others
Interest income 48.16 90.98
Profit on Sale of Assets - 188.34
Creditors No Longer Required Written Back 5.40 238.12
Rental Income 3.00 3.00
Gain on closure of Lease liability 4.23 12.44
Gain on Modification of Lease liability - 8.14
Gain on Modification of Right to Use Asset - 16.46
Gain on exchange fluctuation (Net) - 0.66
Miscellaneous Receipts 189.25 538.11
Subtotal - (B) 272.76 1,122.75
Grand Total - (A) + (B) 952.24 1,555.83

Particulars 31/03/2023 31/03/2022

Note 25. Finance Costs
On Financial Liabilities measured at amortised cost
Interest on borrowings 997.35 402.01
Interest Expense on Lease Liabilities 226.00 156.18
Dividend on Redeemable Preference Shares 85.16 101.25
1,308.51 659.44
Note 26. Brokerage & Marketing Expenses
Registrar and Transfer Agent Fees 13.56 -
Brokerage Expenses - Mutual Fund 1,859.62 2,493.95
Brokerage Expenses - AIF 2,060.19 1,466.07
Brokerage Expenses - PMS 2,601.65 2,260.78
Marketing & Other Expenses 1,435.47 1,320.03
7,970.48 7,540.84
Note 27. Employee Benefits Expense
Salaries, allowances and bonus 8,158.90 8,542.59
Company's contribution to Provident Fund, NPS, ESI Scheme 458.96 404.15
Provision for Gratuity & Leave Encashment 334.19 387.64
Expense on Employee Stock Option Scheme* 33.14 20.26
Staff Welfare Expenses 182.74 117.52
9,167.93 9,472.16
Note 28. Administrative & Other Expenses
Rent 305.98 4.53
Rates and Taxes 40.92 73.47
Electricity Charges 100.36 82.52
Repairs and Maintenance
- Building 47.59 59.83
- Others 143.06 241.62
Communication Expenses 335.46 280.01
Printing & Stationery 90.90 80.58
Business Development Expenses 806.60 248.85
Director's Sitting Fees and Commission 49.55 38.50
Professional and Consultancy Fees 501.62 715.49
Insurance 116.10 62.80
Outsourcing Cost 603.52 631.35
Subscription 810.36 640.14
Fund Accounting Charges 231.98 240.18
Travelling and Conveyance 405.79 122.95
Database and Networking Expenses 155.39 119.60
Corporate Social Responsibility 149.50 110.43
Loss on Sale of Asset 16.88 -
Loss on closure of Right to Use Assets - 42.71
Loss on exchange fluctuation (Net) 21.12 -
Miscellaneous expenses 554.28 446.74
5,486.95 4,242.30
*Miscellaneous Expenses includes remuneration to auditors:
Statutory Audit 34.64 34.64
Tax Audit 6.84 6.84
Other Services 13.29 8.37
Total 54.77 49.85
Note 29. Other Comprehensive Income
A. Items that will not be reclassified to profit or loss
Remeasurements of Defined Benefit plan
Less: Tax on above (12.85) 92.80
Fair Value gain/(loss) on investments in mututal funds routed through OCI* 82.97 -
Less: Deferred Tax on above (20.88) 547.15
Total (A) 100.30 271.23
B. Items that will be reclassified to profit or loss
Foreign Currency Translation Reserve 361.52 76.99
Total (B) 361.52 76.99
Total Other Comprehensive Income (A+B) 461.82 348.22

Note 30: Capital Management

The Company manages its capital to ensure that it will be able to continue as going concerns while maximizing the return to
stakeholders through the optimisation of the debt and equity balance. The Company's policy is to maintain a strong capital base
so as to maintain investors, creditors and market confidence to sustain future development of the business.
The capital structure of the Company consists of debt and total equity of the Company as tabled below:
Total equity attributable to equity share holders of the Company 40,414.54 36,408.34
Borrowings (Other than Debt Securities) 11,568.94 13,039.95
Total debt held by the Company 11,568.94 14,556.03
Total capital (Equity and Debt) 51,983.47 50,964.37
Equity as a percentage of total capital 78% 71%
Debt as a percentage of total capital 22% 29%
The Company is predominantly equity financed which is evident from the capital structure table above. The Company’s risk
management committee reviews the capital structure of the Company on an ongoing basis. As part of this review, the committee
considers the cost of capital and the risks associated with each class of capital.
Note 31: Financial Risk Management
"The Company is exposed to a variety of financial risks; credit risk, liquidity risk and market risk,viz; foreign currency risk and
interest rate risk. The Company has a risk management policy to manage & mitigate these risks.
The Company’s risk management policy aims to reduce volatility in financial statements and aims to foresee the unpredictability
of financial markets and seek to minimize potential adverse effects on its financial performance.
The Board of Directors reviews and agrees policies for managing each of these risks as summarized below:
Credit risk:
Credit risk is the risk of financial loss to the Company if a customer or counterparty to the financial instrument fails to meet its
contractual obligations and arises principally from the Company's receivables from customers and investment securities.
Financial instruments that potentially subject the Company to concentration of credit risk consists of trade receivables, investments,
loans, cash and cash equivalents and other financial assets. The maximum exposure to credit risk is equal to the carrying value of
the financial assets. By their nature, all such financial assets involve risks, including the credit risk of non-performance by
counterparties.
The Company periodically assesses the credit quality of the counterparties by taking into account their financial position, past
experience, ageing of accounts receivables and any other factor determined by individual characteristic of the counterparty.
The maximum amount of exposure to credit was as follows:
Particulars Balance As at Balance As at
March 31, 2023 March 31, 2022
Investments 18,469.57 17,492.19
Trade receivables 4,491.93 2,618.92
Cash and cash equivalents 2,185.61 3,140.57
Bank balances other than Cash and cash equivalents 171.80 155.63
Loans 51.88 52.32
Other financial assets 505.07 471.15
TOTAL 25,875.86 23,930.77
Liquidity Risk:
Liquidity risk is the risk that the Company will not be able to encounter its financial obligations associated with financial liabilities
as they become due. The Company manages its liquidity risk by ensuring, as far as possible, to maintain sufficient liquid funds to
meet its liabilities on the due date. The Company consistently generates sufficient cash flows from operations (with adequate
reserves) and has access to multiple sources of funding (banking facilities and loans from promoter company) to meet the financial
obligations and maintain adequate liquidity for use.
The processes and policies related to such risks are overseen by Senior Management.

Note No 31 : Financial Risk Management continued

Maturity profile of the Company’s non-derivative financial liabilities/assets based on contractual payments is as below:
Maturity Period
Cash and cash equivalents 2,185.61 - - - - - 2,185.61
Bank balances other than cash and cash equivalents - - 11.95 159.86 - - 171.80
Trade receivables 4,489.71 - - 2.22 - - 4,491.93
Investments 1,743.59 15,915.63 285.72 290.79 233.85 18,469.57
Loans 25.82 9.57 12.35 4.14 - - 51.88
Balance with Government Authorities 133.95 4.76 - - - 138.70
Others 109.12 - 109.12
Total 8,697.34 40.31 15,995.94 479.14 419.22 243.91 25,875.87
Trade payables 2,722.48 - - - - - 2,722.48
Borrowings other than debt securities 718.94 1,350.00 5,000.00 2,000.00 2,500.00 - 11,568.94
Subordinated Liabilities - - - - - - -
Lease Liabilities (at fair value on a discounted basis) 352.25 352.43 663.90 375.69 310.00 10.13 2,064.39
Building 350.21 350.61 659.91 373.25 310.00 10.13 2,054.11
Vehicle 2.04 1.81 3.99 2.44 - - 10.28
Other Financial Liabilties - - - - - - -
Total 3,793.66 1,702.43 5,663.90 2,375.69 2,810.00 10.13 16,355.80
Maturity Period
Cash and cash equivalents 3,140.57 - - - - - 3,140.57
Bank balances other than cash and cash equivalents - - 155.63 - - - 155.63
Trade receivables 2,618.92 - - - - - 2,618.92
Investments 1,037.63 3,225.81 13,176.81 - - 51.93 17,492.19
Loans 11.00 8.57 17.44 15.32 - - 52.32
Balance with Government Authorities 133.95 - - 4.32 - - 138.26
Others 10.78 - 3.22 - - - 14.00
Total 7,143.27 3,246.98 13,378.37 67.79 34.16 60.20 23,930.77
Trade payables 2,319.83 - 360.51 - - - 2,680.35
Borrowings other than debt securities 10,000.00 - - 3,039.95 - - 13,039.95
Subordinated Liabilities - - 1,516.09 - - - 1,516.09
Lease Liabilities 87.53 87.53 175.06 435.36 152.35 27.46 965.28
Building 85.01 85.01 170.02 421.81 149.59 27.46 938.88
Vehicles 2.52 2.52 5.04 13.55 2.76 - 26.40
Other financial liabilities 487.17 - - - - - 487.17
Total 12,894.53 87.53 2,051.66 3,475.30 152.35 27.46 18,688.83

The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
Particulars 31st Mar 2023 31st Mar 2022
Expiring within one year - 5,000.00
Expiring beyond one year - -
Market risk:
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest
rates, credit, liquidity and other market changes. The Company’s exposure to market risk is primarily on account of foreign currency
exchange rate risk.
Foreign Currency Risk:
- The fluctuation in foreign currency exchange rates may have potential impact on the Statement of Profit or Loss and Other
Comprehensive Income and equity, where any transaction references more than one currency or where assets / liabilities are
denominated in a currency other than the functional currency of the Company.
- The Company's exchange risk arises its exposure to foreign currency assets and liabilities (primarily in SGD and AED). The
exchange rate between the Indian rupee and these foreign currencies has changed substantially in recent periods and may
continue to fluctuate substantially in the future.
- The Company periodically determines its strategy to mitigate foreign currency risk. The Company evaluates the impact of foreign
exchange rate fluctuations by assessing its exposure to exchange rate risks:
The maximum amount of exposure to foreign currency risk is as follows:
Investments
In US Dollars 0.15 0.15
Rent Deposits
Bank balances other than cash and cash equivalents
Cash and cash equivalents
Total 181.67 170.64
Lease Liabilities
Total 48.72 6.75
Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates arises on Company's debt obligations. The
Company's borrowings are primarily based on the MCLR rates.
Sensitivity Analysis:
The following table sets out the effect on the Statement of Profit and Loss due to fluctuations in the interest rates:
Finacial Liabilities- Borrowings Impact of Profit/(loss) before taxation
31st March 2023 31st March 2022
Increase by 1% (72.00) (72.00)
Decrease by 1% 72.00 72.00


Note 32: Financial Instruments

The carrying value and fair value of financial instruments by categories as at March 31, 2023 and March 31, 2022 is as follows:
Particulars Balance as at March 31, 2023 Balance as at March 31, 2022
Financial Assets
At Amortized Cost
Trade and other receivables 4,491.93 2,618.92
Cash and cash equivalents 2,357.41 3,296.20
Loans 51.88 52.32
Others financial assets 505.07 471.15
At Fair Value through profit and loss
Investments in Mutual Funds 14,806.34 17,406.10
Investments in MF Utilities India Private Limited 29.90 28.02
Investments in AMC Repo Clearing Ltd 57.45 57.91
At Fair Value through OCI
Investments in Mutual Funds 3,575.72 -
At Cost
Other Investments 0.15 0.15
TOTAL ASSETS 25,875.86 23,930.77
At Amortized Cost
Borrowings other than debt securities 11,568.94 13,039.95
Lease Liabilities 2,064.39 965.28
Trade Payables 2,722.48 2,680.35
Other financial liabilities - 487.17
TOTAL LIABILITIES 16,355.80 18,688.83
Notes:
The Management assessed the fair value of cash and short-term deposits, trade receivables and trade payables, bank overdrafts, and
other financial assets and liabilities as approximately equal to the carrying amounts largely due to the short-term maturities of these
instruments.
Investments in Mutual Funds has been valued using the Net Asset Value (NAV) of the investee which falls under Level I hierarchy
of inputs used in valuation techniques.
Investments in MF Utilities Private Limited and AMC Repo Clearing Ltd has been valued using the financial statements of the
investee which falls under Level II hierarchy of inputs used in valuation techniques.
Borrowings other than debt securities have been valued using the MCLR rate of the financial institution which falls under Level II
hierarchy of inputs used in valuation techniques.
Security Deposits receivable and loans have been valued using the unobservable inputs which falls under Level III hierarchy of
valuation techniques.
Investments in Non-Convertible Debentures of Royal Sundaram General Insurance Company Limited has been valued using
Internal Rate of Return which falls under Level III hierarchy of inputs used in valuation techniques.
Subordinated Liabilities have been valued using the unobservable inputs which falls under Level III hierarchy of valuation techniques
Lease Liabilities have been valued using incremental borrowing rate which falls under Level II hierarchy of valuation techniques.
Note 33: Net gain/ (loss) on fair value changes in Profit & Loss Account
Particulars 2022-23 2021-22
(A) Net gain/ (loss) on financial instruments at fair value through profit or loss
On financial instruments designated at fair value through profit or loss
(i) Investments 679.48 433.07
On financial instruments designated at fair value through OCI
(i) Investments 82.97 -
Subtotal (A) 762.45 433.07
(B) Fair Value Changes
- Realised 620.14 632.68
- Unrealised 142.31 (199.61)
Subtotal (B) 762.45 433.07


Note 34: Corporate Social Responsibility (CSR) Expenditure:

FY 2022-23
Particulars 31/03/2023 31/03/2022
(a) Gross amount required to be spent by the company during the year 149.43 102.11
(b) Amount spent for the current year 149.50 105.43
(c) Shortfall at the end of the year - -
(d) Amount spent in the current year relating to previous year's shortfall - -
(e) Reason for shortfall NA NA
(f) Nature of CSR activities 1. Promoting health care including preventinve
health care
2. Promoting education among children,
women, elderly and the differently abled and
livelihood enhancement projects
3. Other facilities for senior citizens and
measures for reducing inequalities faced by
socially and economically backward groups
(g) Where a provision is made with respect to a liability incurred
by entering into a contractual obligation, the movements in the provision NA NA
(h) Details of related party transactions (contribution to a trust
controlled by the company in relation to CSR expenditure) NIL NIL
Note 35: Contingent liabilities and commitments:
1.Contingent Liabilities
A.Claims against the Company not acknowledged as debts
Particulars 31/03/2023 31/03/2022
Income tax Matters 7,439.31 7,439.31
Service Tax matters 64.95 60.54
The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income
Tax Act, 1961. These claims are on account of multiple issues of disallowances such as disallowance of brokerage, disallowance
of advisory payment due to Non - TDS deduction and disallowance of renovation cost treated as capital expenditure.Out of the
total claims under the Income Tax matters, the department has preferred further appeals with the higher forums for claims amounting
to `2,595.67.
The claims against the company under the Indirect Tax matters includes the issues of ITC claimed under the CGST Act, 2017 and
Service Tax on Exports and other matters. These matters are pending before various Appellate Authorities.
The management expects that its position will likely be upheld on ultimate resolution and will not have a material adverse effect
on the Company's financial position and results of operations.
2. Commitments 31/03/2023 31/03/2022
a. Estimated amount of contracts remaining to be executed on capital account and not provided for - -
b. Uncalled liability on shares and other investments partly paid - -
Others - -


Note 36: Employee Benefits

Defined Contribution Plans:
During the year, the company has recognized the following amounts in the Profit and Loss Statement, which are included in
Employee benefits expense in Note 27 to the Financial Statements
Particulars 2022-23 2021-22
Contribution to Superannuation Fund
Contribution to National Pension Fund 42.21 37.00
Contribution to Pension Fund 53.59 53.29
Contribution to Employees State Insurance - ESI .53 .67
Contribution to Provident Fund 299.45 224.29
395.78 315.25
Defined Benefit Plan for Gratuity- Funded:
Particulars Year ended 31/03/2023 Year ended 31/03/2022
1) Amount Recogonised in Balance Sheet:
The Total Amount of net liability/asset to be recorded in the balance sheet of the Company, along with the comparative figures for
pervious period, is shown in the below table:
Present Value of the funded defined benefit obligation 1,179.84 1,233.39
Fair Value of plan assets 1,141.35 837.84
Net funded obligation 38.49 395.55
Present value of unfunded defined benefit obligation -
Amount not recogonised due to asset limit -
Net defined benefit liability/ (asset) recogonised in balance sheet 38.49 395.55
Net defined benefit liability/ (asset) bifurcated as follows:
Current -
Non-Current 38.49 395.55
2) Profit & Loss Account Expense: Year ended 31/03/2023 Year ended 31/03/2022
The expenses charged to the profit & loss account for period
along with the corresponding charge of the previsous period is
presented in th table below:
Current Service cost 122.76 99.89
Past service cost
Administration expenses
Interest on net defined benefit liability / (asset) 22.78 (1.90)
(Gains) / Losses on settlement
Total expense charged to profit and loss account 145.54 97.98
Amount recorded in other Comprehensive Income:
The total amount of reimbursement items and impact of liabilities
assumed or settled if any, which is recorded immediately in Other
Comprehensive Income during the period is shown in the table below:
Opening amount recogonized in OCI outside profit and loss account 447.02 74.62
Remeasurements during the period due to
Changes in financial assumptions (35.01) (30.78)
Changes on demogarphic assumptions - -
Experience adjustments (7.80) 419.58
Actual return on plan assets less interest on plan assets (7.95) (16.69)
Adjustment to recogonize the effect os asset ceiling (.31) .29
Closing amount recognized in OCI outside profit and loss account 395.95 447.02


3) Reconciliation of Net Liability / Asset: Year ended 31/03/2023 Year ended 31/03/2022
The movement of net liability / asset from the beginning to the end of
the accounting period as recogonized in the balance sheet of the
company is shown below:
Opening net defined benefit liability / (asset) 395.84 42.62
Expenses charged to profit & loss account 145.54 97.98
Amount recogonized outside profit & loss account (51.07) 372.40
Employer contributions (460.31) (113.55)
Impact of liability assumed or (settled)* 8.49 (3.61)
Closing net defined benefit liability / (asset) 38.49 395.84
Movement in Benefit Obligations:
A reconciliation of the benefit obligation during the inter-
valuation period is given below:
Opening of defined benefit obligation 1,233.39 969.25
Current service cost 122.76 99.89
Past service cost - -
Interest on defined benefit obligation 75.11 59.26
Acturial loss / (gain) arising from change in demographic assumptions - -
Acturial loss / (gain) arising on account of experience changes (7.80) 419.58
Benefits paid (259.96) (271.02)
Liabilities assumed/ (settled)* 51.36 (12.78)
Liabilities extinguished on settlements - -
Closing of defined benefit obligation 1,179.84 1,233.39
*On account of inter group transfer
4) Movement in Plan Assets: Year ended 31/03/2023 Year ended 31/03/2022
The fair value of the assets as at the balance sheet date has been
estimated by us based on the latest date for which a certified value of
assets is readily available and the cash flow information to and form the
fund between this date and the balance sheet date allowing for
estimated interest for the period:
A reconciliation of the plan assets during the inter-valuation
period is given below:
Opening fair value of plan assets 837.84 926.63
Employer contributions 460.31 113.55
Interest on plan assets 52.35 61.16
Administration expenses - -
Actual return on plan assets less interest on plan assets 7.95 16.69
Benefits paid (259.96) (271.02)
Assets acquired / (settled) 42.86 (9.17)
Assets distributed on settlements - -
Closing fair value of plan assets 1,141.35 837.84
Movement in Asset Ceiling:
A reconciliation of the asset ceiling during the inter-valuation perios is given below:
Opening value of asset ceiling .29
Interest on opening balance of asset ceiling .02
Change in surplus/deficit (.31) .29
Closing value of asset ceiling - .29


Year ended Year ended Year ended Year ended Year ended Year ended
5) Disaggregation of Plan Assets: 31/03/2023 31/03/2023 31/03/2023 31/03/2022 31/03/2022 31/03/2022
Quoted Value Unquoted value Total Quoted Value Unquoted value Total
A split of plans asset between various asset classes
as well as segregation 'between quoted and
unquoted values is presented below:
Property - - - - - -
Government debt instruments - - - - - -
Other debt instruments - - - - - -
Equity instruments - - - - - -
Insurer managed funds - 1,141.35 1,141.35 - 837.84 837.84
Others - - - - - -
Grand Total - 1,141.35 1,141.35 - 837.84 837.84
Year ended Year ended
6) Key Acturial Assumptions:
31/03/2023 31/03/2022
The Key acturial assumptions adopted for the
purpose of this valuation are given below:
a) Discount rate (p.a.) 7.45% 7.10%
b) Salary escalation rate (p.a.) 7.00% 7.00%
c) Retirement Age:
The employees of the company are assumed to
retire at the age of 58 years.
d) Mortality:
Published rates under the Indian Assured Lives
Morality (2012-14) Ut table.
Rates of Indian Assured Lives Morality table at
specimen ages are as shown below: Age (years) Rates (p.a.) Age (years) Rates (p.a.)
18 0.000874 18 0.000874
23 0.000936 23 0.000936
28 0.000942 28 0.000942
33 0.001086 33 0.001086
38 0.001453 38 0.001453
43 0.002144 43 0.002144
48 0.003536 48 0.003536
53 0.006174 53 0.006174
58 0.009651 58 0.009651
e) Leaving Service: Age (years) Rates (p.a.) Age (years) Rates (p.a.)
Rates of leaving service at specimen ages are as shown below: 21-30 10% 21-30 10%
31-40 5% 31-40 5%
41-50 3% 41-50 3%
51-57 2% 51-57 2%
f) Disability:
Leaving service due to disability is included in the provision made for all caused of leaving serivce (paragraph (e) above).


7) Sensitivity Analysis: Year ended 31/03/2023 Year ended 31/03/2022

Discount Rate Salary Escalation Discount Rate Salary Escalation
Rate Rate
Gratuity is a lump sum plan and the cost of
providing these benefits is typically less sensitive to
small changes in demographic assumptions. The
Key acturial assumptions to which the benefit
obligation results are particularly sensitive to are
discount rate and future salary escalation rate. The
following table summarizes the change in defined
benefit obligation and impact in percentage terms
compared with the reported defined benefit
obligation at the end of the reporting period arising
on account of an increase or decrease in the
reported assumption by 50 basis points.
Defined benefit Obligation on increase in 50bps 1,132.68 1,230.37 1,184.98 1,285.26
Impact of increase in 50bps on DBO -8.62% 9.22% -6.81% 7.28%
Defined benefit obligation on decrease in 50bps 1,230.39 1,132.27 1,285.46 1,184.72
Impact of decrease in 50bps on DBO 0.09 (0.09) 0.07 (0.07)
The sensitivities have been calculated to show the
movement in defined benefit obligation in
isolation and assuming there are no changes in
market conditions at the accounting date. There
have been no changes from the previsous periods
in the methods and assumptions used in preparing
the sensitivity analysis.
Disclosures in accordance with Ind AS 102 - Share based Payments
As per Ind AS 102, Share Based Payments, a parent that grants rights to its equity instruments directly to the employees of its
subsidiary has the obligation to provide the employees of the subsidiary with the equity instruments. The subsidiary does not have
an obligation to provide its parent’s equity instruments to the subsidiary’s employees. The subsidiary shall measure the services
received from its employees in accordance with the requirements applicable to equity-settled share-based payment
transactions, and recognise a corresponding increase in equity as a contribution from the parent. Accordingly, the company has
recognized the employee compensation expense in its financial statements, with a corresponding increase to a separate reserve
created for this purpose. The company has recognised employee compensation expense of `33.14 (previous year `20.26) during
the year with corresponding increase to Employee Stock Options Reserve.


Note No.37. Disclosures in accordance with Ind AS 24 - Related Parties
Holding Company
Wholly Owned Subsidiaries
Sundaram Alternate Assets Limited (Indian Subsidiary)
Sundaram Asset Management Pte Limited (Foreign Subsidiary)
SAMC Support Services Private Limited (formerly known As Principal Asset Management Private Limited) (Taken over by the
official liquidator for liquidation)
SAMC Services Private Limited (formerly known as Principal Retirement Advisors Private Limited)
SAMC Trustee Private Limited (formerly known as Principal Trustee Company Private Limited) (Taken over by the official
liquidator for liquidation)
Associates
Sundaram Mutual Fund
Sundaram Alternate Investment Trust Cat III
Sundaram Alternate Investment Trust Cat II
Fellow Subsidiaries/Associates
Sundaram Home Finance Limited.
Sundaram Trustee Company Limited.
LGF Services Limited.
Sundaram Fund Services Limited.
Sundaram BPO India Limited
Royal Sundaram General Insurance Company Limited
Sundaram Finance Holdings Ltd. (formerly known as - Sundaram Finance Investment Limited)
Sundaram Home Finance Ltd
Associates of Fellow Subsidiaries
Flometallic India Private Ltd.
The Dunes Oman LLC (FZC)
Sundaram Hydraulics Ltd.
Axles India Ltd.
Turbo Energy Private Ltd.
Transenergy Ltd.
Sundaram Dynacast Private Ltd.
Wheels India Limited
Key Management Personnel
Mr. Sunil Subramaniam – Managing Director and CEO
Mr. Vikaas M Sachdeva - Managing Director (w.e.f.10-10-2022)
Mr. Vijayendiran Rao - Chief Executive Director (CEO) (till 30-09-2022)
Mr. R.S.Raghunathan – Chief Financial Officer
Mr. S Parthasarathy – Chief Financial Officer
Mr. Ajith Kumar R- Company Secretary
Mr. K.Rajagopal - Secretary & Compliance Officer
Directors
Mr. Arvind Sethi
Mr. Harsha Viji
Mr. K N Sivasubramaniam
Mr. Raghavendra Rahguttama Rao
Mr. Rajiv C Lochan
Mr. Lakshminarayanan Duraiswamy
Mr. Karthik Athreya
Ms. Aarti Ramakrishnan (w.e.f. 30-01-2023)
Post Employment Benefit Plans
Sundaram Asset Management Company Limited Employees Group Gratuity Fund


Transactions with related parties were made on terms equivalent to those that prevail in an arm’s length transactions.
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
INCOME
Investment Management and Advisory Fees :
(Grouped under Note 23 – Revenue from Operations)
Sundaram Alternative Investment Funds - Cat III 2,503.64 2,360.44
Sundaram Alternative Investment Funds - Cat II 1,480.18 972.12
Sundaram Trustee Company Limited
Total - - 27382.54 24017.11 - -
Service Income and Advisory Fees: (Grouped under
Note 23 – Revenue from Operations)
Sundaram Home Finance Limited 96.42 33.19
Total - - 27,506.58 24,076.61 - -
OTHER INCOME
Rental Income : (Grouped under Note 24 –
Other Income)
TOTAL - - 3.00 3.00 - -
TOTAL INCOME - - 27,509.58 24,079.61 - -
EXPENSES
Rent and Office Maintenance
Vehicle Lease Rental
PMS BROKERAGE
AIF BROKERAGE
Document Storage Charges
Insurance : (Grouped under Note 28 -
Administrative Expenses – Insurance)
Royal Sundaram General Insurance Co. Limited 18.97 24.51
REMUNERATION
Key Personnel of the Company
Mr Sunil Subramaniam - Managing Director 399.68 399.68
Mr R.S.Raghunathan - Chief Financial Officer 54.19 38.00
Mr Ajith Kumar R- Company Secretary 25.89 22.75
Director sitting fees and Director's Commission
Mr Arvind Sethi - Independent Director 19.35 15.95
Mr Sivasubramaniam - Independent Director 11.60 8.85
MrRahguttama Rao 11.35 9.60
Mr Harsha Viji - 1.10
Mr Karthik Aathriya - 0.50
Mr Lakshminarayanan Duraiswamy - 1.00
Mr Vijayendiran Rao - Managing Director 204.14 162.64
Mr Vikaas M Sachdeva - Managing Director 98.51 -
Mr Parthasarathy - Chief Financial Officer 35.75 34.05
Mr K Rajagopal - Company Secretary 26.21 21.45
Ms Aarti Ramakrishnan 2.75


2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Professional & Consultancy Charges
HD Ventures LLP 298.05 136.12
Payroll processing and AMC Accounting Charges,
Call Centre Charges (Grouped under Note 28 -
Administrative Expenses – Miscellaneous Expenses)
Fund Accounting & Registrar and Transfer fees and
Call Centre Charges : (Grouped under Note 28 -
Administrative Expenses)
System Services Cost : (Grouped under Note 28 -
Administrative Expenses – Repairs and
Maintenance Cost)
Internal, Concurrent and Audit Fees
(Grouped under Note 28 - Administrative Expenses –
Miscellaneous Expenses)
TOTAL 688.58 543.35 267.78 278.92 1,187.48 851.69
Interest on borrowings ( Grouped under Note 25.
Finance Costs- Interest on borrowings)
Dividend on Preference Shares :
Final Dividend
Sundaram Finance Limited 3,800 1,500
ASSETS
Administrative Charges Receivable :
(Grouped under Note 3 – Trade Receivables)
Outstanding Receivable - Sundaram Alternative
Investment Fund - Cat III 205.43 265.67
Outstanding Receivable - Sundaram Alternative
Investment Fund - Cat II 514.31 293.68
Outstanding Receivable -
Outstanding Receivable - Sundaram Mutual Fund 2,715.11 737.46
Investment In Trust Securities at the end of the year
Sundaram Alternative Investment Fund - Cat III 386.51 200.00
Sundaram Alternative Investment Fund - Cat II 190.00 109.45
Sundaram Alternative Opportunities
Fund Mauritius Ltd 0.08 0.08
Sundaram Alternative Opportunities
Fund II Mauritius Ltd 0.08 0.08


2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Rent and Insurance Deposit : (Grouped under
Note 6– Other Financial Assets)
Royal Sundaram General Insurance Company Limited 0.07 0.31
Sale of vehicles (Grouped under Note 9– Property,
Plant and Equipment)
Mr Sunil Subramaniam 4.44
Mr Vijayendiran Rao 6.05
Total 26.95 26.95 21,847.34 18,445.15 10.49 -
Liabilities
Share Capital
Securities Premium
Lease Liabilities : (Grouped under Note 16 –
Lease Liabilities)
Sundaram Finance Limited 423.83 -
Other Liabilities
(Grouped under Note 13 – Trade Payables)
Outstanding Payable - HD Ventures LLP 38.25 16.22
(Grouped under Note 15 – Subordinated Liabilities)
Redeemable Cumulative Non-Convertible Preference
Shares Alloted
Borrowings (Grouped under Note 14 Borrowings
(other than Debt Securities))
Loan from Sundaram Finance Limited - 10,000.00
Loan from Sundaram Fund Services Limited 3,039.95 3,039.95
Total 10,567.21 20,143.46 3,137.80 4,592.32 38.25 16.22


Note 38. Trade Receivables ageing schedule

Particulars
Less than 6 months Over 6 months - 1 year 1-2 years 2-3 years More than 3 years Total
(i) Undisputed Trade receivables –
considered good 4,491.93 - - - - 4,491.93
(iv) Disputed Trade
(v) Disputed Trade Receivables – which have
significant increase in credit risk - - - - - -
Receivables – credit impaired
(i) Undisputed Trade receivables – considered good 2,618.92 - - - - 2,618.92
(iv) Disputed Trade
(v) Disputed Trade Receivables –
Note 39. Trade Payables ageing schedule

Particulars
Less than 1 year 1-2 years 2-3 years Over 3 years Total
Trade payables 2,716.64 - 5.84 - 2,722.48
(i) MSME 7.35 - - - 7.35
(ii) Others 2,709.29 - 5.84 - 2,715.12
Trade payables 2,669.88 - 10.47 - 2,680.35
(i) MSME - - - - -
(ii) Others 2,669.88 - 10.47 - 2,680.35


Note 40 - Disclosures in accordance with Ind AS 116 - Leases
(a) Disclosure under IND AS 116 as a Lessee
Particulars 31/03/2023 31/03/2022
Depreciation charge for ROU Asset 716.49 687.53
Interest expense on lease liability 226.00 156.18
Expenses relating to short term leases (need not include the expense
relating to leases with a lease term of one month or less) - -
Expense relating to leases of low-value assets (not include the expense
relating to short-term leases of low-value assets included in above line) 2.06 4.53
Expenses relating to variable lease payments - -
Income from sub-leasing of ROU Asset 3.00 3.00
Total Cash Outflow for leases 817.27 700.81
Additions to ROU Assets during the year 1,757.00 408.45
Gains or losses arising from sale and leaseback transactions - -
Carrying amount of right-of-use assets at the end of the reporting
period for each asset category - -
Building 1847.76 820.90
Vehicles 9.22 25.10
b) Disclosure under IND AS 116 as a Lessor
Particulars 31.03.2023 31.03.2022
Lease Income 3.00 3.00
Income relating to variable lease payments - -
c) Note on Covid Waiver
During FY 2021-22, due to Covid-19, the company has received certain rent concessions satisfying the conditions in the Para 46B
of Ind AS 116. The company has used a practical expidient and has accounted for change in lease payments resulting from the rent
concession the same way it would account for the change applying this Standard if the change were not a lease modification.
Applying the principles of amended Ind AS 116, the company has recognised the effect of such practical expidient in the opening
balance of the retained earnings for `1.12 lakhs.
Note 41 Components of Tax Expense
Particulars 31.03.2023 31.03.2022
Income tax expense in the statement of profit and loss consists of:
Current income tax:
In respect of the current year 1,777.12 2,357.66
In respect of the previous years
Deferred tax:
In respect of the current year 656.02 275.00
Income tax expense recognised in the statement of profit and loss: 2,433.14 2,632.66
Income tax recognised in other comprehensive income
Current tax arising on income and expense recognised in other
comprehensive income 12.85 (92.80)
Deferred tax arising on income and expense recognised in other
comprehensive income 20.88 (547.15)
Total 33.73 (639.94)
The reconciliation between the provison for income tax of the Company
and amounts computed by applying the Indian statutory income tax
rates to profit before taxes is as follows:
March 31, 2023 March 31, 2022
Profit before tax 9,744.39 9,795.65
Enacted income tax rate in India 25.168% 25.168%
Computed expected tax expenses 2,452.47 2,465.37



Amount Tax Impact
Effect of:
Due to change in tax rates 1.68
Deduction for dividend income out of the dividend declared 550.20 (138.47)
Due to other disallowance/(allowance) under Income Tax Act (226.80) 57.08
Amount Tax Impact
Effect of:
Due to change in tax rates - (48.23)
Deduction for dividend income out of the dividend declared 3,031.07 762.86
Due to other disallowance/(allowance) under Income Tax Act 1,369.23 (593.79)
Calculation of Applicable Tax Rate:
March 31, 2023 March 31, 2022
Basic tax rate 22.00 22.00
Surcharge @ 10% 2.20 2.20
Aggregate of tax and surcharge 24.20 24.20
Cess @ 4% on tax and Surcharge 0.968 0.968
Tax Rate applicable 25.168 25.168
Property, Plant and Equipment (554.31) (701.86) (1,256.17)
Fair Valuation of Investments routed through PL (72.83) 1.60 (71.23)
Fair Valuation of Investments routed thorugh OCI 547.15 (20.88) 526.26
Rent Deposit (4.95) 0.91 (4.04)
Preliminary expenses 2.35 (2.35) -
Borrowings at amortised cost - 7.30 7.30
Leases 33.09 19.19 52.28
Long term capital loss - 0.70 0.70
Stamp-duty on closing units of Mutual Fund Investments - 0.19 0.19
Total (136.61) (657.03) (793.64)
Property, Plant and Equipment 42.39 (596.71) (554.31)
Adjustment in consoldiation for Fair valuation through PL - (29.45) (29.45)
Fair Valuation of Investments routed thorugh OCI - 547.15 547.15
Rent Deposit (4.85) (0.09) (4.94)
Preliminary expenses 5.68 (3.34) 2.34
Axis Bank borrowings - - -
Leases 31.85 1.24 33.09
Total (379.31) 242.68 (136.61)


Note 42. Disclosures in accordance with Ind AS 108 - Operating Segments

The CEO of the Company has been identified as the Chief Operating Decision Maker. The CODM has considered only
Investment Management Business as the operating segment as defined under Ind AS 108. The Company’s operations primarily
relate to providing Investment Management services.
Geographical location of customers 31/03/2023 31/03/2022
Revenue
India 36,185.67 32,561.81
Australia 92.14 106.00
Total 36,277.81 32,667.81
Non-Current Assets used in the Company’s business, assets or liabilities contracted, other than those specifically identifiable are
located in the company’s country of domicile.
During the years ended 31 March 2023 and 31 March 2022, Sundaram Mutual Fund contributed more than 10% of the revenue
of the Company.
Note 43(a). Liquidation of subsidiaries
During the year, the two subsidiaries of the company namely SAMC Support Services Private Limited (formerly known as Principal
Asset Management Private Limited) and SAMC Trustee Private Limited (formerly known as Principal Trustee Company Private
Limited) have commenced the process of liquidation and have been taken over by the official liquidator. The formalities of
liquidation are complete and the application is pending before NCLT. Pursuant to such liquidation, the assets (including goodwill)
and liabilities of these subsidiaries have been derecognised from the consolidated balance sheet and the resulting gain or losses
associated with the loss of control have been accouunted for in the Statement of Profit and Loss. The resulted loss on derecognition
of SAMC Trusee Private Limited is `2,58,30,353 (in absolute figures) and the same is recognised in the Statement of Profit and Loss
and the resulted Gain/Loss on derecognition of SAMC Support Services Private Limited (formerly known as Principal Asset
Management Company Private Limited is NIL.
Note 43(b). Business Combinations
During the year, a scheme of arrangement has been approved by the Board of Directors of the company on 30th June, 2022
approving merger with itself the fund accounting divsion, which will be demerged from Sundaram Fund Services Limited. The
application is pending before the NCLT. On Approval of the scheme, the company shall issue 1 equity share of Face Value `10 each
(in absolute figures) fully paid up for every 100 equity shares held in Sundaram Fund Services Limited having face value of `10 each
(in absolute figures) fully paid up in consideration for takeover of their Net assets.
During the year a scheme of arrangement has been approved by the Board of Directors of the company on 4th August 2022
approving merger of its subsidary SAMC Services Private Limited (formerly known as Principal Retirement Advisors Private Limited)
with its other subsidiary Sundaram Alternate Assets Limited. The application is pending before the NCLT. There shall be no financial
impact to the company on account of the proposed amalgamation.
Note 44(a). Redemption of Investment in Preference Shares
The investments in preference share capital of Sundaram AMC Singapore Pte Ltd have been redeemed on at par.
Note 44(b). Redemption of Preference Share Capital
The company during the year redeemed the preference share capital issued at par. As required under Section 69 of the Companies
Act 2013, the company has created a Capital Redemption Reserve for `15,00,00,000 (in absolute figures) being the face value of
shares redeeemed.
Note 45. Investments in Mutual Funds - Seed Capital
Pursuant to approval of the SEBI Board meeting dated February 17, 2020 and as mandated by the Amendment in SEBI (Mutual
Funds) Regulations, 1996, the investments in seed capital of the Assets managed by the company have been made during the year.
Considering the nature of this investment being equity investments not held for trading, the company has elected to designate the
same at Fair value through Other comprehensive income as per IND AS 109 with all subsequent changes in fair value being
recognised in other comprehensive income.


Note 46. Disclosures in accordance with Ind AS 115 - Revenue from contracts with customers
Movement of Trade Receivables
Particulars 31/03/2023 31/03/2022
Opening Net Trade Receivables (A) 2,618.92 3,692.65
Add: Revenue recognised during the year 36,277.81 31,904.59
GST Collected 6,530.01 5,742.83
Brokerage and Marketing Expenses incurred
and receivable - -
Total (B) 42,807.81 37,647.42
Less: Collections 40,197.91 38,220.67
Changes due to business combinations - -
Tax Deducted at Source 725.56 496.59
Compensation to investors payable by the
company but incurred by Mutual Fund 11.34 3.89
Total (C) 40,934.80 38,721.15
Closing Balance (A+B-C) 4,491.93 2,618.92
Performance Obligations
The performance obligations in the entity's contract with customers are satisfied upon completion of service. The contracts with
customers have no significant financing components. Revenue is recognised on time proportion basis using agreed rates. Other
revenues are recognised when the customer obtains control of services rendered by the company.
Note 47. Proposed Dividend

Board of Directors of the Company at their meeting held on 4th May 2023 have recommended a dividend of `20.88 per share to
the shareholders of the company subject to the approval of Members at the ensuing Annual General Meeting. The dividend payable
to preference share holders have been considered as a liability and accounted for.
Note 48 - Disclosures in accordance with Ind AS 33 - Earnings Per Share

Sl. No Particulars 2022-2023 2021-2022
1 Total Comprehensive Income (A) 7,773.07 7,511.20
2 Other Comprehensive Income (B) 461.82 348.22
3 Profit / (Loss) for the period (C)=(A)-(B) 7,311.24 7,162.99
4 Number of shares (nominal value of `10/- each ) (D) 2,39,50,384 2,15,58,508
5 Earnings per share (Basic) – ` (C)/(D) 30.53 33.23
6 Earnings per share (Diluted) – ` 30.53 33.23
7 Dividend proposed to be distributed – `20.88/-
per share (Previous Year `15.87/- per share) 5,000.00 3,800.00
8 Dividend per share – ` 20.88 15.87
Note 49 - Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006
The Company has initiated the process of obtaining confirmation from suppliers who have registered under the Micro, Small and
Medium Enterprises Development Act, 2006. Based on the information available with the company there is no amount outstanding
as on 31st March 2023 other than those specified below. There are no overdue principal amounts and therefore no interest is paid
or payable. The information required to be disclosed under the Micro, Small And Medium Enterprises Development Act,2006('the
MSMED Act") has been determined to the extent such parties have been identified on the basis of information received from such
parties and available with the Company. There are no overdue to parties on account of principal amount and / or interest as disclosed
below:


Particulars For the year ended

March 31, 2023 March 31, 2022
The Principal amount and interest thereon, remaining unpaid to any supplier at the 7.35 -
end of each accounting year.
The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act 2006
The amount of payment made to suppliers beyond the appointed day during each
accounting year
The amount of interest due and payable for the period of delay in making payment(which
have been paid beyond the appointed day during the year) but without adding the Nil
interest specified under MSMED Act, 2006
The amount of interest accrued and remaining unpaid at the end of each accounting
year
The amount of further interest remaining due and payable even in the succeeding years
until such dates when the interest due above are actually paid to all the small enterprises,
for the purpose of disallowance as a deductible expenditure under Section 23 of the
MSMED Act 2006
Note 50. Additional information required as per Part 3 of Schedule III of Companies Act, 2013
For FY 2022-23
Net Assets, i.e., total assets
Share in profit or loss Share in other comprehensive income Share in total comprehensive income
minus total liabilities
Particulars As % of As % of As % of consolidated As % of total
consolidated Amount consolidated Amount other comprehensive Amount comprehensive Amount
net assets profit or loss income income
Parent
Sundaram Asset 89.02% 35,978.03 33.35% 2,438.13 23.72% 109.53 32.78% 2,547.66
Management Company
Limited
Indian
Sundaram Alternate asset 10.91% 4,409.94 55.58% 4,063.46 -2.00% (9.22) 52.16% 4,054.24
Limited
SAMC Support Services 0.09% 36.00 0.49% 36.00 0.00% - 0.46% 36.00
Private Limited (formerly
known as Principal AMC
Pvt Ltd)
Principal Retirement -0.05% (20.72) -0.28% (20.72) 0.00% - -0.27% (20.72)
Advisors Pvt Ltd
Principal Trustee Co 0.06% 24.99 0.34% 24.99 0.00% - 0.32% 24.99
Pvt Ltd
Foreign
Sundaram Asset
Management Singapore
Pte Limited -0.03% (13.70) 10.52% 769.38 78.28% 361.52 14.55% 1,130.90
Total 100.00% 40,414.54 100.00% 7,311.24 100.00% 461.82 100.00% 7,773.07


Note 50. Additional information required as per Part 3 of Schedule III of Companies Act, 2013
For FY 2021-22
Net Assets, i.e., total assets
Share in profit or loss Share in other comprehensive income Share in total comprehensive income
minus total liabilities
Particulars As % of As % of As % of consolidated As % of total
consolidated Amount consolidated Amount other comprehensive Amount comprehensive Amount
net assets profit or loss income income
Parent
Sundaram Asset
Management company 95.17% 34,649.04 76.94% 5,511.03 86.12% 299.90 77.36% 5,810.92
limited
Subsidiaries
Indian
Sundaram Alternate asset
9.33% 3,398.02 34.59% 2,477.53 -8.25% (28.73) 32.60% 2,448.79
Limited
SAMC Support Services
Private Limited (formerly
-4.26% (1,551.03) -21.65% (1,551.03) 0.00% - -20.65% (1,551.03)
known as Principal AMC
Pvt Ltd)
Principal Retirement
0.01% 4.67 0.06% 4.60 0.02% 0.07 0.06% 4.67
Advisors Pvt Ltd
Principal Trustee Co Pvt
-0.27% (96.99) -1.35% (96.99) 0.00% - -1.29% (96.99)
Ltd
Foreign
Sundaram Asset
Management Singapore 0.01% 4.63 11.42% 817.85 22.11% 76.98 11.91% 894.83
Pte Limited
Total 100.00% 36,408.34 100.00% 7,162.99 100.00% 348.22 100.00% 7,511.20
Note 51. Dues to Investor Education and Protection Fund:
There are no amounts due for payment to the Investor Education & Protection Fund under Section 125 of the Companies Act,
2013 as at March 31, 2023.
Note 52. Contractual liabilities:
All contractual liabilities connected with business operations of the Company have been appropriately provided for.
Note 53. Utilization of Borrowed Funds:
The term loans were applied for the purpose for which the loans were obtained and funds raised on short term basis have not been
utilised for long term purposes.
Note 54. Benami Property
No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
Note 55. Wilful Defaulter
The company has not declared as wilful defaulter by the Bank or Financial Institution or other lender.
Note 56. Relationship with Struck off Companies
The company has not entered into any kind of transactions with Struck off Companies under Section 248 of the Companies Act,
2013.
Note 57. Registration of charges or satisfaction
All charges have been properly executed and registered with ROC.

Note 58. Compliance with number of layers of companies

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read
with the Companies (Restriction on number of Layers) Rules, 2017.
Note 59. Ratios
a) Capital to risk-weighted assets ratio (CRAR):- NA
(b) Tier I CRAR:- NA
(c) Tier II CRAR:- NA
(d) Liquidity Coverage Ratio:- NA
Note 60. Compliance with approved Scheme(s) of Arrangements
The Company has not entered in to any Scheme of Arrangments in terms of sections 230 to 237 of the Companies Act, 2013 other
than those mentioned in Note 43(b) to the Financial Statements.
Note 61. Utilisation of Borrowed funds and Share Premium
The Company has not advanced (or) loaned (or) invested funds (either borrowed funds or Share Premium or any other sources or
kind of funds) to any other person or entity, including foreign entities (Intermediaries) with the understanding (whether recorded in
writing or otherwise).
The company has not received any fund from any person or entity, including foreign entity (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the company has to directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
Note 62. Undisclosed income
There are no transaction that are not recorded in the Books of Accounts that has been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961.
Note 63. Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency.
Note 64. Compliance with Schedule III Ammendments
Previous year figures have been regrouped/reclassified wherever necessary for better presentation.
Note 65. Recent Accounting Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time.
On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023. Certain amemdments
are discussed below:
Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting policies
rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on
or after April 1, 2023. The Company has evaluated the amendment and the impact of the amendment is insignificant in the financial
statements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from
changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April
1, 2023. The Company has evaluated the amendment and there is no impact on its financial statement
Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply
to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is
annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its
financial statement.

Sanjeev Aditya.M
DIN: 00602484 DIN: 07222050
Partner
Place: Chennai

Branches
Agra Durgapur Moradabad
Ahmedabad Erode Mumbai - 3
Ajmer Goa Muzaffarpur
Akola Gorakhpur Mysore
Allahabad Gurugram Nagpur
Amritsar Guwahati Nasik
Anand Gwalior Patna
Aurangabad Hubli Pondy
Bangalore - 2 Hyderabad Pune
Baroda Indore Raipur
Bhagalpur Jabalpur Rajkot
Bhavnagar Jaipur Ranchi
Bhilai Jalandhar Salem
Bhopal Jalgaon Sangli
Bhubaneshwar Jamnagar Siliguri
Burdwan Jamshedpur Surat
Calicut Jodhpur Thirunelveli
Chandigarh Kanpur Thrissur
Chennai - 2 Kolhapur Trichy
Cochin Kolkatta - 2 Trivandrum
Coimbatore Kota Udaipur
Cuttack Kottayam Vapi
Davangere Lucknow Varanasi
Dehradun Ludhiana Vellore
Delhi Madurai Vijayawada
Dhanbad Mangalore Vizag


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Sundaram

27th Annual Report

Board of Directors Harsha Viji Chairman

Sunil Subramaniam Managing Director

R.Ajith Kumar Company Secretary

Audit Committee Arvind Sethi Chairman

Nomination and Remuneration Committee Harsha Viji Chairman

Corporate Social Responsibility Committee Harsha Viji Chairman

Registered Office 21, Patullos Road, Chennai - 600 002

Corporate Office Sundaram Towers, I & II Floor,

46, Whites Road, Royapettah, Chennai - 600 014

Tel: 044-28569900/40609900, Fax: 044-28262040

Auditors M/s. Suri & Co., Chennai, Chartered Accountants

Information Security Assurance Auditors M/s. C V Ramaswamy and Co., Chennai

2 Annual Report 2022-23

Sundaram Finance Limited

3 Annual Report 2022-23

Sundaram Asset Management Company Limited

Report on CSR Activities 13

Disclosure as per Secretarial Standard

on meetings of the Board of Directors 16

Secretarial Audit Report 17

Independent Auditors' Report 23

Statement of Profit and Loss 31

Cash Flow Statement 32

Statement of changes in equity 34

Notes to the Accounts 35

Statement in Form AOC-1 relating to Subsidiaries 77

Consolidated Financial Statements

Independent Auditors' Report 80

Statement of Profit and Loss 85

Cash Flow Statement 86

Statement of changes in equity 88

Notes to the Accounts 89

4 Annual Report 2022-23

5 Annual Report 2022-23

Sundaram Mutual Fund Sundaram Alternate Assets Limited (SA)

6 Annual Report 2022-23

your Company is under liquidation, accordingly, financial members upon request.

information is not available. Fund Performance

part of the Annual Report. A separate statement containing the dividends.

7 Annual Report 2022-23

Brand Awards MF account.

8 Annual Report 2022-23

9 Annual Report 2022-23

10 Annual Report 2022-23

Board Committees The committee has also evaluated the performance of

11 Annual Report 2022-23

12 Annual Report 2022-23

Annual Report on CSR Activities for the financial year 2022-23

1. Brief outline on CSR Policy of the Company

13 Annual Report 2022-23

Name. CSR Registration

(1) (2) (3) (4) (5) (6) (7) (8)

14 Annual Report 2022-23

(d) Amount spent in Administrative Overheads

Harsha Viji Rajiv C Lochan K N Sivasubramanian Sunil Subramaniam

15 Annual Report 2022-23

1. Board 4. Corporate Social Responsibility Committee

4 Rajiv C Lochan 05309534 5 30.06.2022 3 K N Sivasubramanian 1