REG - India CapitalGrwthFd - Half-year Report
26/09/2022 07:00
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RNS Number : 5259A India Capital Growth Fund Limited 26 September 2022
INDIA CAPITAL GROWTH FUND LIMITED
Interim Results for the six months ended 30 June 2022
26 September 2022, London - India Capital Growth Fund ("ICGF" or "the
Company"), the LSE premium listed investment company established to take
advantage of long-term investment opportunities in companies based in India,
today reports results for the six months ended 30 June 2022.
Highlights
Unaudited 30 June 2022 Audited 31 December 2021 % change Unaudited 30 June 2021
Per Ordinary Share
Net Asset Value (NAV) 115.00p 134.74p -14.7% 122.18p
Share price 96.00p 119.75p -19.8% 110.50p
Share price discount to NAV 16.5% 11.1% 9.6%
FX impact
Indian Rupee / Sterling 95.96 100.30 +4.3% 102.95
· The NAV fell 15% in the six months to 30 June 2022. However the
latest published NAV as at 30 August 2022 was 138.69 pence, an increase of
over 20% in the last two months
· The discount widened to 16.5% as at 30 June 2022 but remains in line
with, or lower than most of our peers. The Board would like to see the
discount narrow and works with the Investment Manager and Brokers to reduce
this discount over time
· First Redemption Point on 31 December 2021 resulted in 13.9% shares
being redeemed returning a net £19.5m to shareholders in January 2022. The
second Redemption Point will be on 31 December 2023 when the exit discount
will be no more than 3%
· The Rupee appreciated against Sterling in the six months to 30 June
2022 in spite of international crude oil prices hitting US$120/barrel. Lower
currency volatility is predominantly a consequence of India's much improved
external account. India's Information Technology service exports now exceed
the cost of crude oil imports
Elisabeth Scott, Chair of India Capital Growth Fund, said:
As the war in Ukraine grinds on, there seems to be little prospect of a
reduction in energy prices and the deleterious effects that this is having on
economies across the world. It does seem, however, that India is better placed
than many countries to weather this difficult environment. Despite the
substantial outflows of foreign funds from the Indian equity market, strong
domestic inflows are replacing at least part of those withdrawals.
India is projected to be the fastest growing major economy with GDP growth of
7.4% forecast for the calendar year 2022 and recently became the fifth largest
economy in the world.
ENQUIRIES
David Cornell
Ocean Dial Asset Management
+44 20 7068 9870
david.cornell@oceandial.com
William Clutterbuck
Maitland/AMO PR
+44 20 7379 5151
wclutterbuck@maitland.co.uk
Robert Finlay
Shore Capital
+44 20 7408 4090
Matt Lihou
Apex Fund and Corporate Services (Guernsey) Limited
+44 (0) 203 5303 687
matt.lihou@apexfs.com
About India Capital Growth Fund
India Capital Growth Fund Limited the LSE premium listed investment company
registered and incorporated in Guernsey, was established to take advantage of
long-term investment opportunities in companies based in India. ICGF
predominantly invests in listed mid and small cap companies, although
investments may also be made in large cap and private Indian companies where
the Fund Manager believes long-term capital appreciation will be achieved.
www.indiacapitalgrowth.com (http://www.indiacapitalgrowth.com/)
CHAIR'S STATEMENT
The first half of 2022 saw Indian equity markets fall, although by slightly
less than other emerging markets. Rising oil prices and concerns about global
growth, both due in large part to the effects of the war in Ukraine, were the
principal factors behind investor concerns. As is typical in an environment
where investors are concerned about heightened risk, money was taken out of
equity markets worldwide.
Policy makers in India sought to get ahead of the economic crisis and have
introduced a number of measures designed to bolster the economy. The Reserve
Bank of India has increased interest rates to support the currency: over the
period the Indian Rupee strengthened by 4.3% in value against Sterling.
While inflation peaked at 7.8% in April, there have been signs that the rate
is declining. We shouldn't forget that India has been dealing with inflation
at high levels for a number of years. India is projected to be the fastest
growing major economy with GDP growth of 7.4% forecast for the calendar year
2022 and recently became the fifth largest economy in the world.
Performance
The Net Asset Value (NAV) per share in the Company fell by 14.7%,
underperforming the benchmark index (BSE Midcap Total Return Index), which
fell by 8.5%. The key contributors to underperformance came from a broad range
of sectors and different types of business. Exporters and global facing
companies were particularly hard hit.
Discount
The discount of the share price to NAV widened over the period from 11.1% to
16.5%. This reflected investor concerns about equity markets and emerging
markets in particular. Following the redemption of shares in January under the
Redemption Facility 2021, a further 165,204 shares have been bought back in
the market during the period. The Board keeps the discount under review and
would like to see the discount narrow. The Board works with the Investment
Manager and our brokers to identify ways to reduce the discount over time. No
further shares have been bought.
The Board
Peter Niven retired from the Board at the AGM in September after eleven years
of service. The Board thanks Peter for his important contribution to the
Company and his wise counsel will be greatly missed.
After a professionally managed search process, the Board has appointed Nick
Timberlake as a non-executive director. Nick has extensive experience of the
asset management industry, most recently as Head of Equities at HSBC Global
Asset Management. For twenty years he managed funds investing in global
emerging markets, latterly at HSBC Global Asset Management and before that at
F&C Investment Management. Nick was elected as a director at the AGM.
Investor Relations
The Board would like to ensure that all shareholders have access to the
information that they need about the Company. To that end, the programme of
regular webinars hosted by Ocean Dial, our Investment Manager, continues to be
rolled out. I urge shareholders who have not yet taken advantage of these
webinars to sign up for updates on the India Capital Growth website
(www.indiacapitalgrowth.com (http://www.indiacapitalgrowth.com) ).
Efforts to promote the Company via the press and in investor seminars
sponsored by wealth managers and others will be stepped up during the second
half of the year. The Board believes that these are effective methods to keep
shareholders informed and create interest in the Company from prospective
shareholders.
Outlook
As the war in Ukraine grinds on, there seems to be little prospect of a
reduction in energy prices and the deleterious effects that this is having on
economies across the world. It does seem, however, that India is better placed
than many countries to weather this difficult environment. Despite the
substantial outflows of foreign funds from the Indian equity market, strong
domestic inflows are replacing at least part of those withdrawals.
Corporate profits are holding up well, despite fears of a slowdown, although
some companies will continue to struggle as a result of commodity price rises
or fears of recession in a number of major economies.
Thank you for your support. The Board is confident that the Investment
Manager's strategy and positioning of the portfolio will stand us in good
stead as markets improve.
Elisabeth Scott
Chair
23 September 2022
INVESTMENT MANAGER'S REPORT
Since the onset of Covid in January 2020, India's equity markets have been
highly correlated to global indices, further exacerbated by Russia's invasion
of Ukraine. This, alongside uncertainty over stagflation (rising inflation as
economic growth slows) have been the dominant themes driving market
sentiment. This manifested itself in US$29bn of net outflows by foreign
institutional investors (FIIs) from the Indian equity markets in the period
under review.
These constant selling pressures led to India's main board index (BSE Sensex
TR) falling 4.1% (in GBP) over the six months to 30 June 2022 whilst the
portfolio's notional benchmark (BSE Midcap TR Index) fell 8.5% over the same
period. Investment returns in Sterling were supported by the stronger Rupee
which rose 4.3% in value against Sterling over the period. By comparison the
net asset value (NAV) of the portfolio fell 14.7% and the share price fell
19.8%. The monthly average discount of the share price to the NAV over the
period was 13.1%
Although markets fell, India has held up convincingly by comparison to both
Emerging and Developed market peers, which reinforces our conviction that the
economy is more robust as a consequence of the reforms undertaken by PM Modi's
government since 2014. And as such our belief that that India will become the
"stand-out" economy over the next few years remains firmly intact. The
following three factors fuel our conviction.
The first is the improving performance of India's Rupee (INR). In previous
periods of global volatility, the country's high dependence on crude oil
imports has invariably led to a sharp depreciation in the INR, often between
20% and 30%.
The past 6 months has seen the Rupee appreciate against Sterling and
depreciate by 6.2% against a strengthening US Dollar. This is in spite of
international crude oil prices hitting US$ 120/barrel and the aforementioned
FII selling pressure. Lower currency volatility is predominantly a consequence
of India's much improved external account.
There are two structural factors behind this;
a) India's Information Technology (IT) Service exports have
been growing rapidly, rising in value from $76bn in 2013 to $178bn over the
last fiscal year. IT service exports now exceed the cost of crude oil imports
(which reached $164bn in the last financial year) and are expected to grow
further from here.
b) India is becoming a compelling investment destination for
foreign capital. Long term Foreign Direct Investment previously running at
less than $50bn annually is now reaching US$ 70-80bn every year. In the last
financial year, the figure crossed $84bn.
As a consequence, India is now running a balance of payments surplus and
accumulating hard currency (US Dollar) reserves. India enjoys the fourth
highest US Dollar reserves globally.
The second is inflation. Consumer Price Inflation in India peaked at 7.8% in
April and has been on a downward trend subsequently. Food is the biggest
component of inflation (48% weight) and though food prices have increased,
India is not only self-sufficient but now a net exporter. Another key
component is energy (15% weight), but in this case the Government has
cushioned the consumer partially by proactively adjusting the level of tax
paid at the pump and forcing the downstream oil companies to bear a part of
the incremental price rise.
It is important to recognise that inflation in India has been structurally
reduced following a change in the Reserve Bank of India's (RBI) mandate (to
inflation targeting), in 2015. Admittedly at the current level of 6.7%,
inflation is still above the 2-6% range as set by the RBI, but as yet there is
little evidence of any meaningful impact on consumer spending. Corporate India
has successfully passed through cost increases to the final consumer (in the
form of higher prices) without any significant impact on demand. Barring a few
industry pockets (IT and Financial Services in particular), there is no
immediate pressure on wages. Inflation is less of a concern in India than in
Western economies.
The third factor is a shift in the behaviour pattern of the domestic retail
investors. The past four years has seen a steady flow of household savings
switch from investing in physical assets (such as Real Estate and gold), to
financial assets particularly equities. In spite of recent market volatility,
appetite for equities has held up well, reinforcing this shift away from
physical assets. Flows are predominately made up of small "ticket size"
investments mostly originating in smaller towns and cities and invested
through systematic investment plans (SIPs), on a monthly basis via a standing
order equivalent.
Indeed, since June 2018, monthly SIP inflows have exceeded US$1bn, with the
trend accelerating in the last six months. This was able to more than offset
the foreign selling pressure, but now leaves FII exposure to listed Indian
equities at 17.4%, multi decadal lows.
These improvements have provided more flexibility to both the Government and
the Central Bank to set policy suitable for the current environment. In this
regard economic growth continues to be the main priority working in tandem
with the Reserve Bank which continues to "cushion" currency volatility in
order to reduce the inflationary impact of a weaker currency. The Government
has also been proactive in addressing challenges on inflation and currency by
introducing adjustments to duties on some key export and import items.
To further support this view, several high frequency data points are pointing
to healthy economic momentum, supported by positive commentary from the
corporate sector. Recent financial results indicate strong demand, with export
related weakness partially offset by incremental market share gains coming
from a shift away from China centric manufacturing.
Our confidence in the health of the India economic model is replicated in the
conversations we have with investee companies and other similar channel
checks. Domestic demand is holding up well although our export facing
investments are sounding more cautious. Input cost pressures are abating, and
analysis indicates that operating margins will recover some lost ground in the
second half of the year.
For the current year the portfolio earnings in aggregate are expected to
expand by 34% and by a further 24% in the year to follow.
The key issue remains valuations. Since India has outperformed its emerging
market peers it has become even more expensive on a relative basis. However,
when considered in absolute terms index valuations in aggregate appear to be
in line with long term averages, suggesting the market is fairly priced. On a
stock by stock basis however, market volatility continues to provide decent
buying opportunities which we continue to exploit, confident in the belief
that the long term risk reward balance remains favourable.
Outlook
We forecast that the high levels of economic growth in India will be sustained
for the following reasons;
1. The reform initiatives introduced by the Modi
administration are complete, in the main. Although necessary, the process of
implementation has been disruptive to growth and profitability these last
years exacerbated by Covid and then war in Europe. But India's economy is
healthier for it. Corporate India has de-leveraged its balance sheet and the
banking system has cleaned up its asset quality issues. We expect an
investment cycle to follow.
2. Government is prioritising a growth agenda, leading the way
with increased investment in infrastructure. The expectation is that the
private sector will follow in due course.
3. To abet this, the government is offering financial
incentives to the private sector to capitalise on the opportunities thrown up
by de-risking supply chain dependency on China.
4. A revival in the real estate and property sectors is
underway after seven lean years. This can be a substantial driver of growth in
employment, construction, building materials and other related sectors.
Although not insulated from the risk of slower growth globally India has
domestic catalysts in abundance to drive growth in a way not experienced for
many years.
Attribution
During the period, NAV per share fell 14.7%. In contrast the benchmark
declined 8.5%, resulting in an underperformance of 6.2%. We are disappointed
by this performance. The key contributors to underperformance came from a
broad range of sectors and different types of business. Exporters and global
facing companies were particularly hard hit.
From a bottom up perspective, it was Welspun that caused the biggest drag on
performance. Welspun is one of the leading home textile companies globally and
a leader in the US markets for homeware. The Company's performance suffered as
margins fell sharply on account of rising cotton prices (a key input), rising
power costs and a fivefold increase in freight costs, with additional concerns
over a potential US recession adding to the poor sentiment.
The Company has strong relationships with its US customers, all premium
brands, and has negotiated in-built price escalation clauses to its contracts.
This ensures that Welspun can pass through increased costs, albeit with a lag.
More recently, Welspun has expanded its portfolio range and introduced in
house brands both in India and overseas. These products are scaling up
rapidly, expanding its opportunities to grow more broadly even after factoring
in a slowdown in its core US business. Our financial models factor in lower
operating margins for this year which are forecast to recover in the year
following.
The Company is valued on a price/earnings multiple of 8x 12 months forward for
a return on capital employed in excess of 20%, and a modest debt to equity
ratio of 0.4X. Welspun leads the global textile industry in fulfilling its ESG
practices in the Textile sector. We continue to keep the faith with this
investment.
The portfolio's poor relative performance also resulted from exposure to the
IT services sector through Tech Mahindra Limited and Persistent Systems. Stock
prices across the sector de-rated in anticipation of a slowdown in the United
States reducing demand for IT outsourcing services. Both companies delivered
strong performance in the last financial year as growth accelerated, led by
increased demand for digital IT in the post Covid world. There has been a
marked shift in the nature of work carried out by these companies. It has
moved from helping its customers to optimise their cost base, to supporting
these customers to maximise revenues. As such the quality of the income stream
is less discretionary in nature and hence fears of slower growth has been
overplayed.
The other major contributor to the portfolio's underperformance was exposure
to IDFC First Bank. The stock fell more than 30% over the period under review,
performing worse than its peers. This was despite the bank's operating
performance exceeding its own guidance and our own forecasts. Valuations are
also reasonable because IDFC Bank is expected to be core to future returns,
the opportunity to increase the portfolio's exposure was taken. The market is
waiting to understand more about how the bank's merger with IDFC (an
infrastructure financer, and the parent) and its ongoing conversion to a
retail focused bank, unfolds. The number of sell side analysts writing
research about the bank is increasing, reflecting greater interest in the
stock, which bodes well.
The main positive contributors to portfolio returns were Federal Bank, Jyothy
Laboratories and PSP Industries. All three delivered results for several
quarters which have exceeded expectations, and the economic outlook improving
there is growing confidence that this will sustain.
Activity
The portfolio sold out of Gujarat Gas, which is the largest city gas
distribution company. The stock had performed well but our concerns grew as
expectations of rising gas prices affecting industrial demand emerged. The
portfolio also removed its exposure to Aegis Logistics, which is India's
leading gas logistics platform following the announcement of a joint venture
with a global player, which provided little clarity on future plans for
growth. In parallel, the portfolio added Cholamandalam Investments, which is
India's leading and most profitable commercial vehicle finance company.
Cholamandalam has recently diversified into adjacent lending segments which
will offer greater growth visibility in the long term.
Additionally, the portfolio subscribed to a new listing from Vedant Fashions
which is a niche but dominant manufacturer of ethnic clothing for weddings and
other celebratory events, alongside initiating a position in Star Healthcare,
a leading health Insurance company.
Overall the number of stocks in the portfolio has risen by two to thirty four.
Recent entrants have entered the portfolio at lower percentage weightings
which will be increased cautiously over time.
Ocean Dial Asset Management
23 September 2022
INVESTMENT POLICY
The Company's investment objective is to provide long-term capital
appreciation by investing in companies based in India. The investment policy
permits the Company to make investments in a range of Indian equity and equity
linked securities and predominantly in listed mid and small cap Indian
companies with a smaller proportion in unlisted Indian companies. Investment
may also be made in large cap listed Indian companies and in companies
incorporated outside India which have significant operations or markets in
India. While the principal focus is on investment in listed equity securities
or equity linked securities, the Company has the flexibility to invest in
bonds (including non-investment grade bonds), convertibles and other types of
securities. The Company may, for the purposes of hedging and investing, use
derivative instruments such as financial futures, options and warrants. The
Company may, from time to time, use borrowings to provide short-term liquidity
and, if the Directors deem it prudent, for longer term purposes. The Directors
intend to restrict borrowings on a longer-term basis to a maximum amount equal
to 25% of the net assets of the Company at the time of the drawdown. It is the
Company's current policy not to hedge the exposure to the Indian Rupee.
PRINCIPAL INVESTMENTS
As at 30 June 2022
Holding Market cap size Sector Value % of Portfolio
£000
Federal Bank M Financials 7,501 6.6%
Ramkrishna Forgings S Materials 5,306 4.7%
Emami M Consumer Staples 5,287 4.7%
Indusind Bank M Financials 4,955 4.4%
Persistent Systems M Information Technology 4,550 4.0%
City Union Bank S Financials 4,526 4.0%
Affle India S Communication Services 4,088 3.6%
IDFC Bank M Financials 4,074 3.6%
Balkrishna Industries M Consumer Discretionary 3,912 3.5%
PI Industries M Materials 3,829 3.4%
Tech Mahindra L Information Technology 3,540 3.1%
Kajaria Ceramics S Industrials 3,434 3.0%
Bajaj Electricals S Consumer Discretionary 3,337 3.0%
Neuland Laboratories S Healthcare 3,211 2.8%
Jyothy Laboratories S Consumer Staples 3,192 2.8%
Aarti Industries M Materials 2,974 2.6%
Welspun India M Consumer Discretionary 2,967 2.6%
Multi Commodity Exchange S Financials 2,949 2.6%
CCL Products India S Consumer Staples 2,909 2.6%
Dixon Technologies M Consumer Discretionary 2,906 2.6%
Total top 20 portfolio investments 79,447 70.2%
Market capitalisation size definitions:
L: Large cap - companies with a market capitalisation above US$8bn
M: Mid cap - companies with a market capitalisation between US$2bn and US$8bn
S: Small cap - companies with a market capitalisation below US$2bn
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months to 30 June 2022
Unaudited Unaudited Audited
Six months Six months Year to
to 30.06.22 to 30.06.21 31.12.21
Notes Revenue £000 Capital £000 Total Total Total
£000
£000
£000
Income
Dividend income 26 - 26 16 94
Other income 5 - 5 - -
Foreign exchange gain 63 - 63 - 2
Net (loss)/gain on financial asset at fair value through profit or loss 5 - (20,403) (20,403) 28,024 42,315
Total (loss)/income 94 (20,403) (20,111) 28,040 42,411
Expenses
Operating expenses 3 (289) - (289) (274) (586)
Foreign exchange loss - - - (4) -
Transaction costs (12) - (12) - (4)
Total expenses (301) - (301) (278) (590)
(Loss)/profit for the period/year before taxation (207) (20,403) (20,412) 27,762 41,821
Taxation 6 193 - 193 (227) (217)
Total comprehensive (loss)/ income for the period/year after taxation (14) (20,403) (20,417) 27,535 41,604
(Loss)/earnings per Ordinary Share (pence) 4 (20.84) 24.48
4 (20.84) 24.48
Fully diluted (loss)/ earnings per Ordinary Share (pence)
The total column of this statement represents the Company's statement of
comprehensive income, prepared in accordance with IFRS as adopted by the EU.
The supplementary revenue and capital columns are both prepared under guidance
published by the Association of Investment Companies, as disclosed in the
Basis of Preparation in Note 1.
The (loss)/profit after tax is the "total comprehensive (loss)/income" as
defined by IAS 1. There is no other comprehensive income as defined by IFRS
and all the items in the above statement derive from continuing operations.
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
Unaudited Unaudited Audited
30.06.22 30.06.21 31.12.21
Notes £000 £000 £000
Non-current assets
Financial assets designated at fair value through profit or loss 5 109,794 137,519 148,786
Current assets
Cash and cash equivalents 1,270 132 2,510
Other receivables and prepayments 152 230 180
1,422 362 2,690
Current liabilities
Payables (227) (204) (247)
Net current assets 1,195 (69) 2,443
Non-Current liabilities
Deferred Taxation - (227) (198)
Net assets 110,989 137,450 151,031
Equity
Ordinary share capital 8 965 1,125 1,121
Reserves 110,024 136,325 149,910
Total equity 110,989 137,450 151,031
Number of Ordinary Shares in issue 8 96,515,653 112,502,173 112,089,729
Net Asset Value per Ordinary Share (pence) 115.00 122.18 134.74
- Undiluted and
diluted
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
For the six months to 30 June 2022
Share Capital £000 Capital Reserve £000 Revenue Reserve £000 Other Distributable Reserve £000 Total £000
Notes
Balance as at 1 January 2022 1,121 67,408 (10,524) 93,026 151,031
Loss on investments 5 - (20,403) - - (20,403)
Share repurchase 8 (156) - - (19,469) (19,625)
Revenue loss for the period after taxation - - - (14) (14)
Balance as at 30 June 2022 965 47,005 (10,524) 73,543 110,989
For the six months to 30 June 2021
Share Capital £000 Capital Reserve £000 Revenue Reserve £000 Other Distributable Reserve £000 Total £000
Notes
Balance as at 1 January 2021 1,125 25,093 (10,524) 94,221 109,915
Gain on investments 5 - 28,024 - - 28,024
Revenue loss for the period after taxation - - - (489) (489)
Balance as at 30 June 2021 1,125 53,117 (10,524) 93,732 137,450
For the year ended 31 December 2021
Share Capital £000 Capital Reserve £000 Revenue Reserve £000 Other Distributable Reserve £000 Total £000
Notes
Balance as at 1 January 2021 1,125 25,093 (10,524) 94,221 109,915
Gain on investments 5 - 42,315 - - 42,315
Share repurchase(1) 8 (4) - (484) (488)
Total comprehensive income for the year - - - (711) (711)
Balance as at 31 December 2021 1,121 67,408 (10,524) 93,026 151,031
(1) Treasury reserve and Other Distributable reserve were separately disclosed
in the 2021 financial statements with the Treasury reserve amount of
(£76,000) and Other Distributable reserve amount of £ 93,102,000. These have
been combined for presentation purposes to show a total amount of £
93,026,000. The transactions for the transfer of shares to treasury and the
redemption of shares were also combined for presentation purposes.
There is no change in the total equity as a result of the above presentation
changes.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
For the six months to 30 June 2022
Unaudited Unaudited Audited
30.06.22 30.06.21 31.12.21
£000 £000 £000
Cash flows from operating activities
Operating (loss)/ profit (20,412) 27,535 41,623
Adjustment for:
Net losses/(gains) on financial asset at fair value through profit or loss 20,403 (28,024) (42,315)
Foreign exchange (gains)/losses (63) 4 (2)
Dividend income (26) (16) (94)
Decrease in other receivables and prepayments 28 41 91
(Decrease)/increase in payables (218) 251 265
Cash used in operations (288) (209) (432)
Tax paid (5) - (19)
Net cash flow used in operating activities (293) (209) (451)
Cash flows from investing activities
Dividend received 26 16 94
Acquisition of investments (3,044) - (1,029)
Disposal of investments 21,633 200 4,253
Net cash flow from investing activities 18,615 216 3,318
Cash flows from financing activity
Redemption of shares (19,625) - (488)
Net cash used in financing activity (19,625) - (488)
Net (decrease)/ increase in cash and cash equivalents during the period/year (1,303) 7 2,379
Cash and cash equivalents at the start of the period/year 2,510 129 129
Foreign exchange gains/(losses) 63 (4) 2
Cash and cash equivalents at the end of the period/year 1,270 132 2,510
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the six months to 30 June 2022
1. Accounting Policies
The condensed financial statements have been prepared in accordance with
International Financial Reporting Standard ('IFRS') as adopted by the EU, IAS
34 'Interim Financial Reporting' and, except as described below, the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 December 2021.
The condensed financial statements do not include all of the information
required for a complete set of IFRS financial statements and should be read in
conjunction with the consolidated financial statements of the Company for the
year ended 31 December 2021, which were prepared under full IFRS
requirements.
Changes in accounting policies
New and revised standards
The following standards and interpretations (some of which are amendments to
existing standards) are effective for the first time for the financial period
beginning 1 January 2022:
· Amendments to IAS 37 Provisions, Contingent Liabilities
and Contingent Assets: Onerous Contracts - Cost of Fulfilling a Contract
(applicable for annual periods beginning on or after 1 January 2022)
· Annual Improvements to IFRS Standards 2018-2020
(applicable for annual periods beginning on or after 1 January 2022)
Other changes to accounting standards in the current year had no material
impact.
Standards and interpretations published, but not yet applicable for the annual
period beginning
on 1 January 2022:
· Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-current (applicable for annual
periods beginning on or after 1 January 2023, but not yet endorsed in the EU)
· Amendments to IAS 1 Presentation of Financial Statements
and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable
for annual periods beginning on or after 1 January 2023)
· Amendments to IAS 8 Accounting policies, Changes in
Accounting Estimates and Errors: Definition of Accounting Estimates
(applicable for annual periods beginning on or after 1 January 2023)
· Amendments to IAS 12 Income Taxes: Deferred Tax related
to Assets and Liabilities arising from a Single Transaction (applicable for
annual periods beginning on or after 1 January 2023, but not yet endorsed in
the EU)
Other standards in issue, but not yet effective, are not expected to have a
material effect on the financial
statements of the Company in future periods and have not been disclosed.
Going concern
The Board made an assessment of the Company's ability to continue as a going
concern for the twelve months from the date of approval of these financial
statements taking into account all available information about the future
including the liquidity of the investment portfolio held both by the Company
and its subsidiary, ICG Q Limited (74.1% of the portfolio can be liquidated
within 5 days); the performance of the investment portfolio (the net asset
value of the Company decreased 5.9% in the year); the overall size of the
Company and its impact on the Ongoing Charges of the Company (the net asset
value of the Company exceeded £100m throughout the year); the level of
operating expenses covered by highly liquid investments held in the portfolio
(operating expenses are 41 times covered by highly liquid investments); and
the length of time to remit funds from India to Mauritius and Guernsey to
settle ongoing expenses (no more than 10 days to have investments liquidated
and sterling funds in Guernsey).
Given the Company's previous performance, the Directors proposed a
continuation ordinary resolution at the Extraordinary General Meeting held on
12 June 2020, at which the Shareholders approved that the Company continue as
currently constituted and introduce a redemption facility which gives the
ordinary shareholders the ability to redeem part or all of their shareholding
at a Redemption Point every two years. The first Redemption Point was on 31
December 2021 when valid redemption requests were received in respect of
15,608,872 ordinary shares (13.9% of the then issued share capital) and
200,000 ordinary shares were placed, under the redemption facility at a total
cost of £19.5m in accordance with the announced timetable. The next date at
which shareholders will be able to request the redemption of some or all of
the shares will be 31 December 2023 at a discount of no more than 3%.
The Directors are satisfied that the Company has sufficient liquid resources
to continue in business for the foreseeable future therefore the financial
statements have been prepared on a going concern basis.
Outlook
Whilst the ongoing conflict between Russia and Ukraine is having a significant
impact on the supply and cost of energy and agricultural commodities for many
of the world's economies, the Indian economy has been less impacted than most
others: India's dependency on imported oil remains but the overall economic
impact has been offset by the increasing value of India's IT exports and the
government no longer directly absorbs the cost of rising oil costs.
Whilst India is experiencing high inflation with CPI at 7% as at the end June,
this is expected to fall to 6.4% by year end. India's inflation is not driven
by weak monetary policy, wage pressure or the expectation of wage increases,
and India is self-sufficient in agricultural commodities meaning the risk of
high inflation having a detrimental impact upon the Indian economy is much
less than in many other countries.
The investment philosophy of the Company is that in India, optimal returns
will be generated over time by investing in companies that are well placed to
benefit from the structural growth potential of the Indian economy. Whilst
uncertainties remain the future outlook for the portfolio investee companies
remains generally strong. This is reflected in the fact that the Net Asset
Value of the Company has increased by some 20% over the two months since the
period end.
2. Significant accounting judgements, estimates and assumptions
Management make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgements about the carrying value of assets and liabilities that are
not readily apparent from other sources. The Company makes estimates and
assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equate to the related actual results. The main use of
accounting estimates and assumptions occurs in the calculation of the
sensitivity analysis in note 10. In relation to the valuation of the unlisted
investment, actual results may differ from the estimates. It is management's
judgement that the Net Asset Value (NAV) of ICG Q Limited is an appropriate
proxy for fair value as the Company can control the sale of the subsidiary's
investments which are all listed on stock exchanges in India and therefore are
mostly regarded as highly liquid. These are unchanged from the statutory
accounts of the Company for the year ended 31 December 2021.
The principal risks and uncertainties of the Company are in relation to
performance risk, market risk, relationship risk and operational risk. These
are unchanged from 31 December 2021, and further details may be found in the
Directors' Strategic Report within the Annual Report and Audited Consolidated
Financial Statements of the Company for the year ended 31 December 2021. The
Directors have assessed the financial position of the Company as at 30 June
2022 and the factors that may impact its performance (including the potential
impact on markets and supply chains of geo-political risks such as the current
crisis in Ukraine and the continuing macro-economic factors and inflation) in
the forthcoming six months of the of the year, however the Directors will
continue to assess the principal risks and uncertainties but expect these to
remain unchanged for the remainder of the year.
3. Operating expenses
Unaudited Unaudited Audited
Year
Six months Six months
to 30.06.22 to 30.06.21 to 31.12.21
£000 £000 £000
Administration and secretarial fees 22 24 55
Audit fee * 28 2 27
Broker fee 16 15 31
Directors' fees 57 51 111
D&O insurance 5 5 12
General expenses 45 45 101
Other professional fees 34 32 171
Redemption facility professional fees - 56 -
Marketing expenses 63 32 53
Registrar fee 5 3 5
Tax Exempt fee - - 1
Regulatory fees 14 9 19
289 274 586
*Audit fee
The audit fee as agreed upon in the letter of engagement for the 2021
financial year was £ 50,000.
However, the audit fee expense as disclosed in the annual report of 2021 is £
27,000 which was lower as a result of an over accrual from the prior year that
was adjusted accordingly in the 2021 financial year.
4. Earnings per share
Earnings per Ordinary Share and the fully diluted profit per share are
calculated on the loss for the period of £20,417,000 (30 June 2021 - profit
of £27,535,000) divided by the weighted average number of Ordinary Shares of
97,976,136 (30 June 2021 - 112,502,173).
5. Financial assets designated at fair value through profit or loss
Financial assets at fair value through profit or loss comprise of investments
in securities listed on Indian stock markets, namely the National Stock
Exchange or the Bombay Stock Exchange, as well as investment in the
wholly-owned subsidiary, ICG Q Limited.
A summary of movements is as follows:
Unaudited Unaudited Audited
Six months Six months Year to
to 30.06.22 to 30.06.21 31.12.21
Total Total Total
£000 £000 £000
Fair value at beginning of year 148,786 109,695 109,695
Disposal of investments (21,633) (200) (4,253)
Acquisition of investments 3,044 - 1,029
Realised gain on disposal of investments 15,127 130 2,664
Unrealised (loss)/gain on revaluation (35,530) 27,894 39,651
Fair value at end of period/year 109,794 137,519 148,786
The net realised and unrealised loss totalling £ 20,403,000 (30 June 2021:
gain of £28,024,000) on financial assets at fair value through profit and
loss comprise of gains on the Company's holding in ICG Q Limited to the extent
of £18,949,000 (30 June 2021: gain of £25,925,000) and gains of £1,455,000
(30 June 2021: gain of £2,099,000) arising from investments in securities
listed on Indian stock markets. The movement arising from the Company's
holding in ICG Q Limited is driven by the following amounts within the
financial statements of ICG Q Limited, as set out below:
Unaudited Unaudited Audited
Six months Six months Year to
to 30.06.22 to 30.06.21 31.12.21
Total Total Total
£000 £000 £000
Dividend income 172 256 1,095
Other income - - 19
Unrealised (loss)/gain on financial assets at fair value through profit and (34,435) 28,819 38,681
loss
Realised gain on disposal of investments 14,038 797 6,724
Investment management fee (650) (663) (1,507)
Other Operating expenses (45) (35) (52)
Withholding tax on dividend income (36) - (226)
Taxes (139) (13) (13)
Transaction costs (67) (42) (97)
Foreign exchange (loss)/gain (53) (2) 12
Deferred taxation for Indian Capital Gains Tax 2,267 (3,192) (4,388)
Net (loss)/gain of ICG Q Limited (18,949) 25,925 40,248
The equity investment represents holdings in listed securities in India and in
ICG Q Limited, the Company's wholly owned subsidiary. ICG Q Limited is
incorporated and has its principal place of business in the Republic of
Mauritius. The Company holds Participating Shares in ICG Q Limited, which
confer voting rights to the Company, hence controlling interests. As described
in the statutory accounts of the Company for the year ended 31 December 2021,
the Company qualifies as an investment entity under IFRS 10. It therefore does
not consolidate its investment in ICG Q Limited.
6. Taxation
Guernsey
India Capital Growth Fund Limited is exempt from taxation in Guernsey on
non-Guernsey sourced income. The Company is exempt under The Income Tax
(Exempt Bodies) (Guernsey) Ordinance 1989 (as amended) and paid the annual
exemption fee of £1,200. For the period ended 30 June 2022, the Company had a
tax liability of £nil (2021: £nil).
India
Capital gains arising from equity investments in Indian companies are subject
to Indian Capital Gains Tax Regulations. Consequently, with effect from April
2020, the Company and its subsidiary, ICGQ Limited, have been subject to both
short and long term capital gains tax in India on the growth in value of their
investment portfolios at the rate of 15% and 10% respectively. Although this
additional tax only becomes payable at the point at which the underlying
investments are sold and profits crystallised, the Company and its subsidiary
must accrue for this additional cost as a deferred taxation liability,
notwithstanding that they seek to minimise the impact of these taxation rates
applicable to capital gains by maintaining its investment strategy of
investing in a concentrated portfolio for long term capital appreciation, The
deferred taxation liability relating to Indian capital gains tax for the
Company was £nil at 30 June 2022 (30 June 2021: £227,000) (2021:
£198,000) and for its subsidiary was £2,065,000 at 30 June 2022 (30 June
2021: £3,192,000) (2021: £4,388,000).
Dividend withholding tax
The Company and its subsidiary are also subject to withholding tax on their
dividend income in India. The withholding tax charge for the Company for the
period ended 30 June 2022 was £5,000 (2021: £19,000) and for its subsidiary
was £36,000 (2021: £226,000).
7. Segmental information
The Board has considered the provisions of IFRS 8 in relation to segmental
reporting and concluded that the Company's activities form two segments under
the standard. From a geographical perspective, the Company's activities are
focused in two areas - Mauritius and India. The subsidiary, ICG Q Limited,
focuses its investment activities in listed securities in India. Additional
disclosures with regards to ICG Q Limited segment have been disclosed in Note
5.
8. Share capital
Authorised Share Capital
Unlimited number of Ordinary Shares of £0.01 each
Issued share capital Number of shares Share capital
£000
At 30 June 2022 96,515,653 965
At 30 June 2021 112,502,173 1,125
At 31 December 2021 112,089,729 1,121
The Ordinary Shares of the Company carry the following rights:
(i) The holders of Ordinary Shares have the right to receive
in proportion to their holdings all the revenue profits of the Company
(including accumulated revenue reserves) attributable to the Ordinary Shares
as a class available for distribution and determined to be distributed by way
of interim and/or final dividend at such times as the Directors may determine.
(ii) On winding-up of the Company, after paying all the debts
attributable to and satisfying all the liabilities of the Company, holders of
the Ordinary Shares shall be entitled to receive by way of capital any surplus
assets of the Company attributable to the Ordinary Shares as a class in
proportion to their holdings.
(iii) Subject to any special rights or restrictions for the time
being attached to any class of shares, on a show of hands every member present
in person has one vote. Upon a poll every member present in person or by proxy
has one vote for each share held by him.
Treasury shares
Treasury shares are equity instruments which are created when the Company
reacquires its own ordinary shares. Treasury shares are recognised at the
consideration paid, including any attributable transaction costs net of income
taxes. Where such shares are subsequently sold or reissued, any consideration
received, net of transaction costs, is included in the shareholders' equity.
No gain or loss is recognised on the purchase, sale, issue or cancellation of
the Company's own ordinary shares.
There was a total buy back of 15,574,076 ordinary shares during the period
ended 30 June 2022. These shares were transferred from Issued Share Capital
Account to Treasury Shares Account and were traded at a discount to the Net
Asset Value per share on occasion, as per below:
Date Number of shares Par Value (£) Buy Back Price (£)
17(th) January 2022 15,408,872 0.01 1.2626
21(st) February 2022 30,201 0.01 1.08
24(th) February 2022 50,000 0.01 1.055
19(th) May 2022 10,003 0.01 1.02
27(th) May 2022 75,000 0.01 0.9914
Ordinary shares held in treasury Number of shares Treasury shares
£000
At 30 June 2022 15,986,520 160
At 30 June 2021 0 0
At 31 December 2021 412.444 4
9. Fair value of financial instruments
The following tables show financial instruments recognised at fair value,
analysed between those whose fair value is based on:
· Quoted prices in active markets for identical assets or
liabilities (Level 1);
· Those involving inputs other than quoted prices included
in Level 1 that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices) (Level 2); and
· Those with inputs for the asset or liability that are not
based on observable market data (unobservable inputs) (Level 3).
The analysis as at 30 June 2022 is as follows:
Level 1 Level 2 Level 3 Total
£000 £000 £000 £000
Listed securities 10,042 - - 10,042
Unlisted securities - 99,752 - 99,752
10,042 99,752 - 109,794
The analysis as at 30 June 2021 is as follows:
Level 1 Level 2 Level 3 Total
£000 £000 £000 £000
Listed securities 10,518 - - 10,518
Unlisted securities - 127,001 - 127,001
10,518 127,001 - 137,519
The analysis as at 31 December 2021 is as follows:
Level 1 Level 2 Level 3 Total
£000 £000 £000 £000
Listed securities 10,432 - - 10,432
Unlisted securities - 138,354 - 138,354
10,432 138,354 - 148,786
The Company's investment in ICG Q Limited, the Company's wholly owned unlisted
subsidiary, is priced based on the subsidiary's net asset value as calculated
as at the reporting date. The Company has the ability to redeem its investment
in ICG Q Limited at the net asset value at the measurement date therefore this
is categorised as Level 2. All the underlying investments of ICG Q Limited are
categorised as Level 1 at 30 June 2022 and 2021. There have been no transfers
between levels during the period. The period-end fair value of those
investments, together with cash held in ICG Q Limited, comprise all but an
insignificant proportion of the net asset value of the subsidiary.
10. Financial instruments and risk profile
The primary objective of the Company is to provide long-term capital
appreciation by investing predominantly in companies based in India. The
investment policy permits making investments in a range of equity and equity
linked securities of such companies. The portfolio of investments comprises of
listed Indian companies, predominantly mid cap and small cap.
The specific risks arising from exposure to these instruments and the
Investment Manager's policies for managing these risks, which have been
applied throughout the period, are summarised below:
Capital management
The Company is a closed-ended investment company and thus has a fixed capital
for investment. It has no legal capital regulatory requirement. The Board has
the power to purchase shares for cancellation thus reducing capital and the
Board considers on a regular basis whether it is appropriate to exercise such
powers. In the period ended 30 June 2022, the Board determined that it was
inappropriate to exercise such powers, although continuation of these powers
will be sought at the next Annual General Meeting.
The Board also considers from time to time whether it may be appropriate to
raise new capital by a further issue of shares. The raising of new capital
would, however, be dependent on there being genuine market demand.
Market Risk
Market price risk arises mainly from the uncertainty about future prices of
the financial instrument held by the Company and its subsidiary, ICG Q Limited
("the Group"). It represents the potential loss the Group may suffer through
holding market positions in the face of price movements.
The Group's investment portfolio is exposed to market price fluctuations which
are monitored by the Investment Manager in pursuance of the investment
objectives and policies and in adherence to the investment guidelines and the
investment and borrowing powers set out in the Admission Document. The
Group's investment portfolio is concentrated and, as at 30 June 2022,
comprised investment in less than 35 companies. Thus, the Group has higher
exposure to market risk in relation to individual stocks than more broadly
spread portfolios.
The Group's investment portfolio consists predominantly of mid cap and small
cap listed Indian securities, and thus the effect of market movements is not
closely correlated with the principal market index, the BSE Sensex. The BSE
Mid Cap Total Return Index provides a better (but not ideal) indicator of the
effect of market price risk on the portfolio. Assuming perfect correlation,
the sensitivity of the Group's investment portfolio to market price risk can
be approximated by applying the percentage of funds invested (2022: 86.27%; 30
June 2021: 91.79%) to any movement in the BSE Mid Cap Total Return Index. At
30 June 2022, with all other variables held constant, this approximation would
produce a movement in the net assets of the Group's investment portfolio of
£9,576,000 (30 June 2021: £12,617,000) for a 10% (30 June 2021: 10%)
movement in the index which would impact the Company via a fair value movement
of the same magnitude in its holding in ICG Q Limited and its investments.
Foreign currency risk
Foreign currency risk arises mainly from the fair value or future cash flows
of the financial instruments held by the Group fluctuating because of changes
in foreign exchange rates. The Group's investment portfolio comprises of
predominantly of Rupee denominated investments but reporting, and in
particular the reported Net Asset Value, is denominated in Sterling. Any
appreciation or depreciation in the Rupee would have an impact on the
performance of the Company. The underlying currency risk in relation to the
Group's investment portfolio is the Rupee. The Group's policy is not to hedge
the Rupee exposure.
The Group may enter into currency hedging transactions but appropriate
mechanisms on acceptable terms are not expected to be readily available.
At 30 June 2022, if the Indian Rupee had strengthened or weakened by 10% (30
June 2021: 10%) against Sterling with all other variables held constant,
pre-tax profit for the period would have been £10,164,000 (30 June 2021:
£13,007,000) higher or lower, respectively, mainly as a result of foreign
exchange gains or losses on translation of Indian Rupee denominated financial
assets designated at fair value through profit or loss in ICG Q Limited, the
consequent impact on the fair value of the Company's investment in ICG Q
Limited and in the Company's investment portfolio.
Credit risk
Credit risk arises mainly from an issuer or counterparty being unable to meet
a commitment that it has entered into with the Group. Credit risk in relation
to securities transactions awaiting settlement is managed through the rules
and procedures of the relevant stock exchanges. In particular settlements for
transactions in listed securities are effected by the custodian on a delivery
against payment or receipt against payment basis. Transactions in unlisted
securities are effected against binding subscription agreements.
The principal credit risks are in relation to cash held by the custodian.
Kotak Mahindra Bank Limited ("Kotak") acts as the custodian to the Group. The
aggregate exposure to Kotak at 30 June 2022 was £700,000 (30 June 2021:
£3,901,000).
Kotak acted as custodian of the Group's assets during the period. The
securities held by Kotak as custodian are held in trust and are registered in
the name of the Group. Kotak has a credit rating of AAA.
Interest rate risk
Interest rate risk represents the uncertainty of investment return due to
changes in the market rates of interest. The direct effect of movements in
interest rates is not material as any surplus cash is predominantly in Indian
Rupees, and foreign investors are not permitted to earn interest on Rupee
balances.
Liquidity risk
Liquidity risk arises mainly from the Group encountering difficulty in
realising assets or otherwise raising funds to meet financial commitments. The
Group has no unlisted securities, and its focus is to invest predominantly in
mid and small cap listed stocks, which may take time to realise. The Directors
do not believe that the market is inactive enough to warrant a discount for
liquidity risk on the Group's investment portfolio.
ICG Q Limited seeks to maintain sufficient cash to meet its working capital
requirements. The Directors do not believe it to be appropriate to adjust the
fair value of the Company's investment in ICG Q Limited for liquidity risk, as
it has the ability to effect a disposal of any investment in ICG Q Limited's
investment portfolio at the prevailing market price and the distribution of
proceeds back to the Company should it so wish.
All liabilities are current and due on demand.
Taxation risk
Taxation risk arises mainly from the taxation of income and capital gains of
the Group increasing as a result of changes in the tax regulations and
practice in Guernsey, Mauritius and India. The Company and ICG Q Limited are
registered with the Securities and Exchange Board of India ("SEBI") as a
foreign portfolio investor ("FPI") with a Category I licence, and ICG Q
Limited holds a Category 1 Global Business Licence in Mauritius and has
obtained a Mauritian Tax Residence Certificate ("TRC") which have been factors
in determining its resident status under the India-Mauritius Double Taxation
Avoidance Agreement ("DTAA") and General Anti Avoidance Rules ("GAAR") under
the Income Tax Act 1961 ("ITA").
However, with effect from April 2017, the DTAA was amended such that the
advantages of investing in India via Mauritius were removed and capital gains
arising from investments in Indian companies are subject to Indian Capital
Gains Tax regulations. Consequently, tax on short term capital gains (for
investments held less than 12 months) of 15% and long-term capital gains (for
investments held for 12 months or longer) of 10% apply to the investment
portfolio.
The Group seeks to minimise the impact of these changes in the taxation rates
applicable to its capital gains by maintaining its investment strategy of
investing in a concentrated portfolio for long term capital appreciation.
11. Related party transactions and material contracts
Parties are considered to be related if one party has the ability to control
the other party or exercise significant influence over the other party in
making financial or operational decisions.
The Directors are responsible for the determination of the investment policy
and have overall responsibility for the Company's activities. Directors' fees
are disclosed fully in each Annual Report.
The Investment Manager is entitled to receive a management fee payable jointly
by the Group equivalent to 1.25% per annum of market capital value, calculated
and payable monthly in arrears. The Investment Manager earned £650,000 in
management fees during the six months ended 30 June 2022 (six months ended 30
June 2021: £663,000 and year ended 31 December 2021: £1,507,000) of which
£97,000 was outstanding at 30 June 2022 (30 June 2021: £124,000 and 31
December 2021: £144,000).
Under the terms of the Administration Agreement, Apex Fund and Corporate
Services (Guernsey) Limited is entitled to a minimum annual fee of US$41,000
or a flat fee of 5 basis points of the NAV of the Company, whichever is
greater.
The Administrator is also entitled to reimbursement of all out of pocket
expenses. The Administrator earned £22,000 for administration and secretarial
services during the six months ended 30 June 2022 (six months ended 30 June
2021: £24,000 and year ended 31 December 2021: 55,000) of which £25,000 was
outstanding at 30 June 2022 (30 June 2021: £14,000 and 31 December 2021:
£30,000).
12. Contingent liabilities
The Directors are not aware of any contingent liabilities as at 30 June 2022
and the date of approving these financial statements.
13. Subsequent events
There have been no material events since the end of the reporting period which
would require disclosure or adjustment to the financial statements for the
period ended 30 June 2022.
Since 30 June 2022, the Net Asset Value of the Company ("the NAV") has
increased by £22,866,000 (20.6%) to £133,855,000 as at the date of the last
published NAV (31 August 2022) driven by a similar percentage increase in the
benchmark over this period.
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