Sabf Annual Report

SREE ANASUYA BENEFIT FUND LIMITED

ELEVENTH ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR 2002-2003

Registered Office: ‘SRI SAI SUBHODAYA’ FLAT NO: G, GROUND FLOOR,

66, (OLD NO: 57/2B) EAST COAST ROAD, THIRUVANMIYUR, CHENNAI – 600041. PHONE: 24481551

SREE ANASUYA BENEFIT FUND LIMITED

BOARD OF DIRECTORS: Director – President Sri. A.ARULMOZHI SHIVAM, M.Com., P.G.D.M., Director – Vice-President Sri. A.GOBALAKRISHNAN Director – Treasurer Sri. T.NATARAJAN Director – Auditor Sri. R.RAMMOHAN Other Directors Sri. P.A.NAMASIVAYAM, B.Sc., Sri. Dr. A.G.KARTHIKEYAN, M.B.B.S., M.D.(Paed)., Sri. Er. A.G.VIJAY ANAND, B.E.,

AUDITORS: Messrs. RAGHU & MURALI CHRTERED ACCOUNTANTS Chennai - 600018.

LEGAL ADVISOR: Sri. S.UMAPATHY, M.A., B.L., Chennai – 600018.

BANKERS: BANK OF MAHARASHTRA Valmiki Nagar Branch, Thiruvanmiyur, Chennai – 600041. CHENNAI CENTRAL CO-OPERATIVE BANK LTD., Thiruvanmiyur, Chennai – 600041. STATE BANK OF MYSORE Thiruvanmiyur, Chenni - 600041. WORKING HOURS: Week Days : 9.00 A.M. to 1.00 P.M. and 2.30 P.M. to 5.30 P.M. Sunday : 9.00 A.M. to 1.00 P.M WEEKLY HOLIDAY: TUESDAY

1

2

SREE ANASUYA BENEFIT FUND LIMITED

NOTICE TO SHAREHOLDERS : Notice is hereby given that the ELEVENTH Annual General Meeting of the Shareholders of the fund will be held on 29th September 2003 Monday at 4.35 p.m. at the Registered office of the Fund: ‘SRI SAI SUBHODAYA’ FLAT NO: G, Ground Floor, 66, (Old No:57/2B) East Coast Road, Thiruvanmiyur, Chennai – 600041 to transact the following business: AGENDA : 1. To receive, consider and adopt the Balance Sheet as on 31st March 2003

and the Profit and Loss Account for the period ended 31st March 2003 and the report of the Board of Directors’ and Auditors’ Report, notes thereon. 2. To appoint a Director in the place of Sri. A.ARULMOZHI SHIVAM, who retires by rotation and being eligible, offer himself for reappointment. 3. To appoint a Director in the place of Sri. T.NATARAJAN, who retires by rotation and being eligible, offer himself for reappointment. 4. To appoint an Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting and to fix their remuneration. SPECIAL BUSINESS 5. To consider and if thought fit to pass with or without modification/ amendment of the following to the Memorandum & Association of the company to read as follows: Existing Proposed CLAUSE V The Nominal share capital of the company shall be Rs.50,00,000/- (Fifty lakhs only) divided into (i) 49,75,000/- Equity shares of Re.1/- (Rupee one only) each which is called ‘A’ Class share and (ii) 25,000 5% Non-Cumulative Redeemable Preference Shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

CLAUSE V The Nominal share capital of the company shall be Rs.1,00,00,000/(One crore only) divided into (i) 99,75,0000/- Equity shares of Re.1/(Rupee one only)each which is called ‘A’ Class share and (ii) 25,000 5% Non -Cumulative Redeemable Preference shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

SREE ANASUYA BENEFIT FUND LIMITED

3

Existing

Proposed

Article Of Association

Article of Association

Article No: 7 The Nominal share capital of the company shall be Rs.50,00,000/- (Fifty lakhs only) divided into (i) 49,75,000/- Equity shares of Re.1/- (Rupee one only) each which is called ‘A’ Class share and (ii) 25,000 5% Non-Cumulative Redeemable Preference Shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

Article No: 7 The Nominal share capital of the company shall be Rs.1,00,00,000/(One crore only) divided into (i) 99,75,0000/- Equity shares of Re.1/(Rupee one only)each which is called ‘A’ Class share and (ii) 25,000 5% Non -Cumulative Redeemable Preference shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

ANNEXURE TO NOTICE Explanatory statement to Section 173 of the Companies Act 1956. Item No.5 This amendment requires the sanction of General Body, the proposed Special Resolution as set out in the Notice is placed before the shareholders for their approval. None of the Directors of the company is deemed to be interested in the above Resolution. NOTES : 1.

2. 3. 4.

5.

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself and a proxy need not be a member of the fund. If it is desired to use a proxy, the instrument appointing the proxy should be completed in accordance with Section 176 of the Companies Act, 1956 and delivered at the registered office of the company at least 48 hours before the time fixed for the meeting. Persons entitled to attend the meeting are requested to bring their respective share certificates for easy identification. Members are requested to intimate fund’s office any change in their door numbers and addresses, with Pin code numbers. Members are requested to bring their copy of their Annual Report along with them for the meeting, since it is not possible to distribute additional copies at the meeting in view of the heavy cost of printing. Shareholders intending to ask for information at the Annual General meeting regarding Balance Sheet or Profit and Loss Account or Directors’ Report are requested to give notice of the particulars of information required, to the President or the Vice-President at least seven days before the date of the Annual General Meeting.

CHENNAI – 600041 21st August 2003

By order of the Board Sd…………. A.ARULMOZHI SHIVAM

Director – President

4

SREE ANASUYA BENEFIT FUND LIMITED

DIRECTORS’ REPORT To The Members: The Directors of your company are presenting the Eleventh Annual Report together with Audited Accounts of the company for the period ended 31st March 2003. DEPOSITS AND LOANS :

The total Fixed Deposits, Cumulative Deposits, Recurring Deposits and Savings Deposits as at 31st March 2003 amounted to Rs.98.81 lakhs as against Rs.256.51 lakhs in the previous year. The total loans on Jewel loans, Mortgage loans on immovable properties, Fixed Deposits loans and advances outstanding as at 31st March 2003 amounted to Rs.65.51 lakhs as against Rs.112.62 lakhs in the previous year. RESULTS

The Directors are sorry to state that the business of the company during the year under report is very bad. The working of the company for the year under report is as under: FINANCIAL RESULTS: The result of the company’s working before providing for depreciation shows a loss Less: Depreciation

2002-2003(Rs.)

2001-2002(Rs.)

(54,02,776) 18,828

(22,60,527) 53,589

______________________________________________________________________

Add: Previous year loss Add: Excess provision of Income Tax

(53,83,948) (35,57,799) 47,579

(23,14,116) (12,43,683) Nil

_________________________________________

Net loss carried to Balance Sheet

(88,94,168)

(35,57,799)

_________________________________________

PERFORMANCE OF THE FUND

The performance of the company during the year under review was adversely affected by the loss from mutual fund investments. To avoid the total loss on the mutual fund investment amount the Directors had taken bold decision to withdraw the investment and book loss. Like in the last year the deployment of funds in the core business – Loans on Jewels and House Mortgage were continued to be sluggish in this year also. INSPECTION AND REPORTS

The commissioners appointed for the scrutiny of jewels, documents and other securities duly carried out their work and their reports express satisfaction. SREE ANASUYA BENEFIT FUND LIMITED

5

DIRECTORS:

Sri. A.ARULMOZHI SHIVAM and Sri. T.NATARAJAN Directors of your company retire by rotation at the ensuing Annual General Meeting pursuant to the provisions of Article 96 of the Articles of Association of the company and being eligible, offer themselves for reappointment. DIRECTORS’ RESPOSIBILITY STATEMENT In accordance with Section 217(2AA) of the Companies Act, 1956 the Directors of the company hereby state that: (i) In the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures. (ii) The Directors had selected such accounting policies and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period. (iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the assts of the company and for preventing and detecting fraud and other irregularities. (iv) The Directors had prepared the annual accounts on a going concern basis. AUDITORS The Statutory Auditors, M/s RAGHU & MURALI, Chartered Accountants retire at the conclusion of the Eleventh Annual General Meeting are eligible for the current financial year. Your Board recommends their reappointment. SECRETARIAL COMPLIANCE REPORT In accordance with provisions of Section 383 A (1) of the Companies (Amendment) Act, 2000 Secretarial compliance report from Mr. B.Ravi a practicing Company Secretary is set out in the Annexure forming part of the report. ADDENDUM TO THE AUDITOR’S REPORT AND SECRETARIAL COMPLIANCE REPORT The Directors wish to draw your attention to note No: 6(h) of Auditors Report and to note No: 24 of Secretarial Compliance Report for their comments. The company was incorporated with the main object to enable its members to save money, to invest their savings to secured loans at favourable rates of interest on sound

security. The company deals only with its members and its business is restricted to receiving deposits from them and lending money to members on proper securities. An all out efforts have been taken to secure recognition as a Mutual 6

SREE ANASUYA BENEFIT FUND LIMITED

Benefit Society under Section 620A of the Companies Act, 1956. The provisions of the Reserve Bank of India would not apply to your company as it had already been prescribed regulations for Mutual Benefit Companies, which were yet to be notified as Nidhis by Department of Company Affairs, Government of India vide RBI press release dated 13.04.1999. Your Directors hereby further confirm that your company has been strictly complying the notifications issued from time to time for Nidhi or Mutual Benefit Society by Department of Company Affairs, Government of India. EMPLOYEES The information required under the provisions of Section 217(2) of the Companies Act, 1956 read with the Companies (Particulars of employees) Rules, 1975 as amended is not furnished since no employee employed throughout/part of the year, was in respect for remuneration of Rs.24,00,000/- or more per annum or Rs.2,00,000/- or more per month, as the case may be. CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE The provisions of Section 217(1)(e) of the Companies Act, 1956 are not applicable to your company. Foreign Exchange (Earnings & Outgo: Total Foreign Exchange used and earned). There has been no earnings or outgo of foreign exchange during the year. ACKNOWLEDGEMENT The Board of Directors express their sincere appreciation to all the Shareholders, Banks, Customers, Employees and Well Wishers of the company for their excellent co-operation and support extended to the company and look forward to their continued patronage in the years to come. CHENNAI – 600041 21st August, 2003

For and on behalf of the Board Sd…… A.ARULMOZHI SHIVAM Director – President

SREE ANASUYA BENEFIT FUND LIMITED

7

COMPLIANCE CERTIFICATE TO The Members of SREE ANASUYA BENEFIT FUND LIMITED Chennai – 600041 I have examined the registers, records, books and papers of SREE ANASUYA BENEFIT FUND LIMITED (hereinafter referred to as ‘Company’) having its Registered office at ‘Sri Sai Subhodaya’, Flat No.G, New No. 66(Old No.57/2B), East Coast Road, Thiruvanmiyur, Chennai – 600041 as required to be maintained under the Companies Act, 1956, (hereinafter referred to as ‘Act’) and the rules made thereunder and also the provisions contained in the Memorandum and Articles of Association of the Company for the financial year ended on 31st March, 2003. In my opinion and to the best of my information and according to the examinations carried out by me and explanations furnished to me by the company, its officers, I certify that in respect of the aforesaid financial year: 1.

The company has kept and maintained all registers as stated in Annexure ‘A’ to this certificate, as per the provisions and the rules made there under and all entries therein have been duly recorded. 2. The company has duly filed the forms and returns as stated in Annexure ’B’ to this certificate, with the Registrar of Companies except one Form 5 with respect to redemption of 45, 5% non-cumulative redeemable preference shares of Re1/- each filed with Additional fee, within the time prescribed under the Act and the rules made there under. 3. The company is public limited company and has the minimum prescribed paid up capital. 4. The Board of Directors duly met ELEVEN times on 27.04.2002, 27.05.2002, 14.06.2002, 29.06.2002, 27.07.2002, 21.08.2002, 14.09.2002, 18.10.2002, 12.11.2002, 25.12.2002 and 26.03.2003 in respect of which meetings, proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. 5. The company has closed its Register of Members during the year under report. 6. The Annual general meeting for the financial year ended 31st March 2002 was held on 27th September 2002 after giving due notice to the members of the company and the resolutions passed there at were duly recorded in Minutes Book maintained for the purpose. 7. The company had no extra ordinary meetings during the financial year. 8. The company had no transactions attracting Section 295 of the Act, during the year under report. 9. The company had no transactions attracting the provisions of Section 297 of the Act, during the year under report. 10. The company had no transactions requiring entries in the register maintained under Section 301 of the Act. 11. The company had no instances during the year under report necessitating approvals under Section 314 of the Act.

12. The company has not issued any duplicate certificates during the year under report.

8

SREE ANASUYA BENEFIT FUND LIMITED 13. The company had not declared any dividend during the year ended 31.3.2002 and therefore the question of unpaid or unclaimed dividends and the transferring to unpaid dividend account does not arise. 14. The company has duly complied with the requirements of Section 217 of the Act. 15. During the year under report the Company had made allotments of equity shares as detailed below and also redeemed preference shares as detailed below. Necessary forms have been filed with the Registrar of Companies within the stipulated time and entries were made in the Register maintained for the said purpose and also certificates despatched as prescribed under the Companies Act, 1956. The company had no transfer of shares during the year under report. ALLOTMENT OF EQIUTY SHARES OF Re. 1/- EACH MADE DURING THE YEAR UNDER REPORT. Sl.No. Date of Allotment No.of Allotees No. of Shares Allotted Date of filing Form 2 1. 21.08.2002 21 1380 06.09.2002 2. 26.03.2002 3 120 * 22.04.2003 * The above marked Form 2 filed subsequent to the year under scrutiny REDEMPTION OF 5% NON-CUMULATIVE REDEEMABLE PREFERENCE SHARES OF RE.1/- EACH MADE DURING THE YEAR UNDER REPORT: Sl.No. Date of Board’s Date of Redemption No. of Preference Date of filing Approval for shares Redeemed Form 5 1.

27.07.2002

06.08.2002

45

06.09.2002 with addl. Filing fee 2. 25.12.2002 25.12.2002 61 14.01.2003 16. The Board of Directors of the company is duly constituted and the appointment of Directors and resignation of Directors during the year under report as detailed below were properly recorded in the minutes and relevant forms were filed with the Registrar of companies and entries made in the Register maintained for that purpose. RESIGNATION AND APPOINTMENT OF DIRECTORS APPROVED BY THE BOARD ON 21.08.2002 RESIGNATION SL.NO. NAME OF THE DIRECTORS DATE OF FILING FORM 32 1. Mrs. A. Mythili 06.09.2002 2. Mrs. G. Rajamani 06.09.2002 3. Mrs. N. Gowri 06.09.2002 4. Mrs. R. Bhuvaneswari 06.09.2002 APPOINTMENT SL.NO. NAME OF THE DIRECTORS DATE OF FILING FORM 32 & 29 1. Mr. A. Arulmozhi Shivam 06.09.2002 2. Mr. A. Gobalakrishnan 06.09.2002 3. Mr. R. Rammohan 06.09.2002 4. Mr. T. Natarajan 06.09.2002

17. The company has no Managing Director/ Whole time Director/ Manager. The company has a President, Vice- President, Director-Treasurer and Director- Auditor, besides other directors on the Board. The Office bearers are also directors of the Company and None of them are in receipt of remuneration from the company.

SREE ANASUYA BENEFIT FUND LIMITED

9

18. The company has no sole-selling agents 19. The company was not required to obtain any approvals of the Central Government, Company Law Board, Regional Director or Registrar of Companies and or such authorities prescribed under the provisions of the Act. 20. The Directors have disclosed their interest in other firms / companies to the Board of Directors pursuant to the provisions of the Act and the rules made therunder. 21. The company has issued shares during the financial year under report in respect of allotment of shares made during the year under report as detailed under point no. 15 supra. 22. The company has not bought back any shares during the financial year ended 31st March 2003 and hence the question of complying with the buy back provisions does not arise. 23. The company has not issued any debentures during the year under report. 24. The company has accepted deposits from its shareholders pending receipt of recognition as per Sec.620A of the Act. The provisions of Companies Acceptance of Deposits Rules, 1975 and the directives of Reserve Bank of India regarding acceptance of deposits have not been complied with. 25. The amount borrowed by the Company during the financial year ended 31st March, 2002 is within the borrowing limits of the company. 26. The Company has not made any loans and investments, or given guarantees or provided securities to other bodies corporate. 27. The company has not shifted its registered office and hence there is no alteration in the situation clause of the Memorandum of Association. 28. The company has not altered the provisions of the Memorandum with respect to the objects of the company during the year under scrutiny. 29. The company has not altered the provisions of the Memorandum with respect to name of the company during the year under scrutiny. 30. The company has not altered the provisions of the Memorandum with respect to share capital of the company during the year under scrutiny. 31. The company has not altered any of its articles of Articles of Association. 32. No prosecution has been against or the company for offences under the Act has received no show cause notices. 33. The company has not received any amount as security from its employees during the year under certification. 34. The provisions of the Employees Provident fund (miscellaneous provisions) Act, 1952 are not applicable to the company. Place : Chennai Date : 21.08.2003

Signature : Sd…………. Name of the Company Secretary : B.Ravi C.P.NO : 3318

10

SREE ANASUYA BENEFIT FUND LIMITED

Annexure A Register as maintained by the company 1. Register of Members u/s 150 2. Register of Directors u/s 303 3. Register of Directors’ shareholding u/s 307 4. Register of contracts in which directors are interested u/s 301 5. Register of Board Minutes u/s 193 6. Register of General Meeting Minutes u/s 193 7. Register of Share Transfers 8. Attendance Register for Board / General Meetings. Annexure B Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government or other authorities during the financial year ended 31.03.2003. 1. Form No. 5 filed U/s 95 of Redemption of 45 Preference Shares with additional filing fee on 06.09.2002. 2. Form No. 5 filed U/s 95 of Redemption of 61 Preference Shares on 14.01.2003. 3. Form No.2 filed U/s 75 for Allotment of 1380 Equity Shares on 06.09.2003. 4. Form No.2 filed U/s 75 for Allotment of 120 Equity Shares on 22.04.2003. The above Form 2 filed subsequent to the year under scrutiny. 5. Compliance Certificate filed u/s 383A(1) for the financial year ended on 31.03.2003, on 24.10.2002. 6. Form No.32 filed U/s 303 for resignation and appointment of directors on 06.09.2002. 7. Form No.29 filed U/s 264 Mr.A.Gobalakrishnan giving his consent to act as director of the company on 06.09.2002. 8. Form No.29 filed U/s 264 Mr.A.Arulmozhi Shivam giving his consent to act as director of the company on 06.09.2002. 9. Form No.29 filed U/s 264 Mr.T.Natarajan giving his consent to act as director of the company on 06.09.2002. 10. Form No.29 filed U/s 264 Mr.R.Rammohan giving his consent to act as director of the company on 06.09.2002. 11. Schedule VI – Balance Sheet for the Year ended 31.03.2002 together with annexure and attachments duly adopted by the members at the Annual General Meeting held on 27th September 2002, filed on 24.10.2002. Schedule V – Annual Return made up to 27th September 2002, filed on 25.11.2002.

SREE ANASUYA BENEFIT FUND LIMITED

11

AUDITORS’ REPORT TO THE MEMBERS M/s. SREE ANASUYA BENEFIT FUND LIMITED We have audited the Balance Sheet of SREE ANASUYA BENEFIT FUND LIMITED, Chennai – 600041 as at 31st March 2003 and also the Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based in our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement and free of material misstatements. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion and report that: 1.

We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of Audit. 2. In our opinion, the company has kept proper books of accounts as required by Law so far as it appears from our examination of these books. 3. In our opinion, the Profit and Loss Account and Balance Sheet comply with accounting standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956. 4. According to the information and explanations given to us and on the basis of written representation from the directors of the company, taken on record by the Board of Directors, in relation to the affairs of the company, none of the directors are disqualified from being appointed as director as on 31st March, 2003 under Section 274(1)(g) of the Companies Act, 1956. 5. The Balance sheet dealt with by the report are in agreement with the books of account and We further report that in our opinion and to the best of our information and according to the explanations given to us, that said account subject to and read with the notes thereon give the information required by Companies Act, 1956, in the manner so required to and give a true and fair view: a) In the case of Balance Sheet, of the state of the company’s affairs as at 31st March 2003. b) In the case of the Profit and Loss Account of the Loss for the year ended 31st March 2003. 6. As required by the Manufacturing and other Companies [Auditors Report] Orders, 1988 and on the basis of such checks of the books and records of the company as we considered appropriate and the information and explanations given to us, We state that: a) The Company has maintained proper records of its fixed assets, during the year under review. The management has physically verified the fixed assets

b) c)

12

periodically in a phased manner at reasonable intervals and no material discrepancies have been on such verification. None of the fixed assets have been revalued during the year. The company does not have any stock during the year under review and hence, question of commenting on the same does not arise.

SREE ANASUYA BENEFIT FUND LIMITED d)

The company has not taken any loans from companies; firms or other parties listed in the register, maintained under Section 301 of the Companies Act, 1956. According to the information and explanations given to us, there are no companies under the same management as defined in Section 370(1B) of the Companies Act, 1956. e) The company has not given any loans or advances to any companies, firms or other parties listed in the register, maintained under Section 301 of the Companies Act, 1956. According to the information and explanations given to us, there are no companies under the same management as defined in Section 370B of the Companies Act, 1956. f) The company has granted loans during the year under review and the company has taken reasonable steps for the recovery of principle and interest wherever necessary in respect of loans given by the company. g) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. h) The company has accepted deposits from its shareholders pending obtention of recognition as per Section 620A of Companies Act, 1956. The provisions of Companies Acceptance of Deposits Rules 1975 and the Reserve Bank of India’s directives regarding acceptance of deposits have not been complied with. i) Since the paid up capital of the company does not exceed Rs.25 Lakhs and average annual turnover is less than Rs.2 Crores the question of commenting on internal audit system does not arise. j) According to the information and explanation given to us, no disputed amounts payable in respect of Income Tax, Wealth Tax, Customs and Excise Duties outstanding as on 31st March 2003 for a period of more than six months from the day they became payable. k) According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account. l) The company is not Sick Industrial Unit under the provisions of Section 3(1) (o) of the Sick Industries Companies (Special Provisions) Act, 1985. m) The provisions of any special statutes applicable to chit Funds, Nidhi’s do not apply to the company. n) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities. o) The company is not dealing or trading in shares, securities, etc. p) Considering the nature of activities carried on by the company the provisions of (iii), (iv), (xi), (xii), (xiii), (xiv), (xvi) and (xx) of Para 4(a) of the Manufacturing and other Companies (Auditor’s Report) Order 1988 do not apply to this Company. for RAGHU & MURALI

CHARTERED ACCOUNTANTS Sd……… Place : Chennai Date ; 21st August, 2003

(D.V.MURALIDHARAN) Partner

SREE ANASUYA BENEFIT FUND LIMITED BALANCE SHEET AS ON 31.03.2003 SOURCES OF FUNDS 1) Shareholder’s Funds: (a) Capital (b) Reserves & Surplus 2)

Loan Funds: (a) Secured (b) Unsecured

SCHD A B

C TOTAL

APPLICATION OF FUNDS 1) Fixed Assets: (a) Gross Block (b) Less:Depreciation to date 2)

3)

D

(c) Net Block Current Assets, Loans & Advances: (a) Current Assets E (b) Loans & Advances F

Less Current Liabilities & Provisions: (a) Current Liabilities G (b) Provisions H

4)

Net Current Assets

5)

Miscellaneous Expenditure: (to the extent not written off Preliminary expenses)

AS ON 31.03.2003 47,03,651 9,21,889 2,21,326 98,81,567 ----------------1,57,28,433 ------------------

13 AS ON 31.03.2002 24,02,256 9,21,889 -------2,56,51,039 ----------------2,89,75,184 -----------------

1,94,788 89,354 -------------1,05,434

15,85,788 1,74.298 --------------14,11,490

23,22,849 63,95,940 -----------------87,18,789

1,54,95,754 1,12,62,452 ----------------2,67,58,206

19,89,958 0 ----------------19,89,958 67,28,831

20,71,968 6,80,334 ---------------27,52,311 2,40,05,895

---------------6) Profit and Loss account 88,94,168 35,57,799 ---------------------------------TOTAL 1,57,28,433 2,89,75,184 -----------------------------------A. Arulmozhi Shivam A. Gobalakrishnan As per our report of even date annexed Director – President Director – Vice President for RAGHU & MURALI Chartered Accountants

R. Rammohan Director – Auditor

T.Natarajan Director – Treasurer

D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2003

14

SREE ANASUYA BENEFIT FUND LIMITED

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH 2003 SCHD INCOME Interest on Loan Other income Profit on Sale of Building

J K TOTAL

EXPENDITURE Salary Administration Expenses Printing and Stationery Postage and Telephones Repairs and Maintenance Staff Welfare Bank Charges Electricity charges Traveling & Conveyance Auction Charges Meeting Expenses Sitting fees Business Promotion Expenses Audit fees Miscellaneous Expenses Rates and Taxes Legal fees Interest on Bank Loans Interest on Deposits I Depreciation D Loss on Investment in Mutual Fund Compliance Certificate Fees TOTAL A. Arulmozhi Shivam Director – President

2002 – 2003

2001 – 2002

21,84,791 93,556 88,092 ---------------23,66,439 ------------------

29,64,575 1,21,516 --------------------30,86,091 ----------------

76,221 1,23,000 2,330 4,637 5,002 17,906 868 3,115 16,031 1,281 8,101 1,20,750 ----5,250 10,119 2,793 3,000 12,762 33,19,600 18,828 39,93,543 5,250 --------------77,50,387 ----------------

A. Gobalakrishnan Director – Vice President

83,845 1,69,450 5,512 4,223 10,852 7,760 1,801 3,135 32,336 -----5,447 2,64,000 16,000 5,000 18,441 11,172 45,000 5,116 46,52,278 53,589 ------5,250 --------------54,00,207 ---------------

As per our report of even date annexed for RAGHU & MURALI Chartered Accountants

R. Rammohan Director – Auditor

T.Natarajan Director – Treasurer

D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2003

SREE ANASUYA BENEFIT FUND LIMITED

15

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDED 31st MARCH 2003

APPROPRIATIONS

2002 – 2003

2001 – 20002

Net Loss for the year Balance brought from Balance sheet

(53,83,948) (35,57,799) -----------------(89,41,747) -----------------

(23,14,116) (12,43,683) ----------------(35,57,799) ------------------

Excess provision for Income Tax Balance carried to Balance Sheet

47,579 (88,94,168) ----------------(89,41,747) -----------------

------(35,57,799) ----------------(35,57,799) ------------------

A. Arulmozhi Shivam Director – President R. Rammohan Director – Auditor

A. Gobalakrishnan Director – Vice President T.Natarajan Director – Treasurer

As per our report of even date annexed for RAGHU & MURALI Chartered Accountants D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2003

SCHEDULES to Balance sheet

SCHEDULE A SHARE CAPITAL Authorised: 49,75,000 Equity Shares of Re.1/- each 25,000 – 5% Non cumulative Redeemable Preference Shares of Re.1/- each Issued and Paid up: 24,01,500 Equity Shares of Re.1/- each 2151 – 5% Non cumulative Redeemable

As at 31.03.2003 Amount Rs. 49,75,000 25,000

As at 31.03.2002 Amount Rs. 49,75,000 25,000

______________

______________

50,00,000

50,00,000

24,01,500

24,00,000

Application Money for Equity Share Capital Preference Shares of Re.1/- each

16

23,00,000 2,151

--------2,256

_____________

_____________

47,03,651

24,02,256

SREE ANASUYA BENEFIT FUND LIMITED As at 31.03.2003 Amount(Rs.)

SCHEDULE B RESERVES AND SURPLUS Reserve Fund Reserve to Bad Debts Charity Reserve

SCHEDULE C LOAN FUNDS (UNSECURED) Fixed Deposit Cumulative Deposit Recurring Deposit Savings Deposit Contribution from Directors and their Relatives Fixed Deposit Cumulative Deposit Recurring Deposit Savings Deposit

As at 31.03.2002 Amount(Rs.)

5,67,390 2,83,607 70,892

5,67,390 2,83,607 70,892

____________

____________

9,21,889

9,21,889

52,63,800 32,47,001 12,51,276 1,19,490

1,91,37,400 44,53,301 16,47,050 4,13,288

__________________

________________

98,81,567

2,56,51,039

8,48,000 6,23,500 14,900 71,200

10,20,000 4,75,000 18,000 2,78,000

_____________

____________

15,57,600

17,91,000

SCHEDULE D Fixed Asset – Depreciation Gross Block Depreciation Particulars As on As on Up to For the Up to 31.3.2002 31.3.2003 31.3.02 Year 02/03 31.3.03

Net Block As on As on 31.3.2002 31.3.2003

Buildings 13,91,000 Furniture&fit. 1,01,147 Computers 67,000 Office Equip. 14,007 Electrical Fitti. 12,634 Total

15,85,788

Nil 1,03,772 1,01,147 21,385 67,000 43,935 14,007 2,038 12,634 3,168

Nil 6,408 10,860 660 900

Nil 27,793 54,795 2,698 4,068

12,87,228 79,762 23,065 11,969 9,466

Nil 73,354 12,205 11,309 8,566

1,94,788 1,74,298

18,828

89,354

14,11,490

1,05,434

SCHEDULE E CURRENT ASSETS Interest Accrued and Due on Loans Jewel Loan

6,879

6,209

Mortgage Loan Fixed Deposit Loan Recurring Deposit Loan Default Interest

15,38,187 3,617 23,705 4,09,604

14,29,562 8,565 14,105 4,04,604

______________

_____________

19,81,992

18,63,045

SREE ANASUYA BENEFIT FUND LIMITED

17 As at 31.03.2003 Amount Rs.

Cash and Bank Balances 1. Balances With Scheduled Bank a) In Current Account b) Fixed Deposit c) Interest accrued but not due

14,015 3,00,000 5,642 _____________________

2. Cash on Hand 3. Investment in Mutual Fund

3,19,657 21,200 NIL _____________________

23,22,849 _______________________

SCHEDULE F LOANS AND ADVANCES Loans: Secured considered good Outstanding for the period exceeding six months Jewel Loans Mortgage Loans Fixed Deposit Loans Recurring Deposit Loan Employees Loan

92,522 57,64,800 1,42,400 91,100 ------________________________

OTHERS Jewel Loans Mortgage Loans Fixed Deposit Loans Recurring Deposit Loan Employees Loan

_____________________

5,19,562 13,147 1,31,00,000 __________________________

1,54,95,754 _________________________

1,37,172 76,48,300 6,32,900 90,000 ------_______________________

85,08,372

35,500 ------2,56,000 1,000 750

1,11,700 14,25,000 2,62,250 55,200 -------

63,84,072 ------5,000 -----3,000 3,868 _______ ___________________

63,95,940 ___________________________

SCHEDULE G CURRENT LIABILITIES Interest Accrued but not due 1. Fixed Deposits 2. Cumulative Deposits

1,95,287 3,00,000 24,275

60,90,822

________________________

Advance Income Tax Paid Bank Locker Key Advance Advance for Legal charges(Murray & Co.) Telephone Advance Tax deducted at source

As at 31.03.2002 Amount Rs.

16,705 13,29,849

_______________________

18,54,150 8,65,785 5,000 5,000 3,000 21,145 _________________________

1,12,62,452 _________________________

2,348 14,31,317

3. Recurring Deposits Audit Fees Payable Company Secretary Fees Payable

6,32,904 5,250 5,250 _______________

19,89,958 ________________

18

SCHEDULE H PROVISIONS Income tax Proposed dividend on non-cumulative Preference Share

As at 31.03.2002 Amount Rs.

-------

6,80,117

-------------

SCHEDULE K OTHER INCOME Documentation Charges Interest on Bank Deposits Interest on Advance Income Tax Paid Dividend Income from Mutual Fund Income from Mutual Fund

20,71,968 _______________

As at 31.03.2003 Amount Rs.

___________________________

SCHEDULE J INTEREST ON LOANS Jewel Loan Mortgage Loan Fixed Deposit Loan Recurring Deposit Loan Default Interest

_______________

SREE ANASUYA BENEFIT FUND LIMITED

_________________

SCHEDULE I INTEREST ON DEPOSITS Interest on Fixed Deposits Interest on Cumulative Deposits Interest on Recurring Deposits Interest on Savings deposits

6,33,303 5,000 -------

226 ________________

6,80,343 ________________________

22,32,778 7,97,817 2,77,528 11,477

32,65,851 8,01,259 5,51,399 33,859

______________

_____________

33,19,600

46,52,278

43,150 15,74,628 1,58,165 30,222 3,78,626

79,061 21,22,362 1,86,825 32,214 5,44,113

______________

_____________

21,84,791

29,64,575

13,280 26,389 53,887 -----------

45,514 49,943 -----16,238 9,821

__________

___________

93,556 1,21,516 Notes Forming Part of Accounts 1. Figures have been rounded off to the nearest rupee. 2. Previous year’s figures have been re-grouped wherever necessary. 3. Number of Non-Resident share holder : - NIL 4. Loans made during the year are fully secured by pledge of Gold jewels and Mortgage of Land and Buildings. 5. ACCOUNTING POLICIES : I. Accounts are based on accrual basis.

II.

Fixed Assets are valued at cost and depreciation has been provided under Schedule XIV of the Companies Act, 1956, under Straight Line Method. 6. The 5% Non – Cumulative Redeemable Preference shares shall be redeemed at the end of 7th year from the date of allotment. 7. Other particulars as per part II of Schedule VI of the Companies Act, 1956 are not furnished as the same are not applicable for the year under review.

SREE ANASUYA BENEFIT FUND LIMITED

19

SCHEDULE L Balance Sheet Abstract and Company’s General Business Profile I REGISTRATIONS DETAILS: Registration Number: 21840 of 1991 Balance Sheet Date : 31.03.2003 State Code : 18 II CAPITAL RAISED DURING THE YEAR : (Amount in Rs. Thousands) Public Issue Rights Issue Nil Nil Bonus Issue Private Placement Nil Nil III POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS: (Amount in Rs. Thousands) Total Liabilities Total Assets 15728 15728 Sources of Funds Paid up Capital Reserves & Surplus 4704 922 Secured Loans Unsecured Loans 221 9881 Application of Funds Net Fixed Assets Investments 105 Nil Net Current Assets Misc. Expenditure 6729 Nil Accumulated Losses 8894 IV PERFORMANCE OF THE COMPANY: (Amount in Rs. Thousands) Turnover Total Expenditure 2366 7750 Loss before Tax Loss After Tax 5384 5384 Earning per Dividend Rate Equity Share NA Nil V GENERIC NAMES OF THREE PRINCIPAL SERVICES OF COMPANY Service Description Item Code No: Lending NA A. Arulmozhi Shivam Director – President

A. Gobalakrishnan Director – Vice President

As per our report of even date annexed for RAGHU & MURALI Chartered Accountants

R. Rammohan Director – Auditor

T.Natarajan Director – Treasurer

D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2003

Sree Anasuya Benefit Fund Limited 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041. PROXY FORM I/We………………………………………………………… of…………………………………………………………………………………………………………… ……………………………………………… in the district of……………………being a Member/Members of SREE ANASUYA BENEFIT FUND LIMITED hereby appoint Sri……………………………………………..of ………………….. …………………………………………………………………………….in the district of…………….. ……………………………………………...failing him/her/Sri …...………………………………..of ………………………………………………..in the district of………………………………………… as my/our proxy vote for me/us on my/our behalf at the 11th Annual General Meeting of the Company to be held on Monday, the 29th September 2003 at 4.35 p.m. and any adjournment thereof. Signed this………………………………day of……………………………2003. Name……………………………. Address………………………………….

Signature

Affix a Re. 1/Revenue Stamp

Folio No:………………….. NOTES: 1. A Member entitled to attend and vote is entitled to appoint a proxy to attend and vote on poll instead of himself/herself. 2. The proxy form duly signed across Revenue stamp of Re.1/- should reach the company’s Registered Office at least 48 hours before the time of Meeting. ………………………………………………………………………………………………………………..

Sree Anasuya benefit Fund Limited 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041. ATTENDANCE SLIP I hereby record my presence at the 11th Annual General Meeting of the above named company being held at Registered Office of the company situated at 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041 at 4.35 p.m. on Monday. The 29th September 2003. …………………………………….. Full Name of the Member (In Block Letters) Folio No:…………………….. ……………………………………..

……………………………… Signature

No. of Shares Held………………………. ………………………………

Full Name of Proxy (In Block Letters)

Signature

Note: Members attending the meeting in person or by proxy are requested to complete the Attendance slip and hand it over at the entrance of the meeting hall.

BOOK – POST PRINTED MATTER

TO Smt./Sri…………………………………………………. ……………………………………………………………… ……………………………………………………………….

If undelivered kindly return to :

SREE ANASUYA BENEFIT FUND LIMITED ‘SRI SAI SUBHODAYA’, FLAT NO: G, GROUND FLOOR,

66 (OLD NO:57/2B) EAST COAST ROAD, THIRUVANMIYUR, CHENNAI 600 041.

SREE ANASUYA BENEFIT FUND LIMITED

TWELFTH ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR 2003-2004

Registered Office: ‘SRI SAI SUBHODAYA’ FLAT NO: G, GROUND FLOOR,

66, (OLD NO: 57/2B) EAST COAST ROAD, THIRUVANMIYUR, CHENNAI – 600041.

PHONE: 24481551

SREE ANASUYA BENEFIT FUND LIMITED

BOARD OF DIRECTORS: Director – President Sri. A.ARULMOZHI SHIVAM, M.Com., P.G.D.M., Director – Vice-President Sri. A.GOBALAKRISHNAN Director – Treasurer Sri. T.NATARAJAN Director – Auditor Sri. R.RAMMOHAN Other Directors Sri. P.A.NAMASIVAYAM, B.Sc., Sri. Dr. A.G.KARTHIKEYAN, M.B.B.S., M.D.(Paed)., Sri. Er. A.G.VIJAY ANAND, B.E.,

AUDITORS: Messrs. RAGHU & MURALI CHRTERED ACCOUNTANTS Chennai - 600018.

LEGAL ADVISOR: Sri. S.UMAPATHY, M.A., B.L., Chennai – 600018.

BANKERS: BANK OF MAHARASHTRA Valmiki Nagar Branch, Thiruvanmiyur, Chennai – 600041. CHENNAI CENTRAL CO-OPERATIVE BANK LTD., Thiruvanmiyur, Chennai – 600041. STATE BANK OF MYSORE Thiruvanmiyur, Chenni - 600041.

1

WORKING HOURS: Week Days : 9.00 A.M. to 1.00 P.M. and 2.30 P.M. to 5.30 P.M. Sunday : 9.00 A.M. to 1.00 P.M WEEKLY HOLIDAY: TUESDAY 2

SREE ANASUYA BENEFIT FUND LIMITED

NOTICE TO SHAREHOLDERS : Notice is hereby given that the TWELFTH Annual General Meeting of the Shareholders of the fund will be held on 29th September 2004 Monday at 4.35 p.m. at the Registered office of the Fund: ‘SRI SAI SUBHODAYA’ FLAT NO: G, Ground Floor, 66, (Old No:57/2B) East Coast Road, Thiruvanmiyur, Chennai – 600041 to transact the following business: AGENDA : 1. To receive, consider and adopt the Balance Sheet as on 31st March 2003

and the Profit and Loss Account for the period ended 31st March 2003 and the report of the Board of Directors’ and Auditors’ Report, notes thereon. 2. To appoint a Director in the place of Sri. A.ARULMOZHI SHIVAM, who retires by rotation and being eligible, offer himself for reappointment. 3. To appoint a Director in the place of Sri. T.NATARAJAN, who retires by rotation and being eligible, offer himself for reappointment. 4. To appoint an Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting and to fix their remuneration. SPECIAL BUSINESS 5. To consider and if thought fit to pass with or without modification/ amendment of the following to the Memorandum & Association of the company to read as follows: Existing Proposed CLAUSE V The Nominal share capital of the company shall be Rs.50,00,000/- (Fifty lakhs only) divided into (i) 49,75,000/- Equity shares of Re.1/- (Rupee one only) each which is called ‘A’ Class share and (ii) 25,000 5%

CLAUSE V The Nominal share capital of the company shall be Rs.1,00,00,000/(One crore only) divided into (i) 99,75,0000/- Equity shares of Re.1/(Rupee one only)each which is called

Non-Cumulative Redeemable Preference ‘A’ Class share and (ii) 25,000 5% Non Shares of Re.1/- (Rupee one only) each -Cumulative Redeemable Preference which is called ‘B’ Class share shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share SREE ANASUYA BENEFIT FUND LIMITED Existing

Proposed

Article Of Association

Article of Association

Article No: 7 The Nominal share capital of the company shall be Rs.50,00,000/- (Fifty lakhs only) divided into (i) 49,75,000/- Equity shares of Re.1/- (Rupee one only) each which is called ‘A’ Class share and (ii) 25,000 5% Non-Cumulative Redeemable Preference Shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

3

Article No: 7 The Nominal share capital of the company shall be Rs.1,00,00,000/(One crore only) divided into (i) 99,75,0000/- Equity shares of Re.1/(Rupee one only)each which is called ‘A’ Class share and (ii) 25,000 5% Non -Cumulative Redeemable Preference shares of Re.1/- (Rupee one only) each which is called ‘B’ Class share

ANNEXURE TO NOTICE Explanatory statement to Section 173 of the Companies Act 1956. Item No.5 This amendment requires the sanction of General Body, the proposed Special Resolution as set out in the Notice is placed before the shareholders for their approval. None of the Directors of the company is deemed to be interested in the above Resolution. NOTES : 1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself and a proxy need not be a member of the fund. If it is desired to use a proxy, the instrument appointing the proxy should be completed in accordance with Section 176 of the Companies Act, 1956 and delivered at the registered office of the company at least 48 hours before the time fixed for the meeting. 2. Persons entitled to attend the meeting are requested to bring their respective share certificates for easy identification. 3. Members are requested to intimate fund’s office any change in their door numbers and addresses, with Pin code numbers. 4. Members are requested to bring their copy of their Annual Report along with them for the meeting, since it is not possible to distribute additional copies at the meeting in view of the heavy cost of printing.

5. Shareholders intending to ask for information at the Annual General meeting regarding Balance Sheet or Profit and Loss Account or Directors’ Report are requested to give notice of the particulars of information required, to the President or the Vice-President at least seven days before the date of the Annual General Meeting. CHENNAI – 600041 21st August 2004

4

By order of the Board Sd…………. A.ARULMOZHI SHIVAM Director – President

SREE ANASUYA BENEFIT FUND LIMITED

DIRECTORS’ REPORT To The Members: The Directors of your company are presenting the Twelfth Annual Report together with Audited Accounts of the company for the period ended 31st March 2004. DEPOSITS AND LOANS :

The total Fixed Deposits, Cumulative Deposits, Recurring Deposits and Savings Deposits as at 31st March 2004 amounted to Rs.98.81 lakhs as against Rs.256.51 lakhs in the previous year. The total loans on Jewel loans, Mortgage loans on immovable properties, Fixed Deposits loans and advances outstanding as at 31st March 2004 amounted to Rs.65.51 lakhs as against Rs.112.62 lakhs in the previous year. RESULTS

The Directors are sorry to state that the business of the company during the year under report is very bad. The working of the company for the year under report is as under: FINANCIAL RESULTS: The result of the company’s working before providing for depreciation shows a loss Less: Depreciation

2003-2004(Rs.)

2002-2003(Rs.)

(54,02,776) 18,828

(54,02,776) 18,828

______________________________________________________________________

Add: Previous year loss Add: Excess provision of Income Tax

(53,83,948) (88,94,168) 47,579

(53,83,948) (35,57,799) 47,579

_________________________________________

Net loss carried to Balance Sheet

(88,94,168)

(88,94,168)

_________________________________________

PERFORMANCE OF THE FUND

The performance of the company during the year under review was adversely affected by the loss from mutual fund investments. To avoid the total loss on the mutual fund investment amount the Directors had taken bold decision to withdraw

the investment and book loss. Like in the last year the deployment of funds in the core business – Loans on Jewels and House Mortgage were continued to be sluggish in this year also. INSPECTION AND REPORTS

The commissioners appointed for the scrutiny of jewels, documents and other securities duly carried out their work and their reports express satisfaction. SREE ANASUYA BENEFIT FUND LIMITED

5

DIRECTORS:

Sri. A.ARULMOZHI SHIVAM and Sri. T.NATARAJAN Directors of your company retire by rotation at the ensuing Annual General Meeting pursuant to the provisions of Article 96 of the Articles of Association of the company and being eligible, offer themselves for reappointment. DIRECTORS’ RESPOSIBILITY STATEMENT In accordance with Section 217(2AA) of the Companies Act, 1956 the Directors of the company hereby state that: a. In the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures. b. The Directors had selected such accounting policies and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period. c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the assts of the company and for preventing and detecting fraud and other irregularities. d. The Directors had prepared the annual accounts on a going concern basis. AUDITORS The Statutory Auditors, M/s RAGHU & MURALI, Chartered Accountants retire at the conclusion of the Eleventh Annual General Meeting are eligible for the current financial year. Your Board recommends their reappointment. SECRETARIAL COMPLIANCE REPORT In accordance with provisions of Section 383 A (1) of the Companies (Amendment) Act, 2000 Secretarial compliance report from Mr. B.Ravi a practicing Company Secretary is set out in the Annexure forming part of the report.

ADDENDUM TO THE AUDITOR’S REPORT AND SECRETARIAL COMPLIANCE REPORT The Directors wish to draw your attention to note No: 6(h) of Auditors Report and to note No: 24 of Secretarial Compliance Report for their comments. The company was incorporated with the main object to enable its members to save money, to invest their savings to secured loans at favourable rates of interest on sound security. The company deals only with its members and its business is restricted to receiving deposits from them and lending money to members on proper securities. An all out efforts have been taken to secure recognition as a Mutual 6

SREE ANASUYA BENEFIT FUND LIMITED

Benefit Society under Section 620A of the Companies Act, 1956. The provisions of the Reserve Bank of India would not apply to your company as it had already been prescribed regulations for Mutual Benefit Companies, which were yet to be notified as Nidhis by Department of Company Affairs, Government of India vide RBI press release dated 13.04.1999. Your Directors hereby further confirm that your company has been strictly complying the notifications issued from time to time for Nidhi or Mutual Benefit Society by Department of Company Affairs, Government of India. EMPLOYEES The information required under the provisions of Section 217(2) of the Companies Act, 1956 read with the Companies (Particulars of employees) Rules, 1975 as amended is not furnished since no employee employed throughout/part of the year, was in respect for remuneration of Rs.24,00,000/- or more per annum or Rs.2,00,000/- or more per month, as the case may be. CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE The provisions of Section 217(1)(e) of the Companies Act, 1956 are not applicable to your company. Foreign Exchange (Earnings & Outgo: Total Foreign Exchange used and earned). There has been no earnings or outgo of foreign exchange during the year. ACKNOWLEDGEMENT The Board of Directors express their sincere appreciation to all the Shareholders, Banks, Customers, Employees and Well Wishers of the company for their excellent co-operation and support extended to the company and look forward to their continued patronage in the years to come. CHENNAI – 600041 21st August, 2004

For and on behalf of the Board Sd…… A.ARULMOZHI SHIVAM Director – President

SREE ANASUYA BENEFIT FUND LIMITED

7

COMPLIANCE CERTIFICATE TO The Members of SREE ANASUYA BENEFIT FUND LIMITED Chennai – 600041 I have examined the registers, records, books and papers of SREE ANASUYA BENEFIT FUND LIMITED (hereinafter referred to as ‘Company’) having its Registered office at ‘Sri Sai Subhodaya’, Flat No.G, New No. 66(Old No.57/2B), East Coast Road, Thiruvanmiyur, Chennai – 600041 as required to be maintained under the Companies Act, 1956, (hereinafter referred to as ‘Act’) and the rules made thereunder and also the provisions contained in the Memorandum and Articles of Association of the Company for the financial year ended on 31st March, 2004. In my opinion and to the best of my information and according to the examinations carried out by me and explanations furnished to me by the company, its officers, I certify that in respect of the aforesaid financial year: 1. The company has kept and maintained all registers as stated in Annexure ‘A’ to this certificate, as per the provisions and the rules made there under and all entries therein have been duly recorded. 2. The company has duly filed the forms and returns as stated in Annexure ’B’ to this certificate, with the Registrar of Companies except one Form 5 with respect to redemption of 45, 5% non-cumulative redeemable preference shares of Re1/- each filed with Additional fee, within the time prescribed under the Act and the rules made there under. 3. The company is public limited company and has the minimum prescribed paid up capital. 4. The Board of Directors duly met ELEVEN times on 27.04.2002, 27.05.2002, 14.06.2002, 29.06.2002, 27.07.2002, 21.08.2002, 14.09.2002, 18.10.2002, 12.11.2002, 25.12.2002 and 26.03.2003 in respect of which meetings, proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. 5. The company has closed its Register of Members during the year under report. 6. The Annual general meeting for the financial year ended 31st March 2003 was held on 29th September 2003 after giving due notice to the members of the company and the resolutions passed there at were duly recorded in Minutes Book maintained for the purpose. 7. The company had no extra ordinary meetings during the financial year. 8. The company had no transactions attracting Section 295 of the Act, during the year under report.

9. The company had no transactions attracting the provisions of Section 297 of the Act, during the year under report. 10. The company had no transactions requiring entries in the register maintained under Section 301 of the Act. 11. The company had no instances during the year under report necessitating approvals under Section 314 of the Act. 12. The company has not issued any duplicate certificates during the year under report.

8

SREE ANASUYA BENEFIT FUND LIMITED 13. The company had not declared any dividend during the year ended 31.3.2003 and therefore the question of unpaid or unclaimed dividends and the transferring to unpaid dividend account does not arise. 14. The company has duly complied with the requirements of Section 217 of the Act. 15. During the year under report the Company had made allotments of equity shares as detailed below and also redeemed preference shares as detailed below. Necessary forms have been filed with the Registrar of Companies within the stipulated time and entries were made in the Register maintained for the said purpose and also certificates despatched as prescribed under the Companies Act, 1956. The company had no transfer of shares during the year under report. ALLOTMENT OF EQIUTY SHARES OF Re. 1/- EACH MADE DURING THE YEAR UNDER REPORT. Sl.No. Date of Allotment No.of Allotees No. of Shares Allotted Date of filing Form 2 1. 21.08.2002 21 1380 06.09.2002 2. 26.03.2002 3 120 * 22.04.2003 * The above marked Form 2 filed subsequent to the year under scrutiny REDEMPTION OF 5% NON-CUMULATIVE REDEEMABLE PREFERENCE SHARES OF RE.1/- EACH MADE DURING THE YEAR UNDER REPORT: Sl.No. Date of Board’s Date of Redemption No. of Preference Date of filing Approval for shares Redeemed Form 5 1.

27.07.2002

06.08.2002

45

06.09.2002 with addl. Filing fee 2. 25.12.2002 25.12.2002 61 14.01.2003 16. The Board of Directors of the company is duly constituted and the appointment of Directors and resignation of Directors during the year under report as detailed below were properly recorded in the minutes and relevant forms were filed with the Registrar of companies and entries made in the Register maintained for that purpose. RESIGNATION AND APPOINTMENT OF DIRECTORS APPROVED BY THE BOARD ON 21.08.2002 RESIGNATION SL.NO. NAME OF THE DIRECTORS DATE OF FILING FORM 32 1. Mrs. A. Mythili 06.09.2002 2. Mrs. G. Rajamani 06.09.2002 3. Mrs. N. Gowri 06.09.2002 4. Mrs. R. Bhuvaneswari 06.09.2002

APPOINTMENT SL.NO. NAME OF THE DIRECTORS 1. Mr. A. Arulmozhi Shivam 2. Mr. A. Gobalakrishnan 3. Mr. R. Rammohan 4. Mr. T. Natarajan

DATE OF FILING FORM 32 & 29 06.09.2002 06.09.2002 06.09.2002 06.09.2002

17. The company has no Managing Director/ Whole time Director/ Manager. The company has a President, Vice- President, Director-Treasurer and Director- Auditor, besides other directors on the Board. The Office bearers are also directors of the Company and None of them are in receipt of remuneration from the company.

SREE ANASUYA BENEFIT FUND LIMITED

9

18. The company has no sole-selling agents 19. The company was not required to obtain any approvals of the Central Government, Company Law Board, Regional Director or Registrar of Companies and or such authorities prescribed under the provisions of the Act. 20. The Directors have disclosed their interest in other firms / companies to the Board of Directors pursuant to the provisions of the Act and the rules made therunder. 21. The company has issued shares during the financial year under report in respect of allotment of shares made during the year under report as detailed under point no. 15 supra. 22. The company has not bought back any shares during the financial year ended 31st March 2003 and hence the question of complying with the buy back provisions does not arise. 23. The company has not issued any debentures during the year under report. 24. The company has accepted deposits from its shareholders pending receipt of recognition as per Sec.620A of the Act. The provisions of Companies Acceptance of Deposits Rules, 1975 and the directives of Reserve Bank of India regarding acceptance of deposits have not been complied with. 25. The amount borrowed by the Company during the financial year ended 31st March, 2002 is within the borrowing limits of the company. 26. The Company has not made any loans and investments, or given guarantees or provided securities to other bodies corporate. 27. The company has not shifted its registered office and hence there is no alteration in the situation clause of the Memorandum of Association. 28. The company has not altered the provisions of the Memorandum with respect to the objects of the company during the year under scrutiny. 29. The company has not altered the provisions of the Memorandum with respect to name of the company during the year under scrutiny. 30. The company has not altered the provisions of the Memorandum with respect to share capital of the company during the year under scrutiny. 31. The company has not altered any of its articles of Articles of Association. 32. No prosecution has been against or the company for offences under the Act has received no show cause notices. 33. The company has not received any amount as security from its employees during the year under certification. 34. The provisions of the Employees Provident fund (miscellaneous provisions) Act, 1952 are not applicable to the company. Place : Chennai

Signature :

Sd………….

Date : 21.08.2004

10

Name of the Company Secretary : B.Ravi C.P.NO : 3318

SREE ANASUYA BENEFIT FUND LIMITED

Annexure A Register as maintained by the company 1. Register of Members u/s 150 2. Register of Directors u/s 303 3. Register of Directors’ shareholding u/s 307 4. Register of contracts in which directors are interested u/s 301 5. Register of Board Minutes u/s 193 6. Register of General Meeting Minutes u/s 193 7. Register of Share Transfers 8. Attendance Register for Board / General Meetings. Annexure B Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government or other authorities during the financial year ended 31.03.2003. 1. Form No. 5 filed U/s 95 of Redemption of 45 Preference Shares with additional filing fee on 06.09.2002. 2. Form No. 5 filed U/s 95 of Redemption of 61 Preference Shares on 14.01.2003. 3. Form No.2 filed U/s 75 for Allotment of 1380 Equity Shares on 06.09.2003. 4. Form No.2 filed U/s 75 for Allotment of 120 Equity Shares on 22.04.2003. The above Form 2 filed subsequent to the year under scrutiny. 5. Compliance Certificate filed u/s 383A(1) for the financial year ended on 31.03.2003, on 24.10.2002. 6. Form No.32 filed U/s 303 for resignation and appointment of directors on 06.09.2002. 7. Form No.29 filed U/s 264 Mr.A.Gobalakrishnan giving his consent to act as director of the company on 06.09.2002. 8. Form No.29 filed U/s 264 Mr.A.Arulmozhi Shivam giving his consent to act as director of the company on 06.09.2002. 9. Form No.29 filed U/s 264 Mr.T.Natarajan giving his consent to act as director of the company on 06.09.2002. 10. Form No.29 filed U/s 264 Mr.R.Rammohan giving his consent to act as director of the company on 06.09.2002. 11. Schedule VI – Balance Sheet for the Year ended 31.03.2002 together with annexure and attachments duly adopted by the members at the Annual General Meeting held on 27th September 2002, filed on 24.10.2002. Schedule V – Annual Return made up to 27th September 2002, filed on 25.11.2002.

SREE ANASUYA BENEFIT FUND LIMITED

11

AUDITORS’ REPORT TO THE MEMBERS M/s. SREE ANASUYA BENEFIT FUND LIMITED We have audited the Balance Sheet of SREE ANASUYA BENEFIT FUND LIMITED, Chennai – 600041 as at 31st March 2004 and also the Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based in our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement and free of material misstatements. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion and report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of Audit. 2. In our opinion, the company has kept proper books of accounts as required by Law so far as it appears from our examination of these books. 3. In our opinion, the Profit and Loss Account and Balance Sheet comply with accounting standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956. 4. According to the information and explanations given to us and on the basis of written representation from the directors of the company, taken on record by the Board of Directors, in relation to the affairs of the company, none of the directors are disqualified from being appointed as director as on 31st March, 2004 under Section 274(1)(g) of the Companies Act, 1956. 5. The Balance sheet dealt with by the report are in agreement with the books of account and We further report that in our opinion and to the best of our information and according to the explanations given to us, that said account subject to and read with the notes thereon give the information required by Companies Act, 1956, in the manner so required to and give a true and fair view: a. In the case of Balance Sheet, of the state of the company’s affairs as at 31st March 2004.

b. In the case of the Profit and Loss Account of the Loss for the year ended 31st March 2004. 6. As required by the Manufacturing and other Companies [Auditors Report] Orders, 1988 and on the basis of such checks of the books and records of the company as we considered appropriate and the information and explanations given to us, We state that: a. The Company has maintained proper records of its fixed assets, during the year under review. The management has physically verified the fixed assets periodically in a phased manner at reasonable intervals and no material discrepancies have been on such verification. b. None of the fixed assets have been revalued during the year. c. The company does not have any stock during the year under review and hence, question of commenting on the same does not arise.

12

SREE ANASUYA BENEFIT FUND LIMITED d. The company has not taken any loans from companies; firms or other parties listed in the register, maintained under Section 301 of the Companies Act, 1956. According to the information and explanations given to us, there are no companies under the same management as defined in Section 370(1B) of the Companies Act, 1956. e. The company has not given any loans or advances to any companies, firms or other parties listed in the register, maintained under Section 301 of the Companies Act, 1956. According to the information and explanations given to us, there are no companies under the same management as defined in Section 370B of the Companies Act, 1956. f. The company has granted loans during the year under review and the company has taken reasonable steps for the recovery of principle and interest wherever necessary in respect of loans given by the company. g. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. h. The company has accepted deposits from its shareholders pending obtention of recognition as per Section 620A of Companies Act, 1956. The provisions of Companies Acceptance of Deposits Rules 1975 and the Reserve Bank of India’s directives regarding acceptance of deposits have not been complied with. i. Since the paid up capital of the company does not exceed Rs.25 Lakhs and average annual turnover is less than Rs.2 Crores the question of commenting on internal audit system does not arise. j. According to the information and explanation given to us, no disputed amounts payable in respect of Income Tax, Wealth Tax, Customs and Excise Duties outstanding as on 31st March 2003 for a period of more than six months from the day they became payable. k. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account. l. The company is not Sick Industrial Unit under the provisions of Section 3(1) (o) of the Sick Industries Companies (Special Provisions) Act, 1985. m. The provisions of any special statutes applicable to chit Funds, Nidhi’s do not apply to the company. n. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities.

o. The company is not dealing or trading in shares, securities, etc. p. Considering the nature of activities carried on by the company the provisions of (iii), (iv), (xi), (xii), (xiii), (xiv), (xvi) and (xx) of Para 4(a) of the Manufacturing and other Companies (Auditor’s Report) Order 1988 do not apply to this Company. for RAGHU & MURALI CHARTERED ACCOUNTANTS Sd……… Place : Chennai Date ; 21st August, 2004

(D.V.MURALIDHARAN) Partner

SREE ANASUYA BENEFIT FUND LIMITED BALANCE SHEET AS ON 31.03.2003 SOURCES OF FUNDS 1) Shareholder’s Funds: (a) Capital (b) Reserves & Surplus 2)

Loan Funds: (a) Secured (b) Unsecured

SCHD A B

C TOTAL

APPLICATION OF FUNDS 1) Fixed Assets: (a) Gross Block (b) Less:Depreciation to date 2)

3)

4) 5)

(c) Net Block Current Assets, Loans & Advances: (a) Current Assets E (b) Loans & Advances F

Less Current Liabilities & Provisions: (a) Current Liabilities G (b) Provisions H Net Current Assets

47,03,651 9,21,889 2,21,326 98,81,567 ----------------1,57,28,433 ------------------

AS ON 31.03.2003 47,03,651 9,21,889 2,21,326 98,81,567 ----------------1,57,28,433 -----------------

1,94,788 89,354 -------------1,05,434

1,94,788 89.354 --------------1,05,434

23,22,849 63,95,940 -----------------87,18,789

23,22,849 63,95,940 ----------------87,18,789

19,89,958 0 ----------------19,89,958 67,28,831

19,89,958 0 ---------------19,89,958 67,28,831

Miscellaneous Expenditure: (to the extent not written off Preliminary expenses)

6)

D

AS ON 31.03.2004

13

Profit and Loss account

--------88,94,168

-------88,94,168

---------------------------------TOTAL 1,57,28,433 1,57,28,433 -----------------------------------A. Gobalakrishnan As per our report of even date annexed Director – Vice President for RAGHU & MURALI Chartered Accountants

A. Arulmozhi Shivam Director – President

R. Rammohan Director – Auditor

T.Natarajan Director – Treasurer

D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2004

14

SREE ANASUYA BENEFIT FUND LIMITED

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH 2004 SCHD INCOME Interest on Loan Other income Profit on Sale of Building

J K TOTAL

EXPENDITURE Salary Administration Expenses Printing and Stationery Postage and Telephones Repairs and Maintenance Staff Welfare Bank Charges Electricity charges Traveling & Conveyance Auction Charges Meeting Expenses Sitting fees Audit fees Miscellaneous Expenses Rates and Taxes Legal fees Interest on Bank Loans Interest on Deposits I Depreciation D Loss on Investment in Mutual Fund Compliance Certificate Fees TOTAL

2003 – 2004

2002 – 2003

21,84,791 93,556 88,092 ---------------23,66,439 ------------------

21,84,791 93,556 88,092 --------------23,66,439 ----------------

76,221 1,23,000 2,330 4,637 5,002 17,906 868 3,115 16,031 1,281 8,101 1,20,750 5,250 10,119 2,793 3,000 12,762 33,19,600 18,828 39,93,543 5,250 --------------77,50,387

76,221 1,23,000 2,330 4,637 5,002 17,906 868 3,115 16,031 1,281 8,101 1,20,750 5,250 10,119 2,793 3,000 12,762 33,19,600 18,828 39,93,543 5,250 --------------77,50,387

---------------A. Arulmozhi Shivam Director – President R. Rammohan Director – Auditor

A. Gobalakrishnan Director – Vice President T.Natarajan Director – Treasurer

---------------

As per our report of even date annexed for RAGHU & MURALI Chartered Accountants D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2004

SREE ANASUYA BENEFIT FUND LIMITED

15

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDED 31st MARCH 2004

APPROPRIATIONS

2003 – 2004

2002 – 20003

Net Loss for the year Balance brought from Balance sheet

(53,83,948) (35,57,799) -----------------(89,41,747) -----------------

(53,83,948) (35,57,799) ----------------(89,41,747) ------------------

Excess provision for Income Tax Balance carried to Balance Sheet

47,579 (88,94,168) ----------------(89,41,747) -----------------

47,579 (88,94,168) ----------------(89,41,747) ------------------

A. Arulmozhi Shivam Director – President R. Rammohan Director – Auditor

A. Gobalakrishnan Director – Vice President T.Natarajan Director – Treasurer

As per our report of even date annexed for RAGHU & MURALI Chartered Accountants D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2004

SCHEDULES to Balance sheet

SCHEDULE A SHARE CAPITAL Authorised: 49,75,000 Equity Shares of Re.1/- each

As at 31.03.2004 Amount Rs. 49,75,000

As at 31.03.2003 Amount Rs. 49,75,000

25,000 – 5% Non cumulative Redeemable Preference Shares of Re.1/- each

25,000

Issued and Paid up: 24,01,500 Equity Shares of Re.1/- each 2151 – 5% Non cumulative Redeemable Application Money for Equity Share Capital Preference Shares of Re.1/- each

16

______________

50,00,000

50,00,000

24,01,500

24,00,000

23,00,000 2,151

23,00,000 2,151

_____________

_____________

47,03,651

47,03,651

SREE ANASUYA BENEFIT FUND LIMITED As at 31.03.2004 Amount(Rs.)

SCHEDULE B RESERVES AND SURPLUS Reserve Fund Reserve to Bad Debts Charity Reserve

SCHEDULE C LOAN FUNDS (UNSECURED) Fixed Deposit Cumulative Deposit Recurring Deposit Savings Deposit Contribution from Directors and their Relatives Fixed Deposit Cumulative Deposit Recurring Deposit Savings Deposit

1,01,147 67,000 14,007 12,634

27,793 54,795 2,698 4,068

6,408 10,860 660 900

As at 31.03.2003 Amount(Rs.)

5,67,390 2,83,607 70,892

5,67,390 2,83,607 70,892

____________

____________

9,21,889

9,21,889

52,63,800 32,47,001 12,51,276 1,19,490

52,63,800 32,47,001 12,51,276 1,19,490

__________________

________________

98,81,567

98,81,567

8,48,000 6,23,500 14,900 71,200

8,48,000 6,23,500 14,900 71,200

_____________

____________

15,57,600

15,57,600

SCHEDULE D Fixed Asset – Depreciation Gross Block Depreciation Particulars As on As on Up to For the Up to 31.3.2003 31.3.2004 31.3.03 Year 03/04 31.3.04 Furniture&fit. 1,01,147 Computers 67,000 Office Equip. 14,007 Electrical Fitti. 12,634

25,000

______________

27,793 54,795 2,698 4,068

Net Block As on As on 31.3.2003 31.3.2004 73,354 12,205 11,309 8,566

73,354 12,205 11,309 8,566

Total

1,94,788

1,94,788

89,354

18,828

SCHEDULE E CURRENT ASSETS Interest Accrued and Due on Loans Jewel Loan Mortgage Loan Fixed Deposit Loan Recurring Deposit Loan Default Interest

89,354

1,05,434

6,879 15,38,187 3,617 23,705 4,09,604

6,879 15,38,187 3,617 23,705 4,09,604

______________

_____________

19,81,992

18,63,045

SREE ANASUYA BENEFIT FUND LIMITED

17 As at 31.03.2004 Amount Rs.

Cash and Bank Balances 1. Balances With Scheduled Bank a) In Current Account b) Fixed Deposit c) Interest accrued but not due

14,015 3,00,000 5,642 _____________________

2. Cash on Hand

3,19,657 21,200 _____________________

23,22,849 _______________________

SCHEDULE F LOANS AND ADVANCES Loans: Secured considered good Outstanding for the period exceeding six months Jewel Loans Mortgage Loans Fixed Deposit Loans Recurring Deposit Loan Employees Loan

92,522 57,64,800 1,42,400 91,100 ------________________________

OTHERS Jewel Loans Mortgage Loans Fixed Deposit Loans Recurring Deposit Loan Employees Loan Advance Income Tax Paid Bank Locker Key Advance Telephone Advance Tax deducted at source

1,05,434

As at 31.03.2003 Amount Rs. 14,015 3,00,000 5,642 _____________________

3,19,657 21,200 __________________________

23,22,849 _________________________

92,522 57,64,800 1,42,400 91,100 ------_______________________

60,90,822

60,90,822

35,500 ------2,56,000 1,000 750

35,500 ------2,56,000 1,000 750

________________________

_______________________

63,84,072 ------5,000 3,000 3,868

63,84,072 -----5,000 3,000 3,868

_______ ___________________

63,95,940

_________________________

63,95,940

___________________________

SCHEDULE G CURRENT LIABILITIES Interest Accrued but not due 1. Fixed Deposits 2. Cumulative Deposits 3. Recurring Deposits Audit Fees Payable Company Secretary Fees Payable

16,705 13,29,849 6,32,904 5,250 5,250 _______________

19,89,958 ________________

18

_________________________

16,705 13,29,849 6,32,904 5,250 5,250 _______________

19,89,958 _______________

SREE ANASUYA BENEFIT FUND LIMITED

SCHEDULE H PROVISIONS Income tax Proposed dividend on non-cumulative Preference Share

As at 31.03.2004 Amount Rs. ------------_________________

------___________________________

SCHEDULE I INTEREST ON DEPOSITS Interest on Fixed Deposits Interest on Cumulative Deposits Interest on Recurring Deposits Interest on Savings deposits SCHEDULE J INTEREST ON LOANS Jewel Loan Mortgage Loan Fixed Deposit Loan Recurring Deposit Loan Default Interest SCHEDULE K OTHER INCOME Documentation Charges Interest on Bank Deposits Interest on Advance Income Tax Paid Dividend Income from Mutual Fund Income from Mutual Fund

22,32,778 7,97,817 2,77,528 11,477

------------________________

-----________________________

22,32,778 7,97,817 2,77,528 11,477

______________

_____________

33,19,600

33,19,600

43,150 15,74,628 1,58,165 30,222 3,78,626

43,150 15,74,628 1,58,165 30,222 3,78,626

______________

_____________

21,84,791

21,84,791

13,280 26,389 53,887 -----------

13,280 26,389 53,887 -----------

__________

___________

93,556 Notes Forming Part of Accounts 1. Figures have been rounded off to the nearest rupee.

As at 31.03.2003 Amount Rs.

93556

2. Previous year’s figures have been re-grouped wherever necessary. 3. Number of Non-Resident share holder : - NIL 4. Loans made during the year are fully secured by pledge of Gold jewels and Mortgage of Land and Buildings. 5. ACCOUNTING POLICIES : a. Accounts are based on accrual basis. b. Fixed Assets are valued at cost and depreciation has been provided under Schedule XIV of the Companies Act, 1956, under Straight Line Method. 6. The 5% Non – Cumulative Redeemable Preference shares shall be redeemed at the end of 7th year from the date of allotment. 7. Other particulars as per part II of Schedule VI of the Companies Act, 1956 are not furnished as the same are not applicable for the year under review.

SREE ANASUYA BENEFIT FUND LIMITED SCHEDULE L Balance Sheet Abstract and Company’s General Business Profile I REGISTRATIONS DETAILS: Registration Number: 21840 of 1991 Balance Sheet Date : 31.03.2004 State Code : 18 II CAPITAL RAISED DURING THE YEAR : (Amount in Rs. Thousands) Public Issue Rights Issue Nil Nil Bonus Issue Private Placement Nil Nil III POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS: (Amount in Rs. Thousands) Total Liabilities Total Assets 15728 15728 Sources of Funds Paid up Capital Reserves & Surplus 4704 922 Secured Loans Unsecured Loans 221 9881 Application of Funds Net Fixed Assets Investments 105 Nil Net Current Assets Misc. Expenditure 6729 Nil Accumulated Losses 8894 IV PERFORMANCE OF THE COMPANY: (Amount in Rs. Thousands) Turnover Total Expenditure 2366 7750 Loss before Tax Loss After Tax 5384 5384 Earning per Dividend Rate Equity Share NA Nil V GENERIC NAMES OF THREE PRINCIPAL SERVICES OF COMPANY

19

Service Description Lending A. Arulmozhi Shivam Director – President R. Rammohan Director – Auditor

A. Gobalakrishnan Director – Vice President T.Natarajan Director – Treasurer

Item Code No: NA As per our report of even date annexed for RAGHU & MURALI Chartered Accountants

D.V. Muralidharan Partner

Place : Chennai Date : 21st August 2004

Sree Anasuya Benefit Fund Limited 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041. PROXY FORM I/We………………………………………………………… of…………………………………………………………………………………………………………… ……………………………………………… in the district of……………………being a Member/Members of SREE ANASUYA BENEFIT FUND LIMITED hereby appoint Sri……………………………………………..of ………………….. …………………………………………………………………………….in the district of…………….. ……………………………………………...failing him/her/Sri …...………………………………..of ………………………………………………..in the district of………………………………………… as my/our proxy vote for me/us on my/our behalf at the 12th Annual General Meeting of the Company to be held on Monday, the 29th September 2004 at 4.35 p.m. and any adjournment thereof. Signed this………………………………day of……………………………2004. Name……………………………. Address………………………………….

Signature

Affix a Re. 1/Revenue Stamp

Folio No:………………….. NOTES: 8. A Member entitled to attend and vote is entitled to appoint a proxy to attend and vote on poll instead of himself/herself. 9. The proxy form duly signed across Revenue stamp of Re.1/- should reach the company’s Registered Office at least 48 hours before the time of Meeting. ………………………………………………………………………………………………………………..

Sree Anasuya benefit Fund Limited 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041. ATTENDANCE SLIP I hereby record my presence at the 12th Annual General Meeting of the above named company being held at Registered Office of the company situated at 66,(Old No.57/2B) East Coast Road, Thiruvanmiyur, Chennai 600041 at 4.35 p.m. on Monday. The 29th September 2004.

…………………………………….. Full Name of the Member (In Block Letters) Folio No:……………………..

……………………………… Signature

No. of Shares Held……………………….

…………………………………….. Full Name of Proxy (In Block Letters)

……………………………… Signature

Note: Members attending the meeting in person or by proxy are requested to complete the Attendance slip and hand it over at the entrance of the meeting hall.

BOOK – POST PRINTED MATTER

TO Smt./Sri…………………………………………………. ……………………………………………………………… ……………………………………………………………….

If undelivered kindly return to :

SREE ANASUYA BENEFIT FUND LIMITED ‘SRI SAI SUBHODAYA’, FLAT NO: G, GROUND FLOOR,

66 (OLD NO:57/2B) EAST COAST ROAD, THIRUVANMIYUR, CHENNAI 600 041.