Balance Sheet of Hdfc Bank by wsu75697

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									                         SPANDANA'S MICRO FINANCE PROGRAM
                                    AS ON 31st March 2004

Operational Highlights               Spandana             ICICI Partnership        Total



No. of Centers                               3,279                        796                   4,075

No. of Groups                                9,521                      2,075                  11,596

No. of Members                              94,995                     20,747                115,742

No. of Active Loans                        113,434                     20,031                133,465

No. of Active Clients                       89,980                     20,031                110,011

No. of loans disbursed                     177,841                     20,037                197,878

Value of loans disbursed              1,150,329,620              133,206,000         1,283,535,620

Gross Loan Oustanding                  440,898,831               113,733,700           554,632,531

Compulsory Saving balance                        -                        -                      -

Voluntary Saving balance                26,947,682                  4,789,333              31,737,015

Siri Saving Balance                     33,431,600                    181,700              33,613,300

                                        60,379,282                  4,971,033              65,350,315

Staff Strength

No. of COS                                       107                          24                 131

Other staff                                          45                        5                     50

No. of Branches                                      26                        5                     31

No. of Mandals                                       40                        4                     44

No. of Villages/slums                            807                          41                  848



Portfolio quality

Repayment Rate                               99.90%                       100%

Average Loan Size                            6,468                      6,648                   6,486

Average loan Outstanding                     4,900                      5,678                   5,042

Portfolio at Risk (%) (> 30 days)               0.06%                     -                     0.06%

Debt Outstanding                       371,032,450               112,143,120           483,175,570



Efficiency Ratios

Number of clients per CO                         841                      835                    840

Number of members per CO                         888                      864                    884

Portfolio outstanding per CO             4,120,550                  4,738,904               4,233,836
116.60
                                                    Spandana
                                        Ratios as of 31st March 2003


                                                     Principal repaid                  492,741,385
Repayment rate as of 30 day             Principal repaid + Principal more than 30                      99.95%
                                                                                       492,991,155
                                                      days past due

                                        Principal outstanding on loans in arrears          252,170
Portfolio At Risk (>30 day)                                                                             0.05%
                                               Total principal outstanding             554,632,531

                                                  Amount written off                           -
Loan Loss Rate                                                                                          0.00%
                                              Average monthly outstanding                      -

Efficiency Ratios
                                           Total operating expenses + in kind
                                                                                        52,545,529
Operational Cost Ratio                                 donations                                       15.05%
                                           Average net portfolio outstanding           349,102,063

                                                    Operating costs                     14,622,576
Administrative Cost ratio                                                                               4.13%
                                           Average loan portfolio outstanding          353,785,849

Personnel Costs as a Percent of                 Salaries and other benefits              9,271,214
                                                                                                       63.40%
Admin Costs                                      Total Adminstrative cost               14,622,576


No. of Active loan Clients per Staff    No. of active clients at the end of the year      110,011
                                                                                                          608
member
                                                       No. of staff                           181


No. of Active Loan Clients per Credit   No. of active clients at the end of the year      110,011
                                                                                                          840
Officer
                                                  No. of Credit Officers                      131

                                        Gross Portfolio outstanding at the end of
Gross Portfolio Outstanding per                                                        554,632,531
                                                          year                                       4,233,836
Credit Officer
                                                No. of Credit Officers                        131

                                          No. of members at the end of the year           115,742
No. of Members per Credit Officer                                                                         884
                                                 No. of Credit Officers                       131


No. of Active Loan Clients per          No. of active clients at the end of the year      110,011
                                                                                                        3,549
Branch
                                                     No. of Branches                           31
                                         Spandana
                               Ratios as of 31st March 2003


Profitability Ratios
                                         Operating Profit               39,968,070
Return on Assets                                                                     11.95%
                                       Average Total Assets            334,491,698

                                          Operating Profit              39,968,070
Return on Equity                                                                     107.46%
                                          Average Equity                37,194,380

                                 Interest and fee income from loans     92,513,599
Yield on Portfolio                                                                      26%
                                 Average loan portfolio for the year   353,785,849

                                        Operating Income                92,513,599
Operational Self Sufficiency                                                         176.06%
                                     Total Operating Expenses           52,545,529

                                          Total Income                  98,533,465
Financial Self Sufficiency                                                           397.38%
                                      Adjusted total expenses           24,795,765

Financial Ratios
                                 Total interest expense for the year    28,698,295
Financial Cost ratio                                                                  8.11%
                                 Average loan portfolio for the year   353,785,849

                                            Networth                    69,406,002
Capital adequacy                                                                        15%
                                       Risk Weighted Assets            474,878,559

                                          Current assets               455,266,039
Current ratio                                                                           2.28
                                         Current liabilities           199,370,943

                                      Cash and Bank balances             4,589,403
Cash to Total Assets                                                                  0.91%
                                            Total assets               504,949,888

                                   Gross income from operations         92,513,599
Debt service coverage ratio                                                             71%
                                     Principal + Interest paid         130,303,714
22099800 450036634   2742124
SPANDANA
Rural and Urban Development Organisation
Micro-Credit Program
BALANCE SHEET AS AT 31st MARCH, 2004
                                                                     (In Rs.)                             (In Rs.)
                                                 Sch.   Year ended 31st March, 2003           Year ended 31st March, 2004

SOURCES OF FUNDS                                             Rs.                  Rs.              Rs.                 Rs.
 Net worth
   Retained net surplus                                   10,060,364                            24,982,759
   Current year net surplus                               14,238,695                            45,039,405
   Grant received for On-lending                             683,700                                97,838
   Less: Assistance given for Income
   Generation Program                                               -                           20,000,000
          Scholorships given for poor children                      -                               714,000
 Total Net worth                                        ----------------        24,982,759    ----------------       49,406,002

  Loan Loss Reserve                                                               549,594                             8,817,977

  Loan Funds
    Secured Loans                                (A)     112,162,888                           371,032,450
    Unsecured Loans                              (B)        3,879,500                                     -
                                                        ----------------   116,042,388        ----------------   371,032,450

  Current Liabilities & provisions
    Thrift & Savings                             (C)      20,980,152                            65,350,315
    Interest payable on borrowings               (D)         977,605                              2,562,997
    Interest payable on thrift and savings       (E)         501,010                              2,289,747
    Salaries and other operational expenses payable                                               1,226,347
    Caution Deposits from Staff                                                                     155,510
    HDFC Bank Vhicle Loan                                                                           891,413
    Spandana Mutual Benefit Trust                                                                 3,217,130
                                                        ----------------     22,458,766       ----------------     75,693,459
                                                                           ----------------                      ----------------
                                      TOTAL                                 164,033,507                           504,949,888
                                                                           ----------------                      ----------------

APPLICATION OF FUNDS
 Fixed Assets                                    (F)        2,542,701                             6,806,797
 Less: Accumulated Depreciation                               366,273                             1,322,548
                                                        ----------------         2,176,428    ----------------        5,484,249

  Investments
    Fixed Deposits                                                               6,750,000                           44,199,600

  Current Assets, Loans and Advances
    Collateral free loans to poor women          (G)                       152,939,166                           440,898,831
    Loans and Advances                           (H)                         1,142,419                             6,870,619
    Pinting Stock                                                                  -                                 172,203
    Interest receivable on Term Deposits with
    Banks                                                                         278,855                             1,280,004
    Interst receivable from Spandana Mutual
    Benefit Trust                                                                                                        53,766
    Service charges receivable                                                                                       1,401,213
    Cash and Bank Balances                       (I)                             746,639                             4,589,403
                                                                           ----------------                      ----------------
                                      TOTAL                                 164,033,507                           504,949,888
                                                                           ----------------                      ----------------
Guntur                                                                                   As per our report even date annexed
18-04-2004                                                                                    For K.V.R. Subba Rao & Co.,
                                                                                                      Chartered Accountants,
Director                                                                                           K.V.R. Subba Rao. F.C.A
Spandana                                                                                              Chartered Accountant
Spandana
Rural and Urban Development Organisation
Micro-Credit Program
SCHEDULES TO BALANCE SHEET AS AT 31st MARCH, 2004
                                             (In Rs.)                                      (In Rs.)
                                                                                    Year ended 31st March,
                                                 Year ended 31st March, 2003
                                                                                            2004
SCHEDULE (A)
  Secured Loans
    SIDBI, Hyderabad                                24,285,700                    150,356,000
    Indian Overseas Bank, Guntur                     5,000,000                     63,920,050
    Friends of 'WWB, India, Ahmedabad               27,633,000                     48,730,000
    HDFC Bank, Hyderabad                             8,750,000                     46,062,500
    UTI Bank, Guntur                                 8,728,100                     24,228,100
    CORDAID, The Netherlands                        11,107,132                     19,752,361
    HDFC, Hyderabad                                  4,444,462                      9,938,694
    ING Vysya Bank, Guntur                                   -                      4,514,745
    ICICI Bank, Khairatabad                          6,000,000                      2,000,000
    Indian Bank, Guntur                                      -                      1,530,000
    Global Trust Bank, Vijayawada                    6,214,494                              -
                                         Total          ---------   102,162,888        ---------   371,032,450

SCHEDULE (B)
  Unsecured Loans
   Rastriya Mahila Kosh, New Delhi                           -                              -
   NMDFC, New Delhi                                          -                              -
   Others                                            3,879,500                              -
                                         Total          ---------     3,879,500        ---------           -

SCHEDULE (C)
  Thrift & Savings
    Compulsory Savings                                 466,577                              -
    Voluntary Savings                                8,690,683                     31,714,055
    Siri Savings                                    11,780,400                     33,613,300
    Sneha Savings                                       42,492                         22,960
                                         Total          ---------    20,980,152        ---------    65,350,315

SCHEDULE (D)
  Interest payable to:
  ICICI Bank Ltd                                                                       13,077
  Small Industries Development Bank of India           222,619                      1,145,244
  UTI Bank, Guntur                                     391,488                        403,819
  ING Vysya Bank Ltd                                                                   55,893
  HDFC Bank                                                                           433,567
  HDFC, Hyderabad                                       69,198                         99,960
  CORDAID, The Netherlands                             139,676                        263,004
  Indian Bank, Guntur                                        -                         33,995
  Indian Overseas Bank                                       -                        114,438
  Others                                               154,624                              -
                                         Total          ---------      977,605         ---------     2,562,997

SCHEDULE (E)
  Interest payable on :
    Compulsory Savings                                 192,821                              -
    Siri Savings                                       308,188                      2,289,747
                                         Total          ---------      501,010         ---------     2,289,747




                                                      8
SCHEDULE (F)
  Fixed Assets
   Land                                               1,173,206                           1,695,721
   Building                                             335,687                             450,094
   Office Equipment and Furniture                       564,489                           1,896,440
   Computer and Printers                                381,630                             985,765
   Software                                                   -                             400,000
   Vehicles                                              87,689                           1,378,777
                                            Total        ---------       2,542,701           ---------     6,806,797

SCHEDULE (G)
  Collateral free loans to poor women
   Opening loan outstanding                          46,688,911                         152,939,166
   Add: Loans disbursed during the year             265,740,000                         761,228,750
   Less: Loans recovered during the year            159,489,745                         473,269,085
   Loans outstanding at the end of the year              ---------     152,939,166           ---------   440,898,831


SCHEDULE (H)
  Loans and Advances
    Staff loans
      Opening balance                                   148,200                             365,650
      Add: Net loans given during the period            217,450                             532,450
                                                         ---------         365,650           ---------       898,100
    Rent Advance                                                            47,600                           223,130
    Branch Advances recoverable                                             24,130                               -
    Telephone Deposits                                                       8,460                            22,840
    Advances given for Savings Boxes to :
      - Padarthy Traders                                   10,000                                 -
      - Kothamasu Selections                               20,000                                 -
                                                           ---------        30,000           ---------            -
    Advance given to Spandana Sphoorthy
    Innovative Financial Services Ltd., Guntur                             604,570                            16,500
    Interest receivable from Spandana Sphoorthy
    Innovative Financial Services Limited                                   18,253                            18,253
    Advance given to Spandana Mutual Benefit
    Trust                                                                                                  4,102,570
    Advance given to ICICI Partnership Project
    for Loan Disbursement                                                   31,000                         1,590,580

    Advance given to FWWB SSS project                                                                             146
    Advance given to staff                                                  12,756                             (1,500)
                                                                            ---------                         ---------
                                            Total                        1,142,419                         6,870,619
                                                                            ---------                         ---------
SCHEDULE (I)
  Cash and Bank Balances
    Cash on hand                                        313,926                           2,652,025
    Cash at Bank                                        432,713                           1,937,378
                                            Total        ---------         746,639           ---------     4,589,403


                                                                        K.V.R. Subba Rao. F.C.A
                                                                            Chartered Accountant




                                                       9
SPANDANA
Rural and Urban Development Organisation
Micro-Credit Program
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2004
                                         (In Rs.)               (In Rs.)
                               Sch.   Year ended 31st March, 2003           Year ended 31st March, 2004
INCOME
  Interest and fees on loans   (J)      25,733,136                            81,737,065

  Income from Investments                  248,855                             1,222,058


  Other operational income     (K)       3,076,862                             9,554,477

  Grants received              (L)        2,133,687                             6,019,866
                 Total                ----------------    31,192,540        ----------------    98,533,465

EXPENDITURE
 Financial Cost                (M)       9,518,719                            28,698,295

  Operational Cost             (N)       6,960,348                            14,622,576

  Depreciation                             225,888                               956,275

  Total Operating Cost                ----------------    16,704,956        ----------------    44,277,146

Net Operating surplus                                     14,487,584                            54,256,319

  Provision for loan losses                248,889                             8,268,383

  Non-Operational Cost                           -             248,889           948,532           9,216,914
                                                         ----------------                      ----------------
Net Surplus/deficit                                        14,238,695                            45,039,405
                                                         ----------------                      ----------------
SPANDANA
Rural and Urban Development Organisation
Micro-Credit Program
SCHEDULES TO INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH,
2004
                                                       (In Rs.)                        (In Rs.)
                                            Year ended 31st March,          Year ended 31st March,
                                                        2003                             2004
                                               Rs.               Rs.            Rs.               Rs.
SCHEDULE (J)
  Interest and fees on loans
    Interest received from borrowers       23,075,066                       73,340,675
    Loan fee collected                      2,658,070                        8,396,390
  Total                                  ----------------      25,733,136 ----------------     81,737,065

SCHEDULE (K)
 Other operational income
   Group Registration fees                             1,363,550                      4,290,525
   Pass book fees                                        170,803                        401,810
   Death relief & rehabilitation fund                  1,180,877                      4,190,325
   Bank interest                                           2,020
   Interest on staff loan                                  1,330                          1,241
   Sneha Savings fee                                      83,020                         51,080
   Late fines                                            213,264                        522,555
   Other Income                                           61,997                         96,941

                                            Total   ----------------   3,076,862   ----------------    9,554,477

SCHEDULE (L)
 Non-Operational Income
   Local Contributions                                          -                        205,000
   Grant received for Operational expenses             2,133,687                      5,814,866
                                         Total      ----------------   2,133,687   ----------------    6,019,866

SCHEDULE (M)
 Financial Cost
   Interest and fee expense on borrowings              9,113,411                     26,815,870
   Interest accrued on savings                            405,308                     1,882,425
                                            Total   ----------------   9,518,719   ----------------   28,698,295

SCHEDULE (N)
 Operational Cost
   Staff Training/Workshop expenses                       166,201                        700,598
   Salaries                                            4,331,613                      9,271,214
   Travel                                                 703,875                     1,302,041
   Office Rent and Electricity                            436,907                        818,558
   Printing & Stationery                                  405,187                     1,016,049
   Postage & Telephone                                    121,785                        217,659
   Rating expenses                                        238,145                              -
   Insurance premium                                       26,250                        106,987
   Savings Boxes                                           12,905                              -
   Bank charges                                            71,273                        137,393
   Audit fee                                               39,000                         55,200
   Administration                                         407,209                        996,878
                                            Total   ----------------   6,960,348   ----------------   14,622,576




                                                                                                                   11
SPANDANA
Rural and Urban Development Organisation
Micro-Credit Program
CASH FLOWS STATEMENT FROM APRIL TO MARCH 2004

                                                               ICICI
            INFLOWS                         Spandana                         Total
                                                            Partnership
                                                                 Rs.
Opening Cash and Bank Balances                   746,639             -          746,639
External Borrowings                          360,063,299     131,576,000    491,639,299
Vehicle Loan from HDFC Bank                    1,056,470             -        1,056,470
Loan recovered                               473,269,085      19,472,300    492,741,385
Staff Loan Recovered                             358,550             -          358,550
Grants                                         5,814,866             -        5,814,866
Grants received for on-lending                    97,838             -           97,838
Thrift & Savings                              90,534,371             -       90,534,371
Interest Income                               71,935,026             -       71,935,026
Loan fee                                       8,396,390             -        8,396,390
DRRF                                           8,518,630             -        8,518,630
Bank Interest                                    220,909             -          220,909
Other Income                                   5,519,821             -        5,519,821
Caution Deposit                                  156,700             -          156,700
Fixed Deposits matured                         3,300,000             -        3,300,000
  Advances                                     3,217,130       1,590,580      4,807,710

             Total Inflow                  1,033,205,724    152,638,880    1,185,844,604
           OUTFLOWS

 Disbursements
   Loans                                  761,228,750.00    133,206,000     894,434,750
   Staff Loans                                 891,000.00           -           891,000
 Loans repaid                             105,073,236.66     19,432,880     124,506,117
 DRRF Pay Outs                               4,328,305.00           -         4,328,305
 Vehicle Loan repaid to HDFC Bank              165,056.75           -           165,057
 Savings repaid                            46,164,207.50            -        46,164,208
 Administrative expenses                   14,516,963.48            -        14,516,963
 Interest and fee paid on borrowings       25,230,477.56            -        25,230,478
 Interest paid on savings                       93,688.00           -            93,688
 Fixed Deposits                            40,749,600.00            -        40,749,600
 Fixed Assets                                4,264,095.69           -         4,264,096
                                           20,000,000.00
 Assistance given to women for Income Generation                    -        20,000,000
 Scholarships given to poor children           714,000.00           -           714,000
 Advances                                    5,195,750.00           -         5,195,750
 Caution Deposit repaid                          1,190.00           -             1,190

            Total Outflow                  1,028,616,321    152,638,880    1,181,255,201

Net Cash /Bank Balances                        4,589,403             -        4,589,403
S. No.    Type of Cash           Amount
                           INR            US$
  1      Cash-in-hand             2.65          0.06
  2      Cash at Banks            1.94          0.04
  3      Term Deposits           44.20          1.00
         with Banks



                                 Amount
S. No.     Type of Loan    INR            US$
   1      General Loan
   2      Infrastructure
         Loan
  3       Educational
         Loan
  4       Individual
         Loan
  5       Consumer
         Loan
          Loan Portfolio
         before
         allowance

          Allowance for
         loan losses
          Net Loan
         Portfolio



                                 Amount
S. No.          Item                      US$
   1      Balance, 31             0.55          0.01
         March 2003
  2       Provisions for          8.27          0.19
         loan losses
  3       Balance, 31             8.82          0.20
         March 2004
                                  Amount
S. No.    Type of Asset     INR            US$
   1     Loan                     0.90           0.02
         outstanding
         with staff
  2      Utility deposits         0.25           0.01

  3       Advances to
         Spandana                 0.02           0.00
  4      Sphoorty
          Interest                               0.00
         receivable from          0.02
  5      Spandana to
          Advances                4.10           0.09
  6      Spandana for
          Advances                1.59           0.04
         other projects
  7       Interest                1.41           0.03
         receivable from
         borrowers

  8       Printing Stock          0.17           0.00
         available
  9       Interest                1.28           0.03
         receivable on
         Terms Deposits
         with Banks

 10       Interest on             0.05           0.00
         advances to
         Spandana
         Mutual Benefit
         Trust
                   Total          9.78           0.22


                                  Amount
S. No.     Type of Asset    INR            US$
   1      Land                    1.70           0.04
   2      Buildings               0.45           0.01
   3      Furniture &             1.90           0.04
         Fittings
  4       Computer                0.99           0.02
         equipment
  5       Software                0.40           0.01
              6            Vehicles                       1.38            0.03
                           Total                          6.81            0.15
                           Accumulated                    1.32            0.03
                          depreciation
                          and
                          amortization
                          Net Fixed                       5.48            0.12
                          Assets


                           Type of deposit               Amount
           S.No.                account            INR              US$
             1             Voluntary                     31.71            0.72
                          savings
              2            Siri Savings                  33.61            0.76
                          (Security
                          Deposits)
              3            Sneha Savings                  0.02            0.00
                                      Total              65.35            1.49



        Bank/Agency           Opening          Loan received     Loan repaid     Closing
                              Balance         during the year    during the      Balance
                                                                    year
Friends of WWB, India               27.63              42.50           21.40         48.73
GTB, Vijayawada                       6.21                -             6.21           -
SIDBI, Hyderabad                    24.29             142.50           16.43        150.36
ICICI Bank, Khairatabad               6.00                -             4.00          2.00
UTI Bank, Guntur                    18.73                8.00           2.50         24.23
HDFC, Hyderabad                       4.44             10.00            4.50          9.94
HDFC Bank, Hyderabad                  8.75             47.00            9.69         46.06
CORDAID, Netherlands                11.11              12.35            3.70         19.75
ING Vysya Bank, Guntur                 -                 5.00           0.49          4.51
Indian Bank, Guntur                    -                 9.79           8.26          1.53
IOB, Guntur                           5.00             72.50           13.58         63.92
Others                                3.88             10.43           14.31           -
RMK, Delhi
Total                              116.04             360.06          105.07        371.03


           S.No.              Type of                    Amount
                              Liability            INR              US$
              1           Interest payable            0.0131          0.0003
                          on Loan to
  2      Interest payable      0.4038         0.0092
  3      on Loanpayable
         Interest to UTI       1.1452         0.0260
  4      Interest to
         on Loanpayable        0.0559         0.0013
  5      on Loanpayable
         Interest to           0.4336         0.0099
  6      Interest to
         on Loanpayable        0.1000         0.0023
  7      Interest to
         on Loanpayable        0.2630         0.0060
         on Loan to
  8      CORDAID,
         Interest payable      0.0340         0.0008
  9      on Loanpayable
         Interest to           0.1144         0.0026
 10      on Loanpayable
         Interest to           2.2897         0.0520
 11      on Savings
         Salaries and                         0.0279
                              1.2263
 12      other
         Caution              0.1555
 13      Deposit from
         Advances              3.2171         0.0731
         payable to
              Total            9.4517         0.2113




Sl. No   Agency/Instit          Amount
               ution        INR       US$
  1      CGAP U.S.A             2.332          0.053
  2      SIDBI,
         Hyderabad              1.500          0.034
  3      Friends of
         WWB, India             0.200          0.005
  4      Ford
         Foundation             1.783          0.041
         Total                  5.815          0.132




                                Amount
S. No.    Type of Loan      INR             US$
   1     General Loan         401.630         9.1279
   2     Infrastructure         0.095         0.0022
         Loan
  3      Educational            0.005         0.0001
         Loan
  4      Individual Loan        6.003         0.1364

  5      Consumer Loan         33.166         0.7538
Loan Portfolio    440.899   10.0204
before
allowance
Allowance for    8.817977    0.2004
loan losses
Net Loan          432.081    9.8200
Portfolio
Interest paid Re-payment Interest
                period    Rate


       5.33   2 to 3 Years   13.50%
       0.34   2 Years        14.50%
       5.65   3 Years          10%
       0.98   3 Years          14%
       2.53   41/2 Years       12%
       1.86   3 Years          12%
       0.83   3 Years          12%
       1.63   5 Years           9%
       0.14   2 Years        14.50%
       0.08                     8%
       3.61   3 Years          11%
       0.90
       0.00
     23.89
Work Sheet                                                                                                    Loan Loss Reserve
Loans as on                                        4/1/2003                      3/31/2004                    Opening            Additions
Loan Outstanding                            152,939,166.00                 440,898,831.00         440,898,831            549,594         8,268,383

Debt Outstanding                        As on 31/03/2003               As on 31/03/2004
 FWWB                                         27,633,000.00    13.13         48,730,000.00   *                             13.13
 Global trust bank                             6,214,494.00      -                     -     *                               -
 SIDBI                                        24,285,700.00    40.52        150,356,000.00   *                             40.52
 ICICI Bank                                    6,000,000.00     0.54          2,000,000.00   *                              0.54
 UTI Bank Loan 1                               8,728,100.00     1.68          6,228,100.00   *                              1.68
 UTI Bank Loan 2                              10,000,000.00     4.85         18,000,000.00   *                              4.85
 Indian Bank                                            -       0.41          1,530,000.00   *                              0.41
 HDFC                                          4,444,462.00     2.68          9,938,694.00   *                              2.68
 HDFC Bank                                     8,750,000.00    12.41         46,062,500.00   *                             12.41
 CORDAID                                      11,107,132.00     5.32         19,752,361.00   *                              5.32
 Individuals                                   3,879,500.00      -                     -     *                               -
 ING Vysya Bank                                         -       1.22          4,514,744.93   *                              1.22
 Indian Overseas Bank                          5,000,000.00    17.23         63,920,050.41    *                            17.23
Total Debt Outstanding                      116,042,388.00    100.00        371,032,450.34               -                100.00

Savings
  Compulsory savings                            466,577.00                         11,051
  Voluntary savings                           8,690,683.00                     31,703,004
  Siri savings                               11,780,400.00                     33,613,300
  Sneha savings                                  42,492.00                         22,960
  Total Savings Balance                      20,980,152.00                  65,350,315.00
Capital fund                                 24,982,758.88                  49,406,001.66
                                                20,980,152                     65,350,315
                                                       -                              -

Interest on borrowings
Opening Interest payable                        977,604.20
ADD: Interest Expense for the period         26,815,870.07
Total Interest payable for the period        27,793,474.27
Less: Interest paid during the period        25,230,477.56
Interest accrued but not due                  2,562,996.71
                                                                                                             Opening         Outstanding as on
       Interest accrued but not due           Piad Upto           Calculation Date      No. of days
                                                                                                            Outstanding      31st March, 2004
 ICICI Bank-Term Loan                                29-02-04              31-03-04                    31        3,000,000            2,000,000
 SIDBI Loan - 1                                      29-02-04              31-03-04                    31        6,428,500            6,428,500
 SIDBI Loan - 2                                      29-02-04              31-03-04                    31       31,427,500           31,427,500
 SIDBI Loan - 3                                      29-02-04              31-03-04                    31      100,000,000          100,000,000
 SIDBI Loan - Transformation Loan                    29-02-04              31-03-04                    31       10,000,000           10,000,000
 SIDBI Loan - LMS                                    29-02-04              19-03-04                    19        2,500,000            2,500,000
 SIDBI Loan - LMS                                    29-03-04              31-03-04                     2        2,500,000            2,500,000
 UTI Loan I                                          29-02-04              31-03-04                    31        6,228,100            6,228,100
 UTI Loan 2                                          29-02-04              31-03-04                    31       18,000,000          180,000,000
 ING Vysya Bank                                      29-02-04              31-03-04                    31
 HDFC Bank -1                                        29-02-04              31-03-04                    31
 HDFC Bank -2                                        29-02-04              31-03-04                    31
 HDFC Bank -3                                        29-02-04              31-03-04                    31
 HDFC Bank -4
 HDFC Loan - 2                                       29-02-04              31-03-04                    31
 CORDAID, The Netherlands                            06-02-04              31-03-04                    54       19,752,361           19,752,361
 Indian Bank                                         19-11-03              31-03-04                   133        1,530,000            1,530,000
 Indian Overseas Bank - Loan 1                       29-02-04              31-03-04                    31        4,064,100            3,708,603
 Indian Overseas Bank - Loan 2                       29-02-04              31-03-04                    31        8,049,431            7,697,811
Total




Interes payable on Savings
Opening Interest payable                                                     501010
During the period Interest accrued                                          1882425
During the period Interes paid                                                93688
Accrued but not yet paid as on Mar '04                                    2,289,747

  Savings                                Ist Quarter            2nd Quarter         3rd Quarter         4th Quarter         Total
Average Balance                                    26,757,400              35144400           45989500          59,435,400
Interes payable on savings                            301,021               395,375             517,382             668,648           1,882,425
Interest receivable on Fixed Deposits
ICICI bank                               1,000,000   160,000.00
SIDBI - ICICI bank                         300,000    27,195.00   2,855
Global Trust Bank                          200,000       25,980           closed
Global Trust Bank                          300,000       32,196           closed
SIDBI - ICICI bank                         300,000       24,925   2,492
HDFC                                       500,000       65,149
Global Trust Bank                          500,000       47,809           closed
HDFC Bank                                  400,000       26,145   3,281
SIDBI - ICICI Bank                         400,000       32,951   3,295
HDFC Bank                                  200,000       13,927   1,438
HDFC Bank                                  200,000       13,864   1,415
HDFC Bank                                  200,000       12,896   1,291
SIDBI - Indian Bank                      1,500,000      133,479                    37,671
IOB                                        750,000       47,985
HDFC Bank                                  500,000       26,069   2,897
HDFC Ltd                                   999,600       54,128   6,690
Indian Bank                              2,300,000       83,107           closed
 Indian Overseas Bank                    2,500,000      114,626
 Indian Overseas Bank                    1,000,000       36,116
 Indian Overseas Bank                   10,000,000      279,988
 Indian Overseas Bank                      250,000        7,193
 Vysya Bank                                500,000       11,784
 Indian Bank-14070                       1,700,000        2,795
 Indian Overseas Bank                    3,000,000       43,083
 Indian Overseas Bank                    3,000,000       48,124
 ICiCI Bank                              5,000,000       40,927    4093
 IOB - SIDBI                             4,000,000       33,030
 Indian Overseas Bank                    1,000,000        8,100
 ICICI Bank                              5,000,000       15,524    1552
Total                                                 1,469,095


Less: Opening                                           278,855
Interest accrued during the year                      1,190,240
Total Interest                                        1,469,095
Less: Interest received                                 189,092
Interet receivable                                    1,280,004
Depreciation                            Apr '03                  Additions
Asset                                   Opening                  Before 30th Sep            After 30th Sep             Deletions              Rate of Depn.

Land                                              1,173,206.00              522,515.00                                                  -                     0%

Building                                           293,611.00               114,407.00                                                  -                     5%

Furniture and Equipment                            449,104.00              1,331,950.69                                                 -                     10%

Computers and Printers                             228,978.00               804,135.00                                                  -                     40%

Software                                                    -               200,000.00                                                  -                     40%

Vehicles                                            31,529.00              1,291,088.00                                                 -                     20%

Total :                                           2,176,428.00             4,264,095.69                                                 -
                                                  2,176,428.00               4264095.69                            0                                  956,274.97

               Assets Value                    1997-98                  1998-99                    1999-00                    2000-01               2001-02
 Land at Naidupet                                                                                         16,851                    475,980
 Land at Bapatla
 Building at Naidupet                                                                                                              213,955               115,233
 Building at Bapatla
 Office Equipment                                     121,297                      57,739                                            15,786              139,670
 Furniture and Fixtures
 Computer and Printers
 Software
 Vehicles                                                                       54,605                                              60,084                   -
Current year Net purchases                            121,297                  112,344                        16,851               765,805               254,903

Depreciation                                                                                                  28,825                 49,143               62,417

Closing Balance                                       121,297                  233,641                       221,667               938,329              1,130,815




Advances Details
                                                                 Opening
  Advance given to Spandana Sphoothy Innovative Financial                          16,500
  Interest receivable from Spandana Sphoorthy Innovative                           18,253
  Advance given for Social Security Scheme project                                    146
  Advance given for Asakiranam                                                         -
 Telephone Deposits                                                                                          22,840
 Rent Advances                                                                                              223,130
 Advances given for Savings Boxes to :
 - Padarthy Traders                                                                                               -
 - Kothamasu Selections                                                                                           -
 Advance given to staff for Expenses                                                       -                   1,500
 Advance given to Spandana Mutual Benefit Trust                                                            4,102,570
 Advance given to ICICI_Partnership                                                                        1,590,580
Total                                                                                                      5,972,519


                                                  SSIFSL                 SSIFSL                  FWWB SSS              Asakiranam         Telephone Deposit      Rent Advances
Opening                                                604,570                    18,253                     28,000             3,000                 8,460              71,730
Less: Accepted / Recovered                             609,570                       -                        27,854            3,000                  8,470              94,100
Total                                  -                 5,000                    18,253                         146              -   -                   10 -            22,370
Add: Repaid / Given                                     21,500                       -                                                                22,850             245,500
Closing Advances recoverable                            16,500                    18,253                        146                 -                 22,840             223,130


Calculation of Imputed Cost :
Agency                                 Interes Accrued during the year                     Interest rate
 FWWB                                                                                                           13.5                -                    -
 Global trust bank-Loan                                                                                         14.5                -                    -
 SIDBI                                                                                                            11                -                    -
 ICICI                                                                                                            14                -                    -
 UTI                                                                                                           13.25                -                    -
 UTI Loan 2                                                                                                     12.5                -                    -
 Indian Bank                                                                                                       8                -                    -
 RMK                                                                                                               8                -                    -
 NMDFC                                                                                                             8                -                    -
 HDFC                                                                                                             12                -                    -
 HDFC Bank                                                                                                        14                -                    -
 CORDAID                                                                                                           9                -                    -
 Individuals                                                                                                      18                -                    -
 Savings
 CS                                                                                                                6                -                    -
 Siri                                                                                                              9                -                    -

Total                                                      -                                                                        -                    -
Risk weighted Assets
                                                                                    %
Cash                                                        4,589,403                                    0                     -
Fixed Deposits                                             44,199,600                                  50%              22,099,800
Loan portfolio                                            432,080,854                                 100%             432,080,854
Fixed Assets                                                5,484,249                                  50%               2,742,124
Interest receivable                                         1,280,004                                  50%                 640,002
                                                                                                                               -
Total                                                     487,634,110                                                  457,562,781


Interest receivable on Advances given to Trust

                                                            3/31/2004                              2/17/2004                 43.00
Date                                             Amount                                                      Interest Rate
                                                                                    No. of days as on 31.03.2004                     Interest Amount
                                     17/02/04                411,570    3/31/2004                      43.00                  13%                   6,303
                                     20/02/04                300,000    3/31/2004                      40.00                  13%                   4,274
                                     20/02/04                150,000    3/31/2004                      40.00                  13%                   2,137
                                     23/02/04                450,000    3/31/2004                      37.00                  13%                   5,930
                                     25/02/04                200,000    3/31/2004                      35.00                  13%                   2,493
                                     25/02/04                136,000    3/31/2004                      35.00                  13%                   1,695
                                     25/02/04                100,000    3/31/2004                      35.00                  13%                   1,247
                                     27/02/04                640,000    3/31/2004                      33.00                  13%                   7,522
                                     28/02/04                350,000    3/31/2004                      32.00                  13%                   3,989
                                     28/02/04                440,000    3/31/2004                      32.00                  13%                   5,015
                                     01/03/04                100,000    3/31/2004                      30.00                  13%                   1,068
                                     02/03/04                400,000    3/31/2004                      29.00                  13%                   4,132
                                     03/03/04                100,000    3/31/2004                      28.00                  13%                     997
                                     03/03/04                 50,000    3/31/2004                      28.00                  13%                     499
                                     06/03/04                 60,000    3/31/2004                      25.00                  13%                     534
                                     10/03/04                200,000    3/31/2004                      21.00                  13%                   1,496
Total                                                                                                                                              49,331


Loans Disbursed and Repayable to Spandana Mutual Benefit Trust


                                       13-Feb                590,040
                                       12-Mar                761,000         -
                                 9-Mar       253,820        465
                                10-Mar       692,600        570
                                29-Mar       460,030      2,310
                                30-Mar       138,000        -
                             3/31/2004       321,640      1,090
                                           3,217,130      4,435


Accrued Operating Expenses

Salaries                                 1,020,029.00
Travel                                     129,477.00
Telephone                                    2,436.00
Rent                                        66,785.00
Electricity                                  7,620.00
Total                                    1,226,347.00

Accrued Revenue

                                             4/1/2004   4/2/2004   4/3/2004   4/5/2004   4/6/2004 Total
Guntur Urban I                                21,006     19,316     18,816     18,262     21,618           99,018
Guntur Urban II                               20,550     20,934     18,123     19,797     19,887           99,291
Guntur Urban III                              22,840     21,579     19,137     21,066     19,197          103,819
Guntur Urban IV                               19,248     13,659     16,101     20,760     15,360           85,128
Guntur Urban V                                17,265     17,298     21,276     20,581     20,706           97,126
Guntur Urban VI                               16,011     18,705     15,063     18,238     16,170           84,187
Guntur Rural I                                13,125     10,438     11,001      9,036     15,186           58,786
Guntur Rural II                               10,122     10,836     13,290     13,845     11,487           59,580
Chebrol                                       19,228     18,438     19,174     15,882     18,441           91,163
Ponnur                                        17,013     19,059     17,853     19,770     19,491           93,186
Cherukupalli                                  32,509     19,113     26,420     14,052     22,254          114,348
Repalle                                           -       4,773      1,185     11,667      2,388           20,013
Bapatla I                                     17,345     14,544     17,412     14,808     18,795           82,904
Bapatla II                                    15,740     12,603     18,480     15,393     15,333           77,549
Chirala I                                     13,119     13,956     16,164     17,373     15,018           75,630
Chirala II                                     6,621      7,949      6,681      5,739      8,088           35,078
Thullur                                       12,172     11,628      7,733     16,919     14,401           62,853
Amaravathi                                     9,270      8,589      8,826     10,329      7,647           44,661
Mangalagiri                                   15,909     12,519     14,937     16,563     15,426           75,354
Tenali I                                      14,660     15,880     13,689     12,852     12,408           69,489
Tenali II                                     10,290     11,607     13,791     12,642     11,487           59,817
Vemuru                                           696      2,130      5,286      2,592      3,849           14,553
Vijayawada I                                   5,694      7,839      7,827      3,540      3,165           28,065
Vijayawada II                                 15,234     23,334     20,577      6,390     13,533           79,068
Vijayawada III            25,548    25,758    27,516    10,554     9,858      99,234
Vijayawada Rural          10,701    10,170    10,944     6,828     4,668      43,311
Visakhapatnam             13,305    12,060    11,124     6,399     7,584      50,472
Narasaraopet I             1,317     2,550     4,005     2,433     2,076      12,381
Narasaraopet II            7,194     6,828     4,350     4,179     4,464      27,015
Total                    403,732   394,092   406,781   368,489   369,985   1,943,079

Accrued Service Charge    346056   281,494   232,446   157,924   105,710    277,583
Closing
     8817976.62
 Average                         Interest accrued
              Rate of Interest
Outstanding                        but not due
                          14%          13,077.00       13,077.00
                          11%          60,058.04    1,145,243.73
                          11%         293,610.34
                           9%         764,383.56
                           1%           8,493.15
                          13%          16,917.81
                          13%           1,780.82
                                      206,406.00     403,819.00
                                      197,413.00
                       14.50%          55,892.68      55,892.68
                                       44,689.05     433,566.81
                                       38,157.53
                                      196,199.68
                                      154,520.55
                                       99,960.00      99,960.00
                           9%         263,004.04     263,004.04
                           8%          33,995.00      33,995.00
                        13.5%          42,521.92     114,438.46
                        11.0%          71,916.53
                                    2,562,996.71




                                                                   340656 SS
38,077




          2/5/2004   38,077   55.00


         3/10/2004   38,077   21.00
                    Mar '04
Depreciation        Closing

               -          1,695,721.00

       20,400.90              387,617.10

      178,105.47          1,602,949.22

      413,245.20              619,867.80

       80,000.00              120,000.00

      264,523.40          1,058,093.60

      956,274.97          5,484,248.72
    5,484,248.72
             -
    2002-03              2003-04           Total
        680,375                             1,173,206
                                 522,515      522,515
           6,499                  12,187      347,874
                                 102,220      102,220
         229,998                 833,108    1,397,597
                                 498,843      498,843
         381,630                 804,135    1,185,765
                                 200,000      200,000
         (27,000)              1,291,088    1,378,777
       1,271,502               4,264,096    6,806,797

         225,888                956,275     1,322,548

       2,176,428               5,484,249    5,484,249
                                                   0.1
                    Given to staff for   Ravi Babu,
    Savings Boxes                                      SMBT Advance ICICI Advance      Total
                       expenses         Ramanjaneyulu
           30,000              12,756                                                    776,769
           70,000           8,469,961            5,000    3,670,580                   12,958,535
-          40,000 -         8,457,205 -          5,000 -  3,670,580           -   -   12,181,766
           40,000           8,460,705               -     7,773,150     1,590,580     18,154,285
              -                  3,500                    4,102,570     1,590,580      5,972,519
1,401,213.14
1,401,213.14

								
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