KHAN WAHAB SHAFIQUE RAHMAN && CO. CHARTERED ACCOUNTANTS

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2 CREDIT AND DEVELOPMENT FORUM (CDF) BALANCE SHEET AS AT 31 DECEMBER 2012 PARTICULARS NOTE AMOUNT (IN TAKA) PROPERTY AND ASSETS : Fixed Assets : At Cost Less Accumulated Depreciation , ,719 CURRENT ASSETS: 20,550,730 16,456,320 Loan to Action Research Fund (Own Fund) ,224,392 1,274,392 Fixed Deposit (FDR) ,578,355 9,557,074 Advances, Deposits & Prepayments , ,038 Interest Receivable on FDR , ,855 Account Receivable ,799,731 1,147,594 Cash and Bank Balance ,667,779 3,698, FUND AND LIABILITIES : 21,152,056 17,335,039 Capital Fund ,858,219 12,867,519 NON CURRENT LIABILITIES: Gratuity Fund ,061, ,290 CURRENT LIABILITIES 3,232,830 3,775,230 Advance Donation , ,000 VAT Payable Liabilities for Income Tax Provident Fund (PF) Payable Project SP start-up fund (1,612,417) (535,398) Project: BNF 125,000 - Project: CMA ,545,205 - Project: CMA (44,318) 4,081,000 Account Payable ,280 75,758 Audit Fees Payable ,000 30,000 Partnership Fee(Security) ,870 Total 21,152,056 17,335,039 Chairman CDF Executive Director CDF Subject to our separate report of even date Dhaka, May 06, Khan Wahab Shafique Rahman & Co. Chartered Accountants

3 CREDIT AND DEVELOPMENT FORUM (CDF) Income & Expenditure Account For the year ended 31st December, 2012 Particulars Note Amount in Taka INCOME: Membership Fees 2,011,500 2,098,000 Training Income ,643,190 6,202,714 Service Fees ,061, ,964 BMFS Income ,752,184 1,947,926 Other Income ,729 1,063,979 Interest on FDR ,594, ,788 Donation 600, ,256 Total 19,900,296 13,069,627 EXPENDITURE: Institutional Development of CDF , ,971 Administrative Overhead ,958,209 2,497,038 Capacity Building service -CDF ,225,813 2,675,682 Salary & Others Benefits ,622,577 3,671,830 Others Expenses-CDF ,873 34,080 BMFS-2011 Expense 1,619,989 - BMFS-2010 Expense 241,500 1,911,121 VAT 180,529 6,779 Satellite & Internet 39,680 32,226 Insurance 10,896 12,971 Income Tax 135,480 74,160 Membership Fees-Overseas 33,245 69,575 Depreciation 536, ,732 Sub Total 15,881,221 11,443,165 Surplus/(Deficit) Income over Expenditure 4,019,075 1,626,462 Total 19,900,296 13,069,627 Chairman CDF Executive Director CDF Subject to our separate report of even date. Dhaka, May 06, Khan Wahab Shafique Rahman & Co. Chartered Accountants

4 CREDIT AND DEVELOPMENT FORUM (CDF) KHAN WAHAB SHAFIQUE RAHMAN && CO. Receipts and Payment Account For the period from 1st January 2012 to 31st December 2012 RECEIPTS: Particulars Amount in Taka Opening Balance : 3,698,367 6,248,970 Cash in hand 2,542 49,131 Cash at Bank 3,695,825 6,199,839 Advance Donation - 120,000 Accounts Receivable Realised 6,198,100 4,415,474 Advance recovered 162, ,369 FDR-DBH A/c - 315,000 Capital fund A/c - 2,978 Interest Receivable on FDR - 7,159 Loan ARF Realised (Own Fund) 50,000 92,510 Partnership Fees (Security) - 100,000 Project: CMA ,620 Project: CMA ,081,000 Project: CMA ,627,200 - Project: BNF 250,000 - Project: SP start-up Fund 2,549,345 - Bank Interest Earned 9,980 22,758 BMFS-2010-Income - 1,315,558 Security money NMC ,000 - Sponsorship fees NMC ,616,522 - Local Donation 636, ,256 Hostel Income 59,889 67,668 SCB client inspection income 347,615 Interest on FDR - 22,766 Membership Fee 2,011,500 2,098,000 Miscellaneous Income 34,639 51,663 Exposure visit income 418,207 - Project Adm. Supp. Income 1,079, ,776 Publication Income 3,850 9,320 Research Income - 450,455 Sales of Old Assets 126, ,001 Service Charge-Bank Linkage 24,455 15,160 Training Income-General 411, ,015 Training Income-BNF 125,000 Training Registration Fees-InM 190, ,500 Workshop/Seminar/Meeting Income - 387,452 28,693,831 22,733,428

5 PAYMENTS: Accounts Payable 946, ,675 Advance paid 2,698,900 3,060,450 Audit Fees Paid 30,000 30,000 Advance office rent 300,000 National MF conference exp. 2,755,970 - Investment DBH(FDR) 2,500,000 - Training Expenses General 14,293 - Training Expenses INM 465,500 - Divisional conference exp. 6,906 - Office Equipment 144,000 49,250 Office Furniture 67,750 - FDR-IDLC A/c 400,000 1,880,000 Capital fund A/c 6,853 4,153 Income Tax Payable - 80,659 Project Concern (Loan Loss Provision) - 619,191 Partnership Fees (Security) - 345,000 Provision for Gratuity - 294,478 Provident Fund (PF) Payable 54, ,838 Salary Payable - 40,585 Project: CMA ,747,720 Project: CMA ,125,318 - Project: CMA ,295 - Project: BNF 125,000 - Project: SAMN - 271,860 Project: SP Start-up Fund 3,459, ,398 VAT Payable - 3,065 Vehicle - 83,275 Advertisement Expenses - 9,309 Annual General Meeting 41,827 37,994 Audit fees 21,000 8,000 Bank Charge 12,586 9,012 BMFS-2010-Expenses 241,500 1,911,121 BMFS-2011-Expenses 1,038,488 - Security money NMC ,000 - Consultancy Fees Expenses 10,000 50,000 Conveyance 41,047 20,926 Daily Allowance Electricity 53,725 71,908 Entertainment 56,977 38,604 Exposure Visit Exp. 199,545 65,685 Fuel-Motorcycle 16,439 12,373 Fuel-Probox 154,850 93,366 Gas Bill 36,600 4,050 GB Meeting 34,001 32,246 Hostel Expenses 36,111 21,844

6 Income Tax Exp ,269 Insurance Expenses 10,896 12,971 Legal Expenses 495 5,940 Membership Fees-Overseas 33,245 58,490 Miscellaneous Exp. 4,351 7,430 Mobile Bill 63,250 60,400 Office Rent 1,001, ,960 Org. Development (Staff Development) 40,000 9,661 Over Time 91,285 85,668 Paper & Periodicals 18,152 14,144 Postage & Courier 10,612 12,865 Printing 91,764 51,706 Project Adm. Supp. Exp - 26,855 Repair & Maintenance-Equipment 54,390 77,560 Repair & Maintenance-Micro Repair & Maintenance-Motorcycle 4,005 3,510 Repair & Maintenance-Office 161,853 25,580 Repair & Maintenance-Probox 50,380 23,685 Research Expenses - 40,000 Salary & Benefits 3,823,036 3,033,580 Satellite & Internet Exp. 39,680 32,226 Stationary, Stamp & Seals 11,765 13,136 Telephone Bill 22,262 43,439 Training Registration Fees-InM - 640,000 SCB client inspection expenses 114,280 - Traveling Expenses 121,740 46,459 Water/ WASA Bill 7,175 10,552 Workshop/Seminar/Meeting Exp. 33, ,595 26,026,053 19,035,061 Closing Balance: 2,667,778 3,698,367 Cash in Hand 11,766 2,542 Cash at Bank 2,656,012 3,695,825 28,693,831 22,733,428 Chairman CDF Executive Director CDF

7 CREDIT AND DEVELOPMENT FORUM (CDF) NOTES TO THE ACCOUNTS AS AT 31 DECEMBER BACKGROUND OF THE ORGANIZATION: Credit and Development Forum (CDF) is a non-profit earning, non-government, voluntary organization established in the year 1992 and duly registered as a non-profit company limited by guarantee under the Companies Act, 1994 vide registration No. C-404(09)/97 dated 28th August, 1997 under the name and title of Credit and Development Forum. CDF is also registered with NGO Affairs Bureau, Government of the Peoples Republic of Bangladesh vide registration No. 859 dated 01 October, 1994 with the same objectives and commitments. Credit and Development Forum (CDF) is to develop and promote credit and savings programs by the development agencies engaged in poverty alleviation. The mission of CDF is to develop, promote and enable the NGOs involved in savings and credit for delivering sustainable financial services to the poor in Bangladesh OBJECTIVES OF THE ORGANIZATION: (a) (b) (c) (d) (e) To ensure support to use potentialities of MFIs for a healthy microfinance sector. To assist MFIs in improving competencies for providing effective microfinance services to the poor and extreme poor. To facilitate enabling environment for MF practitioners. To establish linkage with bank and thereby provide MFIs collateral-free access to financial resources through offering repayment guarantee. To strengthen network and advocacy to change policy and strategy issues towards effective poverty reduction BASIS OF ACCOUNTING: 3.01 The financial statements have been prepared on accrual basis except recognition of income on account of service fee from partner organizations, which is being done on cash basis Fixed assets have been valued at cost less accumulated depreciation. Depreciation has been charged on reducing balance method at the rates varying from 15% to 25% per annum. Depreciation has been charged for full year on addition to fixed assets during the year and no depreciation has been charged during the year of disposal FIXED ASSETS - Cost less Accumulated Depreciation: TK.601,326 Amount in Taka Opening Balance 4,920,767 5,267,342 Add: Addition during the year 261, ,925 5,182,217 5,407,267 Less: Adjustment during the year 1,530, ,500 3,651,903 4,920,767 Less: Accumulated depreciation 3,050,577 4,042,048 Written down value as on , ,719 Details have been shown in Schedule-A.

8 5.00 FIXED ASSETS - Cost less Accumulated Depreciation: TK.601,326 Amount in Taka Opening Balance 1,274,392 1,366,902 Add: Paid during the year - - 1,274,392 1,366,902 Less: Recovered during the year 50,000 92,510 Closing Balance 1,224,392 1,274, FIXED DEPOSIT (FDR) : TK. 13,578,355 Amount in Taka Break up of the above amount has been given below: IDLC Finance Limited (Note-6.01) 3,027,400 2,321,088 DBH Finance Limited (Note-6.02) 10,550,955 7,235, IDLC Finance Limited : Tk. 3,027,400 13,578,355 9,557,074 Opening Balance 2,321, ,190 Add: Cash Deposit 400,000 1,880,000 Interest received from Receivable 138,508 23,692 Interest Received 167,804 10,206 3,027,400 2,321,088 Less: Encashment - - Total 3,027,400 2,321, DBH Finance Limited Tk.10,550,955 Opening Balance 7,235,986 6,988,018 Add: Cash Deposit 2,500,000 - Interest received from Receivable 471, ,208 Interest Received 343, ,760 10,550,955 7,550,986 Less: Encashment - 315,000 Total 10,550,955 7,235, ADVANCES, DEPOSITS & PREPAYMENTS: TK. 332,038 Opening Balance 169, ,038 Add: Paid during the year 2,998,900 3,060,450 3,167,938 3,270,488 Less: Recovered during the year 92,061 3,101,450 Less: Adjustment during the year 2,743,839 - Closing Balance 332, ,038

9 8.00 INTEREST RECEIVABLE ON FDR: TK. 948,435 Details calculation has been shown in Annexure-A. KHAN WAHAB SHAFIQUE RAHMAN && CO ACCOUNTS RECEIVABLE : TK. 1,799,731 Amount in Taka Opening Balance 1,147,594 55,544 During the year: Adjustment with fund 1, Training Income General 3,979,155 4,325,975 BMFS-2010 Income 190, ,368 BMFS-2011Income 1,561,802 - Hostel Income 1,725 18,094 Project Admin ,000 Exposure Visit income 420, ,277 SCB client income 727,090 29,020 Workshop/Seminar 30,000 51,717 Sub Total 8,059,746 5,563,068 Less: Recovered during the year 6,198,100 4,415,474 Less: Adjustment during the year 61, CASH & BANK BALANCES :TK 2,667,779 1,799,731 1,147,594 Cash in Hand (10.01) 11,766 2,542 Cash at Bank (10.02) 2,656,013 3,695,825 Closing Balance 2,667,779 3,698, Cash in Hand: TK. 11, The management provided us balance confirmation certificate as to confirm the above balance as on 31st December, Cash at Bank : Tk. 2,656,012 This is made up as follows: Name of the Bank Account No. Balance as per Balance as per Remarks Cash book Bank Statement Sonali Bank Ltd. Lalmatia , Reconciled Standard Chartered Bank Ltd ,640,372 1,640,372 N/A Sonali Bank Ltd., Lalmatia , ,500 Reconciled BRAC Bank ,464 32,464 N/A MTBL Bank Ltd ,714 17,714 N/A Janata Bank Ltd ,425 67,425 N/A Prime Bank Ltd N/A Prime Bank Ltd , ,866 N/A Sonali Bank, Gratuity, Lalmatia ,979 4,979 N/A Sonali Bank Ltd. Local Office ,272 33,272 N/A 2,656,013 2,260,653

10 11.00 CAPITAL FUND: TK. 16,858,219 Amount in Taka Opening Balance 12,867,519 11,431,371 Add: Account Receivable - 73 Add: IT Payable - 2,512 Add: Partnership Fees(SAMN Project) 3,870 - Add: Last year bank charge - 2,978 Add: Surplus/(Deficit) during the year 4,019,075 1,626,462 16,890,464 13,063,396 Less: Adjustment: Accounts Receivable 1,998 - Provision for Gratuity - 191,724 Telephone bill paid(2007&2011) 4,841 - Bank charge(2011) 2,012 4,153 WASA bill (2011) 23,394 - Closing Balance 16,858,219 12,867, GRATUITY FUND : TK. 1,061,007 Opening Balance 692, ,484 Add: Addition during the year 368, , ,768 Less: Payment during the year - 294,478 Closing Balance 1,061, , ADVANCE DONATION : TK. 156,080 Donation received from BRAC an amount of Tk. 226,080 as salary of Manager (Network, Linkage & Research) for six months. Out of this donation Tk. 70,000 used as salary for the month of November & December Rest amount (Tk. 156,080) has been shown in balance sheet as advance donation VAT PAYABLE TK. NIL. Opening Balance - - Add: Addition during the year - 3,065-3,065 Less: Adjustment during the year - 3,065 Closing Balance - -

11 15.00 LIABILITIES FOR INCOME TAX: TK. NIL Amount in Taka Opening Balance - 9,882 Add: Addition during the year 135,480 73, ,480 83,171 Less: Deposited during the year 4,915 83,171 Less: Adjustment during the year 130, PROVIDENT FUND PAYABLE : TK. NIL Opening Balance - 57,340 Add: Salary & Benefits 54, ,298 54, ,638 Less: Cash Payment during the year 54, , PROJECT SP-START-UP: TK. (1,612,417) Opening Balance - - Cash Received 2,549,345-2,549,345 - Less: Adjustment 535,398 - Less: Cash Expenses 3,626, ,398 (1,612,417) (535,398) PROJECT CMA-2012: TK. 4,545,205 Opening Balance - - Cash Received 4,627,200-4,627,200 - Less: Adjustment 24,700 Less: Cash Expenses ,545, PROJECT CMA-2011: TK. (44,318) Opening Balance - 3,470,100 Cash Received 4,081, ,620 4,081,000 3,747,720 Less: Adjustment - - Less: Cash Expenses ,747,720 (44,318) -

12 20.00 ACCOUNTS PAYABLE: TK. 13,280 Amount in Taka Repair & Maintenance - 4,000 Telephone Bill - 5,094 Travel Allowance ,950 Electricity bill 2,200 33,101 Gas bill 3,600 1,800 Wasa / Water bill 925 3,738 Salary & benefits - 6,075 Project Adm. Support income - 3,000 Overtime 5,975-13,280 75, AUDIT FEE PAYABLE : TK. 50, Opening Balance 30,000 30,000 Add Addition during the year 71,000 30, ,000 60,000 Less: Paid During the year 51,000 30,000 Closing Balance 50,000 30, PARTNERSHIP FEE : (SECURITY): TK 0.00 Opening Balance 3, ,870 Add: Addition during the year - 100,000 3, ,870 Less: Adjustment with Fund 3, ,000 Closing Balance - 3, TRAINING INCOME: TK. 5,643,190 Training Income BNF 125,000 - Training Income General 4,459,483 4,996,768 Training Registration Fees-InM 190, ,500 Workshop/Seminar Income 30, ,169 Exposure visit income 838, ,277 Less: Adjustment : 5,643,190 6,202,714 Training Income General 4,047,833 4,334,753 Workshop/Seminar Income 30,000 51,717 Exposure visit income 420, ,277 4,497,833 4,716,747 Paid in Cash 1,145,357 1,485,967

13 24.00 SERVICE FEES: TK. 8,061,817 Amount in Taka Project Adm. Supp. Income 1,237, ,804 Sponsorship fees NMC ,616,522 - SCB Client Inspection Income 1,183,769 - Service Charge-Bank Linkage 24,455 15,160 8,061, ,964 Less: Adjustment: Project Adm. Supp. Income 157, ,028 SCB Client Inspection Income 836, , ,028 Paid in Cash 7,068, , BMFS INCOME : TK. 1,752,184 BMFS Income ,382 1,947,926 BMFS Income ,561,802-1,752,184 1,947,926 Less: Adjustment: BMFS Income , ,368 BMFS Income ,561,802-1,752, ,368 Paid in Cash - 1,315, OTHER INCOME : TK. 236,729 Bank Interest Earned 9,980 22,758 Hostel Income 61,614 85,762 Sales of Old Assets 124, ,001 Publication Income 3,850 38,340 Miscellaneous Income 37,148 51,663 Research Income - 450, ,729 1,063,979 Less: Adjustment: Hostel Income 1,725 18,094 Publication Income - 29,020 Miscellaneous Income 2,509-4,234 47,114 Paid in Cash 232,495 1,016,865

14 27.00 INTEREST ON FDR : TK. 1,594,876 Amount in Taka Cash Received - 22,766 Interest Income 948, ,855 DBH Finance 444, ,919 IDLC Account 201,839 10,206 Income Tax Expenses 66,893 Bank Charge 5,150 1,594, , INSTITUTIONAL DEVELOPMENT OF CDF: TK 224, Organization Development Expenses 40, ,971 SCB client inspection exp. 134,450 - Consultant Fee 50,000 60,000 Research Exp. - 40, , ,971 Less: Adjustment SCB client inspection exp. 20,170 - Consultant Fee 40,000 10,000 Organization Development Expenses - 92,310 60, ,310 Paid in cash 164,280 99, ADMINSTRATIVE OVERHEAD TK 2,958, Advertisement Expenses - 9,309 Annual General Meeting 41, ,992 GB meeting 34,001 - Audit fees 71,000 38,000 Bank Charge 17,036 14,162 Conveyance 39,667 22,566 Electricity bill 63, ,009 Entertainment 64,377 40,899 Exposure Visit Exp. 209, ,703 Fuel & Lubricant 209, ,662 Gas Bill 40,650 5,850 Miscellaneous Exp. 8,451 10,320 Mobile Bill 64,750 60,400 Telephone & Fax 22,262 48,533 Office Rent 1,283, ,400 Paper & Periodicals 18,152 14,144 Postage & Courier 10,612 12,865 Printing & Stationeries 103,529 65,972 Project Adm. Supp. Exp - 26,855 Traveling Allowance 309, ,959 Repair & Maintenance 302, ,835 Water/ WASA Bill 10,942 14,290 Workshop/Seminar/Meeting Exp. 33, ,313 2,958,209 2,497,038

15 Amount in Taka Less: Adjustment Audit fees 41,000 30,000 Bank Charge 4,450 5,150 Conveyance 1,640 Electricity bill 9,553 33,101 Entertainment 40,000 2,295 Exposure Visit Exp. 9,540 38,018 Fuel & Lubricant - 30,923 Gas Bill 4,050 1,800 Governing Body Meeting - 147,752 Miscellaneous Exp. 4,100 2,890 Mobile Bill 1,500 Office Rent 299, ,440 Printing & Stationeries - 1,130 Traveling Allowance 187, ,125 Repair & Maintenance 32,114 90,530 Telephone & Fax - 5,094 Water/ WASA Bill 3,767 3,738 Workshop/Seminar/Meeting Exp. 30, , , ,344 Paid in cash 2,291,101 1,739, CAPACITY BUILDING SERVICES - CDF: TK 5,225,813 CDF Training Exp.- General 1,978,367 2,035,682 National MF conference 2,765,970 - Divisional conference 15,976 - Registration fee INM 465, ,000 5,225,813 2,675,682 Less: Adjustment CDF Training Exp.- General 1,964,074 2,035,682 Divisional conference 9,070-1,973,144 2,035,682 Paid in cash 3,252, ,000

16 31.00 SALARY & OTHERS BENEFITS: TK 4,622,577 Amount in Taka Salary & Allowance 4,525,317 3,586,162 Overtime 97,260 85,668 4,622,577 3,671,830 Less: Adjustment Advance Adjustment 4,500 23,000 Accounts payable - 46,660 Income tax payable 31,170 44,864 PF payable 54, ,498 Provision for Gratuity 368, ,560 Excess Salary Payment 2,509 - Provision for salary for the month of January 272, , ,582 Paid in cash 3,889,126 3,119, OTHERS EXPENSES -CDF: TK. 51,873 CDF Hostel expense 51,378 26,140 Legal expenses 495 7,940 Total 51,873 34,080 Less : Adjustment CDF hostel expense 15,267 4,296 Legal expenses - 2,000 15,267 6,296 Paid in cash 36,606 27,784

17 CREDIT AND DEVELOPMENT FORUM (CDF) SHEDULE OF FIXED ASSETS AS AT 31ST DECEMBER 2012 SCHEDULE-A C O S T Rate D E P R E C I A T I O N Written down Particulars Balance as at Addition Adjustment Balance as at of Balance as at Charged for Adjustment Balance as at value as on During the year during the year dep the year during the year Vehicles 938, ,763 25% 455, , , , Office Equipment 2,854, ,700 1,455,077 1,592,936 20% 2,540, ,229 1,453,214 1,469, , Office Furniture 711,454 67,750 75, ,967 15% 653,776 29,103 75, ,642 96, Electric equipment 399, ,570 20% 375,730 4, ,499 19, Others Assets 16, ,667 25% 16, ,667 - Total 4,920, ,450 1,530,314 3,651,903 4,042, ,980 1,528,451 3,050, ,326

18 ANNEXURE-A Financial Organization Deposits No. Reinvested Amount Date of reinvestment & Maturity Passing Period Interest Rate Interest Receivable DBH Finance , % 55,617 DBH Finance ,466, % 24,747 DBH Finance , % 6,524 DBH Finance , % 94,282 DBH Finance , % 92,603 DBH Finance ,498, % 157,166 DBH Finance , % 60,170 DBH Finance , % 47,970 DBH Finance , % 27,218 DBH Finance ,500, % 164,792 IDLC Finance , % 42,795 IDLC Finance ,682, % 117,004 IDLC Finance , % 29,641 IDLC Finance , % 27,906 13,578, ,435