S.I. Capital & Financial Services., Ltd., Chennai

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1 BALANCE SHEET AS AT SCH. NO AS AT AS AT RS. RS. SOURCES OF FUNDS 1 SHAREHOLDERS FUNDS Share Capital 1 30,000, ,000, Reserve & surplus 2 575, , Total 30,575, ,525, APPLICATION OF FUNDS 1 FIXED ASSETS 3 Gross Block 9,705, ,653, Less: Depreciation 2,325, ,139, Net Block (I) 7,380, ,513, INVESTMENTS (II) 4 2,770, ,808, CURRENT ASSETS,LOANS, ADVANCES & DEPOSITS 5 15,248, ,600, Less:CURRENT LIABILITIES & PROVISIONS 6 783, , Net Current Assets (III) 14,465, ,779, Deferred Tax Assets (Net) (IV) 866, , A) MISCELLANEOUS EXPENDITURE TO THE EXTENT NOT WRITTEN OFF 7 5,092, ,595, Total 30,575, ,575, Notes to Accounts 13 As per our separate report of even date For Sudhindran & Co, V. A. KURIEN SANJAY ARJUNDAS WADHWA Chartered Accountants, Director Director P. SUDHINDRAN MARY RODRIGUES Partner Director Membership No Place : Chennai Date :

2 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED Sch No Particulars I. Income Income from Forex Dealings 738, , Other Income 8 1,019, ,138, Total 1,758, ,110, II. Expenditure Admin. & Other Expenses 9 713, , Employees Expenses , , Financial Expenses 11 11, , Bad Debts & Losses W/off , , Total 2,059, ,624, Profit / Loss Before Depreciation (-) 300, , Less: Depreciation 3 185, , Profit / Loss Before Tax (-) 486, , Less: Transfer to Special Reserve - 65, Provision for Taxation Income Tax - - Fringe Benefit Tax - 24, Deferred Tax Liability (Net ) 10, , Profit / Loss After Tax (-) 497, , Less: Income Tax of earlier years written off - 2, Add : Balance Brought Forward (-) 4,595, (-) 4,798, Balance carried to Balance Sheet (-) 5,092, (-) 4,595, Earnings per share (in Rupees)= Profit/(Loss) after Tax and Deferred Tax divided by 30,00,000 equity shares (-) N.A 0.07 Nominal value per share 10/- 10/- Diluted earning per share N.A N. A. Notes to Accounts 13 As per our separate report of even date For Sudhindran & Co, V. A. KURIEN SANJAY ARJUNDAS WADHWA Chartered Accountants, Director Director P. SUDHINDRAN MARY RODRIGUES Partner Director Membership No Place : Chennai Date :

3 SCHEDULES TO BALANCE SHEET Schedule 1 Share Capital Authorised : 35,00,000 equity shares of 10/- Each 35,000, ,000, ,000, ,000, Issued,Suscribed & Paid Up 30,00,000 Equity shares of 10/- Each 30,000, ,000, ,000, ,000, Schedule 2 Reserves and Surplus Special Reserve - Opening Balance 575, , Add: Addition during the year - 65, Total 575, ,

4 Schedule 3 - FIXED ASSETS & DEPRECIATION FOR THE YEAR ENDED Particulars Gross Block Depreciation Net Block As on Additions Deletions As on Rate As on On Excluding - On For the Upto As on As on % Deletions Deletions year Land 6,646, ,646, ,646, ,646, Building 105, , , , , , , , Plant & Machinery 973, , , , , , , , Electrical Machinery 59, , , , , , , , Air Conditioner 30, , , , , , , , Canon Xerox - 52, , , , , Furniture & Fixtures 931, , , , , , , , Motor Car-Swift 509, , , , , , , , Computers 397, , , , , , , , & Peripherals Total 9,653, , ,705, ,139, ,139, , ,325, ,380, ,513,

5 Schedule Investments- at cost Quoted No of Name of the Scrip Shares Amount Amount K.Dhandapani & Co.Ltd , Laser Diamond Ltd , , Sambandam Spinning Mills Ltd , , Saravana Estates & Plantation Ltd , , SI Property Development limited , , Skandam Farms & Plantations Ltd , , Sri Nachammai Cotton Mills Ltd , , SSF Ltd , , Thambi Modern Spinning Mills Ltd 100 5, , Sub Total 1,346, ,457, Mutual funds: DSP Blackrock World Energy Fund 600, Prudential ICICI Dynamic Plan Fund - 502, Reliance Equity Advantage Fund -Retail Divd 824, , Sundaram BNP Paribas Growth Fund -Appreciation - 1,024, Sub Total 1,424, ,351, Total 2,770, ,808, Market value of above Investments as on is 16,46,139/- 21

6 Schedule5 CURRENT ASSETS, LOANS, ADVANCES & DEPOSITS A. CURRENT ASSETS Stock in trade 221, , Sub Total I 221, , Sundry Debtors (Unsecured considered good for which the company holds no security other than Debtor s Personal Security) a) Debts Outstanding for a period exceeding six months 3,130, ,581, b) Other Debts 1,327, ,990, Sub Total II 4,457, ,572, Cash & Bank Balances Cash in hand 170, , Balance with Scheduled Banks in Current Account 884, ,008, Balance with Scheduled Banks in Fixed Deposit Account 400, Sub Total III 1,454, ,376, Other Current Assets Interest accrued on FD 13, Interest Receivable 202, , Sub Total IV 215, ,

7 B. LOANS & ADVANCES I) Loans Recoverable Secured - Effeciency Aids Agencies 5,000, ,000, Southern Warehousing co, Pvt Ltd., 274, SSF LTD - 250, Murugesan 380, , Praba Narasimhan 280, , Unsecured - Others 1,472, Unsecured - Considered Doubtful 909, , ,317, ,927, Less : Provision for Doubtful Loans 909, , Sub Total V 7,408, ,017, II ) Advances recoverable in cash or in kind or for value to be received and considered good Advance for Land 430, , Ebenezer 283, , AFL Receivable , Staff Advance 26, , Rent Deposit 45, , Telephone Deposit 35, , Income Tax Refund Due AY , Income Tax Refund Due AY , Income Tax Refund Due AY , Tax Deducted at Source AY , Tax Deducted at Source AY , Tax Deducted at Source AY , Tax Deducted at Source AY , Sub Total VI 1,489, ,429, Total - (I+II+III+IV+V+VI) 15,248, ,600,

8 Schedule 6 Current Liabilties & Provisions A. Current Liabilities Sundry Creditors S.I. Capital & Financial Services., Ltd., Chennai For Expenses Expenses Payable 72, , Mahesh & Associates 48, , Sudhindran & Co. 47, , Sub Total I 168, , For Others 500, , Sub Total II 500, , B. Provisions Provision for Gratuity 114, , Provision for Taxation : Income Tax AY: , Fringe Benefit Tax A.Y , Sub Total III 114, , Schedule 7 Miscellaneous Expenditure to the extent not written off / adjusted Total (I+II+III ) 783, , Profit & Loss Account 5,092, ,595, Total 5,092, ,595,

9 SCHEDULES TO PROFIT AND LOSS ACCOUNT Schedule 8 Other Income Commission Received on Money Transfer Services 10, , Dividend Received - Shares 2, , Dividend Received -Mutual Fund - 57, Interest Received 958, , Profit on Redemption of Mutual Funds 11, , Profit on sale of shares 37, Profit on sale of car - 45, Miscellaneous Income , Total 1,019, ,138, Schedule 9 Administrative & Other Expenses Rent 169, , Rates & Taxes 3, , Electricity Charges 16, , Telephone Charges 54, , Postage & Telegram 1, , Printing & Stationery 17, , Conveyance Expenses 11, , Travelling Expenses 41, , Vehicle Maintenance 99, , Office Maintenance expenses 19, , Property Maintenance Expenses 1, , Business Promotion Expenses 8, , Insurance Charges 13, , AGM & Publishing Expenses 40, , Annual Maintenance Charges 5, , Repairs and Maintenance 12, , Listing & Filing Fee 32, , Sitting Fees 13, , Share transfer fee 15, , Professional Charges 88, , Profession Tax 4, , Miscellaneous Expenses Auditor s Remuneration 44, , Total 713, ,

10 Schedule 10 Employees Expenses Salary, Bonus & Allowances including PF Contribution 632, , Staff - Coffee & Tea expenses 20, , Schedule 11 Financial Expenses Total 653, , Bank Charges 10, , Finance charges on Motor car - 1, Interest paid to Bank Schedule 12 Bad Debts & Losses W/off Total 11, , Loss on Redemption of mutual fund 680, Loss on Sale of Shares - 133, Total 680, , Schedule 13 Notes Forming Parts of Accounts A SIGNIFICANT ACCOUNTING POLICIES: 1 General The financial statements are prepared under the historical cost convention, on the basis of a going concern and as per the applicable accounting standards. The Company follows mercantile system of accounting and recognises income and expenditure on accrual basis. The company has followed prudential norms perscribed by the R.B.I in respect of Income Recognition, capital Adequacy and Provision for Bad and Doubtful Debts. 2 Inter Branch Transfers Inter Branch Transfers of currency are at cost. 3 Valuation of Inventories Currencies in stock are valued at cost. 4 Fixed Assets and Depreciation Fixed assets are stated at cost less Depreciation on Written Down Value Method at the rates and in the manner specified in the Schedule XIV to The Companies Act, No depreciation is provided on assets sold during the year. 5 Investments Investments are held on long term basis and valued at cost. Diminution in the value of investments is not provided for, as the management is of the opinion that the diminution is of temporary nature. 26

11 6 Revenue Recognition Interest on loans and advances are recognised on accrual basis. In respect of loans under litigation, it is the company s policy to recognise interest on realisation basis. 7 Retirement Benefits Contribution to Provident Fund is funded as a percentage of salary. Adequate provisions have been made in the accounts for the liability for Gratuity of employees. 8 Impairment of Assets The Company has not provided for impairment of any assets. B. NOTES TO ACCOUNTS: 9 Land shown in fixed assets is at Thevara, Cochin and is on equal co-owership basis with M/s. SSF Ltd. 10 The balance in various accounts in Sundry Debtors and Sundry Creditors are subject to confirmation and reconciliation. They have been shown as per values appearing in the books of accounts. 11 Sundry Debtors include Debtor from Company under the same management. 12 Loans and Advances are subject to confirmation.the secured loans are sufficiently covered by securites. As regards Un-secured loans, though the management is confident of realising the loans recoverable, and for which necessary efforts are already in process, as a matter of abundant caution provision for doubtful loans have been created for the whole amount on these loans. 13 Advances for Land as stated in the schedules to accounts is for the purchase of lands at Thenkasi. The registeration of the land having not been finalised, the amounts advanced towards the purchase of these lands remain as advances and is stated as such in the schedules to the accounts. 14 Related Parties disclousre as per Accounting Standard 18: a) List of Parties - Group concerns and Associates. i) Si Cap Insurance Agency (P) Ltd. ii) SSF Ltd. iii) Southern Warehousing Co, Pvt Ltd b) Related Party Transactions: Amount taken Amount Name of the Associate Concerns (Incl. O/s on O/s as on ) i) Si Cap Insurance Agency (P) Ltd. 25,868 25,868 ii) SSF Ltd. 433, ,818 iii) Southern Warehousing Co, Pvt Ltd - 274,998 C) The maintanence expenses of 1800 /- has been incurred on Thevara property held jointly with SSF Limited., 27

12 15 Segment Reporting: The Principal business of the company is dealing in foreign currency. Though the company has earned income from other sources in the form of Dividend on investments and capital gain, the percentage of other business income does not exceed 10% of the gross turnover of the principal business, no Segment Reporting has been made. 16 Earning per Share: Basic and Diluted Weighted Average No. of Shares outstanding (Nos) Net Profit / (Loss) in Rupees (497,138.57) 205, Earning Per Share N.A 0.07 Nominal value of Share 10/- 10/- 17 Deferred Tax: The deferred tax for timing differences is accounted for using the tax rates and laws that have been substantively enacted as of the balance sheet date. Deferred tax asset arising from timing differences are recognised to the extent there is reasonable certainity that these would be realised in future. Consequently, Deferred Tax Asset on Business Loss carried forward has not been created. Deferred Tax Asset Opening Balance 877, Deferred Tax for the year Depreciation as per Companies Act 185, Depreciation as per Income Tax Act 179, Difference 6, Deferred Tax Asset for the 30.90% on the above 1, Provision for Gratuity 20, Provision for Bouns 21, , Deferred Tax Liability for the 30.90% on the above 12, Current year Deferred Tax Liability debited to P&L a/c 10, Net Deferred Tax Asset shown in the Balance Sheet 866,

13 18 Income from Forex Business 733, has been arrived at as follows. Income from Forex Business: Sales of Currencies & Travellers Cheque 72,138, ,547, Less:Purchase of Currencies & 71,589, ,014, Travellers Cheques, Service Charges paid Sub Total - (a) 548, ,532, Add: Increase / ( Decrease) in Stock Closing Stock 221, , Less: Opening Stock 31, , Sub Total - (b) 189, (560,642.54) TOTAL (a+b) 738, , Managerial Remuneration: Sitting fee 13, , Total 13, , Auditor s Remuneration: As Audit fee 30, , As Tax audit fee including service tax 14, , Total 44, , Since the company has not made operating profit during the year,transfer of funds to special reserve as per RBI Guide lines does not arise. 22 Previous year s figures have been regrouped/rearranged wherever necessary to conform with current year presentation. For Sudhindran & Co, V. A. KURIEN SANJAY ARJUNDAS WADHWA Chartered Accountants, Director Director P. SUDHINDRAN MARY RODRIGUES Partner Director Membership No Place : Chennai Date :

14 BALANCE SHEET ABSTRACT AND COMPANY S GENERAL BUSINESS PROFILE I REGISTRATION DETAILS Registration No State Code 18 Balance Sheet Date II CAPITAL RAISED DURING THE YEAR (AMOUNT In THOUSANDS) Public Issue NIL Rights Issue NIL Bonus issue NIL Private Placement NIL III POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS ( IN THOUSANDS) Total Liabilities 30, Total Assets 30, Sources of Funds Application of Funds Paid up Capital 30, Net Fixed Assets 7, Reserves & Surplus Net Current Assets 14, Secured Loans - Investment 2, Unsecured Loans - Misc. Expenditure - Accumulated Lossess 5, Deferred Tax IV PERFORMANCE OF COMPANY ( IN THOUSANDS) Turnover 1, Total Expenditure 2, Profit / Loss Before Tax (486.36) Profit /Loss After Tax (497.13) Earning per Share N.A Dividend Rate NIL V GENERAL NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY (AS PER MONETARY TERMS) Item Code No.(ITC Code) Product Description N.A Foreign Exchange Item Code No. (ITC Code) NIL Product Description Item Code No.(ITC Code) NIL Product Description 30

15 Cash flow statement for the year ended As on As on A. Cash Flow From Operating Activities Net Profit / (Loss) Before Tax & Extraordinary item (486,357.71) 329, Add: Depreciation 185, , Loss on Sale of mutual funds 680, Loss on Sale of shares - 133, Interest Paid , , , , , Less: Profit on Redemption of Mutual Funds 11, , Profit on Sale of Shares 37, Profit on Sale of Assets - 45, Interest received 958, , Dividend received 2, , Income Tax of earlier years written off - 1,008, , ,102, Operating Profit Before Working Capital Changes (627,958.19) (481,752.86) Add: Decrease in Current Assets - 1,205, Less: Increase in Current Assets 1,569, Add: Increase in Current Liabilities - 3, Less: Decrease in Current Liabilities 37, (1,606,926.77) - 1,209, Net Cash from Operating Activities (2,234,884.96) 727, B. Cash Flow From Investing Activities Sale of Investments 1,704, , Sale of Shares 148, , Sale of Fixed Assets - 255, Interest Received 958, , Dividend Received 2, ,812, , ,017, Less: Bad debts written off - - Less: Purchase of Fixed Assets 52, , Less: Purchase of Mututal Fund 1,446, ,498, , ,264, Net Cash from Investing Activities 1,313, , C. Cash Flow from Financing Activities Decrease in Secured Loans - (16,238.00) Increase in Secured Loans - - Decrease in Unsecured Loans - - Increase in Unsecured Loans - - Less: Decrease in bank borrowings - - Interest on Loans (642.00) (642.00) (1,423.00) (17,661.00) Net Cash from Financing Activities (642.00) (17,661.00) D. Net Increase/(Decrease in) Cash & Cash Equivalents (A + B + C) or (F - E ) (921,722.10) 1,463, E. Cash & Cash Equivalent at the start of the year 2,376, , F. Cash & Cash Equivalent at the end of the year 1,454, ,376, (921,722.10) 1,463, , (1,463,122.23) NOTES : 1. The above Cash Flow statement has been prepared by using Indirect Method as per Accounting Standard 3 - Cash Flow Statement issued by the Institute of Chartered Accountants of India. 2. Previous year s figures have been regrouped/rearranged wherever necessary to conform to current year s presentation Place : Chennai Sd/ Sd/ Sd/ Date : V. A. KURIEN MARY RODRIGUES SANJAY ARJUNDAS WADHWA Director Director Director AUDITORS CERTIFICATE The Board of Directors S.I. CAPITAL & FINANCIAL SERVICES LTD., Chennai We have examined the attached cash flow statement of S.I. Capital & Financial Services Ltd., for the year ended The statement has been prepared by the Company in accordance with the requirement of listing agreement clause 32 with the stock exchanges and is based on and in agreement with the corresponding Profit & Loss Account and Balance Sheet of the company by our report of 30th July 2010 to the members of the company. For Sudhindran & Co, Place : Chennai Chartered Accountants, Date : S/d P. SUDHINDRAN Partner Membership No

16 S.I. CAPITAL & FINANCIAL SERVICES LTD. Registered Office : 'Montieth Court' 64, Montieth Road, Egmore, Chennai PROXY FORM I/We......being member(s) of the above named company, hereby appoint... or failing her...of...as my/ our proxy to vote for me/us on my/our behalf at the 16th Annual General Meeting of the Company to be held on Monday, the 6 th September 2010 at A.M. at Greenmedows- Conference Hall No.4/364-A, Anna Salai, Palavakkam, Chennai Signed at...(place) this...day of Membership Folio No.... No. of Shares held... Note : (a) The Form should be signed across the stamp as per specimen signature registered with the company (b) The Companies Act, 1956 lays down that an instrument appointing a proxy shall be deposited at the Registered office of the company, not less than FOURTY EIGHT HOURS before the time fixed for holding the meeting. (c) A Proxy need not be a Member S.I. CAPITAL & FINANCIAL SERVICES LTD. Registered Office : 'Montieth Court' 64, Montieth Road, Egmore, Chennai ATTENDANCE SLIP I hereby record my presence at the 16th Annual General Meeting of the Company being held on Monday, the 6 th September 2010 at A.M. at Greenmedows- Conference Hall No.4/364-A, Anna Salai, Palavakkam, Chennai Full Name of the Member (in Block Letters) : 2. Full Name of the Proxy (in Block Letters) : 3. Ledger Folio of Shares held : 4. Number of Shares held : 5. Signature of the Member/Proxy Attending : 6. To be used only when Member, first named is not attending. Please give full name of the first holder Mr. / Mrs.... Note : Members attending must fill in this attendance slip and hand it over at the entrance of the venue of the meeting. Members are requested to bring their copy of the Annual Report for the meeting. No gifts / refreshments will be provided at the Venue of the meeting. 32

18 If Undelivered, Please return to: S.I. Capital & Financial Services Ltd. Montieth Court 64, Montieth Road, Egmore Chennai

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