Ujjivan Financial Services Private Limited · Ujjivan’s mission is to provide financial services to the economically active poor to enable them to lead a ‘better life’. Ujjivan

Build a Better Life

Ujjivan Financial ServicesPrivate Limited

ANNUAL REPORT2006 - 2007

On November 1, 2005, we started operations with our first branchin Koramangala. Though it was a full scale launch, we categorized ita ‘pilot’ to learn more about urban microfinance. We tested ourunique business model, which combined the front end of GrameenBank methodologies with the back-end processes of modern retailbanking. In April 2007, we were proud to complete our 18-monthpilot with 17 branches, 23,984 customers, and Rs. 13.5 croresdisbursed.

Our pilot phase was a tremendous learning experience for us. Welearned many lessons and identified many core challenges.Recruiting and retaining talent emerged as a key challenge,particularly in the vibrant Bangalore economy. We also learned thatfield discipline forms the foundation of successful microfinanceoperations, and put in place a strong field audit process. We learnedthat while the Grameen field process is as well suited in urban areasas rural with some fine-tuning, the products needed significantchanges from the traditional ‘income generation loans’ to meet thediverse needs of urban customers, particularly low-income salariedwomen, who wanted loans for family needs such as education,festivals, or housing. We were able to tailor our products to thoseneeds, and pride ourselves as one of the few multi-productmicrofinance institutions.

This year we kept to our goal of offering a holistic approach topoverty reduction. We have partnered with Life InsuranceCorporation of India to provide life insurance coverage to

Letter to InvestorsLetter to Investors

customers, and Biocon Foundation & ICICI Lombard to providea three pronged health education, health care and healthinsurance program. With Biocon, we opened a clinic to provideout-patient care for our customers. We also held 7 eye care campsthis year with the Vittala International Institute ofOpthamalogy. We plan to further expand this program this year.We plan to continue to expand our business through Karnatakaas we reach out to semi-urban small towns, and in Delhi andKolkata, where we have already begun to establish our presence.By the year end, we expect to hit 100,000 customers nationwide.

We have been able to achieve these goals through the support ofour shareholders, the Grameen Bank & Trust, our very activeBoard of Directors, the Karnataka State Government, the media,and most importantly, our strong and committed Ujjivan teamwhich today consists of 260 dedicated employees.

We have come a long way in this past year. After our birth in theoffices of Mphasis Ltd., we now house our head office in agarment factory, which has been beautifully converted into whatvisitors tell us is the best office in the industry thanks to thevoluntary design and execution done by Elaine Marie Ghosh.

We are proud of our accomplishments this year, and willcontinue to work hard towards our goal of poverty reduction inthe years to come. With India’s over 600 million poor who do nothave access to financial services, we still have miles to go.

Sincerely,Samit Ghosh May 31st, 2007

• Company Profile ................................ 1

• Our Customers ................................... 5

• Our Products and Services .............. 9

• Performance Statistics ..................... 15

• The Ujjivan Team............................ 19

• Governance ....................................... 23

• Financial Report .............................. 27

Table of ContentsTable of Contents

In this section:

• Our Goals

• Milestones & Achievements

• Ujjivan Quick Facts

Ujjivan Annual Report 2007 Building a Better Life | 1

Company ProfileCompany Profile

Ujjivan’s mission is to providefinancial services to theeconomically active poor toenable them to lead a ‘better life’.

Ujjivan Financial Services Pvt. Ltd. is a Bangalore-based Microfinance Institution with the mission of providing a full range

of financial services to the economically active poor. Our unique venture combines successful models in microfinance with thetechnology and processes of modern retail banking.

Our focus is on the urban poor. Our target customers includesalaried women such as house maids, cooks, or office workers workingin garment factories and hospitals, and self-employed women suchas vegetable or fruit vendors, small shop owners, tailors, or agarbathior beedi rollers.

We began operations in November 2005 and this year completed an18-month pilot in Bangalore. We currrently operate 19 branches in3 cities - Bangalore, Delhi, and Kolkata - with a staff of 285employees.

We offer 7 products - family, business, combo, housing, top-up, emergency, and festival loans - as well as life and health insurance,and today serve over 28,000 customers.

Customers free of poverty in 5 yearsServe 500,000 customers within 6 years of operationsBreak-even in 3 years, and provide a long-term ROE of 15%Participate in a holistic approach to poverty reduction by collaborating with institutions offering services in

childcare, education, health, vocational training, community development, shelter and disaster relief.

Offer employees a professionally and financially rewarding career

Our Goals


Milestones & Achievements in 2006-7 Ujjivan Quick Facts

January 2006: First loans disbursed in Bangalore

May 2006: Ujjivan increased its share capital to Rs. 5.5 Crores, with the induction ofinvestors like Unitus and Michael and Susan Dell Foundation

November 2006: Ujjivan reached 10,000 customers in Bangalore

November 2006: Ujjivan celebrated first anniversary with the launch of a marketresearch publication entitled “A Study of Economically Active Poor Women inBangalore 2005”

December 2006: Microfinance-Plus Programs launched with first eye care camp heldin Bangalore

January 2007: Ujjivan opened first semi-urban branch in Ramanagar

February 2007: Operations begun in Delhi and Kolkata

April 2007: 18-month pilot program in Bangalore completed

April 2007: Ujjivan became first Indian MFI to grant employee stock options

May 2007: Delhi and Kolkata regional offices disbursed first loans

May 2007: Ujjivan reached over 25,000 customers nationwide

June 2007: First housing loans disbursed in Bangalore

June 2007: Healthcare programs launched in Bangalore

19 Branches

3 Cities

28, 190 Customers

Rs. 173 Million LoansDisbursed

Rs. 116.8 Million LoansOutstanding

24,438 Customers Providedwith Life Insurance

Coverage

7 Loan Products

285 Employees

As of 30 June 2007



In this section:

• Income Profile

• Customer Eligiblity Requirements

• Occupational Profile


Our CustomersOur Customers

Customer Eligibility Requirements

Income Profile

Women between 18-55 years of age

Economically active, i.e. working, either salaried or self-employed

Married, widowed, or separated

Resident of same area for 5 years

Household income between Rs. 2000-8000 per month

Per capita income of less then Rs. 1000 per month

Must form a group of 5 women and agree to joint responsibility for all loans

Must complete 6-day Customer Group Training course and pass GroupRecognition Test

Our customers - all poor working women -typically fall between a household income rangeof Rs. 4000 to Rs. 6000 per month. However, asizeable portion - 15% - earn less than Rs. 4000per month.

Their household expenses consume the bulk oftheir income, falling between Rs. 2000 to Rs.4000, generally. Major expenses include food,housing, medical costs, repayment of debts, andsocial and religious obligations.


Occupational Profile


Ujjivan customers have a variety of occupations. Half of ourcustomers have salaried occuptions where they are typicallypaid once per month. Common salaried positions arehousemaids, sweepers, and teachers. Nearly 40% of the womenwith whom we work are self-employed. Self-employedcustomers work as fruit and vegetable vendors or tailors, runpetty shops, or do handiwork, among other things. Thesecustomers typically have daily or weekly cash flows. 10% of ourcustomers are employed in piece-work jobs, such as agarbathirollers, beedi rollers, and garlic peelers. Overall, the five mostcommon occupations of customers are housemaids, tailors,agarbathi rollers, saree sellers, and handiworkers.



Our Products & ServicesOur Products & Services

In this section:

• Loan Products

• Insurance Schemes

• Customer Reimbursements

• Microfinance-Plus Services


Loan Products

Family Loans allow women to avail loans to finance a range of family needs, including school expenses, medical care, housingexpenses, and the repayment of high-cost debt previously taken for family needs. Loan Sizes: Rs. 6,000-10,000 Tenor: Up to 12months Interest Rate: 1.25% p.m. flat or 26.9% p.a. declining.

Business Loans give women access to loans to finance a rangeof business needs, including working capital, capital equipment,vocational training, or the repayment of high-cost debtpreviously taken for business needs. Loan Sizes: Rs. 6,000-12,000 Tenor: Up to 24 months Interest Rate: 1.1% p.m. flat or24% p.a. declining.

Combo Loans provide financing for a combination of family andbusiness needs. Loan Sizes: Rs. 6,000-12,000 Tenor: Up to 24months Interest Rate: 1.1% p.m. flat or 24% p.a. declining.

Housing Loans give women access to financing for rental deposits, lease amounts, or house improvements. Loan Sizes: Rs.10,000-30,000 Tenor: Up to 36 months Interest Rate: 1-1.1% p.m. flat or 21.5-24% p.a. declining.

Emergency Loans allow customers with strong track records over 6 months to avail loans to meet unforeseen emergencyrequirements. The loans are disbursed within 24 hours. Loan Size: Rs. 1500 Tenor: 6 months Interest Rate: Same as existingloan.

Festival Loans give customers with strong track records over 6 months access to financing for festival expenses. Loan Size:Rs. 1500 Tenor: 6 months Interest Rate: 1.25% p.m. flat or 26.9% p.a. declining.

Top Up Loans provide additional financing of 10-20% over initial loan sizes for customers with strong track records over 6months. Loan Sizes: 110-120% of initial loan sizes Tenor: 12 months Interest Rate: Same as existing loan.

Ujjivan offers a unique multi-product framework, offering 7loans customized to meet theneeds of our urban clientele.


Insurance Schemes

Customer Fees & Security Deposits

Life Insurance coverage is a complusory benefit provided toall Ujjivan customers. Customers can choose between the LifeInsurance Corporation’s Group Term Insurance or the JeevanBheema Scheme.

LIC Group Term Insurance (Annual Premium: Rs. 40),covering natural death (Rs. 10,000).

Jeevan Bheema Scheme (Annual Premium: Rs. 100),

covering natural death (Rs. 30,000), accidental death (Rs.

75,000), partial disability (Rs. 50,000), permanent disability

(Rs. 75,000), and scholarships for 2 children studying in class

9-12 (Rs. 300 quarterly per child).

Health Insurance coverage is available to all Ujjivancustomers. Ujjivan’s health insurance provides health servicesfor primary, secondary, and tertiary care, including freeoutpatient services at network hospitals and Arogya RakshaYojana Trust (ARY) clinics, diagnostic lab tests at discountedrates, 1600 surgeries done free of cost, and medicalhospitalization for 3 days per member per year.

The annual Health Insurance premium is Rs. 120/person (if4 or more family members join), Rs. 150/person (if 3 familymembers join), or Rs. 180/person (if 2 or less familymembers join), up to a maximum of Rs. 360 per year.

Training Fees - Rs. 50 (one-time)Documentation, Pass Book & Customer ID Card - Rs. 60 (one-time)

Meeting Fees - Rs. 70 for Business, Combo and Housing Loans, Rs. 50 for Family Loans (annual)Replacement of Lost Loan/ID Cards - Rs. 25Security and Additional Security Deposits - 10% of loan size for all loans except Housing Loans,

which require 5% of loan size with a minimum deposit of Rs. 1000. Additonal security deposit of Rs. 20per week is taken to assist with timely repayments and to contribte toward intial deposit.


Microfinance-Plus Services


Ujjivan believes in a holistic approach to poverty alleviation.

Most urban poor women and their family members do nothave adequate access to health treatment and care, vocationaland skills training, or quality education for their children. Toaddress this need, Ujjivan has developed a program to providecustomers and family members with these services throughpartnerships with various organizations working with similarobjectives.

Ujjivan’s partners include:

BIOCON FoundationVittala International Ophthalmology HospitalParikrma

Ujjivan and the Biocon Foundation

Ujjivan and the Biocon Foundation are working together toprovide health education programs and access to primaryhealth care for working urban poor women. BioconFoundation has been established with the aim ofimplementing quality healthcare and health education projectsthat will impact the social and economic status of low-incomepeople in India.

Biocon has partnered with Ujjivan to set up a trainingprogram to train selected Ujjivan customer leaders toconduct Health Education Modules. These customer leadersthen conductmodules focusingon Health andHygiene, Diseaseand Illnesses,Water Sanitation,HIV and Pre-Natal/Post NatalCare Awarenessin theircommunities.

Biocon will alsowork with Ujjivan to set up Primary Health Care Clinics inUjjivan branch areas as a part of their partnership with ARY– Arogya Raksha Yojana - Health Insurance program.Through these clinics customers can avail of free out-patientcare and high quality medicines at discounted rates. The ARYInsurance program will cover the cost of major operationsand hospitalization at participating local hospitals.

Ujjivan and Vittala International Institute of Opthamalogy

Vittala International Institute of Ophthalmology conductsEye Care Camps for Ujjivan customers and family members,providing free eye examinations and general consultation.

Vittala focuses on providing affordable and world-classophthalmic care to all, irrespective of their economic status.

The eye camps arefollowed by eyecare treatmentsand services for allcustomers andfamily members.These eye campsoffer initialscreenings, andprovide eyetreatments andsurgeries for

Ujjivan customers and their family members. Glaucomatreatment, retina correction, and eye grafting will beprovided free of cost. Eye glasses will be available for Rs. 120and cataract surgery will be given for Rs. 1,250.


Customers or family members who cannot afford to pay thefees for glasses or cataract surgeries are provided theseservices free of cost. Ujjivan determines which customersare eligible for fee waivers, and has raised funds to coverthese costs.

We have conducted seven successful eye camps catering toover 1,000 Ujjivan customers and family members. We havedistributed 150 eye glasses, sponsored 29 cataractsurgeries, and VIIO has conducted five non-cataract/severesurgeries under their donor foundation.

Ujjivan & Parikrma Humanity Foundation

Ujjivan has been working with the Parikrma HumanityFoundation to provide microfinance services to the mothersof children served by Parikma schools. Parikrma HumanityFoundation is a nonprofit company that aims to help thepoorest of the poor to break their cycle of poverty andenables them to live meaningfully.


In this section:

• Customer Acquisition

• Branch Network

• Loan Disbursements

• Repayment Rate

• Loan Portfolio by Product Type

• Classification of Loan Portfolio

• Loan Loss Norms &Credit Policy Norms


Performance StatisticsPerformance Statistics

Customer Acquisition

Ujjivan’s 19-Branch Network

Delhi

DakshinpuriYamuna Vihar

Madangir

Kolkata

GarchaTollygunge

Kalighat

Bangalore

KoramangalaYeshwantpurMagadi Road

KB SandraHAL

ChamrajpetLingarajpuram

WhitefieldJakkasandra

Chandra LayoutPeenya

KR PuramRamnagar

Since acquiring our first customers in January 2006, we have grownsteadily and reached the milestone of 10,000 customers in just 10months. As of 30 June 2007, we have a customer base of 28,190.This year we plan to reach 100,000 customers nationwide.


Loan Portfolio by Product Type

Repayment Rate


With the first loans disbursed in February 2006, we haveconsistently grown each month and have disbursed a total of Rs.173 million as of 30 June, 2007. Our growth rate can be attributedto our increasing product diversity and higher loan sizes, whichallow customers to avail multiple loans and larger sums throughouta loan cycle. Second cycle loans offer the strongest customers thechance to borrow even higher loan sizes.

Loan Disbursements

96.6%(as of July 7, 2007)


In this section:

• Staff Strength

• Ujjivan Leadership Team

• Staff Training Programs


The Ujjivan TeamThe Ujjivan Team

Ujjivan’s 285 employees have joined the organization from a variety ofprofessional and educational backgrounds. Over 12 languages are spoken atUjjivan with employees from over five nations across three continents. Whatunites the Ujjivan team is the shared vision in the power of microfinance totransform the lives of the urban poor and a strong desire to improve thecommunities in which we work. Our team receives world-class training andbenefits from a compensation and benefits policy that is amongst the best inthe microfinance industry.

Ujjivan’s Training ProgramUjjivan employees, from field staff to headoffice team members, receive world-classtraining in our head office training facilitylocated in Bangalore. Since inception, wehave conducted 17 training programs,covering 325 staff members. Our staff hasalso attended specialized external trainingprograms offered by Harvard BusinessSchool and industry organizations includ-ing Sa-Dhan, Edarural, Centre forMicrofinance Research & Accion, and bankssuch as Citibank and ABN-AMRO Bank.Additionally, we annually conduct a com-munications skills program through thekind courtesy of Vivienne Dsouza ofExcalibur Associates.

Staff StrengthBangalore 204Kolkata 37Delhi 44TOTAL 285

As of 30 June 2007


Ujjivan Leadership Team

Samit Ghosh, CEO & Managing Director, with over 30years of banking experience in India and overseas atCitibank, Arab Bank Ltd., and HDFC Bank.

Ajit Grewal, Executive Director, a veteran banker with over35 years of banking experience in India and overseas atCitibank, Chase and BCCI.

Carol Furtado, Head of Operations, a banker with 10 years

of banking experience, specializing in retail operations at

ANZ Grindlays and Bank Muscat.

T.M. Viswanathan, Chief of Field Audit, a veteran banker

with over 30 years of experience at UCO Bank.

Santosh Kumar Roy, COO Kolkata, with over 20 years ofmicrofinance experience with the Grameen Bank.

Govindarajan R., CFO, with 20 years of finance experience

at Weizmann Homes Ltd and GIC Housing Finance.

Balakrishna Champa, CTO, with over 20 years of bankingand technology experience at Vijaya Bank.

Shantha Kumar, Manager - Distribution, with five years of

microfinance and social work experience in the Dhan

Foundation.

Ezilan M., Manager - Fraud Control & Field RiskManagement, with over 20 years of experience in retail assetsales and credit collections at Bank Muscat.

Premkumar G., Manager - Administration, with 10 years ofadministration experience.

Sonia Dalvi, Credit Manager, with two years of public financeexperience at Lehman Brothers.

Pooja Chandra, Product & Credit Manager, with three yearsof experience at American Express.

Anjali Banthia, Product Manager, with two years of productmanagement experience with the Clorox Company.

Vikas Raj, Product Manager, with 2 years of consultingexperience at Deloitte Consulting.

Karumbaiah C.A., Assistant HR Manager, with a Masters inSocial Work.



In this section:

• Board of Directors

• Audit Committee

• Credit Committee

• Employee Stock Options Committee


GovernanceGovernance

Board of Directors

Ujjivan is governed by an independent Board of Directors, featuring eminent personalities in the consumer banking, tech-nology, and microfinance sectors who provide Ujjivan with strategic support. The organization is also governed by threecommittees - Credit, Audit, and an Employee Stock Options Committee.

Mr. K. R. Ramamoorthy, former Chairman and ManagingDirector/CEO of Corporation Bank and Vysya Bank, nowserves on the Boards of ING Vysya Bank, Fidelity TrusteeCompany, and Clearing Corporation of India.

Ravindra Bahl, Managing Director, ChrysCapital, a leadingventure capital firm, pioneered consumer banking in Indiawith Citibank and has been an international banker for overthree decades.

Vishnu R. Dusad, Founder and Managing Director ofNucleus Software Exports Limited, with 20 years experiencein software solutions.

Caitlin Baron, Director of the Michael & Susan DellFoundation’s global microfinance initiative, previously wasManager of Strategy Services at Women’s World Banking.

Elizabeth Funk, CEO of The Dignity Fund and CML GlobalCapital, and the Vice Chairman of Unitus, serves on the

Board of Deutsche Bank’s Global Microfinance ConsortiumFund and is the moderator of the Microfinance Forumwithin the Young President’s Organization.

S. Viswanatha Prasad, former CEO of India’s first regulatedMFI, BASIX, now serves as the Fund Manager ofBellwether, India’s first Micofinance Investment Fund, whichhe co-promoted in 2005.

Sunil Patel, Chartered Accountant & ManagementConsultant, formerly Director, A. F. Ferguson & Co. andPartner, A. F. Ferguson Associates.

Ajit Grewal, please see Ujjivan Leadership Team.

Samit Ghosh, please see Ujjivan Leadership Team.

Sandeep Farias (Alternate Director), Chief InnovationOfficer and Country Director, India, of Unitus, has workedas the head of the corporate sector practice and developmentsector practice at Nishith Desai Associates.


Credit Committee

Employee Stock Options Committee

The Credit Committee oversees Ujjivan’s credit policy and monitorsthe credit portfolio and risk. The committee meets once a quarter.The members are Caitlin Baron - Chair, Samit Ghosh, and Ajit

Grewal.

The ESOP Advisory Committee administers the UjjivanEmployee Stock Option Plan. The Committee’s role is todetermine the employees eligible for options and recommendissue of options to the employees. The committee meets once aquarter. The members are Vishwanatha Prasad - Chair, SamitGhosh, and Ajit Grewal.

Audit CommitteeThe Audit Committee reviews the company’s audit operationsincluding financial audit, internal audit, external audit, operationalaudit, field audit, information technology audit, funding arrangementsand Asset Liability Management (ALM). The committee meets once aquarter. The members are Sunil Patel - Chair, Vishwanatha Prasad,and Elizabeth Funk.

Ujjivan Annual Report 2007 Building a Better Life |25


In this section:

• Financial Highlights

• Directors’ Report

• Management Discussion

• Auditors’ Report

• Financial Statements

• Notes to Accounts


Financial ReportFinancial Report

Financial Highlights Directors’ ReportYour Directors have pleasure in presenting their Third AnnualReport together with the Audited accounts of the company for thefinancial year ended 31 March 2007.

Results of Operations

During the year under review, the company’s customer acquisitionand lending gained momentum as mirrored by the followingperformance numbers. The company has opened 9 Branches duringthe year, bringing the total number of Branches to 13. The numberof customers as of March 31st, 2007 was 22220, of which 19474were borrowers.

The cumulative disbursements were Rs. 120.2 million and the loanbook was Rs. 84.29 million with 99% of them classified as standardassets, as of March, 31st 2007. The loss during the year has beendue to expenditures incurred in setting up branches, capacitybuilding, and infrastructure spending. The performance is expectedto show improvement during the current financial year 2007-08, asthe company has targeted to attain the necessary scale in terms ofcustomer acquisition and maintenance.

Geographical Diversification

The company is expanding its business to other cities; it has set upRegional offices at Delhi and Kolkata during April 2007. Threebranches have been opened in Delhi Region and three branches havebeen started in Kolkata Region.



Particulars with respect to the conservation of energy,

technology absorption and foreign exchange earnings and outgo

as per section 217 (1) (e) of the companies act 1956

Read with the companies (disclosure of particulars in the reportof directors) rules, 1988. Since the company does not own anymanufacturing facility, the particulars relating to conservationof energy and technology absorption as stipulated in the aboveRules are not applicable.

Foreign Exchange Inflow and Outflow

The Foreign Exchange Inflow and Outflow of the Companyduring the year was as follows:

The Foreign Exchange Inflow during the year towards ShareApplication Money is Rs. Nil/- (Previous Year: Rs. 63,64,798).The Foreign Exchange outflow during the year towards revenueexpenses is Nil (Previous Year: Rs. Nil).

Particulars of Employees under Section 217(2A) of the

Companies Act, 1956

During the financial year, the company has not employed anyperson with the aggregate remuneration for Rs. 24,00,000 perannum if employed throughout the year or Rs. 2,00,000 per monthif employed for part of the year. None of the employees holdalone or along with spouse or dependant children 2% or more ofequity shares of the company.

Resource Mobilization

During the year, the Company raised resources by borrowing fromBanks and Financial institutions. The total gross borrowing madeduring the year was Rs. 63.6 million. The resources raised during theyear have been utilized for the purposes as stated in the terms andconditions of the loan document.

Management Team

The management team is comprised of professionals with variedexperience from Banking, Microfinance, NBFC, and InformationTechnology industries.

As of 31/3/07 the Company has permanent staff strength of 143and in addition 54 trainees are under probation. The Company hasextended the services of a full time Advisor from Grameen Trust,Bangladesh for a period of one more year to assist us in our operationsin Kolkata Region under the Replication Program. The Company hastrained all the field staff under its comprehensive training program. Ithas also deputed employees at all levels to various micro finance trainingprograms held in the country at Delhi, Mumbai, Coimbatore, andHyderabad and also held overseas in the U.S.

Deposits

Your Company has not accepted any fixed deposits from the publicduring the year.

Directors’ Report (cont.)


Directors’ Responsibility Statement

In terms of Section 217 (2AA) of the Companies Act 1956, withrespect to Directors’ Responsibility Statement, Your Directorsconfirm as under:

i. That in preparation of the accounts for the financial year ended31.03.2007, the applicable accounting standards have been followedalong with proper explanation relating to material departures.

ii. That the Directors have selected such accounting policies andapplied them consistently and made judgments and estimates thatare reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year andof the profit and loss of the Company for the year under review;

iii. That the Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with theprovisions of the Companies Act, 1956 for safeguarding the assetsof the Company and for preventing and detecting fraud and otherirregularities. That the Directors have prepared the accounts forthe financial year ended 31st March 2007 on a ‘going concern’ basis.

Directors

Mr. Vijay Sood and Mr. Bhaskar Menon resigned from the Boardw.e.f. 20.9.2006. Your Directors wish to place on record their sincere

appreciation for the contribution made by them during their tenureas Directors.

The Board at its meetings held during the year appointed thefollowing as Additional/Alternate Directors.

22.5.2006 Ms. Elizabeth Funk (AdditionalDirector)

22.5.2006 Ms. Caitlin Baron(AdditionalDirector)

29.7.2006 Mr. Sunil Patel(AdditionalDirector)

7.4.2007 Mr. Sandeep Farias (DirectorAlternate to Ms. Elizabeth Funk)

The Board of Directors of the Company consists of the followingDirectors as of date. The details of board meetings eligible to beattended and actually attended are also appended hereunder:

Director No. of No. ofmeetings meetings eligible attendedto attend

1 Mr. K.R. Ramamoorthy Six Six 2 Mr. Samit Ghosh Six Six 3 Mr. Ravindra Bahl Six One 4 Mr. Ajit Grewal Six Six 5 Mr. Vishnu Dusad Six One 6 Mr. Viswanatha Prasad Six Five


Directors’ Report (cont.)Auditors

M/s Deloitte Haskins and Sells, Chartered Accountants,Bangalore hold office until the conclusion of the ensuingAnnual General Meeting have given their consent forreappointment. The shareholders will be required to appointthe Auditors and fix their remuneration.

Acknowledgements

Your Directors greatly appreciate the dedication and creativityof all employees & interns; Your Directors also express theirdeep sense of gratitude to the Investors, Lawyers,Accountants, Suppliers, partner NGOs, Institutions &Foundations, Police & Government Departments, Advisersand all our well wishers for their continued guidance andsupport.

Your Directors wish to place on record the warm appreciationfor these efforts.

By Order of the Board of Directors

Samit Ghosh Sunil PatelManaging Director Director

Date: 9.6.2007Place: Bangalore

7 Ms. Elizabeth Funk Six Nil 8 Ms. Caitlin Baron Six Four 9 Mr. Sunil Patel Two Two

Related Party Disclosures

A. Details of Related Parties are given below:1) Holding Companies: Nil2) Subsidiary Companies: Nil3) Key Management Personnel:Mr. Samit Ghosh, Managing Director Mr. Ajit Grewal, Director4) Common Control: Nil

B. Summary of Transactions with Related Parties during the year is asbelow (Amounts in Rupees):

Samit Ajit K. R.

Ghosh Grewal RamamoorthyRemuneration Paid 6,00,000 6,00,000 Nil

(3,26,750) (3,76,000) NilNo. of Shares 35,000* Nil 100

(35,000)* Nil (100)

(Figures in brackets pertain to previous year)* includes shares held jointly with Spouse

Employee Stock Options

The company has introduced Employee Stock Options for its employees,a first for this sector in India. The information pertaining to the ESOP2006 is contained in the Notes to Accounts.

Management Discussion


Microfinance Space, Structure and Development

The demand for microfinance in India is expected to grow dramaticallyin the coming years. As microfinance is increasingly seen as a viable,legitimate, and effective strategy for poverty reduction in India andinternationally, many new players are emerging in the market to caterto a growing number who do not have access to financial servicesfrom the banks and financial institutions. Alongside recent entrants,existing players continue to rapidly expand their customer bases inefforts to reach out to the millions of unserved customers.

Microfinance activity in India has geographically centered largely onthe Southern states and has predominately reached out to rural ratherthan urban customers. Demographically, the industry almostexclusively serves self-employed women. However, many microfinanceinstitutions are challenging these norms today and are working inregions outside South India, in urban areas, and are also serving poorsalaried women and men.

As the industry grows and evolves, the keys to maintaining qualityand ensuring fulfillment of the main objective of microfinance –poverty reduction - are greater cooperation amongst microfinanceinstitutions and adherence to financial standards, fair practices,transparency and accountability in all transactions.

The Micro Financial Sector (Development and Regulation) Bill 2007,recently tabled in the Parliament, will make registration of

microfinance institutions mandatory after its legislation, withNABARD as the regulator. Though the NBFCs have been keptout of the purview of the Bill, the overall sentiment for themicrofinance space is positive in light of the impending regulationand legal framework to facilitate the credit flow and thrift servicesto this sector.

Sector Overview and Company Position

The microfinance sector by constitution has different set of playersincluding Trusts, Cooperatives, NGOs, Section 25 Companies andthe NBFCs.

The government’s favorable policies to strengthen microfinanceare expected to boost the availability of wholesale funds to thelow-income sector directly from the banking system and/orthrough the microfinance intermediaries. Ujjivan, with its size,scalability, unique product offerings, high-quality management,and governance, is expected to grow rapidly through access tocapital and funding.

Ujjivan, with the vision of reducing poverty for the urban workingpoor, has successfully completed a pilot phase in Bangalore in April2007.

As of 31 May 2007, the Company has acquired 25,935 customersand has disbursed Rs. 151.1 million in loans. The current year’sgoal is to reach 100,000 customers.


Management Discussion (cont.)Investment in Technology

The Company believes that investment in technology, hardware, andsoftware is essential for smooth operations and financial accountingand analysis. As part of an ongoing effort to continuously boostanalytical capacity and fortify operations, Ujjivan seeks to develop arobust and efficient management information system this fiscal year.

Market Research

Ujjivan has conducted a unique and in-depth market research of thesocio-economic conditions, financial needs and aspirations of urbanpoor working women of Bangalore, New Delhi and Kolkata. On thebasis of this research, the Company was able to develop a set ofcustomized products to meet the needs of the local communities inwhich we operate. Ujjivan published the findings of one of the studiesin a research book titled ‘A Study of Economically Active Poor Womenin Bangalore 2005’.

Opportunities

Ujjivan identifies abundant opportunities for achieving the growth ratesset in the form of business guidance for the year and the following arethe focus areas identified for performance:

i. The Company has launched housing loan products in April 2007,which are of higher loan size. Ujjivan has partnered with a leadinghousing finance company to fund the housing portfolio.

ii. Second and third cycle loans have higher ticket sizes ascompared to the initial loans offered to the new customers. Tomitigate risk, higher loan sizes will only be given to customerswho have maintained a strong track record with Ujjivan in theirprevious loan cycles and are able to demonstrate sufficient cashflows.

iii. The Company with the involvement of one of the partnershas identified critical areas and activities for implementation ofefficiency projects over the next 3 years.

The above measures, aimed at increasing the average loan sizeand the number of customers, boosting efficiency, fulfilling unmetcustomer needs, responding to competition, and mitigating againstrisk while growing loan disbursements, are expected to bringdown the loan servicing costs and help the Company attain thedesired operational self-sufficiency moving forward.

Risk Management

Ujjivan has well-established systems and procedures for riskmanagement which function under the close supervision of thefollowing in-house expert committees and audit initiatives:

i. Credit Policy Committee: This committee actively engages inareas of loan portfolio assessment and loan pricing. In addition,it focuses on analyzing risks associated with credit such as defaultand market risks. The committee comprehensively examines thequality of its loan assets and the performance of the loan portfolioon a quarterly basis.

Management Discussion (cont.)

ii. Asset Liability Management Committee: This committeefocuses on the Company’s Asset Liability Management (ALM)system. The integrated software, installed for the operations andfinancial accounting departments, generates the maturity profile ofloan assets. This is used for preparation of the maturity match/mismatch and the sensitivity analysis statements for perusal of theALM Committee. The advice of the Committee is considered whileplanning the cash flows for building portfolio, meeting the debtcommitments and other statutory obligations.

iii. Audit Committee: The company has put together an auditcommittee under the chairmanship of an independent director whois a qualified chartered accountant. This committee oversees bothfield and internal audit.a. Field Audit & Fraud Control: The Company has put in place afield audit system by which the audit of all the branch offices and thecustomer field discipline is conducted at least once per year. The fieldaudit reports and compliances are placed to the Audit Committee forconsideration and guidance on critical issues. In the retail loanbusiness operations, the risks associated with cash transactions arebeing verified and controlled by the Risk and Fraud Control Groupand timely action is taken for ensuring the safety of the liquid assets.

b. Internal Audit and Compliance: The internal audit is being carriedout by Varma & Varma. The auditor focuses on the adequacy of allinternal controls and ensuring that the Company adheres to internalprocesses and procedures as well as regulatory and statutorycompliances.


Internal Controls

Ujjivan has a proper system of internal controls to ensure that allassets are safeguarded and protected against loss from unauthorizeduse or disposition, and the transactions are authorized, recordedand reported correctly.Internal controls are supplemented by an extensive program ofinternal audits, reviews by management, and documented policies,guidelines and procedures. These controls are designed to ensurethat financial and other records are reliable for preparing financialinformation and other reports, and for maintaining regularaccountability of the Company’s assets.

Human Resources

Ujjivan recognizes that recruiting and nurturing the best talentwith increased focus on internal growth and employee developmentis vital to its success. Substantial investment is made in people,people processes and skill development. Investment has been madefor provision of a training center in the corporate and regionaloffices aimed at enhancing the knowledge level of the staff. Acomprehensive two-week induction program ensures that all newloan officer recruits are oriented seamlessly into the Company.

Cautionary Statement

The statement made in this section describes the Company’sobjectives, projections, expectations and estimations, which maybe forward looking statements within the meaning of applicablesecurities laws and regulations. The annual results can differmaterially from those expressed or implied, depending on theeconomic and climatic conditions, government policies and otherincidental factors which are beyond the control of the Company.


Auditors’ Report

TO THE MEMBERS OF UJJIVAN FINANCIAL SERVICES

PRIVATE LIMITED

1. We have audited the attached Balance Sheet of Ujjivan FinancialServices Private Limited at 31st March, 2007 and also the Profitand Loss Account and the Cash Flow Statement Company for theyear ended on that date, annexed thereto. These financial statementsare the responsibility of the Management of the Company. Ourresponsibility is to express an opinion on these financial statementsbased on our audit.

2. We conducted our audit in accordance with auditing standardsgenerally accepted in India. These Standards require that we planand perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An auditincludes, examining on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significantestimates made by the Management as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure, astatement on the matters specified in paragraphs 4 and 5 of the saidOrder.

4. Further to our comments in the Annexure referred to above,we report that:

(a) we have obtained all the information and explanations, whichto the best of our knowledge and belief were necessary for thepurposes of our audit;(b) in our opinion, proper books of account as required by lawhave been kept by the Company, so far as it appears from ourexamination of the books;(c) the Balance Sheet, the Profit and Loss Account and the CashFlow Statement dealt with by this report are in agreement withthe books of account;(d) in our opinion, the Balance Sheet, the Profit and LossAccount and Cash Flow Statement dealt with by this report arein compliance with the Accounting Standards referred to inSection 211 (3C) of the Companies Act, 1956;(e) On the basis of the written representations from thedirectors as on 31st March 2007 and taken on record by theBoard of Directors, none of the directors is disqualified as on31st March, 2007 from being appointed as a director underSection 274 (1)(g) of the Companies Act, 1956;

5. In our opinion and to the best of our information andaccording to the explanations given to us, the said accounts givethe information required, by the Companies Act, 1956, in themanner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:

Auditors’ Report (cont.)(i) in the case of the Balance Sheet, of the state of affairs of theCompany as at 31st March, 2007;(ii) in the case of the Profit and Loss Account, of the loss for theyear ended on that date; and(iii) in the case of the Cash Flow Statement, of the cash flows forthe year ended on that date.

Annexure Referred To In Paragraph 3 Of Our Report Of Even

Date

1. The nature of the Company business/activities during the yearis such that the Clauses i (c), ii, iii (b) to (d), (f) & (g), v (b), vi, viii,x, xii, xiii, xiv, xv, xviii, xix and xx are not applicable.

2. In respect of its fixed assets:

(a) The Company has maintained proper records showing fullparticulars, including quantitative details and situation of fixedassets.

(b) Some of the fixed assets were physically verified during theperiod by the management in accordance with a program ofverification, which in our opinion provides for physical verificationof all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancieswere noticed on such verification.

3. According to the information and explanations given to us,during the year the Company has not granted or taken anyloans, secured or unsecured to or from companies, firms or otherparties listed in the register maintained under Section 301 of theCompanies Act, 1956.

4. In our opinion and according to the information andexplanations given to us, there are adequate internal controlprocedures commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for thesale of services and we have not observed any continuing failureto correct the major weaknesses in such internal controls.

5. To the best of our knowledge and belief and according to theinformation and explanations given to us there are no contractsor arrangements that need to be entered in the registermaintained in pursuance of Section 301 of the Companies Act,1956.

6. In our opinion, the internal audit functions carried out duringthe year by a firm of Chartered Accountants appointed by themanagement have been commensurate with the size of theCompany and the nature of its business.

7. In respect of Statutory dues:

(a) According to the information and explanations given to us,the Company has been generally regular in depositingundisputed statutory dues, including Provident Fund, InvestorEducation and Protection Fund, Employees’ State Insurance,


Auditors’ Report (cont.)Income-tax, Salestax, Wealth Tax, Service tax, Custom Duty,Excise Duty, cess and any other material statutory dues with theappropriate authorities during the period and there are noundisputed statutory dues outstanding for a period of more thansix months from the date they became payable as at the balancesheet date.(b) According to the information and explanations given to us,there are no dues of sales tax, customs duty, wealth tax, servicetax, excise duty and cess which have not been deposited as onMarch 31, 2007 on account of any dispute.

8. In our opinion and according to the information andexplanations given to us the Company has not defaulted in therepayment of dues to financial institutions, banks and debentureholders.

9. To the best of our knowledge and belief and according to theinformation and explanations given to us, in our opinion, termloans availed by the company were, prima facie, applied by theCompany during the year for the purposes for which the loanswere obtained, other than temporary deployment pendingapplication.

10. According to the information and explanations given to us,and on an overall examination of the balance sheet of theCompany, funds raised on short term basis have, prima facie, notbeen used during the period for long term investment.


11. According to the information and explanations given to us, anemployee has misappropriated funds as identified by themanagement, which is estimated to be Rs. 72,525/-, for whichnecessary recovery process has been initiated and the company hasrecovered Rs. 42,030/- as on the balance sheet date and the balanceamount of Rs. 30,495/- has been written off.

For Deloitte Haskins & SellsChartered Accountants

S.GaneshPartnerM. No.: 204108

Place: BangaloreDate : 9/06/2007

Financial Statements: Balance Sheet as of 31 March 2007

Significant Accounting Policies & Notes toAccounts (Schedule 13)

Schedules referred to, form an integral part ofthe Balance Sheet

As per our report of even date attached


S.GaneshPartner

Place: BangaloreDate: 9/6/2007

For and on behalf of the Board of DirectorsSamit Ghosh Sunil Patel

Director Director


Financial Statements: Profit & Loss Statement Year Ending March 2007

Significant Accounting Policies & Notes toAccounts (Schedule 13)

Schedules referred to, form an integral partof the Profit & Loss account



S.GaneshPartner



Director Director


Notes

1. The above cash flow statement has been preparedunder the “Indirect Method” as set out in theAccounting Standard-3 on Cash Flow Statements’issued by the ICAI.

2. Cash & cash equivalents at year end include Rs.1,000,000/- term deposits with banks, under lienagainst loans availed by the Company.

3. Previous year figures have been regroupedwherever necessary to conform to the current yearpresentation.



S.GaneshPartner



Director Director

Financial Statements: Cash Flow Statement Year Ending March 2007



Financial Statements: Schedules for Year Ending March 31, 2007








Financial Statements: Accounting PoliciesSCHEDULE – 13

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON

ACCOUNTS

A. Significant Accounting Policies:

1. Basis of preparation

The financial statements are prepared under historical cost conventionon an accrual basis and in accordance with the applicable mandatoryaccounting standards and in accordance with the provisions of theCompanies Act 1956 and the directions issued by the Reserve Bank ofIndia (RBI) to the extent applicable to the Company.

2. Significant estimates

The presentation of financial statements in conformity with IndianGenerally Accepted Accounting Principles requires management to makeestimates and assumptions that affect the reported amounts of assetsand liabilities and disclosure of contingent assets and liabilities at thedate of the financial statements and reported amounts of revenues andexpenses during the reporting period. Although such estimates are madeon a reasonable and prudent basis taking into account all availableinformation, actual results could differ from those estimates.

3. Fixed Assets & Depreciation

Fixed assets are stated at cost net of depreciation. The cost of an assetcomprises its purchase price and any cost directly attributable forbringing the asset to its working condition and location for its intendeduse. Depreciation on all fixed assets other than improvement to leasehold

properties is provided on the written down value method at therates prescribed in the Schedule XIV of the Companies Act 1956on a pro-rata basis for assets purchased / sold during the yearafter considering the following: Cost of improvements to leaseholdpremises is being amortised over the period of lease (includingrenewal options) of the premises. Depreciation on additions ischarged proportionately from the date of acquisition/ installation.Assets costing less than Rs. 5,000 individually have been fullydepreciated in the year of purchase.

4. Revenue Recognition

Revenue from Interest on loans financed by the company isrecognized on accrual basis. Loans are classified into ‘Performingand Non-Performing’ assets in terms of the Directions issued byNon Banking Financial Companies Prudential Norms (ReserveBank) Directions, 1998 from time to time. Income recognition andprovision for non-performing assets are made in accordance withthe said guidelines. Revenue from interest income on FixedDeposits with the Bank is recognized on time proportion basistaking into account the amount outstanding and the rate applicable.

5. Cash flow statement

Cash Flow Statement has been prepared in accordance with theindirect method prescribed in Accounting Standard 3 issued bythe Institute of Chartered Accountants of India.

9. Earnings per share

In determining the earnings per share the company considers thenet profit / (loss) after tax. The number of shares used in computingbasic earnings per share is the weighted average number of sharesoutstanding during the period. The number of shares used incomputing diluted earning per share comprises the weighted averageshares considered for deriving basic earning per share and also theweighted average number of equity shares that could have beenissued on the conversion of all dilutive potential equity shares.

10. Provisions

A provision is recognized when an enterprise has a present obligationas a result of past event; it is probable that an outflow of resourceswill be required to settle the obligation, in respect of which a reliableestimate can be made. Provisions are not discounted to its presentvalue and are determined based on best estimate required to settlethe obligation at the balance sheet date. These are reviewed at eachbalance sheet date and adjusted to reflect the current best estimates.

11. Employee Stock Option Plan

The Company has Employee Stock Option Plans for the benefit ofits employees. Options granted in terms of the Stock option planson or after April 1, 2005 are accounted in accordance with theGuidance Note on Accounting for Employee Share Based PaymentPlans issued by the Institute of Chartered Accountants of India(ICAI). The difference between the fair value of the stock optiongranted on or after April 1, 2005 and exercise price, if any, isexpensed as “Employee Compensation” over the period of vesting.

Financial Statements: Accounting Policies


6. Income taxes & Deferred taxes

Provision for current year tax is made after taking into considerationbenefits/disallowances admissible under the provisions of the IncomeTax Act, 1961. Current tax is determined as the amount of tax payablein respect of taxable income for the year. Deferred tax is recognized,on timing difference, being the difference between taxable incomesand accounting income that originate in one period and are capable ofreversal in one or more subsequent periods. Deferred tax assets arerecognized only if there is virtual certainty that they will be realizedand are reviewed every year. The tax effect is calculated on theaccumulated timing differences at the end of the year based on enactedor substantially enacted tax rates. Fringe Benefit Tax provision hasbeen made as per provisions of the Income Tax Act, 1961.

7. Employee benefits

Contribution in respect of Provident Fund is paid to the ProvidentFund Commissioner in accordance with the rules made under theEmployees Provident Fund Act and charged against revenue.Contributions in respect of Gratuity for the period is made on actuarialbasis and paid to Group Gratuity Trust, which has taken GroupGratuity policies with Life Insurance Corporation of India. LeaveEncashment has been provided on basis of unavailed leave creditavailable to applicable employees.

8. Lease

Assets taken on financial leases are capitalized, while lease charges onassets taken on operating lease are expensed to revenue.


Financial Statements: Notes on Accounts

1. Contingent liabilities not provided for – Rs. Nil. (PY- Rs. Nil)

2. There is no outstanding amount for more than 30 days due to smallscale industrial undertakings and Micro small and medium industriesas at date of the financial statements, as identified by the managementon the basis of information as disclosed by creditors and relied upon bythe auditors.

3. Since the company has incurred a loss during the year, no amount hasbeen transferred to the Statutory Reserve Fund in accordance with theprovisions of Section 45-IC of the Reserve Bank of India Act, 1934.

4. Directors’ Remuneration

5. Auditor’s Remuneration

6. Employee Stock Option Plan

The Company has established an Employee stock option plan forcompensation to its employees during March 2006 and accordinglythe Company has granted 6400 options to eligible employees inthe month of January 2007. Each option shall be exercisable forone equity share of Rs. 100 each fully paid up on payment to theCompany after a vesting period of one year after the grant date.The exercise period of the options is a period of two years afterthe vesting of the options. The details of options granted are givenbelow:

The Company has accounted the above options using the intrinsicvalue method. The exercise price noted by the ESOP Committeeis the par value of Rs. 100/- if the Company’s net profit after taxis a loss number on the date of allotment. Thus there is no stockcompensation expense under the intrinsic value method for theoptions granted.



The guidance note issued by the Institute of Chartered Accountantsof India requires the disclosure of pro forma net results and EPSboth basic & diluted, had the Company adopted the fair value method.Had the Company accounted the option under fair value method,amortising the stock compensation expense there on over the vestingperiod, there would have been no impact on the reported loss and thebasic EPS and the effect on diluted EPS being anti-dilutive has notbeen disclosed.

The fair value of the stock option is calculated through the use ofoption pricing models, requiring subjective assumptions which greatlyaffect the calculated values. The said fair value of the options havebeen calculated using Black-Scholes option pricing model, consideringthe expected term of the options to be 5 years, a risk free rate of 7.5%,no volatility in the share price since the company being closely heldand its shares not being freely traded and the company does not expectto pay dividend being the initial year of operations. The Company’scalculations are based on a single option valuation approach, andforfeitures are recognized as they occur.

7. Deferred TaxThe timing difference relating mainly to depreciation and unabsorbedlosses for the year ended 31st March 2007 results in Net DeferredTax Asset. As a measure of prudence, the Net Deferred Tax Assetrelating to the above have not been recognized in the accounts.

8. The Company’s objective is to provide micro-financing activity andhence the particulars under clauses, 4A, 4C, 4D of part II of scheduleVI of the Companies Act, 1956 are not applicable to the Company.

9. Earnings/inflow as well as outflow in foreign currency – Rs. Nil (PYRs. Nil).

10. The Company has taken on operating lease property for a period of60 months on 1.4.2006 which is non-cancellable for 36 months. Thetotal minimum lease payments for the current year, in respect thereof,included under Rent, amount to Rs. 1,380,000 (Previous Year Rs.Nil).

11. Earnings per share

* As the effect of potential equity shares (on Ujjivan Employee StockOption Plan) is anti-dilutive, such anti-dilutive potential equity shareshave been ignored in calculating diluted loss per share.

12. Related Party Disclosures

A. List of Related Parties are given below

Key Management Personnel: Mr. Samit Ghosh, Managing Director,and Mr. Ajit Grewal, Executive Director


13. Segment Reporting

The Company’s sole business segment is micro financial services andthe principal geographical segment is India. Accordingly, no separatedisclosure is required to be made under Accounting Standard 17, SegmentReporting as issued by the Institute of Chartered Accountants of India.

14. Previous Period’s figures have been regrouped / reclassified to conformwith the current grouping/classification.


B. Transactions with Related Parties during the year:

Signatures to schedules 1 to 13


S.GaneshPartnerPlace: BangaloreDate: 9/6/2007

For and on behalf of the Board of Directors:Samit Ghosh Sunil PatelDirector Director

Balance Sheet Abstract


Legal & Regulatory FrameworkUjjivan Financial Services Pvt. Ltd. is licensed as a Non-Banking Financial Company (NBFC).

We received our license from the Reserve Bank of India (RBI) on October 31, 2005.

“The company is having a valid Certificate of Registration dated October 31, 2005 issued by the Reserve Bank of India under Section45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility of guarantee about the present

position as to the financial soundness of the company or for the correctness of any of the statements of representations made or opinionsexpressed by the company and for repayment of deposits / discharge of liabilities of the company.”

Ujjivan Financial Services Pvt. Ltd.93 Jakkasandra ExtensionSarjapur Main Cross RoadKoramangala 1st BlockBangalore 560 034 IndiaBoard: (080) 4146 8600 Fax: (080) 4146 8700www.ujjivan.com

Registered Office:

Documents

Ujjivan Financial Services Private Limited · Ujjivan’s mission is to provide financial services to the economically active poor to enable them to lead a ‘better life’. Ujjivan