Auditor Report of Frontier Capital Ltd.

Mar 31, 2024

We have audited the accompanying Ind AS Financial Statements of FRONTIER CAPITAL LIMITED ("the Company"), which
comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Cash Flows and Statement of Changes in Equity for the year then ended, and notes to the Ind AS
financial statements, including a summary of the material accounting policies and other explanatory information
(hereinafter referred to as "the Ind AS Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us the aforesaid Ind AS
Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of
the Company as at 31 March, 2024, its profit including other comprehensive profit, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities
for the Audit of the Ind AS financial statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the
Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion on the Ind AS Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind
AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matter to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the Ind AS financial statements
section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the Ind AS financial statements. The

results of our audit procedures, including the procedures performed to address the matter below, provide the basis for
our audit opinion on the accompanying Ind AS financial statements.

Descriptions of Key Audit Matters are given below-:

SI No.	Key Audit Matters	Auditor''s Response
1	Impairment of Financial Assets based on	- Read and assessed the Company''s impairment
	Expected Credit Loss (''ECL'') (as described in	provision policy and their compliance with Ind AS
	Note 3.4 of the Ind AS Financial Statements)	109 and the governance framework approved by the Board of Directors pursuant to Reserve Bank of India
	Due to the significance of the judgments	guidelines and directions issued from time to time.
	used in both classifications of loans into	- Understood the Company''s key credit processes
	various stages as well as the computation of	comprising granting, recording and monitoring of
	expected credit losses on such financial	loans as well as impairment provisioning
	assets as per Ind AS 109, this has been	- Read and assessed the Company''s impairment
	considered as a key audit matter.	provisioning policy as per Ind AS 109
	Financial instruments, which include loans to	- Obtained an understanding of the Company''s
	customers, represent a significant portion of	Expected Credit Loss (''ECL'') methodology, the
	the total assets of the Company.	underlying assumptions and performed sample tests
	The Company has gross loans aggregating Rs.	to assess the staging of outstanding exposures
	276.21 lakhs as at March 31, 2024.	- Tested the ECL model, including assumptions and underlying computation
	Estimates regarding the impairment	- Assessed the Exposure at Default used in the
	provision against loans are based on the	impairment calculations on a test basis
	expected credit loss model developed by the	- Assessed the items of loans, credit related
	Company based on the guiding principles	contingent items as at the reporting date which are
	prescribed under Ind AS 109. As stated, in	considered in the impairment computation as at the
	the notes to the financial statements for the year ended March 31, 2024, the impairment provision is based on the expected credit loss model requires the management of the Company to make significant judgments in connection with related computation. These include: (a) Segmentation of the loan portfolio into homogenous pool of borrowers;	reporting date.

(b) Identification of exposures where there is a significant increase in credit risk and those that are credit impaired; (c) Determination of the 12 month and life¬ time probability of default for each of the segments identified; and (d) Loss given default for various exposures based on past trends / experience, management estimates etc., Note 3.4 to the Ind AS Financial Statements explains the various matters that the management has considered for developing this expected credit loss model.

Information Other than the Ind AS financial statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the Ind AS financial statements and our auditor''s report
thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.

Our opinion on the Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Ind AS financial statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the
Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in
India, specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation of the Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, Board of Directors is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis

of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of material accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material
uncertainty exists we are required to draw attention in our auditor''s report to the related disclosures in the Ind
AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS financial statements including the
disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the Ind AS financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Ind AS financial
statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Ind AS financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Master Direction- Non-Banking Financial Companies Auditor''s Report (Reserve Bank) Directions,
2016 ("the Directions") issued by the Reserve Bank of India ("the Bank") in exercise of powers conferred by Section
45MA(1A) of the Reserve Bank of India Act, 1934 and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, we hereby report on the matters specified in paragraphs 3
and 4 of the said Directions to the extent applicable:

i. The Company is engaged in the business of a non-banking financial institution and has duly obtained a Certificate
of Registration (COR) from the Bank.

ii. The Company has more than 50% of its assets in financial assets and earned more than 50% of its income from
financial assets. In terms of its principal business criteria (financial asset/income pattern) as on 31^st March, 2024,
the Company is entitled to continue to hold CoR issued by the Bank.

iii. The Company meets the Net Owned Fund requirement as laid down in the Master Direction - Non-Banking
Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions,
2023

iv. The Board of Directors of the company have duly passed a resolution for non-acceptance of the "Public Deposits"
within the meaning of paragraph 3 (xv) of the Master Direction - Non-Banking Financial Companies Acceptance
of Public Deposits (Reserve Bank) Directions 2016, for the financial year ended 31st March, 2024.

v. The Company has not accepted any "Public Deposits" within the meaning of paragraph 3 (xv) of the Master
Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions 2016,
during the year ended 31st March, 2024.

vi. The company has complied with the prudential norms relating to income recognition, accounting standards, asset
classification and provisioning for bad and doubtful debts as applicable to it in terms of Master Direction - Non¬
Banking Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation)
Directions, 2023

vii. The Company is not systematically important non-deposit taking NBFC as defined in Master Direction - Non¬
Banking Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation)
Directions 2023 & accordingly para 3(C)(iv) of the Directions is not applicable.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure "A", a statement on the matters specified
in the paragraph 3 and 4 of the Order to the extent applicable.

3. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section
197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of
section 197 of the Act.

4. As required by Section 143 (3) of the Act, we report that:

i) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

ii) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books except for the matters stated in the paragraph 4(v) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014.

iii) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Cash Flow
and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

iv) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified
under section 133 of the Act read with Rule 7 of the Companies (Accounts) rules, 2014.

v) On the basis of the written representations received from the directors as on 31 March, 2024 taken on record by
the Board of Directors, none of the directors is disqualified as on 31 March, 2024 from being appointed as a director
in terms of Section 164(2) of the Act.

vi) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in
the paragraph 4(ii) above on reporting under Section 143(3)(b) of the Act and paragraph 4(viii) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

vii) With respect to the adequacy of the internal financial controls with reference to the financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

viii) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:

a. The Company does not have any pending litigations which would impact its financial position.

b. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company except Unpaid dividend of Rs,18,116/-.

d.

(i) The management has represented that, to the best of its knowledge & belief, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of it''s knowledge and belief, no funds have been
received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries

(iii) Based on such audit procedures we have considered reasonable and appropriate in the circumstances,
nothing has come to our notice that the representations made by management as stated in (i) and (ii)
herein above, contain any material misstatement

e. The Company has not declared or paid any dividend during the year.

f. Based on my examination which included test checks, the company has not used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility.

For A. C. Bhuteria & Co.

Chartered Accountants

FRN:303105E

Sd/-

Mohit Bhuteria

Partner

Membership No. 311785

UDIN: 24056832BKASLJ1056

Place of Signature: Kolkata
Date: 29.05.2024

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Mar 31, 2014

We have audited the accompanying financial statements of Frontier Leasing & Finance Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH 31, 2014 OF FRONTIER LEASING & FINANCE LIMITED

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year as per programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As informed to us, no discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of the fixed asset.

(ii) Since the company do not have inventory (other than stock on hire), the clause (ii) is not applicable to the company for the year.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956:

(b) In view of clause (iii) (a) above, clause (iii) (b) is not applicable.

(c) In view of clause (iii) (a) above, clause (iii) (c) is not applicable.

(d) In view of clause (iii) (a) above, clause (iii) (d) is not applicable.

(e) The company has not taken any loans from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(f) In view of clause (iii) (e) above, clause (iii) (f) is not applicable.

(g) In view of clause (iii) (e) above, clause (iii) (g) is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business.

During the course of our audit, no major weakness has been noticed in the internal controls system.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions during the year that need to be entered into the register maintained under section 301.

(b) In view of clause (v) (a) above, clause (v) (b) is not applicable.

(vi) During the year the company has not accepted any public deposits.

(vii) In our opinion, during the year the company does not have formal internal audit system.

(viii) As informed to us, the maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(ix) (a) According to the records of the company, there were delays in deposit of undisputed statutory dues of income tax and service tax with the appropriate authorities. As per the books of account and according to information and explanations given to us there are no undisputed dues of provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax, wealth tax, Custom Duty, Excise Duty and Cess. The arrears of statutory dues of income tax of 2,037,710 were outstanding as at March 31, 2014 for a period of more than six months from the date they became payable.

(b) According to the records of the company, there are no dues Income Tax, Sales Tax of Wealth Tax, Service Tax, Custom duty and excise duty/cess which have not been deposited on account of dispute.

(x) The company does not have accumulated losses at the end of the financial year and the company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the books of account and information and explanations given by the management, we state that there are no dues to banks, financial institutions or debentureholders.

(xii) Based on our examination of documents and records, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) Provisions of Chit Fund Nidhi/ Mutual Benefit Fund/Societies are not applicable.

(xiv) The company is not engaged in dealing or trading in shares, securities, debentures and other investments.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) During the year the company has not borrowed any term loan.

(xvii) During the year the company has not raised any short term funds.

(xviii) During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) During the year, the company has not issued secured debentures.

(xx) During the year, the company has not raised money by public issues.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Nisar & Kumar Firm Regn. No. 127820 W

Sd/- K. M. Mahadik Partner M. No. 48453

Place: Mumbai Date: May 9, 2014

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Mar 31, 2012

We have audited the attached Balance Sheet of Frontier Leasing & Finance Limited, as at March 31, 2012 and also the Statement of Profit and Loss for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of those books.

(ill) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) On the basis of written representations received from the directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(v) In our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, give the Information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012;

ii. in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. in the case of cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH 31, 2012 OF FRONTIER LEASING & FINANCE LIMITED

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year as per programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As informed to us, no discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of the fixed asset.

(ii) Since the company do not have inventory (other stock on hire), the clause (ii) is not applicable to the company for the year.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956:

(b) In view of clause (iii) (a) above, clause (iii) (b) is not applicable.

(c) in view of clause (iii) (a) above, clause (iii) (c) is not applicable.

(d) In view of clause (iii) (a) above, clause (iii) (d) is not applicable.

(e) The company has not taken any loans from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(f) In view of clause (iii) (e) above, clause (iii) (f) is not applicable.

(g) In view of clause (iii) (e) above, clause (iii) (g) is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls system.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions during the year that need to be entered into the register maintained under section 301,

(b) In view of clause (v) (a) above, clause (v) (b) is not applicable.

(vi) During the year the company has not accepted any public deposits.

(vii) In our opinion, during the year the company does not have formal internal audit system.

(viii) As informed to us, the maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(ix) (a) According to the records of the company, there were delays in deposit of undisputed statutory dues of income taxes with the Income tax authorities. As per the books of account and according to information and explanations given to us there are no undisputed dues of provident fund, Investor Education and Protection Fund, Employees' State Insurance, Sates Tax, wealth tax, Service Tax, Custom Duty, Excise Duty and Cess, There were no arrears of statutory dues outstanding as at March 31, 2012 for a period of more than six months from the date they became payable,

(b) According to the records of the company, there are no dues Income Tax, Sales Tax of Wealth Tax, Service Tax, Custom duty and excise duty/cess which have not been deposited on account of dispute,

(x) The company does not have accumulated losses at the end of the financial year and the company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the books of account and information and explanations given by the management, we state that there are no dues to banks, financial institutions or debenture holders.

(xii) Based on our examination of documents and records, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) Provisions of Chit Fund Nidhi/Mutual Benefit Fund/Societies are not applicable.

(xiv) The company is not engaged in dealing or trading in shares, securities, debentures and other investments.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) During the year the company has not borrowed any term loan.

(xvii) During the year the company has not raised any short term funds.

(xviii) During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) During the year, the company has not issued secured debentures.

(xx) During the year, the company has not raised money by public issues.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.



For NISAR & KUMAR Chartered Accountants Firm Regn. No. 127820W

Sd/-

K. M. Mahadik

Partner M. No. 48453

Place: Mumbai Date: May 30, 2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/S FRONTIER LEASING & FINANCE LTD., as at 31st March 2010 and also the Profit & Loss Account for the year ended on that date and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

ii) In our opinion, proper books of account as required by law have been kept by the Company so far, as appears from our examination of those books.

iii) The Balance Sheet, Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956.

x) The company does not have accumulated losses. The company has incurred cash losses during the financial year covered by our audit. The company has not incurred cash losses during the year immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

Annexure to the auditors report of even .date to the members of M/s Frontier Leasing & Finance Ltd.

i) a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) Since the company did not deal in goods or merchandise, the requirements relating to inventory in clause (ii)(a), (ii)(b) and (ii)(c) of the order are not applicable.

iii) During the year, the company has not granted or taken any loans to or from parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, requirements mentioned in clause (iii)(a), (iii)(b), (iii)(c) and (iii)(d) are not applicable.

iv) Since the company did not deal in goods or merchandise, the requirements in clause (iv) of the order to internal control procedure on purchase of inventory, fixed assets and sale of goods is not applicable.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions that need to be entered into the register maintained u/s 301.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of income-tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2009 for a period of more than six months from the date they became payable.

X) On the basis of written representations received from the directors as on March 31,2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010.

b) In the case of Profit & Loss Account, of the Loss for the year ended on that date.

c) In case of Cash Flow statement, of the cash flows for the year ended on that date.

For J. S. BHATIA & CO.,

CHARTERED ACCOUNTANTS.

J. S. BHATIA

PROPRIETOR

PLACE : MUMBAI M.No:34290

DATE : 30/08/2010

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Mar 31, 2009

We have audited die attached Balance Sheet of M/S FRONTIER LEASING & FINANCE LTD., as ill 31 March 2009 and also the Profit & Loss Account for the year ended on that date aid cash flow statement tor the year ended on thai date annexed thereto. These linsmeial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require thai we plan and perform the audit to obtain reasonable assurance tibout whether the financial statements arc free of material misstatements. An audit also includes assessing the accounting principles used and significant estimates made by (he management, as well as evaluating the overall financial statement presentation. Wc believe that our aidit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub-section (4A> of Section 227 of die Companies Act, 1956. we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of die slid order.

Further to our comment; in the Annexure referred to above, we report thai :

i) We have obtained all the information and explanations, which lo the best of our knowledge and belief were necessary for the pirposes of our audit.

ii) In our opinion, proper books of account as required by law have been kept by Jie Company so far. as appears from our examination of those books.

iii) The Italance Sheet, Profit & Loss Account dent with by this report are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet. Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub- section (3C)of section 211 of the Companies A^t, 1956.

v) On the basis of written representations received from Hie directors as on inarch 31,2009 atd taken on record by ihe Board of Directors, we report rhat none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956.

vi) In our opiiion and to the best of our information and according lo the explanations given to u?. die said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with Ihe accounting principles generally accepted in India :

a) In the case of the Balance Sheet, of the state oi" affairs of the Company as it 31st March, 2009.

b) Id Ihe case of Profit & Loss Account, of (he Loss for the year ended on ihai date.

c) In case of Cash Flow statement, of the cash flows for the year ended on lhat date.

AnneMirc lo (lie auditors report of even dale to the members of M/s Frontier Leasing & Finance Lid.

i) a) The Company lias maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets,

b) All fixed assets arc physically verified, by the management during die year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were uu discrepancies noticed during the physical verification conduced by management.

c) The assets disposed off during the year arc not significant and therefore co not effect the going concern assumptions.

ii) Since the company did not deal in goods or merchandise, the requirements relating to inventory in clause (ii)(
iii) During the year, the company has not granted or taken any loans to or from parties covered in the register maintained under section 301 of the Companies Act. 1956. Hence, requirements mentioned in clause (iii)(fl), ()<&)¦ (iiXc) a""! (i")(d) arc not applicable.

iv) Since the company did not deal in goods or merchandise, the rcquirernenis in clause (iv) of the order to internal control procedure on purchase of inventory, fixed assets am: sale of goods is not applicable.

v) Based on the audit procedures applied by us and according to die information and explanation piovided by die management, we arc of the opinion thai (here wen no transactions that need to be entered into the register maintained u/s301.

vi) JTie company has not accepted any deposits from ihc public during the year.

vii) The company has a system of internal audit whicb. in our opinion, is commensurate .vith its si/.e and nature of its business

viii) The company is not required to maintain cost records pursuant to (he rules made by the Central Government under section 209(JX
ix) According to the records, information and explanation? provided to us. the company is generally reguiar in depositing with appropriate authorities undisputed amount of income-tax and other statutory dues applicable to h and no undisputed amounts payable were ouistandtig as at 31st March, 2009 for a period of more than six months from the date they near payable.

s) The company docs not have accumulated losses The company has incurred cash fosses during ihe financial year covered by our audil. The company has not incurred cash tosses during the year immediately preceding financial year.

xi) Biised on our procedures and on the information and explanations given bj the management, ihc company has not availed and funds ! facilities from the linsncial institution or bank.

xii) Bused on our examination and according to the itfoniiation and explanations given lo us, (he Company has not granlcd loans and advances vn the basis of security by wsy of pledge of shares, debentures Mid olhtfi sccuiilies. „^

xiii) The company is not a chit / nidhi I mutual benefit fund/ society and clause (siii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investment! arc in the name of the company.

xv) • On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institulion.

xvi) There was no term loan availed by the company ard ouistanding during die year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parlies and companies covered :n the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx> The company has not raised any money by way of public issues during iho year.

xxi) Based on the au;lit procedure performed and information and explanations given to us by the management, wc report lhat no fraud on or by the company has been noticed or reported during he course of our audit.

For J. S. JJHATIA & CO., CHARTERED ACCOUNTANTS.

J. S. DHATIA PROPRIETOR

PLACE : MUMBAI DATE : 4/00/2009