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FRONTIER LEASING & FINANCE LTD
21 sStt ANNUAL REPORT 2004-2005

FRONTIER LEASING & FINANCE LIMITED. BOARD OF DIRECTORS MR. KAWALJIT SINGH CHAWLA MR. RAMN ATH CHOUDHARY MR. VASUDEV R. YADAV AUDITORS M/s. J.S. Bhatia & Co Chartered Accountants Wl 5, Ashoka Centre, 2nd Floor. Lokmanya Tilak Marg, Mumbai-400 001. BANKERS PUNJAB & SIND BANK J.K. Somani Bldg., British Hotel Lane, Fort, Mumbai - 400 023. BHARAT OVERSEAS BANK LTD Rampart Row, Fort, Mumbai-400 023. REGISTERED OFFICE Jyoti Studio Compound, Near Kenned}' Bridge, Mumbai-400 007. 2004-2005 ::

FRONTIER LEAStWG & FINANCE LIMITED Rcgd. Office: C/o. Victory Printing Press. Jyoti Studio Compound. • K. B. A. Irani Bridge ,M U M 8 A 1-400 007 . NOTICE NOTICE IS HEREBY GIVEN THAT the 21ST Annual General Meeting of the Members of FRONTIER LEASING & FINANCE LIMITED will be held on Thursday, 29th September 2005 at 3:00 p.m at the Registered Office of the Company at C/o. Victory Printing press, Jyoti Studio Compound, K.B.A. Irani Bridge, Mumbai 400 007 to transact the following business: ORDINARY BUSINESS:

  1. To receive, consider and adopt the audited Statement of Accounts far the year ended 31st Match 2005 and Balance Sheet as on that date along with the Reports of Directors and Auditors thereon.
  2. To appoint a Director in place of Mr. Ramnath Chauthary who retires by rotation and being eligible, offers himself for re-appointment.
  3. To appoint M/s. J. S. Bhatia & Co., Chartered Accountants, the retiring Auditors as Auditors of the Company to hold office from the conclusion of this meeting uniil (he conclusion of next Annual General Meeting of the Company and to fix their remuneration. SPECIAL BUSINESS: .
  4. To consider and if thought fit, to pass with or without modification (s). the following resolution as an Ordinary Resolution: "RESOLVED THAT Mr. Kawaljit Singh Chawla , who was appointed as an Additional Director the Company pursuant to the provisions of Section 260 of the Companies -Act, 1956 read with .Articles of Association of the Company with effect from 12th August, 2005 and who would vacate his office at the ensuing Annual General Meeting and in respect of whom the Company has received a notice under section 257 of the Companies Act, 1956 along with necessary deposits from a shareholders proposing the candidature for Mr. Kawaljit Singh Chaw la as a Director of the Company , be and is hereby appointed as a Director of the Company whose office shall be liable to retirement by rotation." For and on behalf of he Board . Place: Mumbai Dated: 25"' August 2005 DIRECTOR Registered Office: Go. Victory Printing Press. Jyoti Studio Compound. K.B.A. h'ani Bridge. Mumbai - 400 007.

NOTES:

  1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS
    ALSO ENTITLED TO APPOINT A PROXY TO ATTEND AND TO VOTE
    t
    INSTEAD OF HIMSELF AND SUCH PROXY NKKD NOT BE A MEMBER
    OF THE COMPANY.
  2. Proxies, if any, in order to be effective must be received at the Company's Registered Office not later than 48 hours (forty eight hours) before the tune fixed for holding the meeting.
  3. The Register of Members and the Share Transfer Books of the Company will remain closed from Wednesday, 28th September 3005 to Thursday, 29* September 2005 (both days inclusive).
  4. Shareholders axe requested to forward their queries on the Accounts for the financial year ended 31st March, 2005 to the Registered Office of the Company at least 10 days in advance to enable the Company to keep the information ready at the meeting.
  5. The Annual Reports and Attendance slips will not be distributed at the Annual General Meeting. Shareholders are requested to bring the same along with them. BRIEF RESUME OF PERSONS PROPOSED TO BE APPOINTED/ RE-
    APPOINTED AS DIRECTOR OF THE COMPANY AT THE ANNUAL
    GENERAL MEETING:
    1 Particulars Mr. Ramnath Choudharv Mr. Kawaljit Singh Chawla 1
    Date of Birth 19.08.1944 31.07.1966
    ------------------- --- ---------- --- --- ----------
    Date of Appointment 26.06.1985 12.08.2005
    Qualifications S.S.C B.B.A
    Expertise in specific A/CJs & Taxation Machinery & Machine Tools.
    functional areas
    Directorship of other No No.
    --------------------- --- --- --- --- ---
    Companies
    Chairman/Member of the No No
    ---------------------- --- --- --- --- ---
    Committees of the board of
    the Companies on which he
    is a Director
    • •
    . . ... _
    --- --- --- --- ---- ------
FINANCE LIMITED
Rcgd. Office : C/o. Victory Printing Press Jyoti Studio Compound. K. 8. A. Irani Bridgo.
,M U M O A I -4 00 0 0 7.
--- --------- ------------- ------ --- ---
DIRECTORS'REPORT
To The Members,
The Directors have pleasure in presenting their 21* Annual Report on the business operations
of the Company alongwith the Statement of Audited Accounts for the year ended 31st March
2005.
Financial Results:
(Amt. in Rs.)
Particulars Year Ended Year Ended
------------ --- -------------- -------- -------------- --------
31* March 2005 31* March 2004
Total Income 3,48,443 2,60,610
Profit/(Loss) before Interest, Depreciation 2,63,694 1,70,505
& Taxation
Less: Interest 43,441 2,502
-------------- --- --- ------ --- -----
Profit/(Loss) before Depreciation & Tax 2,20,253 l_ ' 1,68,003
Less: Depreciation 9,096 13,497
------------------------ --- --- -------- --- --------
Pro£it/(Loss) before Tax 2,11,157 1,54,506
Less: Provision for Tax
Current Tax 46,000 50,720
---------------------------------------- --- --- ---------- --- --------
Deferred Tax (3,522) 4,411
Net Profit/(Loss) after Tax 1,68,679 99,375
Balance brought forward from Last Tear . 9,88,463 9,06\239
Excess/ Short Provision for Tax 235 847
Transfer to Statutory Reserves 34000 20000
Balance carried forward to Balance Sheet 1123377 988461
Year under Review.
Dunng the year under review, income from operations has been increased to Rs.3.48 Lacs as
compared to Rs. 2.60 Lacs for the previous year. Profit before Interest, Depreciation and
Taxation stood at Rs.2.63 Lacs. After providing for Interest, depreciation and taxation of Rs.
0.95 Lac, the Company has registered a Net profit of Rs. 1.68 Lacs as against Rs.0.99 lacs in
the previous year.
Your Company continues to be cautiously optimistic about its growth prospects for the
current financial year.
Dividend:
Your Directors have not recommended payment of dividend for the year under review
considering the need to improve the net worth of the Company.

Directors' Responsibility Statement. Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm the following: • In the preparation of the annual accounts, the applicable standards have been followed • Your Directors have selected such accounting policies and applied them consistently and • made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of Affaires of the Company at the end of the fipannei year and of the profit or' the Company for that year. • Your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. • Your Directors have prepared the attached Statement of Accounts for the year ended March 31, 2005 on a going concern basis. Directors: Your Directors place on record their profound grief on the sudden and said demise of Mr. Jameet Singh Chawla, Director of the Company on 12th August 2005. Mr. Ramnath Chaudhary, is liable to retire by rotation at the Annual General Meeting and being eligible, offers himself for re-appointment. Your Board recommends his re-appointment. Mr. Kftwdjit Singh Chawla who was appointed as an Additional Director of the Company during the year pursuant to the provisions of Section 260 of the Companies Act, 1956 would vacate his office on the date of the ensuing Annual General Meeting of the Company. The Company has received Notices under Section 257 of die said act from a shareholder proposing the candidature of Mr. Kawaljit Singh Chawla for the office of Director of the Company. Accordingly, resolution has been proposed in the Notice of the forthcoming Annual General Meeting of the Company for the appointment of Mr. Kawaljit Singh Chawla as a Director of the Company. Auditors: M/s. j. S. Bhatta & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from the Auditors to the effect that their appointment; if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members Are requested to appoint the Auditors and authorise the Board to fix their remuneration. A uditors' Report: Observations made in the Auditors' Report are self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Secretarial Compliance certificate: Secretarial Compliance Certificate as required under section 383 A(l) of the Companies Act, 1956 as amended hy the Companies (Amendment) Act, 2000 issued by M/'s Rathi & Associates, Company Secretaries is attached herewith. Fixed Deposits: During the period under review, the Company has not accepted or renewed any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Particulars of Employees: During the year under review, none of the employees of the Company was in receipt of remuneration aggregating Rs.24,00,000/- or more per annum, if employed throughout the year, or Rs. 2,00,000/- or more per month, in case employed for part of the year. Hence, there are no particulars to he annexed to tliis report as required under Section 217 (2A) of the Companies Act 1956 and the rules made thereunder. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings And Outgo: The requirements of disclosures in terms of Section 217(l)(e) of the Companies *\ct, 1956, read wirh rhe Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules. X9SS pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates. During the year under review, there was no foreign exchange earnings and outgo. . 4 eknoniedgements: The.Directors wish to express their gratitude to the bankers, clients and all the business associates tor their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution. For and on behalf of the Board Place: Munibai Date: 25 August 2005 Director Director

ft «*• s. BHATIA & CO. *• CHARTERED ACCOUNTANTS Mumbai-400 001. Trt.: Office: 2267 5066 / 2267 5067 Fax: 2269 2994 Resi.: 2620 2207 / 2620 3849 E-mail: jaipalsb©bom3.vsnl.net.ln AUDITOR'S REPORT We have audited the attached Balance Sheet of M/S FRONTIER LEASING & FINANCE LTD., as at 31st March 2005 and also the Profit and 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 Company's 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 misstateme-nts. 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 (Auditor's 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. Hi) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the books of accounts. iv) In our opinion, the Balance Sheet Profit and 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.

J. S. BHAT1A & CO. w
CHARTERED ACCOUNTANTS E-mail: jalpalsbeborh3.vsnl.net.ln
v) On the basis of written representations received from the directors as on
March 31, 2005 and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on March 31, 2005 from being
appointed as a director in terms of Claus6 (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 31;{1 March, 2005.
b) In the case of Profit & Loss Account, of the Profit for the year ended
on that date;
c) in the case of cash flow statement,, of the cash flows for the year
ended on that date.
For J. S. BHATIA&CO..
ARTERED ACCOUNTANTS.
-------- ------------- --- ------------ ------------
PLACE . MUMBA1 J. S. BHATIA
DATE -zs/ogj 2003 PROPRIETOR

J. S. BHATIA & CO. ™ ' S^ CHARTERED ACCOUNTANTS E-maH: Jalpiteb©boin3.v»nl.nrt.ln 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 affect the going concern assumption. 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. in) During the year, the Company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956. Hence, requirements mentioned in clause (iii)(a), (iii)(b), (iii)(c),(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 explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 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;

J S RHATTA Jfo Pft TW.:Olte»:22675066/2267 5067 V. &. UtlALLA 06 iAJ. F«:22692994 CHARTERED ACCOUNTANTS E-mail: Jaipalsbebom3.vsnl.neLin viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(l)(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, 2004 for a period of more than six months from the date they became payable; x) The Company neither has accumulated losses at the end of the financial year but has incurred cash losses during the year and during the year immediately preceding current year; xi) Based on our audit procedures and on the information and explanations given by the management, the Company has not availed 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. «v) 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 institutions;

J S RHATTA fe PO TW.:Omo«:22876066/22675067 O. O. UttAliA OB UU. Fax:226»2994 CHARTERED ACCOUNTANTS E-mail: jalpalsb©bom3.vsnl.not.in 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 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. For! S. BHATIA&CO., CHARTERED ACCOUNTANTS. PLACE : MUMBAI J. S. BHATIA DATE : PROPRIETOR

FRONTIER LEASING & FINANCE LTD BALANCE SHEET AS ON 31ST MARCH 2005

AS AT AS AT
31.3.2005 31.3.2004
I. SOURCES OF FUNDS CH Es Rs
1 Shareholders Funds
a) Capital A 2450000 2450000
---------- --- ------- -------
B
b) Reserve & Surplus 2565027 24161 A3
-------------------- --- ------- --------
2 Loan Funds
10735
Unsecured Loans B1 10033
-------------------- --- -------- -------
TOTAL FUNDS EMPLOYED 5045762 4876146
II. APPLICATIONS OF FUND
1 Fixed Assets
Gross Block 624532 624532
----------- --- ------ ------
592430 583335
Less: Depreciation
Net Block 32102 41197
------------- --- ------- ------
2 Investments 801704 781879
3 Net Cuirrent Assets
Current Assets E 51090 17997
--------------------------------------- --- -------- -------
Loans & Advances F 4259644 4173242
4310734 4191239
Less : Current Liabilities & Provisions 121339 157208
4189395 4034031
4 Deffered Tax Assets 22561 19039
TOTAL FUNDS APPLIED 5045762 4876146
NOTES ON ACCOUNTS
AS PER OUT ATTACHED REPORT OF EVEN DATE FOR AND ON BEHALF OF THE 8OARD
FOR J.S BHATIA & CO
CHARTERED ACCOUNTANT KAWALJIT SINGH CHAWLA
--------------------- --------------------- --- ---
VASUOEV R. YADAV
J.S BHATIA
PROPRIETOR DIRECTORS
------------------------- ------------------------- --- ---
PLACE . MUMBAI PLACE . MUMBAI
DATED : 25th AUGUST 2005. DATED : 25th AUGUST 2005.

FRONTIER LEASING & FINANCE LTD PROHT & LOSS A/C FOR THE YEAR EHDED 31ST MARCH 2005

Rs Rs
SCH 31.3.2005 31.3.2004
INCOME ••
interest Received H 215807 231639
------------------------ --- --- --- ------ --- ------
Dividend Income I 200 200
Profit on Sale of Assets 0 28771
Profit on Sate of Shares 122436 0
348443 260610
EXPENDITURE :
Administration & Other Exp J 84749 90105
-------------------------- --- --- --- ----- --- -----
Depreciation 9096 13497
K
Interest Paid 43441 2502
----------------- --- --- --- ------ --- ------
137286 106104
Profit Before Tax 211157 154506
Less : Provision of Taxation
46000 50720
--- --- --- --- ----- --- -----
Current Tax
Defferecf Tax -3522 4411
--- ------------- --- --- ------ --- -----
168679 99375
Profit After Tax
Balance brought forward from Last year 988463 908239
-------------------------------------- --- --- --- ------- --- -------
Excess / (Short) Provision for Tax 235 847
(34000) (2QQGQ)
Transfer to Statutory Reserve
0 0
--- --- --- --- --- --- ---
Net Defered Tax Assets on transitional provision
Balance carried forward to Balance Sheet 1123377 988461
---------------------------------------- --- --- --- ------- --- ------
Earning Per Share
0.55 0 33
--- --- --- --- ---- --- ----
Basic & Diluted
Face Value per Share Rs 10/- Rs. 10/-
-------------------- --- --- --- ------- --- --------
NOTES ON ACCOUNTS
AS PER OUT ATTACHED REPORT OF EVEN DATE FOR AJND ON BEHALF OF THE BOARD
FOR J.S BHATIA & CO
CHARTERED ACCOUNTANT KAWALJIT SINGH CHAWLA
-------------------- --- --------------------- --- --- --- ---
VASUDEVR.YADAV
J.S BHATIA
PROPRIETOR DIRECTORS
------------------------ --- ------------- ----------------- --- --- ---
PLACE: MUMBAi PLACE: MUMBAf
DATED : 25th AUGUST 2005 DATED 25th AUGUST 2005.

FRONTIER LEASING & FINANCE LTD SCHEDULE ANNEXED TO AND FORMING PART OF THE ACCOUNTS AS AT 31.03.2008

AS AT AS AT
SCHEDULE A 31.3.2005 31.3.2004
Rs Rs
Share Capital
Authorised
2,50,000 Equrty Shares of Rs. 10/- each 2500000 2500000
--------------------------------------- --- --- --- ------- --- -------
Issued. Subscribed & Paid UP
2,45,000 Equity Shates of Rs. 10)- each 2450000 2450000
--------------------------------------- --- --- --- ------- --- -------
2450000 2450000
SCHEDULE B:
Reserve & Surplus
Opening Addition Deduction Closing
--------------------- --------- -------- --- --------- ------- ---------
Balance Balance
General Reserve 1185650 0 0 1185650
(Previous Year) (1185650) 0 0 (1185650)
Statutory Reserve Z42O00 34000 0 276000
(Prev©us Year) (222000) (20000) 0 (242000)
Profit & Loss Account 34000 1123377
9S84B3 168914
(908239) (100224) (20000) (988463)
(Previous Year)
2416113 202914 34000 2585027
--- ------- ------ --- ----- --- -------
Total
(2315889) (120224) (20000) (2416113)
--- --------- -------- --- ------- --- ---------
(Previous Year)
SCHEDULE B1
Unsecured Loans
Jeet Machine Toots Ltd 10735 10033
---------------------- --- --- --- ----- --- -----
10735 10033

FRONTIER LEASING & FINANCE LTD SCHEDULE -C FIXED ASSETS (AMOUNT IN RS)

ASSETS GROSS BLOCK DEPRECIATION NET BLOCK
As on Dedn As on As on t-or the Dedn As on As on
1.4.04 31.3.05 01.4.04 Year 31.3.05 31.3.05J 31.3.04
Furniture &
Fixture 1322 0 1322 1247 14 0 1261 61 75
------- ------ --------- ---- ---- --- ---
Office
Equipment 64170 0 64170 51284 5154 0 5643S 7732 12886
--------- ------- ----------- ------ ----- ---- -----
!
Plant &
[
i
Mach.
Leased 0 0 0 0 0 0 0 0 0
-------- ------------- ------------- ------------ ------ -------- -----
Others 559040 0 559040 3928 0 534731 24309 2S237
TOTAL 624532 0 624532 583334 9096 0 592430 32102 41193
PREVIOUS I
41197 I 67448
YEAR 741023 116491 6245321673575 13497 103737 583335

FRONTIER LEASING & FNANCE LTD SCHEDULE -D INVESTMENTS (AT COST) LONG TERM INVESTMENTS OTHER THAW TRADE INVESTMENTS:

NAME OF SCRIP NO.OF FACE AS AT AS AT
SHARES/ VALUE 31.3.05 31.3.04
DEBENTU fi£
(PREV.YR.)
1 IN SHARES AND DEBENTURES :-
A. IN FULLY PAID UP EQUITY SHARES: (QUOTED)
Jeet Machine TooteUd 1400 3556 3556
------------------------------------ --- ---- --- --- ----- --- ----
Subway Finance & Investment Co. Ltd 1000 10 2463 2463
Timex Watches ltd. 100 10 0 1000
Indoco. 85 10 20825 0
B. \U FULLY PAID UP EQUITY SHARES: (UNQUOTED^
10 2000 2000
--------------------------------- --- --- --- --- ---- --- ----
Ring Plus (Aqua Bearings Ltd) 200
Usha fvftcroprocess Controls Ltd 5G to 500 500
Aggregate Cost of Im'estments in Shares & Debentures (!) 29344 9519
Aggregate Cost of Quoted Investments At Cost 26S44 7019
------------------------------------------ ------- --- --- --- ------ ------ ----
Aggregate Cost of Unquoted Investments At Cost 2500 2500
IN IMMOVABLE PROPERTIES (ID 772360 772360
II Aggregate Cost of Investments (I + II) 801704 781879
11764
Aggregate Market Vakie of Quoted Shares/ Debentures 35947
--------------------------------------------------- --- --- --- --- ----- --- ---

FRONTIER LEASING & FINANCE LTD

AS AT AS AT
31.3.2005 31.3.2004
Bs. S§
SCHEDULE E
Current Assets
Cash on Hand 1017
------------ --- --- ---- ---
1517
Bank Balance {win Schedule Bank) 50074 16480
-------------------------------- --- --- ----- -----
51091 17997
SCHEDULEF
Loans & Advances
-------- -------- --- --- ---
(Considered Good & Unsecured)
Gemini Machine International 0 523550
---------------------------- --- --- ------- -------
Aavance Payment of Tax 21500 40500
Tax Deducted at Source 92399 108949
Deposits 2000 2000
FDR Deports 3925438 2950000
Interest Accrued on FDR 215807 547943
Prepaid Expenses 2500 0
4259644 4173242
SCHEDULE G
Current Usabilities & Provisions
Other LiaDilites 24619 28488
---------------------- --- --- ------ ------
Provision for Taxation 96720 128720
121339 157208
SCHEDULE H
Interest Received
On Loans (Gross) 0 30000
---------------- --- --- --- -----
(TDS Rs.NIL Previous Year Rs.6150/-)
Fixed Depostis 215807 201639
-------------- --- --- ------ ------
(TDS Rs. 44676/- Previous Year Rs 41573/-)
21580f 231639
--- --- --- ------ ------
SCHEDULE}
Dividend Income
Dividend on Long Term investment (Gross) 200 200
---------------------------------------- --- --- --- ---
200 200
(TDS Rs.NIL Pre\ious Year Rs. NIL)
SCHEDULEJ
Administration & Other Expenses
14660 15116
--- --- --- ----- -----
Advertisement Exp
Salary & Other Benefits 1775 2069
----------------------- --- --- ---- ----
Pa'ymerrt \o Auditors
Audit Fees
5510
Taxation Fees 7500 13010 12900
--------------------- ------------- ---- ----- -----
Professional Charges 30535 34083
Listing Fees 1QGGG 1000G
Printing & Stationary 540
1134
Office Rent 6000 6000
-------------------------------- --- --- ----- -----
Donation' 1000 0
Rep . 4. Main.tan.ce of Computer 0 667
Miscellenous Expenses 6635 8730
84749 S0105
SCHEDULE K
Interest Paid
Interest Paid to Others 702 2502
------------------------------------- --- --- ----- ----
interest Paid against Bank Loan - FDR 42739 0
43441 2502

FRONTIER LEASING & FINANCE LTD. SCHEDULE - L : NOTES ON ACCOUNTS.

  1. Significant Accounting Policies :- The financial statements are prepared under the historical cost convention, on an accrual basis and in accordance with the applicable accounting standards. 1.1) Fixed Assets:- Fixed Assets are stated at cost, less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. 1.2) Depreciation :- Depreciation on Fixed Assets is provided on Written Down Method at the rates and in the manner specified in the Schedule XIV of the Companies Act, 1956. 1.3) Investments :- Long Term Investments are stated at cost. 1.4) Revenue Recognition : Interest is recorded on time basis. Dividend income on investments is accounted for when the right to receive the payment is established. 1.5) Taxation :- The provision for Current Tax is determined on the basis of taxable income for the current accounting year in accordance with the Income Tax Act, 1961. The Deferred Tax is recognised, considering the prudence, on timing difference that originate in one period and capable of reversal in subsequent period. Deferred tax assets are recognised on Long Term Capital ioss on the basis of reasonable certainty that such deferred tax asset can be realised against future taxable Long Term Capital Gain. Deferred tax Liability recognised in earlier year on difference between Book depredation and depreciation under Income Tax Act 1961 is reversed to the extent of realization. 1.6) Retirement Benefits :- The Gratuity liability is provided on cash basis. 1 7) Segment Information :- Since the company is dealing in only one segment, i.e. financing, there is no reportable segment as per AS-17 on "Segment Reporting" issued by Institute of Chartered Accountant of India.

  2. Contingent Liability not provided for

    As on As on
    31.3.05 31.3.04
    Estimated amount of contracts remaining
    to be executed on capital account and
    not provided for Nil Nil
    --- ----------------------------------- --- -------- ------- --- ---
    As on As on
    31.3.05 31.3.04
    3. a) Expenditure in Foreign Currency Nii Nii
    b) Amount remitted during the year in
    Foreign Currency on account & Divided Nil Nil
    --- -------------------------------------- --- ---- --- --- ---
    c) Earning in Foreign Exchange Nil Nil
    4 Other information pursuant to paragraph 3,4C, 4D of Part II of Schedule VI of the
    Companies Act, 1956 are not applicable.
    5 Payment made to Auditors :
    As on As on
    --- --- --- ------- ------- --- ---
    31.3.05 31.3.04
    5000 5000
    a) As Audit Fees
    b) Other Matters 7500 7500
    --- ---------------- --- ---- ---- --- ---
    400
    c) Service Tax 510
    --- -------------- --- ----- ----- --- ---
    13010 12900
    6 The basic earning per share is computed by dividing the net profit attributable to the equity
    shareholders for the year by the weighted average number of equity shares outstanding
    during the year. As there is no presence of diiutive potential equity shares, the diluted EPS
    is same as basis EPS as follows :
    As on As on
    --- --- ---------------------------------------- --- ----------- ------- ----------
    31/03/2005 31/03/2004
    Profit after Tax 168679 99375
    Add : Excess /(Short) Provision for Tax 235 847
    Less: Transfer to Statutory Reserve 34000 20000
    Net Profit attributable to Equity Shareholders 134914 80222
    Weighted average number of shares 245000 245000
    --- --- ---------------------------------- --- ------- --- ------
    Earning per share
    Basic & Diluted 0.55 0.33
    --- --- ---------------- --- --- ----- ----

  3. Deferred Tax :- 5.1) Net Deferred Tax income for the year is Rs. 3522 and the same has been charged to the Profit and Loss Account. 6.2) The break-up of deferred tax assets and fiabifities are as foilows :

    As on As on
    31.03.05 31.03.04
    Deferred Tax Assets
    On Long Term Capital Loss of Prev.Years 233 160347
    --------------------------------------- ----- ------
    Measured @ 20.91% (20.50%) 33761 32871
    Deferred Tax Liability
    Difference between Book Value of
    depreciable assets and WDV for Tax
    purposes. (2914) 38562
    ----------------------------- ------ ------
    Measured @ 36.60% (35.87%) 11200 13832
    Net Deferred Tax Liabilities. 22561 190391

  4. Refated Party Transaction (AS-18) a) List of Related Parties and Relationships. The following is the information on transactions with the related parties: Name Relationship Key Management Personnel:- Kawaljit S. Chawla Whole Time Director Ramnath Choudhary Whole Time Director Vasudev R.Yadav Whole Time Director b) Relatives of Key Management Personnel > Relationship Name

    Jeet Machines Tools Ltd Father of Director is director in
    the said Company
    c) Refated Party Transactions : Relatives of Key Management
    Personnel
    Interest Paid Rs. 702/-

  5. There are no amounts due to any enterprise which is small scale and ancillary undertaking, for more than 30 days 10 Previous year figures are regrouped or rearranged wherever necessary

  6. BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE I REGISTRATION DETAILS

    Registration No 33328
    State Code No 11
    Balance Sheet Date 31.03.2005
    II CAPITAL RAISED DURING THE YEAR
    Public Issue : Nil
    ------------------ ---------------- --- --------------- ---------
    Riujrt Issue •. Nil
    Bonus Issue : Nil
    Private Placement : Nil
    HI POSITION OF MOBILIZATION AND DEPLOYMENT OF FUNDS
    (Amounts in Rupees Thousands )
    Total Liabilities . 5046
    --- ------------------ --- ------- ---
    Total Assets : 5046
    SOURCE OF FUND
    Paid up Capital : 2450
    --- ----------------- --- ------- ---
    Reserve & Surplus 2585
    Secured Loan Nil
    Unsecured Loan 11
    APPLICATION OF FUNDS
    Net Fixed Assets : 32
    --- ------------------- ------ ------- ---
    Investments : 802
    NeV Current Assets . 4189
    Misc. Expenditure : Nil
    Accumulated Losses : Nil
    Deterred Tax Assets : 23
    IV PERFORMANCE OF THE COMPANY(Anw>unts in Rupees Thousands)
    Turnover : 348
    -------------------------- --- --- ------- ---
    Total Expenditure : 137
    Profit Before Tax ; 211
    Profit After Tax : 169
    Earning Per Shares (In Rs) : 0.55
    Dividend : Nil

V. GENERIC NAMES OF THREE PRINCIPAL PRODUCTS / SERVICES OF COMPANY (As per monetary term) Item Code No. (ITC CODE ) : NA Product Description : Finance & Investment. As per report of even date FOR J.S. BHATIA & CO. For and on behvAf of th« Board. CHARTERED ACCOUNTANT. KAWALJIT SINGH CHAWLA J.S. BHATrA VASUDEVR. VADAV PROPRIETOR DIRECTORS. Place : Mumbai Place : Mumbai Date : 25* August 2005 Date : 25* August 2005

FRONTIER LEASING & FINANCE LTD. CASHFLOW STATEMENT FOR THE YEAR ENDED MARCH 31.2008 Amount m Rupees

31/03/2005 31/03/2004
I CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Tax & Extraordinary items 211.157.00 154.506.00
Add / (Less): Adjustments for
Dividend income (20000) (200.00)
------------------------------------ ------------ -----------
Depreciation 9,096.00 13,497.00
( Profit y loss on fixed Assets sold 0.00 (28,771.00)
(132.436.00) 0.00
(Profit) /-Loss on Sale of Investment
Demat & Brokerage charges 652.00 0.00
------------------------- ------ ----
Increase / (Decrease) in Trade & Other Payable (3,869.00) 10,190.00
Direct taxes paid (44.676.00) (62.971.00)
----------------- ----------- -----------
(Increase)/ Decrease in Trade & Other Receivable (643,302.00) (90.602.00)
CASH FLOW FROM OPERATING ACTIVITIES -1 (603.578.00) (4.351.00)
II CASH FLOW FROM INVESTING ACTIVITIES
(Purchase) / sate of Fixed Assets 0.00 41,525.00
--------------------------------- ---- ---------
(Purchase V Sale of Investments (Net of Pur.&Saies) (19,825.00) 0.00
523.811.00 0.00
--- ---------- ----
(Increase)/ Decrease in Loans & Advances
Profit on Sale of Investments 132,436.00 0.00
-------------------------------------- ---------- ---------
Dividend received 200.00 200.00
NET CASH FROM INVESTING ACTIVITIES - R 636,622.00 41.725.00
III CASH FLOW FROM FINANCING ACTIVITIES
Demat & Brokerage charges (652.00) 0.00
-------------------------------------- -------- -----------
Proceeds / (Repayment) from borrowings 702.00 (32,044.00)
50.00 (32,044.00)
NET CASH FROM FINANCING ACTIVITIES • •
NET INCREASE/(DECREASE) IN CASH ( 33,094.00 5,330.00
--------------------------------- --------- --------
OPENING BALANCE OF CASH & CASH EQUIVALENT 17,997.00 12,667 00
CLOSING BALANCE OF CASH & CASH EQUIVALENT 51.091.00 17,997.00
Notes 1) Cash and cash equivatents consists of cash on hand and balances with bank
2) Figures in brackets represents outflow of cash
3) Figures for the last year have been regrouped, wherever considered necessary
Per our report of even date
FOR J. S. BHATIA & CO. For and on behalf of the board
Chartered accountants
J. S. BHATIA KAWAUIT SINGH CHAWLA
PROPRIETOR
PLACE : MUMBAI
DATED : 25.08.2005
T Q R H A T fA Jte fV"fc 14A15, Ashoka Centre,
J. b. BHATIA & CO. 2nd Floor, LotonanyaTllakMaiB,
CHARTERED ACCOUNTANTS Mumbal-400001.
Tel.: Office: 2267 5066 / 2267 5067
Fax: 2269 2994
Rest.: 2620 2207 / 2620 3849
E-mail: jaipalsb6)bom3.vsnl.net.in
AUDITOR'S CERTIFICATE
To,
The Board of Directors,
Frontier Leasing & Finance Limited.
We have examined the attached Cash Flow Statement of Frontier Leasing &
Finance Limited for the year ended 31st March 2005. The Statement has been
prepared by the Company in accordance with the requirements of clause 32 of
the listing agreement with various Stock Exchanges and is based on and in
agreement with the corresponding Profit & Loss Account and Balance Sheet of
the Company covered by our report of even date to the members of the
Company.
For J. S. BHATIA & CO.,
CHARTERED AC CO UNTANTS
--- --------------- -------------- --- ---------- -------------
PLACE : MUMBAI J. S. BHATIA
DATE : T-^/dZ/xooS - (PROPRIETOR)

FRONTIER LEASING & FINANCE LIMITED. Registered Office : C/o. Victory Printing Press, Jyoti Studio Compound, KB.A Irani Bridge, Mumbai - 400 007. PLEASE COMPLETE THE ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL.

  1. Name of the Shareholder. (In Block Letters)
  2. Ledger Folio Number.
  3. Name of the Proxy (In Block Letter) , (To be filled in only if the proxy attends instead of member)
  4. No. of Shares held. 1 hereby record my presence at 21st Annual General Meeting of the Company to be held on Thursday, 29th September 2005 at C/o. Victory Printing Press, Jyoti Studio Compound, K.B» A Irani Bridge, Mumbai - 400 007 at 3.00 p.m. Signature of the Shareholder /Proxy NOTES :
  5. Shareholders/Proxy holders are requested to bring the attendance slip with them when they come to the meeting. No attendance slip will be issued at the time of meeting.
  6. Shareholders who come to attend the meeting are requested to bring their copies of Annual Report with them, as spare copies wQl not available in the meeting.

FRONTIER LEASING & FINANCE LIMITED. PROXY FORM I/We of being the Member/Members of the named company hereby appoint of or tailing him of or failmg him as / my proxy to vote for me / us on behalf at the 21 st Annual General Meeting of the Company to beheld at3.00 p.m. on Thursday, 29th September 2005 and at any adjournment thereof. Ledger Folio No No. of Shares held : Affix : : Revenue : Stamp Signature Date NOTES : (a) The form should be signed across the stamp as per specimen signature registered with the Company. (b) The Companies Act, 1956 fays down that the instrument appointing a, proxy shaft be deposited at the Registered Office of the Company not less than FOURTY EIGHT HOURS before the time fixed for holding the meeting. (c) A Proxy need not be a Member.