Notes to Accounts of Frontier Capital Ltd.

Mar 31, 2014

1 Share Application Money Pending Alolment

Aspertha termsthe company mil issue 50,000 preference shares of face value Rs 1,000 each to me extent ofRs 50,000,000 and equity shams et face value RsJO each at such a price which may be mutually agreed behind the company and the applicant to the extent of Rs.150,000,000 against the amount of application m oney on or before Decern bar 31, 2014, subject to necessary approvals of relevant authorities

ii. Key Management Personnel:

Mr. Sandeep Soni (Executive Director), Mr. Rajesh Kathuria (Director), Mr. VGRaghavan (Director), Mr. S Sridhar director), Mr. Marish Kedia (Director)

b) Ofoer related parties, ttftere there have been transactions: Enterprises ccntmlledor significantly influencedby individual or lelatives Essar Capital Uj, Futura Travels Ltd

2 Related Party Disclosures:

a) Related paries where control exists: i. Holding Company

Inimitable Capital Finance PvtLU

ii. Subsidiary Companies AMWFinance Limited (upto July 8,2013} Frontier Digital Technologies Pvt Ltd

iii. Key Management Personnel:

Mr. Sandeep Sent (Execuive Director), Mr. Rajesh Kathuria (Director), Mr.VG Raghavan (Director), Mr. S Sridhar (Director). Mr. Marish Kedia (Director)

b) Offcier related parties, after there have been transadons:

Enterprises controlled or sqnificantly influenced by individual or relatives Essar Capital Ltd. Futura Travets Ltd.

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Mar 31, 2013

1. Number of shares held by the holding company viz. Inimitable Capital Finance Pvt Ltd (formerly, Essar Capital Finance Pvt. Ltd) : 176,610 (P.Y. 176,610)

2. There are no changes in the number of shares outstanding as at September 30, 2012 and December 31, 2012.

3. There are no shareholders (other than holding company) which hold more than 5% shares.

4 - Share Application Money Pending Allotment

As per the revised agreed terms, the company will issue preference shares of such face value at such a price which may be mutually agreed between the company and the applicant against the said application money on or before December 31, 2013. The company has yet to increase its authorised capital comprising preference shares of such face value to cover issue of preference shares to be issued.

Deferred Tax Asset : The Deferred tax asset of Rs. 63,716 (P.Y. Rs. 37524) represents

5 timing difference on account of depreciation.

6 Long term loans and advances (Unsecured, considered good)

7 Related Party Disclosures:

a) Related parties where control exists:

i. Holding Company: Inimitable Capital Finance Pvt. Ltd (Formerly, Essar Capital Finance Pvt.

Ltd)

ii. Subsidiary Company: AMW Finance Limited

iii. Individual indirectly owning an interest in the voting power that gives control: Mr. A S Ruia

b) Other related parties, where there have been transactions:

Enterprises controlled or significantly influenced by individual or relatives: Essar Investments Ltd, Imperial Consultants and Securities Private Ltd, India Securities Ltd

c) Transactions with related parties are summarised as under:

Notes:

a. The names of the related parties are disclosed under each nature of transaction where the transaction with single party is 10% or more of relevant nature of transactions.

b. The figures in bracket pertains to previous year

8 The company has single business segment of Financing Activities and geographical location in India.

9 The company does not have any dues to micro, small and medium enterprises.

10 The company does not have any commitment or contingent liability.

11 During the year the company has made Contingent Provision at 0.25% against its standard assets related to financing activities in accordance with the requirement of Notification No. DNBS.222/ CGM (US)-2011 dated 17.01.2011 issued by the Reserve Bank of India (RBI) . The amount of provision on standard assets is shown separately as "Contingent Provision against Standard Assets” under "Provisions” in the Balance Sheet.

12 Information as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007: a. Disclosures regarding loans and advances availed by the Company and break up of investments are given in the related notes forming part of accounts.

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Mar 31, 2012

1. Share Capital

Notes:

1. Number of shares held by the holding company viz. Esaar Capital Finance Pvt. Ltd.: 176,610 (p.y. 176,610)

2. There are no changes in the number of shares outstanding as at March 31, 2011 and March 31, 2012,

3. There are no shareholders (other than holding company) holding more than 5% shares.

2. Share Application Money Pending Allotment

During the previous year the company had received Rs. 200,366,845 advance against Issue of preference shares of which the company has refunded Rs. 4,0386,945 during the year and Rs. 10,000,000 has been refunded subsequently after balance sheet date. As per the agreed terms the company will Issue preference shares of such face value at such a price which may be mutually agreed between the company and the applicant against the said application money on or before March 31, 2013, The company has yet to Increase its authorised capital comprising preference shares of such face value to cover issue of preference shares to be issued.

3. Deferred Tax (Liability)/Asset (net)

The deferred tax assets of Rs. 37,524 (P.Y. liability Rs. 5,743) represents timing difference on account of depredation.

4. Related Party Disclosures

a) Related parties where control exists:

i. Holding Company:

Essar Capital Finance Pvt. Ltd

ii. Subsidiary Company AMW Finance Limited

iii. Individual owning indirectly an interest in the voting power that gives control:

Mr. A S Ruia

b) Other related parties, where there have been transactions: Enterprises controlled or significantly influenced by individual or relatives:

Essar Investments Ltd, Imperial Consultants & Securities Private Ltd, India Securities Ltd, Futura Travels Ltd.

5. The company has single business segments of Hire Purchase Finance Activities and Geographical location in India.

6. The company does not have any dues to micro, small and medium enterprises.

7. The company does not have any commitment or contingent liability.

8. Provision for non-performing assets in previous year Is against trade receivables.

9. Information as required in terms of paragraph 13 of Nan Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007:

a. Disclosures regarding loans and advances availed by the Company and break up Investments are given in the related schedules forming part of accounts.

10. Previous year figures have been rearranged/regrouped wherever necessary.

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Mar 31, 2010

1. Contingent Liability not provided for

As on As on 31.3.10 31.3.09

Estimated amount of contracts remaining to be executed on capital account and not provided for Nil Nil

2. PROVISION FOR INCOME TAX

Income tax comprises Current Tax, Fringe Benefit Tax and Deferred Tax. Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized consequences of tanning differences of taxable income or books and income tax, subject to the consideration of assets and liabilities are measured using the tax rate enacted or suberantia

3. Related Party Transaction (AS-18)

There was no related party transaction during the year. (Previous Year- Directors Remuneration Rs. nil)

4. There are no amounts due to any enterprise which is small scale and ancillary undertaking, for more than 30 days.

5. Previous year figures are regrouped or rearranged wherever necessary.

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Mar 31, 2009

1. Contingent Liability not provided for

As on As on 31.3.09 31.3.08

Estimated amount of contracts remaining to be executed on capital account and not provided for Nil Nil

2. Other information pursuant to paragraph 3. 4C, 4D of Part II of Schedule VI of the Companies Act, 1956 are not applicable.

3. PROVISION FOR INCOME TAX

Income tax comprises Current Tax, Fringe Benefit Tax and Deferred Tax Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized for future Tax consequences- of tanning differences of taxable income or expenses as per books and income tax subject to of prudence, deferred to assets and liabilities are measured using the tax enacted or substantially

4. Related Party Transaction (AS-18)

There was no related party transaction during the year. (Previous Year- Directors Remuneration Rs. 27.000/-)

5. There are no amounts due to any enterprise which is small scale and ancillary undertaking, for more than 30 days.

6. Previous year figures are regrouped or rearranged wherever necessary.