A. We have audited the accompanying Financial Statements of FRONTLINE
FINANCIAL SERVICES LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2024, the Statement of Profit and Loss the
Statement of Cash Flows for the year ended on that date, and a
summary of the significant accounting policies and other explanatory
information.

B. In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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
Indian Accounting Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31,
2023, the profit and total comprehensive income, changes in equity and
its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the 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 (ICAI) together with
the independence requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Financial Statements.

3. Emphasis of Matter

We draw your attention to Note to accounts regarding the balance of Sundry
Creditors, Debtors, Loans and Advances, Deposits Current Liabilities,
Unsecured Loan etc being not confirmed by the parties and hence we express
our inability to state whether these balances are recoverable/ payable to the

extent stated. Therefore, we are also unable to comment with respect to
provisioning, if any required, on the value of referred assets. if such provision
made then it impacts of company’s profitability and also impact of the
financial statements.

With Reference to Note no 9 regarding investment in Plot and Premises at
Sanand, we have not received any documentation pertaining to the
investment done in the company’s name, and hence we express our inability
to state whether these investments can be liquidated / recoverable to the
extent stated. Therefore, we are also unable to comment with respect to
provisioning, if any required, on the value of said asset, which may in turn
impact the company’s profit for year under consideration.

With Reference to Note no 11 regarding inventory, we have to state that we
have not received any documentation pertaining to the valuation/ quantity of
inventory available at site and also, we are unable to verify inventory at site
and hence we express our inability to state whether the inventory can be
liquidated / recoverable to the extent stated. Further, we are also unable to
comment with respect to provisioning, if any required, on the value of said
stock, which may in turn impact the company’s profit for year under
consideration

With Reference to Note no 13 regarding Bank Balance of Tamilnad Mercantile
Bank Ltd-113150310875469, we have to state that we have not received any
documentation pertaining to the Bank Statement, we are unable to verify the
same and hence we express our inability to state whether the Bank Balance
can be liquidated / recoverable to the extent stated. Further, we are also
unable to comment with respect to provisioning, if any required, on the value
of said Balance, which may in turn impact the company’s profit/loss for year
under consideration

4. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the Financial Statements of the current
period. These matters were addressed in the context of our audit of the
Financial Statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be communicated in
our report.

5. Information Other than the Financial Statements and Auditor's Report Thereon

A. The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not
include the Financial Statements and our auditor's report thereon. Our
opinion on the financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon

B. In connection with our audit of the financial statements, our responsibility
is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the Financial
Statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of
this other information we are required to report that fact. We have
nothing to report in this regard.

6. Management's Responsibility for the Financial Statements

A. The Company's Board of Directors is responsible for the matters stated in
section 134(5) of the Act with respect to the preparation of these
Financial Statements that give a true and fair view of the financial
position, financial performance, total comprehensive income, changes
in equity and cash flows of the Company in accordance with the Ind
AS and other accounting principles generally accepted in India. 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 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.

B. In preparing the Financial Statements, management 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 management either
intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

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

7. Auditor's Responsibilities for the Audit of the Financial Statements

A. Our objectives are to obtain reasonable assurance about whether the
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.

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

i) Identify and assess the risks of material misstatement of the 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.

ii) Obtain an understanding of internal financial controls relevant to the
audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, 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.

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

iv) 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 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.

v) Evaluate the overall presentation, structure and content of the
Financial Statements, including the disclosures, and whether the
Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.

C. Materiality is the magnitude of misstatements in the Financial Statements
that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the 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 Financial Statements.

D. 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.

E. 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.

F. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of
the 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

II. Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

A. 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

B. Except for effects/ possible effect of the matter stated in the basis of
Qualified Opinion (Emphasis of Matter) section 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.

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

D. Subject to the effect of the matter mentioned in the Basis for Qualified
Opinion section, in our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

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

F. With respect to the adequacy of the internal financial controls with
reference to financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure
A". Our report expresses an unmodified opinion on the adequacy and

operating effectiveness of the Company's internal financial controls with
reference to financial statements.

G. 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.

H. 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, as amended in our opinion and to the best of our information
and according to the explanations given to us:

The Company has disclosed the impact of pending litigations on its
financial position in its Financial Statements

The Company has not made provision, as required under the applicable
law or accounting standards, for material foreseeable losses as mention
in Emphasis of Matter, if any, on long-term contracts including derivative
contracts

There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

2. As required by the Companies (Auditor's Report) Order, 2016 ("the

Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

For J S SHAH & CO

Chartered Accountants

Firm Registration Number: 132059W

SD/-

CA JAIMIN S SHAH
Partner

Membership Number:138488

Date: 30.05.2024

UDIN: 24138488BKBHNW5049