Your directors have pleasure in presenting the Board's Report of your Company
together with the Audited Statement of Accounts and the Auditors' Report of your
company for the financial year ended, March 31,2024.

FINANCIAL HIGHLIGHTS

(Amount in Lakhs)

FINANCIAL PERFORMANCE AND STATE OF AFFAIRS

During the year under review, the Company has made a loss of 5.39 Lakhs as
compared to a profit of 5.03 Lakhs in financial year 2022-23.

DIVIDEND

Keeping in view the future prospects and plans of the Company, the Board
has decided to conserve the fund of the Company and thereby do not
recommend any divided for current financial year.

TRANSFER TO RESERVES

No amount has been transferred to General Reserve during the year under
review.

SHARE CAPITAL

There were no changes to the authorized share capital during the year. The
issued capital as of March 31, 2024 was Rs. 5,90,11,000.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the
Company occurred between the ends of the financial year to which this
financial statement relate on the date of this report.

INFORMATION ON SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE
COMPANY

Company does not have any Subsidiary, Joint venture or Associate
Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND
PROTECTION FUND

The provisions of Section125 (2) of the Companies Act, 2013 do not apply as
there was no dividend declared and paid last year.

FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

The Company follows a well-structured induction programme for
orientation and training of Directors at the time of their joining to provide
them with an opportunity to familiarise themselves with the Company, its
management, its operations and the industry in which the Company
operates. At the time of appointing a director, a formal letter of appointment
is given to him/her, which inter-alia explains the role, function, duties and
responsibilities expected of him/her as a Director of the Company. The
Director is also explained in detail the Compliance required from him/her
under the Companies Act, 2013, the Listing Regulations and other relevant
regulations and affirmation taken with respect to the same.

MEETINGS OF THE BOARD OF DIRECTORS

During the year under review 6 board meetings were held. The intervening
gap between meetings was within the period as prescribed under the
Companies Act, 2013 ('Act') and the Listing Regulations.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the

Company confirms that-

(a) In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;

(b) The directors had 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 affairs of the
company at the end of the financial year and of the profit and loss of the
company for that period;

(c) The directors had 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;

(d) The directors had prepared the annual accounts on a going concern basis; and

(e) The directors, in the case of a listed company, had laid down internal
financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively.

(f) The directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating effectively.

EXTRACT OF ANNUAL RETURN

The copy of Annual Return is available on the website of the company as per

section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies

(Management and Administration) Rules, 2014, and the link of the website is

https://frontlinefsl.com/

AUDITORS AND REPORT THEREON

M/s. J S Shah & Co., Chartered Accountants, are the statutory auditor of the
company for the year under review. There are no qualifications or adverse
remarks in the Auditors' Report which require any clarification/ explanation.
The Notes on financial statements are self-explanatory, and needs no further
explanation. Further the Auditors' Report for the financial year ended,
March 31, 2024 is annexed herewith for your kind perusal and information.

LOANS, GUARANTEES AND INVESTMENTS

There were loans and investments made by the Company, however there
was no guarantee was given under Section 186 of the Companies Act, 2013
during the year under review.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year
were on an arm's length basis and were in the ordinary course of business.
There are no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other
designated persons which may have a potential conflict with the interest of
the same.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE OUTGO:

(A) Conservation of energy and Technology absorption

The particulars as required under the provisions of Section 134(3) (m) of the
Companies Act, 2013 in respect of conservation of energy and technology
absorption have not been furnished considering the nature of activities
undertaken by the company during the year under review.

(B) Foreign exchange earnings and Outgo

There were no foreign exchange earnings and outgo during the year under
review.

RISK MANAGEMENT

The Company does not have any Risk Management Policy as the element of
risk threatening the Company's existence is very minimal.

DIRECTORS and KMP

Following is the composition of Board of Directors of the Company as on
March 31, 2024:

DEPOSITS

The company has not accepted any deposits during the year.

CORPORATE SOCIAL RESPONSIBILITY

The company does not meet the criteria of Section 135 of Companies Act,

2013 read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014 so there is no requirement to constitute Corporate Social
Responsibility Committee.

RATIO OF REMUNERATION TO EACH DIRECTOR

The information required pursuant to Section 197 read with Rule 5 of The
Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in respect
of employees of the Company and Directors is furnished in the auditor
report of the company as attached herewith.

PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND
INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Companies Act, 2013, the Board has carried
out an annual performance evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Audit,
Nomination & Remuneration and Compliance Committees.

A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the Board's
functioning such as adequacy of the composition of the Board and its
Committees, Board culture, execution and performance of specific duties,
obligations and governance.

INDEPENDENT DIRECTORS AND DECLARATION

The Board of Directors of the Company hereby confirms that all the
Independent Directors duly appointed by the Company have given the
declaration and they meet the criteria of independence as provided under
section 149(6) of the Companies Act, 2013.

NOMINATION AND REMUNERATION COMMITTEE

As per the section 178(1) of the Companies Act, 2013 the Company's

Nomination and Remuneration Committee comprises of three Directors. The
table sets out the composition of the Committee:

Terms of Reference

The Terms of Reference of the Nomination and Remuneration Committee are
as under:

1. To identify persons who are qualified to become Directors and who
may be appointed in senior management in accordance with the
criteria laid down, recommend to the Board their appointment and
removal and shall carry out evaluation of every Director's
performance.

2. To formulate the criteria for determining qualifications, positive
attributes and independence of a director and recommend to the Board
a policy, relating to the remuneration for the Directors, Key
Managerial Personnel and other employees.

3. The Nomination and Remuneration Committee shall, while
formulating the policy ensure that:

S the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality
required to run the Company successfully;

S relationship of remuneration to performance is clear and meets

appropriate performance benchmarks; and
S remuneration to Directors, Key Managerial Personnel and senior
management involves a balance between fixed and incentive pay
reflecting short and long-term performance objectives appropriate
to the working of the company and its goals.

4. Regularly review the Human Resource function of the Company.

5. Discharge such other function(s) or exercise such power(s) as may be
delegated to the Committee by the Board from time to time.

6. Make reports to the Board as appropriate.

7. Review and reassess the adequacy of this charter periodically and
recommend any proposed changes to the Board for approval from
time to time.

8. Any other work and policy, related and incidental to the objectives of
the committee as per provisions of the Act and rules made there under.

REMUNERATION POLICY
Remuneration to Executive Directors:

The remuneration paid to Executive Directors is recommended by the
Nomination and Remuneration Committee and approved by Board in Board
meeting, subject to the subsequent approval of the shareholders at the
General Meeting and such other authorities, as may be required. The
remuneration is decided after considering various factors such as
qualification, experience, performance, responsibilities shouldered, industry
standards as well as financial position of the Company.

Remuneration to Non-Executive Directors:

The Non-Executive Directors are paid remuneration by way of Sitting Fees

and Commission. The Non-Executive Directors are paid sitting fees for each
meeting of the Board and Committee of Directors attended by them.

AUDIT COMMITTEE

According to Section 177 of the Companies Act, 2013 the company's Audit
Committee comprised of three directors. The board has accepted the
recommendations of the Audit Committee. The table sets out the
composition of the Committee:

SECRETARIAL AUDIT REPORT

Clarification to the qualifications or adverse remarks in the Secretarial Audit
Report as mentioned below.

1. The Company is in process to identify eligible candidate for the post of
Internal Auditor & shall appoint one at the earliest.

2. The Company has received the in principal approval for revocation of
suspension of trading and the trading will be started soon.

3. The Company takes due note of the same & shall ensure requisite
compliances be carried out.

4. The Company takes due note of the same & shall ensure requisite
compliances be carried out.

5. The company is under process of appointment of Company Secretary.

COST AUDIT

Cost Audit is not applicable to the Company.

VIGIL MECHANISM

As per Section 177(9) and (10) of the Companies Act, 2013, and as per the
Clause 49 of the Listing Agreement, the company has established Vigil
Mechanism for directors and employees to report genuine concerns and
made provisions for direct access to the chairperson of the Audit Committee.
Company has formulated the present policy for establishing the vigil
mechanism/ Whistle Blower Policy to safeguard the interest of its
stakeholders, Directors and employees, to freely communicate and address
to the Company their genuine concerns in relation to any illegal or unethical
practice being carried out in the Company. The details of the Vigil
Committee are annexed herewith for your kind perusal and information.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSEL) ACT, 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the
requirements of The Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received regarding
sexual harassment. All employees (Permanent, contractual, temporary,
trainees) are covered under this policy.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The company has established adequate internal financial control systems to
ensure reliable financial reporting and compliance with laws and
regulations.

Your directors wish to express their grateful appreciation to the continued
co-operation received from the Banks, Government Authorities, Customers,
Vendors and Shareholders during the year under review. Your directors also
wish to place on record their deep sense of appreciation for the committed
service of the Executives, staff and Workers of the Company.

Registered Office: For and on behalf of Board,

Office No. 803, Eighth Floor Wallstreet II, Frontline Financial Services Limited
Ellisbridge, Ahmedabad- 380006, Gujarat
Mail: compliance@frontlinefsl.com
Website:www.frontlinefsl.com

Sd/- Sd/-

Viki Shah Sandeep Mathur

Director Managing Director

DIN: 07823247 DIN: 08173027

Place: Ahmedabad
Date: 30-08-2024