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Frontline Corporation Ltd.

BSE: 532042 Sector: Others
NSE: N.A. ISIN Code: INE092D01013
BSE 00:00 | 01 Dec 17.10 -0.85
(-4.74%)
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NSE 05:30 | 01 Jan Frontline Corporation Ltd
OPEN 18.00
PREVIOUS CLOSE 17.95
VOLUME 41
52-Week high 21.10
52-Week low 6.87
P/E 5.53
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.00
CLOSE 17.95
VOLUME 41
52-Week high 21.10
52-Week low 6.87
P/E 5.53
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Frontline Corporation Ltd. (FRONTLINECORP) - Director Report

Company director report

To

The Members

Frontline Corporation Limited

Your Directors have pleasure in presenting their 32nd Annual report along with AuditedAccounts for the year ended on March 31 2021.

Financial Performance and Appropriations :

(Rs. in Lacs) (Rs. in Lacs)
Current Year ended on 31-03-2021 Current Year ended on 31-03-2020
Revenue from Operations 5860.43 4846.65
Other Income 314.85 317.84
Total Income 6175.28 5164.50
Finance Charges 42.20 61.86
Depreciation 201.20 194.25
Profit /(Loss) before Taxation &Exceptional and Extra Ordinary Items 130.45 (116.70)
Exceptional Items 0 0
Profit / (Loss) before Tax 130.45 (116.70)
Provision for Taxes – Current 27.0 0
Provision for Taxes – Deferred (11.21) (18.10)
Income Tax – Earlier Period 0 0
Profit /(Loss) for the year from continuing operations 114.67 (98.61)
Other comprehensive Income (Net of Tax) 2.7 (7.68)
Total Comprehensive Income 117.37 (106.29)
Appropriations
Opening Balance of Retained Earnings 99.65 205.95
Profit/ (Loss) for the year 114.67 (98.61)
Other Comprehensive Income for the year 2.7 (7.68)
Balance Carried to Balance-Sheet 217.02 99.65

Notes:

Previous years' figures have been regrouped wherever necessary to bring them in linewith the current year's representation of figures.

RESERVES AND SURPLUS :

The Opening Balance of Retained Earnings is Rs 99.65 Lacs. The Company has transferredthe whole of the Profit of Rs. 114.67 Lacs to Retained Earnings. Further OtherComprehensive Income of Rs. (7.68) Lacs has been transferred to the Retained Earnings. TheClosing Balance of the Retained Earnings stands at Rs. 217.02 lacs.

DIVIDEND :

In order to conserve resources your Directors do not recommend any dividend for theyear.

Disclosure under Rule 8 (5) of Companies (Accounts) Rules 2014:

STATE OF AFFAIRS

Total Income has increased from Rs. 5164.50 Lacs to Rs. 6175.28 Lacs which isapproximately increase of 19.58%. The financial charges have declined from Rs. 61.86 Lacsto Rs. 42.20 Lacs which is approximately an decline of 46.58%.

CHANGE IN NATURE OF COMPANY BUSINESS:

The Company is engaged in the business of transportation wind energy trading ofautomotive parts Petroleum distribution and renting of immovable properties. PetroleumDistribution business commenced in last financial Year 2020-2021 but earning from thatbusiness stated in this Financial year 2021-2022. Other than this there is no change innature of Company Business.

DETAILS OF DIRECTORS / KEY MANAGERIAL PERSONNEL APPOINTED / RESIGNED:

APPOINTMENTS:

No appointment of Key Managerial Personnel was made during the year.

The Board of Directors of the Company at its meeting held on August 25 2020 appointedMrs. Dipika Pradeep Soni as an Additional Director of the Company in the capacity ofIndependent Director for a term of 5 years with effect from August 25 2020 subject tothe approval of the Members of the Company. In the annual general meeting of the Companyheld on 30th September 2020 the appointment was approved as an IndependentDirector.

REAPPOINTMENTS:

Mr. Saurabh Junjhunwala Director of the Company (holding Director Identification Number00060432) liable to retire by rotation in terms of section 152(6) of the companies Act2013 and being eligible offers himself for Re-appointment.

Mr. Narayan Prasad Agarwal Director of the Company (holding Director IdentificationNumber 00060384) liable to retire by rotation in terms of section 152(6) of the companiesAct 2013 and being eligible offers himself for Re-appointment

None of the independent Directors are being reappointed at this annual general meetingpursuant to Section 149 (10) of the Companies Act 2013.

RESIGNATION AND CESSATION:

No resignation or Cessation of Director / Key Managerial Personnel was there during thefinancial year.

However subsequent to the financial year there was change in Chief Financial Officer.Mr. Roshanlal Saklani ceased to be Chief Financial Officer with effect from 1stMay 2021. Mrs. Komal Mihir Shah was appointed as Chief Financial Officer with effect from10th June 2021.

Other than above no Directors / Key Managerial Personnel were appointed or haveresigned during the year under the review.

DETAILS OF HOLDING / SUBSIDIARY COMPANIES / JOINT VENTURES / ASSOCIATE COMPANIES:

During the year under review there was no holding / Subsidiary Company / JointVentures / Associate Companies were there.

DEPOSIT:

The Company has not invited any deposit other than the exempted deposit as prescribedunder the provision of the Companies Act 2013 and the rules framed there under asamended from time to time. Hence there are no particulars to report about the depositfalling under Rule 8 (5) (v)and (vi) of Companies (Accounts) Rules 2014.

DEPOSIT ACCEPTED FROM DIRECTORS

Pursuant to Provisions of Rule 2 (1) (c) (viii) of the Companies (Acceptance ofDeposit) Rules 2014 an amount of Rs. 127.94 Lacs is outstanding as on 31stMarch 2021 from the Directors of the Company

INTER CORPORATE DEPOSIT

No amount of Inter Corporate Deposit at the end of the financial year.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS:

During the year under review there were no significant and material orders passed byany Regulators or Court or Tribunals which may have impact on the going concern status. Noorder has been passed by any Regulators or Court or Tribunals which may have impact on theCompany‘s operation in future.

INTERNAL FINANCIAL CONTROLS:

The Company has adequate internal financial controls to support the preparation of thefinancial statements.

INSURANCE:

The properties of the Company stand adequately insured against risks of fire strikeriot earthquake explosion and malicious damage.

DIRECTOR'S RESPONSIBILITY STATEMENT:

As required under the provisions of Section 134 of the Act your Directors report that:

(a) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures.

(b) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe PROFIT of the Company for that period.

(c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.

(d) The Directors have prepared the annual accounts on a going concern basis.

(e) The Directors have laid down internal financial controls as required by Explanationto Section 134(5)

(e) of the Act to be followed by the Company and such internal financial controls areadequate and are operating effectively.

(f) The Directors have devised proper systems to ensure compliance with the provisionsof applicable laws and such systems are adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

There was no employee drawing remuneration requiring disclosure under the Rule 5 (2) ofCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

COST AUDIT:

The Company is not required to conduct Cost audit during the year. The Company is notrequired to file Cost audit report during the year under review.

LISTING:

The Equity Shares of the Company are listed on BSE Limited and Calcutta Stock Exchange.The Company is regular in payment of listing fees. The Company has paid the listing feesfor the year 2021 – 2022.

AUDITORS AND AUDITORS REPORT:

M/s. S M PANSURIYA & CO. Chartered Accountants Ahmedabad were appointed asStatutory auditor at the conclusion of the annual general meeting for the year 2019 for aperiod of five years. The Company has received a letter from S M PANSURIYA & CO.(firm Registration No. 126729W) Chartered Accountants Ahmedabad granting consent to actas Statutory auditor of the Company and also confirming their eligibility to act Statutoryauditor of the Company.

Pursuant to the notification of Ministry of Corporate Affairs ratification is notrequired. The auditors observations and its reply are as under :

II Audit Qualification (each audit qualification separately)
1 a. Details of Audit Qualifications 1. Non Provision of Interest of Rs. 442.26 Lakh on Cash Credit and Packing credit facilities availed from Punjab & Sindh Bank for the current year as account declared as NPA (Non-Performing Assets).
2. Non provision of interest on loan & advances to M/ s. Gateway Commodities (P) Ltd for the current year aggregating to Rs. 9.12 Lakh.
3. Physical possession of Land & Building details of which are given in detailed note of Investment Property assets taken by Punjab & Sind Bank.
4. Demand Notice issued by UCO Bank and J & K Bank by virtue of which some of the fixed assets details of which are given in detailed note of Property Plant & Equipment have been symbolically possessed by the bank. Qualified opinion
b. Type of Audit Qualifications:
Qualified Opinion/Disclaimer of Opinion/ Adverse Opinion
c. Frequency of Qualification: Whether appeared first time/ repetitive/ since how long continuing Since financial year 2013-14
d. For Audit Qualification(s) whether the impact is quantified by auditor Reply to para 1
The interest provision on NPA bank accounts has not been accounted due to legal dispute between company and lender as Double
Bench of Hon'ble Calcutta High Court issued order in favour of the company. The Bank filed a Special Leave Petition against the said order of the Double
Bench of Hon'ble Calcutta High Court in Hon'ble Supreme Court. The matter is being heard there at.
Management's Views;
Reply to para 2
The Company has recovered substantial amount from the party during the year and negotiation for recovery of interest on loans and advances is under process and company is hopeful for realization of outstanding principal and interest.
Reply to para 3
The qualified opinion raised by the Statutory Auditors of the Company in their Independent Auditors' Report it is stated that the attachment of properties by the Bank is a legal process and the Company is taking all legal steps to protect the property.
Further the Company is taking all steps to make the settlement of the matter and the Company is actively undertaking the settlement matter with the Banks.
Further the Company is also making all its efforts to repay the debt and to release the property.
Reply to para 4
It is stated that the Company at the time when M/s. Fairdeal Supplies Limited a Group concern of the Company obtained the loan from the Banks the financial conditions and other prospects of M/s. Fairdeal Supplies Limited were excellent.
The Board of Directors of the Company did not forecast that loan availed by M/s. Fairdeal Supplies Limited will be defaulted.
The Bankers of M/s. Fairdeal Supplies Limited have stipulated condition to give the collateral and guarantee for the facilities to be availed by the Fairdeal Supplies Limited
.Fairdeal Supplies Ltd has made a One Time Settlement with UCO Bank and commenced repayment thereof however due to impact of COVID- 19 on business the repayment has been delayed and company requested to the bank for further extension of the repayment duration for balance settled amount. Fairdeal Supplies Ltd has made OTS with J&K Bank for repayment of OTS amount and has commenced repayment thereof.
e. For Audit Qualification(s) where the impact is not quantified by the auditor:
(i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact reason for the same: The Management is unable to estimate the impact of audit qualification.
The Company is not in a position to estimate on the impact of qualifications of auditors in cases where the matter is sub-Judice.
(iii) Auditors' Comments on (i) or (ii) above: To wait for judgment of various courts DRT and Supreme Court.

Your attention is drawn to the following matters in the notes to the financialstatements as fully described therein:

1. Regarding notices issued by lenders under prescribed provisions of theSecuritization and Reconstruction of Financial Assets and Enforcement of Security Interest(SARFAESI) Act 2002 for non-payment of principal and interest thereon after the due dateby the company and therefore those loan accounts became Non Performing Assets effectivefrom respective dates mentioned in such notice. We are informed that the company haschallenged the notices and the Bank's action to sale these properties of the company byfiling a Securitization Application in the Debts Recovery Tribunal Kolkata which ispending. The lender has also filed an Original Application in the Debts Recovery TribunalKolkata which is pending. The company has also filed a Civil Suit in Kolkata High Courtagainst lender in regard to Specific Performance of Agreement related to one of theproperty which lender intended to sale. Matter stayed by High Court and the lenderpreferred to file appeal at the Supreme Court against the order of Calcutta High Court.This matter is sub-judice. These factors along-with other matters asset forthin saidnotice raise substantial doubt about the company's ability to continue as a going concernin the foreseeable future. However the company's financial statements have been preparedon going concern basis as disclosed by management in notes.

Reply : Since the matter is sub judice the same is self-explanatory.

2. Non Availability of balance confirmation from some of the suppliers and loans &Advances. Our opinion is not modified with respect to the above matters as listed underEmphasis of Matter.

Reply : Since majority of the balance confirmation are obtained and only a smallportion for small amounts are to be obtained which are not material in nature of theBoard.

3. We draw attention to note 2.2 to the standalone Ind AS financial statements whichdescribes the uncertainty caused by Novel Corona virus (COVID-19) pandemic with respectthe carrying amount of receivables unbilled revenues and tangible assets. Our opinion isnot modified in respect of this matter.

Reply : Impact of Novel Corona virus is beyond the control of the Company. It isdue to the external factor over which the company has no control.

FRAUD REPORTING:

No fraud has been reported by the auditor pursuant to the Section 143 (12) of theCompanies Act 2013.

CONSERVATION OF ENERGY TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details in respect of the conservation of energy technology absorption and foreignexchange earnings and outgo are more detailed in the Annexure I to the Directors Report.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the year under report wereon an arm's length basis and in the ordinary course of business. There are no materiallysignificant related party transactions made by the Company during the year. Related PartyTransactions Policy is available on the website of the Company at www. frontlinecorporation. org. The details of transactions with the related party is provided in . Noadvance is / was paid for entering into related party transactions.

The prices paid to the related party transactions are based on the ruling market rateat the relevant point of time. The requisite details in form AOC – 2 is attachedherewith as Annexure - II which forms part of the Directors Report.

Extract of the Annual Return

Pursuant to provision of Section 92 and 134 and other applicable provision of theCompanies Act 2013 and of Rule 12 (1) of Companies (Management and Administration) Rules2014 the extract of the annual return in form MGT 9 for the Financial Year ended on 31stMarch 2021 is provided on the website of the Company i.e. www.frontlinecorporation.org

SECRETARIALAUDIT REPORT:

Pursuant to Section 204 of the Act the Secretarial Audit Report for the Financial Yearended 31st March 2021 given by M/s. Jalan Alkesh & Associates Practising CompanySecretary is annexed as Annexure III to this Report.

The Qualifications made by the Secretarial Auditor and its reply is as under:

A) Further with respect to the advances to M/s. Gateway Commodities Pvt. Ltd. werequest the members to refer the Balance Sheet and the Statutory Auditors Report remarks.The advances to M/s. Gateway Commodities Private Limited were given under the erstwhileCompanies Act 1956. The Company has not charged interest for the loans provided.

Board Reply: The Company has recovered substantial amount from the party during theyear and negotiation for recovery of interest on loans and advances is under process andcompany is hopeful for realization of outstanding principal and interest.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The requisite details as required by Section 134(3) (e) Section 178(3) & (4) andSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is attachedherewith and forms part of the Directors Report. The details of the remuneration policy ofthe Company as required in terms of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is provided in Annexure IV to the Report.

The details in respect Disclosure under Section 197(12) and Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 are provided inAnnexure V of the Report.

CORPORATE GOVERNANCE:

Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015Management Discussion & Analysis Corporate Governance Report and Auditor'sCertificate regarding compliance to conditions of corporate governance are made part ofthis Annual Report. The Management Discussion and Analysis which is attached herewith andforms part of the report and which is attached as Annexure VI and the Corporate GovernanceReport which is attached herewith and forms part of the report and which is attached asAnnexure VII.

PARTICULARS OF LOANS / GUARANTEES / INVESTMENT:

The details of the investments and loans provided are mentioned in note no.10 12 and16 of the Balance Sheet. Members are requested to refer the same. Further with respect toloans / investment to and from the related parties are more detailed in note no. 35.5 ofthe Balance Sheet.

The Company has provided its Security and also provided its Corporate Guarantee for theloan availed by M/s. Fairdeal Supplies Limited for Rs. 318 Crores. The Security /Corporate Guarantee was provided under the erstwhile Companies Act 1956 which iscontinuing till date.

CODE FOR PREVENTION OF INSIDER TRADING PRACTICES

Pursuant to Securities and Exchange Board of India (SEBI) has introduced SEBI(Prohibition of Insider Trading) Regulations 2015 a new Code of Conduct was adopted bythe Company with effect from 1st April 2020. The Company has also adopted apolicy and procedure for enquiry in case of leak of sensitive and unpublished priceinformation. The Company has instituted a comprehensive code of conduct in compliance withthe SEBI regulations on prevention of insider trading. The code lays down guidelineswhich advise on procedures to be followed and disclosures to be made while dealing inshares of the Company and cautions on the consequences of non-compliances. The Code isalso available on the website of the Company i.e. www.frontlinecorporation.org

RISK MANAGEMENT POLICY

The Company has a structured risk management policy. The Risk management process isdesigned to safeguard the organisation from various risks through adequate and timelyactions. It is designed to anticipate evaluate and mitigate risks in order to minimizeits impact on the business. The potential risks are inventoried and integrated with themanagement process such that they receive the necessary consideration during decisionmaking. It is dealt with in greater details in the management discussion and analysissection. The Risk Management Policy is also available on the Company‘s website atwww.frontlinecorporation.org

DECLARATION BY INDEPENDENT DIRECTORS:

The following Directors are independent in terms of Section 149(6) of the Act and SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 :

(A) Mr. Virendra Sharma (B) Mr. Rajesh Vasantlal Tripathi (C) Mrs. Aarefa KutubKapasi (D) Mrs. Deepika Pradeep Soni

The Company has received requisite declarations/ confirmations from all the aboveDirectors confirming their independence.

NUMBER OF BOARD MEETINGS

During the year the Board of Directors met 7 times (including adjourned meetings). Thedates of the Board meetings are as under :

Date of Board Meeting No. of Directors entitled to attend the meeting No. of Directors attending the meeting Name of the Director attending the meeting
1 06.06.2020 7 3 1. Mr. Virendra Sharma
2. Mr. Rajesh Vasantlal Tripathi
3. Mrs. Aarefa Kutub Kapasi
2 30.07.2020 7 6 1. Mr. Ram Prasad Agrawal
2. Mr. Pawankumar Agrawal
3. Mr. Saurabh Jhunjhunwala
4. Mr. Virendra Sharma
5. Mr. Rajesh Vasantlal Tripathi
6. Mrs. Aarefa Kutub Kapasi
3 25.08.2020 7 4 1. Mr. Pawankumar Agrawal
2. Mr. Virendra Sharma
3. Mr. Rajesh Vasantlal Tripathi
4. Mrs. Aarefa Kutub Kapasi
4 14.09.2020 8 6 1. Mr. Ram Prasad Agrawal
2. Mr. Pawankumar Agrawal
3. Mr. Saurabh Jhunjhunwala
4. Mr. Virendra Sharma
5. Mr. Rajesh Vasantlal Tripathi
6. Mrs. Aarefa Kutub Kapasi
5 27.10.2020 8 3 1. Mr. Pawankumar Agrawal
2. Mrs. Dipika Pradeep Soni
3. Mr. Rajesh Vasantlal Tripathi
6 05.11.2020 8 3 1. Mr. Pawankumar Agrawal
2. Mrs. Dipika Pradeep Soni
3. Mr. Rajesh Vasantlal Tripathi
7 13.02.2021 8 8 1. Mr. Ram Prasad Agrawal
2. Mr. Pawankumar Agrawal
3. Mr. Saurabh Jhunjhunwala
4. Mr. Virendra Sharma
5. Mr. Rajesh Vasantlal Tripathi
6. Mrs. Aarefa Kutub Kapasi
7. Mr. Narayan Prasad Agarwal
8. Mrs. Dipika Pradeep Soni
8 23.03.2021 8 4 1. Mr. Ram Prasad Agrawal
2. Mr. Saurabh Jhunjhunwala
3. Mr. Virendra Sharma
4. Mr. Narayan Prasad Agarwal

For Committee Meetings please refer the Corporate Governance Report.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not covered under the criteria of the provision of Section 135 of theCompanies Act 2013 read with the Companies (Corporate Social Responsibility Policy)Rules 2014 and therefore it is not mandatory for the Company to have the CorporateSocial Responsibility.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has in place an Anti-harassment policy in line with the requirements of theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.Internal Complaint Committee are set up at shop floor level to redress complaints receivedregularly and are monitored by women line supervisors who directly report to the Chairman.All employees (permanent contractual temporary trainees) are covered under the policy.There was no compliant received from any employee during the financial year 2020-21 andhence no complaint is outstanding as on 31.03.2021 for redressal.

The Company has constituted an internal complaint committee pursuant to SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

SECRETARIAL STANDARDS:

The Company has complied with the mandatory Secretarial Standards issued pursuant toSection 110 of the Companies Act 2013.

ANNUAL PERFORMANCE EVALUATION:

In compliance with the provisions of the Act and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the performance evaluation was carried out asunder:

BOARD:

In accordance with the criteria suggested by The Nomination and Remuneration Committeethe Board of Directors evaluated the performance of the Board having regard to variouscriteria such as Board composition Board processes Board dynamics etc. The IndependentDirectors at their separate meetings also evaluated the performance of the Board as awhole based on various criteria. The Board and the Independent Directors were of theunanimous view that performance of the Board of Directors as a whole was satisfactory.

COMMITTEES OF THE BOARD:

The performance of the Audit Committee the Nomination and Remuneration Committee andthe Stakeholders Relationship Committee was evaluated by the Board having regard tovarious criteria such as committee composition committee processes committee dynamicsetc. The Board was of the unanimous view that all the committees were performing theirfunctions satisfactorily and according to the mandate prescribed by the Board under theregulatory requirements including the provisions of the Act the Rules framed thereunderand SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

INDIVIDUAL DIRECTORS:

(a) Independent Directors:

In accordance with the criteria suggested by The Nomination and Remuneration Committeethe performance of each independent director was evaluated by the entire Board ofDirectors (excluding the director being evaluated) on various parameters like engagementleadership analysis decision making communication governance and interest ofstakeholders. The Board was of the unanimous view that each independent director was areputed professional and brought his/her rich experience to the deliberations of theBoard. The Board also appreciated the contribution made by all the independent directorsin guiding the management in achieving higher growth and concluded that continuance ofeach independent director on the Board will be in the interest of the Company.

(b) Non-Independent Directors:

The performance of each of the non-independent directors (including the chair person)was evaluated by the Independent Directors at their separate meeting. Further theirperformance was also evaluated by the Board of Directors. The various criteria consideredfor the purpose of evaluation included leadership engagement transparency analysisdecision making functional knowledge governance and interest of stakeholders. TheIndependent Directors and the Board were of the unanimous view that each of thenon-independent directors was providing good business and people leadership

MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments if any affecting the financial positionof the Company subsequent to the date of the Balance sheet and up to the date of thereport.

POLICIES:

The various Policies required to be adopted by the Company pursuant to provision of theCompanies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) 2015 areplaced upon the website of the Company i.e. www. frontlinecorporation.org

DIRECTORS ELIGIBILITY:

A Certificate obtained from Practising Company Secretary that none of the Directors ofthe Company are disqualified is attached herewith as Annexure VII of the Report.

OTHERS:

a) No issue of Equity Shares or Securities with Differential Voting Rights.

b) No issue of Equity Shares or Securities with Employees Stock Option Scheme.

c) No Voluntary revision of financial statements or Board Report was made during theyear.

d) No amount or Shares were required to be transferred to Investor Education andProtection Fund.

APPRECIATION:

Your Directors acknowledge the continued support and cooperation received from theCentral Government Shareholders Banks and other Lenders suppliers and Dealers.

The Board also wishes to record its sincere appreciation of the total commitmentdedication and hard work put in by every member of Frontline Group.

By order of the Board of Directors of

Frontline Corporation Limited

Sd/- Sd/-
Place: Ahmedabad Ram Prasad Agarwal Pawan Kumar Agarwal
Date: 24th August 2021 Director Managing Director
DIN : 00060359 DIN : 00060418

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