THE MEMBERS OF FRONTLINE SECURITIES LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of "FRONTLINESECURITIES LIMITED" ("the company") which comprises the Balance Sheetas at 31 March 2019 the Statement of Profit and Loss the cash flow statement forthe period then ended and a summary of significant accounting policies and otherexplanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of the affairs of the Company as at 31 st March 2019 and its profits and its cashflows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICA1) together with the independencerequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone financial statements.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation& presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision the Act for safeguarding ofthe assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that arc reasonable and prudent; and design implementation andmaintenance of internal financial control that are operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.
In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order 2016 issued by the CentralGovernment of India in terms of Section 143(11) of the Companies Act 2013 we enclose inthe "Annexure A" statement on the matters specified in paragraphs 3 and 4 of thesaid order.
2. As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books;
c) The company does not have any other branch where separate accounting record ismaintained.
d) The Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account and returns;
c) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 13 3 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
f) On the basis of written representations received from the directors as on 31 March2019 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2019 from being appointed as a director in terms of Section 164(2) of theAct
g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B";and.
h) With respect to the other matters to be included in the auditor's Report inaccordance 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 explanationsgiven to us the provisions of section 197 of the Act is not applicable to the company;and
With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
a) The company docs not have any pending litigation which would impact its financialpositions.
b) The company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.
c) During the year under review the company has transferred the required amount toInvestor protection Fund.
| ||For M/s Walecha Inder & Associates |
| ||Chartered Accountants |
| ||Registration No. 014205N |
| ||(Walecha Inder Jeet) |
|Place: Nolda ||Partner |
|Date: 24.05.2019 ||Membership No. 093694 |