We have audited the accompanying standalone financial
statements of Frontier Springs Limited ("the Company"),
which comprise the Balance Sheet as at March 31,
2025, Statement of Profit and Loss (including other
comprehensive income), Statement of Changes in Equity
and the Statement of Cash Flows for the year ended, and
notes to the financial statements, including a summary of
the significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
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, and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, and its profit and other
comprehensive loss, changes in equity and its cash flows for
the year ended on that date.

BASIS FOR OPINION

We have conducted our audit of the standalone 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
Standalone 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 ethical requirements that
are relevant to our audit of the financial statements under
the provisions of the Act and the Rules made there under,
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 obtained by me
referred to in paragraph (a) of the "Others Matters" section
below is sufficient and appropriate to provide a basis for our
audit opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements of the current period.

These matters were addressed in the context of our audit
of the standalone 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.

REVENUE RECOGNITION

Revenue from the sale of goods is recognized upon the
transfer of control of the goods to the customer (mainly
being supply to railways), usually on delivery of goods.
The company uses a variety of shipment terms across its
operating markets and this has an impact on the timing of
revenue recognition. As well as the company recognizes
its revenue as per the various tenders received from
railways which has overall impact on the timing of revenue
recognition. There is a risk due to retention norms of 2% or
5% in all purchase orders by railways that revenue could be
recognized in the period for sales transactions occurring on
and around the year end therefore, revenue recognition has
been identified as a key audit matter.

Refer to Note No. 21and 22 of the Standalone Financial
Statements.

AUDITOR'S RESPONSE
Principal Audit Procedures

Our audit procedures includes reading the Company's
revenue recognition accounting policies to assess
compliance with IND AS 115 "Revenue from contracts with
customers".

We have performed test of controls of management's
process of recognizing the revenue from sales of goods
and placed specific attention on the timing of the revenue
recognition as per the sales terms with the customers.

We have performed test of details of the sales transactions
testing based on a representative sampling of the sales
orders to test that the related revenues and trade receivables
are recorded appropriately taking into consideration the
terms and conditions of the sale orders, including the
shipping terms.

We have also performed sales cut off procedures by agreeing
deliveries occurring around the year end to supporting
documentation to establish that sales and corresponding
trade receivables are properly recorded in the correct period.

Retention by railways out of revenue received.

As per railway norms, terms and conditions there are
demurrage charges which are retained in the form of
2% or 5% of invoice value which is recovered when the
tenure as per terms and conditions of the purchase order
is completed. The total retention amount for the period
ended 31/03/2025 amounts to ' 1,06,89,744/- out of
total trade receivables and out of which ' 29,19,250/-
has been recovered up to 14/05/2024.

AUDITOR'S RESPONSE
Principal Audit Procedures

Our audit procedures includes reading the Company's
revenue recognition accounting policies to assess
compliance with IND AS 115 "Revenue from contracts with
customers".

We have performed test of controls of management's
process of recognizing the revenue from sales of goods
and placed specific attention on the timing of the revenue
recognition as per the sales terms with the customers.

We have performed test of details of the sales transactions
testing based on a representative sampling of the sales
orders to test that the related revenues and trade receivables
are recorded appropriately taking into consideration the
terms and conditions of the sale orders, including the
shipping terms.

We have also performed sales cut off procedures by agreeing
deliveries occurring around the year end to supporting
documentation to establish that sales and corresponding
trade receivables are properly recorded in the correct period.

Taxes including provision for current tax, valuation of
uncertain tax positions and recognition of deferred taxes.

The company has recorded ' 11,41,86,100/-of tax
expense and deferred tax liabilities amounting to
' 32,47,921/- for the year ended 31^st March, 2025.

The company is subject to periodic tax challenges by tax
authorities which may lead to protected litigations; as such
accounting for taxes involves management judgement in
developing estimates of tax exposures and contingencies in
order to assess the adequacy of tax provision.

AUDITOR'S RESPONSE
Principal Audit Procedures

Assessed the design, implementation and operating
effectiveness of key controls in respect of the company's
process of recognition of tax expense, including uncertain
tax provisions and deferred taxes.

Assessed the calculation for the current tax provisions and
the procedures performed to analyse movements, including
the rationale for any release, increase or continued provision
in the year.

Assessed management's judgements with respect
to probability of outflow arising out of litigation after
considering the status of recent tax assessments, audits and
enquiries, recent judicial pronouncements and judgements
in similar matters, developments in the tax environment and
outcome of past litigations.

Gratuity Accounting.

Company has taken policy from Life Insurance Corporation
regarding the gratuity for its Springs, Air-springs and Forging
Div. units at Rania, Kanpur Dehat (U.P.) and other Springs
units at Paonta Sahib (H.P.) in regards to this there is a trust
titled as 'Trustees Frontier Springs Ltd Employees Group'.

AUDITOR'S RESPONSE
Principal Audit Procedures

Our audit procedures includes reading the Company's
revenue recognition accounting policies to assess
compliance with IND AS 37 "Provisions, Contingent
Liabilities and Contingent Assets".

We have performed test of controls of management's
process of recognizing the Provisions, Contingent Liabilities
and Contingent Assets and placed specific attention on the
timing of the provisions.

We have performed test of details of the expense
transactions testing based on a representative sampling
of the Provisions to test that the Provisions, Contingent
Liabilities and Contingent Assets are recorded appropriately.

We have also performed cut off procedures relating to
Provisions, Contingent Liabilities and Contingent Assets
occurring around the year end and the same are properly
recorded in the correct period.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON

The Company's Management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information included
in the Company's Annual Report, 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 standalone financial statements and our auditor's
report thereon. The annual report is to be made available to
us after the date of the auditor's report.

Our opinion on the standalone financial statements does
not cover the other information and I do not express any
form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
identified above, when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained during the course of period under 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.

When we read the other information identified above, if we
conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged
with governance and take necessary actions, as applicable
under the relevant laws and regulations.

MANAGEMENT'S AND BOARD OF
DIRECTORS' RESPONSIBILITY FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in section 134(5) of the

Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the
financial position, financial performance, changes in equity
and cash flows of the Company in accordance with the
AS and other accounting principles generally accepted in
India including the Indian Accounting Standards (IND AS)
specified under section 133 of the Act. 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
judgements 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
standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to
fraud or error.

In preparing the standalone financial statements,
Management and Board of Directors are 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

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

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our objective is to obtain reasonable assurance about
whether the standalone 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 standalone
financial statements.

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

? Identify and assess the risks of material misstatement
of the standalone 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.

? Obtain an understanding of internal controls relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)0) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference to
statements in place and the operating effectiveness of
such controls.

? Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management and
Board of Directors.

? Conclude on the appropriateness of management's
and Board of Directors use of the going concern basis
of accounting in preparation of financial statements
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
I conclude that a material uncertainty exists,we are
required to draw attention in our auditor's report to
the related disclosures in the standalone 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.

? Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone 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.

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.

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 though to bear on our independence, and
where applicable, related safeguards.

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

REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS

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

• We have sought and obtained all the information and
explanations which are to the best of our knowledge
and belief, as necessary for the purposes of our audit.

• In 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.

• The Balance Sheet, the Statement of Profit and Loss
(includes 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.

• In our opinion, the aforesaid standalone financial
statements comply with the AS specified under Section
133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

• On the basis of the written representations received
from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164 (2) of
the Act.

With respect to the adequacy of the internal financial
controls over financial reporting 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
over financial reporting.

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.

• Based on our examination, which included test checks,
the Company has used accounting software's for
maintaining its books of account for the financial year
ended March 31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the software's. Further, during the course
of our audit we did not come across any instance of the
audit trail feature being tampered with.

As per proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 is applicable from April 1, 2023, reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the

financial year ended March 31, 2024 and will be applicable
from second year onwards.

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. The remuneration paid to any director is in excess
of the limit laid down under section 197 of the Act, and
accordingly special resolutions were passed in the Annual
General Meeting Dated 30^th September, 2024 at the
respective registered office and necessary approvals under
SEBI (LODR) Regulations 2015 have already been obtained.

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 me:

? The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements.

? The Company has made provision, as required under
the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
including derivative contracts.

? There were no amounts which were required to be
transferred, to the Investor Education and Protection
Fund by the company as certified by the management.

? The management has represented that, to the best
of its knowledge and belief, other than as disclosed
in the notes to the accounts, no funds have been
advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind
of funds) by the company to or in any other persons
or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall:

• Directly or indirectly lend or inverts in other person
or entities identified in any manner whatsoever
("Ultimate Beneficiaries") by or on behalf of the
company or

• Provide any guarantees, security or the like to or
on behalf of the Ultimate Beneficiaries.

? The management has represented, that, to the best
of its knowledge and belief, no funds have been
received by the company from any persons or entities,
including foreign entities ("Funding Parties"), with
the understanding, whether recorded in writing or
otherwise, that the company shall:

• Directly or indirectly lend or inverts in other person
or entities identified in any manner whatsoever
("Ultimate Beneficiaries") by or on behalf of the
Funding Party or

• Provide any guarantees, security or the like to or
on behalf of the Ultimate Beneficiaries.

? Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come
to our notice that has caused me to believe that the representations under sub-clause (d) (i) and (d) (ii) contain any
material misstatement.

? The dividend declared or paid during the year by the company is in compliance with section123 of the act.

As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government in terms
of Section 143(11) of the Act, we have given "Annexure B" a statement on the matters specified in paragraphs 3 and 4
of the Order.

For Sanjay Nandani &CO.

Chartered Accountant
Firm Registration No.: 006941C

Sanjay Malhotra

Partner

Place: Kanpur Membership No.: 0071140

Date: 24.05.2025 UDIN: 25071140BMHEPF3623