We have audited the accompanying Ind AS Financial Statements of FRONTIER CAPITAL LIMITED ("the Company"), which
comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Cash Flows and Statement of Changes in Equity for the year then ended, and notes to the Ind AS
financial statements, including a summary of the material accounting policies and other explanatory information
(hereinafter referred to as "the Ind AS Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us the aforesaid Ind AS
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 accounting principles generally accepted in India, of the state of affairs of
the Company as at 31 March, 2024, its profit including other comprehensive profit, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities
for the Audit of the Ind AS 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 together with the ethical requirements
that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the
Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion on the Ind AS Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind
AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matter to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Ind AS financial statements
section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the Ind AS financial statements. The

results of our audit procedures, including the procedures performed to address the matter below, provide the basis for
our audit opinion on the accompanying Ind AS financial statements.

Descriptions of Key Audit Matters are given below-:

Information Other than the Ind AS financial statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the Ind AS financial statements and our auditor's report
thereon. The Company's annual report is expected to be made available to us after the date of this auditor's report.

Our opinion on the Ind AS financial statements does not cover the other information and we 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 in the audit, or otherwise appears to
be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Ind AS financial statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the
Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in
India, 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 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 of the Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

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

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

Auditor's Responsibilities for the Audit of the Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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.

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

• Identify and assess the risks of material misstatement of the Ind AS 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 control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, 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.

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

• 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 Ind
AS 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 Ind AS financial statements including the
disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the Ind AS 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 Ind AS 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 thought 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 Ind AS 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

1. As required by the Master Direction- Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions,
2016 ("the Directions") issued by the Reserve Bank of India ("the Bank") in exercise of powers conferred by Section
45MA(1A) of the Reserve Bank of India Act, 1934 and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, we hereby report on the matters specified in paragraphs 3
and 4 of the said Directions to the extent applicable:

i. The Company is engaged in the business of a non-banking financial institution and has duly obtained a Certificate
of Registration (COR) from the Bank.

ii. The Company has more than 50% of its assets in financial assets and earned more than 50% of its income from
financial assets. In terms of its principal business criteria (financial asset/income pattern) as on 31^st March, 2024,
the Company is entitled to continue to hold CoR issued by the Bank.

iii. The Company meets the Net Owned Fund requirement as laid down in the Master Direction - Non-Banking
Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions,
2023

iv. The Board of Directors of the company have duly passed a resolution for non-acceptance of the "Public Deposits"
within the meaning of paragraph 3 (xv) of the Master Direction - Non-Banking Financial Companies Acceptance
of Public Deposits (Reserve Bank) Directions 2016, for the financial year ended 31st March, 2024.

v. The Company has not accepted any "Public Deposits" within the meaning of paragraph 3 (xv) of the Master
Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions 2016,
during the year ended 31st March, 2024.

vi. The company has complied with the prudential norms relating to income recognition, accounting standards, asset
classification and provisioning for bad and doubtful debts as applicable to it in terms of Master Direction - Non¬
Banking Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation)
Directions, 2023

vii. The Company is not systematically important non-deposit taking NBFC as defined in Master Direction - Non¬
Banking Financial Company - Reserve bank of India (Non-Banking Financial Company - Scale Based Regulation)
Directions 2023 & accordingly para 3(C)(iv) of the Directions is not applicable.

2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure "A", a statement on the matters specified
in the paragraph 3 and 4 of the Order to the extent applicable.

3. 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.

4. As required by Section 143 (3) of the Act, we report that:

i) 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.

ii) 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 except for the matters stated in the paragraph 4(v) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014.

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

iv) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified
under section 133 of the Act read with Rule 7 of the Companies (Accounts) rules, 2014.

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

vi) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in
the paragraph 4(ii) above on reporting under Section 143(3)(b) of the Act and paragraph 4(viii) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

vii) With respect to the adequacy of the internal financial controls with reference to the financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

viii) 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, in our opinion and to the best of our information and according to the explanations
given to us:

a. The Company does not have any pending litigations which would impact its financial position.

b. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company except Unpaid dividend of Rs,18,116/-.

d.

(i) The management has represented that, to the best of its knowledge & belief, 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 person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of it's knowledge and belief, no funds have been
received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries

(iii) Based on such audit procedures we have considered reasonable and appropriate in the circumstances,
nothing has come to our notice that the representations made by management as stated in (i) and (ii)
herein above, contain any material misstatement

e. The Company has not declared or paid any dividend during the year.

f. Based on my examination which included test checks, the company has not used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility.

For A. C. Bhuteria & Co.

Chartered Accountants

FRN:303105E

Sd/-

Mohit Bhuteria

Partner

Membership No. 311785

UDIN: 24056832BKASLJ1056

Place of Signature: Kolkata
Date: 29.05.2024