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North Eastern Carrying Corporation Ltd.

BSE: 534615 Sector: Others
NSE: NECCLTD ISIN Code: INE553C01016
BSE 00:00 | 18 Sep 5.51 -0.08
(-1.43%)
OPEN

5.42

HIGH

5.51

LOW

5.42

NSE 00:00 | 18 Sep 5.40 -0.10
(-1.82%)
OPEN

5.45

HIGH

5.60

LOW

5.35

OPEN 5.42
PREVIOUS CLOSE 5.59
VOLUME 350
52-Week high 12.99
52-Week low 4.90
P/E 5.86
Mkt Cap.(Rs cr) 28
Buy Price 5.30
Buy Qty 200.00
Sell Price 5.80
Sell Qty 1000.00
OPEN 5.42
CLOSE 5.59
VOLUME 350
52-Week high 12.99
52-Week low 4.90
P/E 5.86
Mkt Cap.(Rs cr) 28
Buy Price 5.30
Buy Qty 200.00
Sell Price 5.80
Sell Qty 1000.00

North Eastern Carrying Corporation Ltd. (NECCLTD) - Auditors Report

Company auditors report

To

The Members of

North Eastern Carrying Corporation Limited

Report on the Financial Statements

We have audited the accompanying financial statements of NORTH EASTERN CARRYINGCORPORATION LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss Statement of changes in equity and theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the standalone 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there-under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements

Opinion

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312018 and its Profit and Changes in equity and its Cash Flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the 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 purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) the Balance Sheet the Statement of Profit and Loss Statement of Changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount

d) in our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March312018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312018 from being appointed as a director in terms of Section 164 (2) of theAct.

f) 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".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For and on behalf of
Raj Achint & Associates
Chartered Accountants
Firm's registration number: 022023N
Sd/-
Raj Kumar Jain
Place: Delhi Proprietor
Date: 30.05.2018 M. No. 087941

Annexure A to the Independent Auditors' Report

Referred to in paragraph 1 under the heading 'Report on Other Legal RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 31 2018:

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we further state as under:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) All the fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

2. The company is not dealing in any physical inventory and therefore there is noquestion of physical verification of inventory.

3. (a) The company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the register U/s. 189 of the Companies Act 2013.

(b) As the company has not granted any loans the terms and conditions of the grant ofsuch loans being prejudicial does not arise.

(c) As the company has not granted any loans no schedule of repayment of principal andinterest has been stipulated.

(d) As the company has not granted any loans there are no overdue amounts.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from the public. Therefore the directiveissued by the Reserve Bank of India and the provision of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under does notarise.

6. As informed to us maintenance of cost records has not been prescribed by theCentral Government U/s. 148(1) of the Companies Act 2013.

7. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the company is regular in depositingundisputed statutory dues within in the prescribed time to the appropriate authorities andthere are no arrears of outstanding statutory dues as on the last day of the financialyear for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no statutorydues which have not been deposited on account of any dispute.

8. According to the information and explanations given to us the company has notdefaulted in repayment of dues to any financial institution or banks.

9. According to the information and explanation given to us the moneys raised duringthe year by way of term-loans/ IPOs were applied for the purpose for which those wereraised.

10. Based on the audit procedures performed and the information and explanations givenby the management we report that no fraud by the company and nor any fraud on the companyby its officers or employees has been noticed or reported during the year.

11. Based on the audit procedures performed and the information and explanations givenby the management Managerial Remuneration has been paid or provided in accordance withprovisions of Companies Act 2013.

12. In our opinion the company is not a Nidhi company within the meaning of relevantlaw.

13. Based on the audit procedures performed and the information and explanations givenby the management all transactions with related parties are in compliance with section188 of the Companies Act 2013 and requisite details have been disclosed in the financialstatements as required by the applicable accounting standards.

14. Based on the audit procedures performed and the information and explanations givenby the management the company has not made any preferential allotment or privateplacement of shares or partly convertible debentures u/s 42 of the Companies Act 2013during the year.

15. Based on the audit procedures performed and the information and explanations givenby the management the company has not entered in to any non-cash transaction withdirectors or others in contravention of section 192 of the Companies Act 2013.

16. In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For and on behalf of
Raj Achint & Associates
Chartered Accountants
Firm's registration number: 022023N
Sd/-
Raj Kumar Jain
Place: Delhi Proprietor
Date: 30.05.2018 M. No. 087941