THE MEMBERS OF
NORTH EASTERN CARRYING CORPORATION LIMITED I. Report on the Audit of the StandaloneFinancial Statements
A. We have audited the accompanying Standalone Financial Statements of North EasternCarrying Corporation
Limited ("the Company") which comprise the Balance Sheet as at March 312019 the Statement Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of
Cash Flows for the year ended on that date and a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "theStandalone Financial Statements").
B. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid
Standalone Financial Statementsgive the information required by the Companies Act 2013("the Act") in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 the profit and total comprehensive incomechanges in equity and its cash flows for the year ended on that date
2. Basis for Opinion
We conducted our audit of the Standalone Financial Statementsin accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statementssection of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India(ICAI) together with the independencerequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the
Standalone Financial Statements.
3. Information Other than the Standalone Financial Statements and Auditor'sReport Thereon
A. The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the Standalone Financial Statements and our auditor's reportthereon. Our opinionon the standalone financial statementsdoes not cover the other information and we do notexpress any form of assurance conclusion thereon.
B. In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone Financial Statementsor our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information; we are required to report that fact. We have nothing to report in thisregard.
4. Management's Responsibility for the Standalone Financial Statements
A. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
B. 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.
5. Auditor's Responsibilities for the Audit of the Standalone FinancialStatements
A. Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone
B. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: i) Identify and assess therisks of material misstatement of the standalone financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that issufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. ii) Obtain an understanding ofinternal financial controls relevant to the audit inorder to design audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the operating effectiveness of such controls iii)Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management iv) Conclude on theappropriateness of management's use of the going concern basis of accounting and based ontheaudit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the Standalone FinancialStatementsor if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may causethe Company to cease to continue as a going concernv) Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation C. Materiality is the magnitude of misstatements in the Standalone FinancialStatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced. We consider quantitative materialityand qualitative factors in (i) planning the scope of our audit work and in evaluating theresults of our work; and (ii) to evaluate the effect of any identified misstatements inthe Standalone Financial Statements.
D. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit finding including anysignificant deficiencies in internal control that we identify during our audit.
E. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
F. From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication
II. Report on Other Legal and Regulatory Requirements
|1. As required by Section 143(3) of the Act based on our audit we report that: A. 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 |
|B. 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 thosebooks. |
|C. The Balance Sheet the Statement of Profit and Loss including 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 |
|D. In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014 |
|E. On the basis of the written representations received from the directors as on March 31 2019 taken on record by the Board of Directors none of the directors disqualified as on March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct. |
|F. With respect to the adequacy of the internal financialcontrols 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'sinternal financial controls over financial reporting. |
|G. With respect to the other matters to be included inthe 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. H. 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 us: |
|i) The Company has disclosed the impact of pending litigations if anyon its financial position in its Standalone Financial Statements |
|ii) The Company has made provision as required under the applicable law or accounting standards for materialforeseeable losses if any on long-term contracts including derivative contracts |
|iii) There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company. |
|2. As required by the Companies (Auditor's Report) Order 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order. |
For and on behalf of Raj Achint & Associates Chartered Accountants Firm'sregistration number: 022023N
Sd/-Raj Kumar Jain Place: Delhi Proprietor Date: 30.05.2019 M. No. 087941