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North Eastern Carrying Corporation Ltd.

BSE: 534615 Sector: Others
NSE: NECCLTD ISIN Code: INE553C01016
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VOLUME 40102
52-Week high 38.00
52-Week low 9.85
P/E 23.45
Mkt Cap.(Rs cr) 140
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 27.60
CLOSE 27.75
VOLUME 40102
52-Week high 38.00
52-Week low 9.85
P/E 23.45
Mkt Cap.(Rs cr) 140
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company director report

To

The Shareholders

North Eastern Carrying Corporation Limited

Your Board of Directors has immense pleasure in presenting the Thirty Fifth (35th)Annual Report together with the Audited Financial Statements of your Company for theFinancial Year ended March 31 2020.

1. PERFORMANCE HIGHLIGHTS

1.1 The highlights of performance of the Company for the financial year 2019-20were as under with comparative position of previous year's performance:

(Rs. in Lakhs)

Particulars 2019-20 2018-19 (% Growth)
Revenue from Operations 37629.94 34292.13 9.73
Profit before Tax 875.55 702.86 24.57
Tax Expenses 236.60 249.41 5.13
Net Profit for the year 638.96 453.45 41
Total Comprehensive Income 638.96 453.45 41
Earning per Share 1.27 0.90 41

1.2 FINANCIAL PERFORMANCE

During the year the revenue from operations increased to Rs. 37629.94 Lakhs as againstRs. 34292.13 Lakhs in the previous financial year 2018-19 registering the growth of 9.73%.Our Net profits has increased to Rs. 638.96 Lakhs for the current financial year 2019-20as against Rs. 453.45 Lakhs in the previous financial year 2018-19 recording an increaseof 41 %.

1.3 STATE OF THE COMPANY'S AFFAIRS

The operational highlights of the Company during the year are as follows:-

During the year your Company has received a work order worth of Rs. 350 crore approx.from TATA STEELS LIMITED for transportation of their raw materials and miningproducts from Joda/ NOMA Mandi. The work order is received for further 3 years fromSeptember 2020 to August 2023. We have successfully completed the work order worth ofRs.356 Crores approx. from TATA STEELS LIMITED for transportation of their rawmaterials and mining products from its Sukinda mines situated in Odisha. We have completedthe said work order in the month of August 2020.

Partial truck load Sundry Movement has decreased from 54.26 % in the previous year2018-19 to 48.32 % in the current year 2019-20.

Full truck load has increased from 45.74% in the previous FY 2018-19 to 51.68% in thecurrent FY 2019-20.

The Company is looking to expand its existing 1.5 mn. sq.ft warehousing capabilitiesover the next years across 50 major Indian cities with its Asset Light approach whichincludes owned and leased under management. The Warehousing and distribution segment is tobe headed by Mr. Utkarsh Jain.

Continued focus on improving profitability by moving away from non profitable clients

Top 5 customers contributed 47% of total revenues in FY 2019-20 as compared to 37% inFY 2018-19 which is also a remarkable increment in contribution to Total Revenue.

Rating of Crisil BB+ stable on our long-term debt.

2. DIVIDEND

Your Company needs Capital for its expansion plans therefore the Board of Director hasdecided to invest the profit into the operations of the Company. Hence no dividend isrecommended for the financial year ended 31st March 2020.

3. SHARE CAPITAL

As on March 31 2020 the Authorized Share Capital of the Company was Rs.5400.00 Lakhsconsisting of 54000000 equity shares of Rs.10/- each and the issued & paid up sharecapital of the Company was Rs.5019.73 Lakhs consisting of 50197336 equity shares ofRs.10/- each.

4. TRANSFER TO RESERVES

The Company doesn't propose to transfer any amount to General Reserve during thefinancial year 2019-20.

5. EXTRACT OF ANNUAL RETURN

As per the requirements of Section 92(3) of the Act the extract of the annual returnis given in Annexure -I in the prescribed Form No. MGT-9 which is a part of thisreport & is also available on the website of the Company at www.neccgroup.com.

6. CORPORATE GOVERNANCE

We at NECC believe that good and effective Corporate Governance is critical toachieve corporate vision and mission of the organization; it is more of an organizationalculture than a mere adherence to rules and regulations. Your Company has established andmaintained a strong ethical environment overseen by Board of Directors where 3 out of 6Directors are Independent. The Company's practices and policies reflect the true spirit ofCorporate Governance initiatives.

Your Company is in compliance of all mandatory requirements of Corporate Governance asstipulated as per Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015. In terms of Regulation 34(3) read with ScheduleV of the SEBI Listing Regulations a Report on Corporate Governance along with ComplianceCertificate issued by the Statutory Auditors of the Company is attached and forms integralpart of this Report (herein referred to Corporate Governance Report").

7. BOARD & COMMITTEES OF BOARD

The details of the composition terms of reference and number of meetings of the Boardand its Committee held during the financial year 2019-20 are provided in the CorporateGovernance Report.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As per the provisions of Section 152 of the Companies Act 2013 and in Articles ofAssociation of the Company Mr. Utkarsh Jain (DIN:05271884) shall retire by rotation inthe ensuing 35th Annual General Meeting and being eligible offers himself forre-appointment.

The Board of Directors hereby confirms and represent that none of the Directors of theCompany are disqualified from being appointed as Director pursuant to Section 164 of theCompanies Act 2013. Mr. Manoj Kumar Jain Mr. Mohak Jain and Mr. Utsav Jain IndependentDirectors have submitted a declaration that each of them meets the criteria ofindependence as provided in Section 149(6) of the Act and in Listing Regulations.

Brief particulars and expertise of director seeking reappointment together with theirother directorships and committee memberships have been given in the annexure to theNotice of the Annual General Meeting in accordance with the requirements of the ListingRegulations and applicable Secretarial Standards.

In terms of Section 203 of the Act the following are the Key Managerial Personnel(KMP) of the Company as on date of this report:

1. Mr. Shyam Lal Yadav Chief Financial Officer

2. Ms. Mamta Bisht Company Secretary

9. DIRECTORS' RESPONSIBILTY STATEMENT

With reference to Section 134(5) of the Companies Act 2013 your Directors herebyconfirmed that:-

i. in the preparation of the annual accounts for the financial year ended March 312020 the applicable Accounting Standards have been followed and no material departureshave been made from the same;

ii. such accounting policies have been selected and applied consistently (except forchanges in the Accounting Policies as disclosed in the Notes to Accounts to the FinancialStatements) and judgments and estimates made that are reasonable and prudent so as to givea true and fair view of the state of affairs of the Company at the end of the financialyear 2019-20 and of the profit and Loss of the Company for the that period;

iii. proper and sufficient care is taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a going concern basis.

v. Internal financial controls have been laid down to be followed by the Company andsuch internal financial controls were adequate and operating effectively; and

vi. the Directors had devised proper system to ensure compliance with the provisions ofall applicable laws and such systems were adequate and are operating effectively.

10. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Board of your Company has laid down internal financial controls to be followed bythe Company and that such internal financial controls are adequate and operatingeffectively. Your Company has adopted policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures.

M/s Raj Achint & Associates Chartered Accountants the Statutory Auditors of theCompany has audited the financial statements included in the Annual Report and has issuedan attestation report on our internal control over financial reporting (as defined inSection 143 of Companies Act 2013).

11. AUDITORS

STATUTORY AUDITORS

Members in their 32nd AGM had appointed M/s. Raj Achint & AssociatesChartered Accountants (Firm Registration No. 022023N) as Statutory Auditors of theCompany to hold office for a period of upto 5 (Five) years i.e. till the conclusion of the37th AGM of the Company to be held in the Financial Year 2022. The Auditorshave confirmed that they are not disqualified from continuing as Auditors of the Company.

During the year under review the Statutory Auditors have not reported any frauds underSection 143(12) of the Companies Act 2013.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board ofDirectors of the Company had appointed M/s Ashish Kumar Friends & Co. PracticingCompany Secretaries (COP No.4056) New Delhi to undertake the Secretarial Audit of theCompany for the year ended March 31 2020. The Secretarial Audit Report for the financialyear ended March 31 2020 is annexed to this report as Annexure IV.

The Auditors' Report and the Secretarial Audit Report for the financial year endedMarch 31 2020 do not contain any qualification reservation adverse remark ordisclaimer.

12. PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS BY COMPANY

Pursuant to Section 186 of the Act and Schedule V of the SEBI Listing Regulationsdisclosure on particulars relating to loans advances guarantees and investments areprovided as part of the financial statements.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All Related Party Transactions that were entered into during the financial year were onan arm's length basis in the ordinary course of business and were in compliance with theapplicable provisions of Section 188 of the Companies Act 2013 read with Rule 8(2) ofCompanies (Accounts) Rules 2014 and Regulation 23 of the Listing Regulations. There wereno materially significant Related Party Transactions made by the Company during the yearthat would have required Shareholder approval under the Listing Regulations.

The Particulars of contract or arrangement entered into by the Company with relatedparties as per the provisions of Section 188 of the Companies Act 2013 read with Rule8(2) of Companies (Accounts) Rules 2014 are disclosed in Form AOC-2 in Annexure IIis annexed to this report.

The Board has approved a policy on related party transactions. An abridged policy onrelated party transactions has been placed on the Company's website at website link: http://www.neccgroup.com/wp-content/uploads/2016/03/Policy-on-Related-Party-Transaction-NECC.pdf

14. PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION

There are no significant particulars relating to Conservation of Energy technologyabsorption under Rule 8(3) of Companies (Accounts) Rules 2014 since your Company is notengaged in any manufacturing activity. No agreement has been entered into for Technologyabsorption. However the Company has made intensive use of technology in its operationduring the year under review.

15. PARTICULARS REGARDING EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT

AND FOREIGN EXCHANGE EARNINGS & OUTGO

The Company has not incurred any expenditure on Research & Development during thefinancial year 2019-20. Further the Company has no earning or outgo in Foreign exchangeas per Rule 8(3) of Companies (Accounts) Rules 2014.

16. RISK MANAGEMENT

Risk Management comprises all the organizational rules and actions for earlyidentification of risks in the course of doing business and the management of such risks.Although not mandatory as per SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 as a measure of good governance the Company has constituted a RiskManagement Committee of the Board. The Committee reviews the Company's performance againstidentified risks formulates strategies towards identifying new and emergent risks thatmay materially affect the Company's overall risk exposure and reviews the Risk ManagementPolicy and structure.

The Company has a Risk Management Policy which outlines the manner in which the Companyidentifies assesses monitors and manages risk. As the Company belongs to transportationand Logistics Industry and in the opinion of the Board the following are the risks whichwould threaten the existence of the Company:

• Material Handling

• Motor Vehicle Accidents

• Slips Trips And Falls

• Competition

• Medical Management

To recover the above-mentioned risks the Company has adopted Risk Management Strategywhich comprising of following stages:

• Risk identification

• Risk analysis

• Risk evaluation

• Risk treatment

• Risk monitoring and review

The Policy and Strategy is duly implemented and monitored in the Company. The Companyhas identified various risks and has taken various steps to mitigate them. The "RiskManagement Policy" is available on the website of the Company at website linkhttp://neccgroup.com/wp- content/uploads/2015/02/Risk-managment-Policy.pdf

17. CORPORATE SOCIAL RESPONSIBILITY

The "Corporate Social Responsibility Policy" prepared in the line with theprovisions of Section 135 of the Companies Act 2013 and Rules made thereunder TheCompanies (Corporate Social Responsibility Policy) Rules 2014 read with Schedule VII ofthe Companies Act 2013 including any statutory modification or amendment thereto wasapproved by the Board of Directors of the Company. The "Corporate SocialResponsibility Policy" is available on the website of the Company at website link http://neccgroup.com/wp-content/uploads/2015/02/CSR-Policy.pdf

During the Financial Year 2019-20 the Corporate Social Responsibility initiatives ofthe Company were continued with a view to integrated NECC's business operations withsocial processes while recognizing the interests of its Stakeholders. While identifyingsuch initiatives the Company has adopted an integrated approach to address the Communitysocietal and environmental concerns. During the year the Company has undertaken variousCSR activities in the fields of skill development programmes education social welfareupliftment & empowerment of the neglected and under-privileged sections of the societyfinancially support by sponsoring the Teacher's Salary on monthly basis of"Unnati" NGO project.

During the financial year 2019-20 your Company has spent a total expenditure of Rs.831620/- (Rupees Eight Lakh Thirty One Thousand Six Hundred and Twenty Only) towards CSRActivities The average net profit of the Company computed as per Section 198 of the Actduring the three immediately preceding financial years was Rs. 70649013.33/-.It washence required to spend Rs. 1412980.27/- on CSR activities during the Financial Year2019-20 being 2% of the average net profits of the three immediately preceding financialyears but due to avoidable circumstances and paucity of time the Company has spent on theCSR activities less than the limits prescribed under Companies Act 2013. The CSRactivities are scalable with few new initiatives that may be considered in future andmoving forward the Company will endeavor to spend the complete amount on CSR activities inaccordance with the statutory requirements.

In terms of the Companies (Corporate Social Responsibility Policy) Rules 2014 theAnnual Report on Corporate Social Responsibility activities is annexed to this Report as AnnexureIII.

18. EVALUATION OF BOARD OF DIRECTORS/INDEPENDENT DIRECTORS

During the year the Board has carried out an Annual evaluation of its own performanceperformance of the Directors as well as the evaluation of the working of its Committees.The Nomination and Remuneration Committee (NRC) has defined the evaluation criteriaprocedure and time schedule for the Performance Evaluation process for the Board itsCommittees and Directors. The Chairman of the Committee also had interactions with each ofthe Directors and sought their feedback and suggestions on the overall Board Effectivenessand Directors performance.

A structured questionnaire covering various aspects of the Board's functioning such asadequacy of the composition of the Board and its Committees Board culture execution andperformance of specific duties obligations and governance was prepared based on theGuidance note issued by SEBI vide circular no CMD/CIR/P/2017/004 dated 05.01.2017 and MCAvide Notification dated July 5 2017 also prescribed that the provisions relating toreview of performance of Independent Directors and evaluation mechanism prescribed inSchedule IV of the Companies Act 2013

A separate exercise was carried out to evaluate the performance of individual directorsincluding the Chairman of the Board who were evaluated on parameters such as guidance/support to management outside Board/ Committee meetings degree of fulfillment of keyresponsibilities effectiveness of meetings etc.

In addition pursuant to the provisions of Schedule IV to the Companies Act 2013 theIndependent Directors reviewed the performance of the Non-Independent Directors and of theBoard as a whole performance of the Chairman of the Board taking into account the viewsof all the Directors and the quality quantity and timeliness of flow of informationbetween the Company management and the Board and its sufficiency for the Board toeffectively perform its duties.

19. SUBSIDIARIES JOINT VENTURES & ASSOCIATE COMPANIES

There is no Subsidiary Joint Ventures and Associate Companies during the FinancialYear 2019-20.

20. PARTICULARS OF EMPLOYEES AND REMUNERATION

The information required under Section 197(12) of the Companies Act 2013 read withRule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 is annexed to this report as Annexure V. None of the employees listedin the said Annexure is related to any Director of the Company.

21. HUMAN RESOURCE MANAGEMENT

Your Company has 250+ branches across PAN INDIA NEPAL and operational set ups intoBHUTAN and BANGLADESH and the total Manpower of the Company as on March 31 2020 was 516employees which include Executives and Non-Executives. In order to increase theprofessional culture in the Company 107 employees were appointed through Interview andwritten test during the year.

TRAINING AND HUMAN RESOURCE DEVELOPMENT

As a measure of capacity building including up-gradation of employees' skill and toensure high delivery of performance training and HRD continued to receive priority duringthe financial year. Training and Human Resource policy of the Company aims and sharpeningbusiness skills and competence required for better employee performance and provides allpossible opportunities and support to the employees to improve their performance andproductivity. Training was also provided to promote better understanding of professionalrequirements as well as to aware employees towards socio-economic environment in whichbusiness of the Company is carried out.

The training programs Conducted for employees at various levels are as follows:-

• Personality Development & Communication skills. Business Communication.

• Online ERP program & its application.

• Client & claim process.

• Transport Mechanism & procedures.

• Fundamentals of operation in transport industry.

• Payroll management.

• E-way Bill preparation & formulation etc.

The Skill development programs conducted for the employees are as follows:-

TRAINING DATE VENUE
PAYROLL MANAGEMENT 06-APR-2019 CO-DELHI CLAIM DEPT
GST SOFTWARE & ITS OPERATION 29-AUG-2019 TILL 15 DAYABASTI NQ.ROAD NOIDA SWAROOP NAGAR CHIKAMBERPUR
SEPT2019 GURGAON CO-DELHI
E-WAY BILL 12-OCT-19 & 02- CO-DELHIDAYABASTICHIKAMBERPURGURGAON
PREPARATION & ITS IMPORTANCE NOV-19 SWAROOPNAGARKASHMEREGATENOIDA
ERP PROGRAM 07-DEC-2019 & 28-DEC-19 CO-DELHI
ERP APPLICATION 04-JAN-2020 CO-DELHI
SKILL 18-JAN-2020 CO-DELHI
DEVELOPMENT TRAINING PROGRAMS
CLIENT & CLAIM PROCESS 28-FEB-2020 CO-DELHI

REPRESENTATION OF WOMEN EMPLOYEES

As on March 31 2020 the Company had 14 women employees which represent 4% of thetotal work force. There is no discrimination of employees on the basis of gender. Aninternal compliant committee has been constituted to look after the welfare and provideprotection against sexual harassment of women at workplace.

AWARDS AND RECOGNITION TO EMPLOYEES

Employees' management is the backbone of your Company and it is regarded as one of theimportant resources for the success of NECC. Over the years your Company has strengthenedits HR processes to ensure continual development and growth of its employees. In order tobuild the right organizational culture the Company distributes various awards andrecognition in terms of their performance capabilities communication skillscoordination etc. on quarterly or half yearly basis. Though NECC is an equal opportunityemployer special focus is given to employees for enhance their diversity and knowledge.

22. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013

In line with the provisions of Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 every employer of a workplace shall constitute an"Internal Compliant Committee" for redressal of compliant(s) against sexualharassment of women employees. Your Company has about 14 women employees in various cadresincluding Permanent contractual temporary and trainees. The Internal Compliant Committeeaims to provide protection to employees at the workplace and prevent and redresscomplaints of sexual harassment and for matters connected or incidental thereto with theobjective of providing a safe working environment where employees feel secure.

There was no compliant received from any employee during the financial year 2019-20 andhence no complaint is outstanding as on March 31 2020 for redressal.

23. STATUTORY DISCLOSURES

1. There was no change in the nature of business of the Company during the financialyear 2019-20.

2. The Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 during the financial year 2019-20.

3. No significant and material orders were passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.

4. The Company maintains an adequate system of Internal Controls including suitablemonitoring procedures which ensure accurate and timely financial reporting of varioustransactions efficiency of operations and compliance with statutory laws regulations andCompany policies. For more details please refer to the "Management Discussion andAnalysis" annexed to this report..

5. The Company has not issued any Stock options to the Directors' or any employee ofthe Company.

6. Information on composition terms of reference and number of meetings of the Board& its Committees held during the year establishment of vigil mechanism/whistle blowerpolicy and web-links for familiarization/training policy of Directors Policy onMateriality of Related Party Transactions and Dealing with Related Party Transactions andPolicy for determining Material Subsidiaries Compensation to Key Managerial PersonnelSitting fees to Independent Directors etc. have been provided in the Report on CorporateGovernance prepared in compliance of provisions of SEBI (LODR) Regulations 2015 asamended from time to time which forms part of the Annual Report.

7. No new Independent Directors were appointed on the Board of Directors of the Companyduring the financial year 2019-20 requiring disclosure to be made under Rule 8(5)(iiia)of the Companies (Accounts) Rules 2014.

8. The Company is compliant with the applicable Secretarial Standards issued by theInstitute of Company Secretaries of India.

9. During the year under review the statutory auditors / secretarial auditors have notreported to the Audit Committee any instances of fraud committed against the Company byits officers or employees.

24. MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and the date of this report. HoweverCOVID-19 pandemic driven situation has created disruptions in the business operations ofthe Company.

In view of nationwide lockdown announced by the Government of India from 25th March2020 to control the spread of COVID-19 the Company's operations were temporary disrupted.The Company resumed most of the operations in warehousing & distribution andtransportation of essential and non - essentials goods during the lockdown period in aphased manner though with a reduced capacity.

As of now medium to long term impact of COVID-19 pandemic is not ascertainable.

25. MAINTENANCE OF COST RECORDS

The Central Government has not prescribed the maintenance of cost records for theproducts/services of the Company under Companies (Cost Records and Audit) Rules 2014read with Companies (Cost Records and Audit) Amendment Rules 2014 prescribed by theCentral Government under Section 148 of the Companies Act 2013. Accordingly CostAccounts and Records are not required to be maintained by the Company

26. POLICIES

We seek to promote and follow the highest level of ethical standards in all ourbusiness transactions guided by our value system. The SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 mandated the formulation of certain policiesfor all listed companies.

All our corporate governance policies are available on our website i.e.www.neccgroup.com

27. STATUTORY AND OTHER INFORMATION REQUIREMENTS

Information required to be furnished as per the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 and other applicable statutoryprovisions is annexed to this report as under:

Particulars Annexure
Extract Of Annual Return I
Particulars of Contracts or Arrangement with Related Parties II
Annual Report on CSR Activities III
Secretarial Audit Report issued by the Secretarial Auditor of the Company IV
Particulars of Employees and Remuneration as per Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. V

28. ‘THINK GREEN GO GREEN' INITIATIVE

The Companies Act 2013 permits companies to send documents like Notice of AnnualGeneral Meeting Annual Report and other documents through electronic means to its membersat their registered email addresses. As a responsible Corporate Citizen the Company hasactively supported the implementation of ‘Green Initiative' of the Ministry ofCorporate Affairs (MCA) and effected electronic delivery of Notices and Annual Reports toshareholders whose email IDs are registered.

Further pursuant to Section 108 of the Companies Act 2013 read with Rule 20 of theCompanies (Management and Administration) Rules 2014 the Company is providing e-votingfacility to all members to enable them to cast their votes electronically in respect ofresolutions set forth in the Notice of Annual General Meeting (AGM). The Company will alsobe conducting the AGM this year through Video Conferencing / Other Audio Visual Means.Members can refer to the detailed instructions for e-voting and electronic participationin the AGM as provided in the Notice of the AGM.

Members who have not registered their e-mail addresses so far are requested toregister their e-mail address with the Registrar and Share Transfer Agent (R&TA) ofthe Company/Depository Participant (DP) of the respective member and take part in theGreen Initiative of the Company.

29. ACKNOWLEDGEMENT

The Board of Directors place on record their sincere appreciation for the continuedsupport and goodwill of the esteemed Shareholders Bankers Financial InstitutionsBusiness partners and other Stakeholders. The Directors also thank to M/s Raj Achint &Associates Statutory Auditor and M/s Ashish Kumar Friends & Co. Secretarial Auditorand other professionals for their valued contribution. The Directors also sincerelyappreciate and thank all the employees of the Company for their valuable contribution anddedicated efforts in steering the Company to excellent performance for yet another year insuccession.

On Behalf of the Board of Director of
North Eastern Carrying Corporation Limited
Sd/-
(Sunil Kumar Jain)
Place: Delhi Chairman and Managing Director
Date: September 05 2020 DIN: 00010695

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