Notes to Accounts of North Eastern Carrying Corporation Ltd.

Mar 31, 2025

vi) Provisions and contingencies

(a) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate of the amount of the obligation. Provisions are reviewed at each reporting period and are
adjusted to reflect the current best estimate.

(b) Contingencies

A disclosure for contingent liability is made when there is possible obligation arising from past event the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the Company or a present obligation that arises from past events where it is either not probable
that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

A disclosure for contingent assets is also made when there is possibility of an inflow of economic benefits to the entity
which arise from unplanned or other unexpected events.

Contingent liabilities and contingent assets are reviewed at each balance sheet date.

vii) Earnings per share:

Basic earnings per share is computed using the net profit for the year attributable to the shareholders'' and weighted
average number of shares outstanding during the year.

viii) Income Taxes:

Income tax comprises current tax (including MAT) and deferred tax. Income tax expenses is recognized in net profit
in statement of Profit and loss extent to the extent that it relates to items recognised directly in other comprehensive
income/equity, in which case it is recognized in other comprehensive income/equity.

Current Tax is the amount of tax payable on the estimated taxable income for the current year as per the provisions
of Income Tax Act, 1961.Current tax asset and liabilities are offset when company has a legally enforceable right to
set off the recognized amount and also intends to settle on net basis.

Deferred income tax assets and liabilities are recognised for deductible and taxable temporary difference arises
between the tax basses of assets and liabilities and their carrying amount in the financial statement

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
sufficient taxable profit will be available against which those deductible temporary differences can be utilised.
Deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognised
deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax is measured at the tax rates and tax law that that have been enacted or substantively enacted by the
balance sheet date and are expected to apply to taxable income in the year in which those temporary difference is
expected to be recovered or settled.

ix) Financial instruments:

Initial measurement

Financial instrument is recognised as soon as the company become a party to the contractual provision of the
instruments. All Financial assets and financial liabilities are measured at fair value on initial recognition, except for
trade receivable which are initially measured at transaction price. Transaction cost that are directly attributable to
the acquisition or issue of financial instrument (other than financial measured at fair value through profit or loss) are
added or deducted from the value of the financial instrument, as appropriate, on initial recognition.

Financial Instrument sated as financial assets or financial liabilities are generally not offset, and they are only offset
when a legal right to set off exist at that and settlement on a net basis is intended.

Subsequent measurement

Financial assets:

Subsequent measurement of financial assets depends on their classification as follows: -

(a) Financial asset carried at amortised cost

A financial asset is subsequently measured at amortised cost if it is held within business model whose objective is
to hold the asset in order to collect contractual cash flow and the contractual term of the asset give rise on specified
dates to cash flow that are solely payment of principal and interest on the principal amount outstanding.

(b) Financial asset carried at Fair Value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a
business model whose objective is achieved by both collecting contractual cash flow and selling financial asset the
contractual term of the asset give rise on specified dates to cash flow that are solely payment of principal and
interest on the principal amount outstanding.

For all other equity instrument, the company make irrevocable election to present in other comprehensive income
subsequent change in fair value. The company makes such election on an instrument- to- instrument basis.

(c) Financial asset carried at Fair Value through Profit and loss

A financial asset which is not classified in any of the above category is subsequently measured at fair value through
profit and loss.

Financial liabilities and equity instruments:

Debts and equity instrument issued by a company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangement and the definition of a financial liability and an equity
instruments.

a) Equity Instruments

An equity instrument is any contract that an evidence and residual interest in the assets of the company after
deducting all of its liabilities. Equity instruments issued by the company are recognized at the proceeds received,
net of direct issue costs.

b) Financial Liabilities

All Financial liabilities are subsequently measured at amortised cost using the Effective interest method.
De-recognition of financial Instrument: -

A financial asset is primarily derecognized when the contractual right to the cash flow from the financial asset
expires and it transfers the financial asset.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.

(x) Impairment

A) Financial Asset

The Company measures the expected credit loss associated with its assets based on historical trend, industry
practices and the business environment in which the entity operates or any other appropriate basis. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.

B) Non-Financial Asset

Property, plant and equipment and Intangible asset

The carrying amounts of the Company''s assets are reviewed at each balance sheet date to determine whether
there is any indication of impairment. If any such indication exists, the assets'' recoverable amount is estimated as
higher of its net selling price and value in use. An impairment loss is recognized whenever the carrying amount of
an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the
statement of profit and loss.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset''s carrying amount does not exceed the
carrying amount that would have been determined net of depreciation or amortization, had no impairment loss been
recognized.

Post Impairment, depreciation / amortization is provided on the revised carrying value of the impaired assets over
its remaining useful life.

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

In the process of applying the Company''s accounting policies, management has made the following estimates,
assumptions and judgments, which have significant effect on the amounts recognized in the financial statement.
Uncertainty about these assumptions and estimates could result in outcome that requires a material adjustment to
assets or liabilities affected in future periods.

i) Property, plant and equipment

Property, Plant and equipment represent at proportion of the asset base of the company. The useful lives and
residual value of the company''s asset are determined by the management at the time the asset is acquired and
reviewed at each reporting date.

ii) Income taxes

The Company''s tax jurisdiction is India. Significant judgments are involved in estimating budgeted profits for the
purpose of paying advance tax, determining the provision for income taxes, including amount expected to be
paid/recovered for uncertain tax positions

iii) Contingencies

Management judgment is required for estimating the possible outflow of resources, if any, in respect of
contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pending matters
with accuracy.

iv) Allowance for uncollected accounts receivable and advances

Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate
allowances for estimated irrecoverable amounts. Individual trade receivables and advances are written off when
management deems them not to be collectible. Impairment is made on the expected credit losses, which are the
present value of the cash shortfall over the expected life of the financial assets.

v) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing for an asset is required, the Company estimates the
assets''s recoverable amount. An assets''s recoverable amount is the higher of an assets''s or CGU''s fair value
less costs of disposal and its value in use. Where the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

vi) Impairment of financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected loss
rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on Company''s past history, existing market conditions as well as forward looking estimates at
the end of each reporting period.

vii) Fair value measurement of financial instruments

When the fair values of financials assets and financial liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques,
including the discounted cash flow model, which involve various judgments and assumptions.

a) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. each holder of
equity shares is entitled to one vote per share. The equity shareholders are eligible for dividend, if so declared. The
dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing annual general
meeting, except in case of Interim Dividend.

b) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining
assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist
currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note : 42

Benami Properties

No proceedings has been initiated or pending against the Company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988.

Note : 43

Borrowings from Banks/FI on the basis of security of Current Assets

The Company confirms that Quarterly Returns or Statements of Current Assets filed by the Company with Banks/FI, are in
agreement with books of accounts.

Note : 44

The company has not been declared as willful defaulter by any bank of financial institution or any other lender.

Note : 45

Transactions with Struck off Companies

The company has not entered into any transactions with struck off companies under section 248 of the Companies Act 2013 or
Section 560 of Companies Act 1956.

Note : 46

Registration of Charges or Satisfaction

The company does not have any outstanding charges for which satisfaction needs to file.

Note : 47

Compliance with layers of Companies

The company has complied with the number of layers prescribed under Clause (87) of the Act read with Companies (Restriction
on number of Layers) Rules 2017.

Note : 48

Scheme or Arrangement

During the year, the company has not entered into any scheme or arrangement in terms of Section 230 to 237 of the
Companies Act 2013.

Note : 49

Utilization of borrowed funds and share premium

During the year, the Company has not loaned or invested borrowed funds or other funds with the understanding (written or
otherwise), that the intermediatory shall, directly or indirectly, lend or invest in other entities or the intermediary shall provide
security/guarantee for the benefit of entities identified by the Company.

Note : 50

Use of borrowed funds

The Company has used the borrowings from banks and Financial Institutions for the specific purpose for which it was taken.

Note : 56A

Financial Instruments
(i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are classified into three
Levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement,
as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Note : 56B

Financial risk Instruments

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors has overall
responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources
of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

A) Credit Risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is exposed to
this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits,
etc. The company''s maximum exposure to credit risk is limited to the carrying amount of following types of financial
assets.

- cash and cash equivalents,

- trade receivables,

- loans & receivables carried at amortised cost, and

- deposits with banks

Credit risk management

Credit risk rating

The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring
defaults of customers and other counterparties, identified either individually or by the company, and incorporates this
information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with
different characteristics. The Company assigns the following credit ratings to each class of financial assets based on
the assumptions, inputs and factors specific to the class of financial assets.

Cash and Cash Equivalent and bank deposit

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks
and diversifying bank deposits and accounts in different banks.

Trade receivables

Company''s trade receivables are considered of high quality and accordingly no life time expected credit losses are
recognised on such receivables.

Other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes advances to employees. Credit risk related to these other
financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time
internal control system in place ensure the amounts are within defined limits.

B. Liquidity risk

''Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of
the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

''Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis
of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In
addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and
considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal
and external regulatory requirements and maintaining debt financing plans.

C) Market risk

a) Interest rate risk

''The Company is not exposed to changes in market interest rates as all of the borrowings are at fixed rate of interest.
Also the Company''s fixed deposits are carried at amortised cost and are fixed rate deposits. They are therefore not
subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

b) Price risk exposure

The Company''s exposure to price risk arises is nil.

Note : 57

Segment Information

Company has operated only single segment namely Transport of goods by road hence no segment wise reporting is required.

As per our report of even date attached.

For Nemani Garg Agarwal & Co. For and on behalf of board of

Firm Regn. No. 010192N North Eastern Carrying Corporation Limited

Chartered Accountants

Sd/- Sd/- Sd/-

Dinesh Chand Kaushik Sunil Kumar Jain Utkarsh Jain

Partner Managing Director Director

M.No.: 505463 DIN : 00010695 DIN : 05271884

UDIN: 25505463BMLYJC4946 Sd/- Sd/-

Place: New Delhi Rakesh Chandan Singh

Date: May 28, 2025 Company Secretary Chief Financial Officer

M. No. A57773

---

Mar 31, 2024

vi)Previsions and contingencies .

EErrn rsxsmsi as ssz S

SSSdvS?economic benefits «H I* "wired .0 settle

estimate a) the amount nr the obligation. Provisions are miwsd at each reporting pen.:, and are adjusted to reflect the current best estimate.

(b) Contingencies ... iwhen thp»t» is oossible oblioatton arising from

^{A a}:^St^.M : “S “ ^tr^Sd cnly⁵by the occurrence or non-of oneoMnora uncertain tut,.,a events no. wholly »»

SI otre^urces willTe SquirS £Zd£ « a reliable estimate of the amount cannot be made.

1 » 1* -vrccife i« made when there is possibility of an inflow of

A disciosure for contingent assets is also man.. ¹ '' .....pynected events

economic benefits to the entity which arise from unplanned of other ui.expectco eve s.

Contingent liabilities and contingent assets are reviewed at each balance sheet date

viiJEarnings per share. . .. _{net roflt for the yeaf} attributable to the

SSTaS »Shtetl average number of shares outstanding during the year.

comprehensive income,''equity, in which case » is recognized in other comprehensive income/equity.

_ * _T ._{ho amr}.._rf ~_f tax oavable on the estimated taxable income for the current

Currant Tax is the amount oftaxpa/*we on _{Cjfrept fax asset and} natalities are

year as per the provisions of Income a . «_tp_{c recCK}j_nized amount and

offset when company has a legally enforceable right to set oft me wcogr«e

also intends to settle on net basis

Dofe-red income to* assets and HWltare «“•£££ ^Mies^dhdTS temporary difference arises between the tax basses of assets ana uaw''

carrying amount in the financial statement

rt _««*♦* are recoar»i2ed fof all deductible temporary differences to ‘be extent

Deferred tax assets are rccognaec^ ^ available against which these

the*, it is probaule that suff icientuxat e P Deferred tax assets Is reviewed at each deductible temporary differences can be uJt.sed Defer < - sufficient

reporting cate and reduced to the sttrt Mt < » »W utilized,

taxable pro'' l will be available to> allow all J porting date and are

!E35E WttS£SE2 ^ **•»—-

the deferred tax asset to be recovered.

Deferred tax is ^me^j^ balance she^rdateanT^ly to taxable Which those temporary difference is expected to be recovered or

settled. *

f?r \A •

ixJFinancial instruments:

Initial measurement

Financial instrument is recognised as soon as the company become a party *.o the contractual prevision of the instruments. All Financial assets anc financial liabilities are measured at lair value on initia. recognition, except for trade receivable which are initially measured at transaction price. Transaction cost that are directly attributable 1b the acquisition or issue of financial instrument (other than linancial measured at tar value through profit or loss) are added o'' deducted from the value of the financial instrument, as appropriate, on initial recognition.

Financial Instrument sated as financial assets or financial liabilities are generally not offset, and they are only offset when a legal right to set off exist a1 that and settlement on a net basis is intended

Subsequent measurement

Financial assets:

Subsequent measurement of financial assets depends on their classification as follows -

(a) Financial asset carried at amortised cost

A financial asset is subsequently measured at amortised cost if it is held ‘within business model whose objective is 10 hoid the asset in order to collect contractual cash flow and the contractual term of the asset give rise on specified dates to cash flow mat are solely payment of pnncipal and interest on the principal amount outstanding.

(b) Financial asset carried at Fair Value through other comprehensive income

A financial asset is subsequently measured at fair value Through other comprehensive income if it is held within a business model whose objective is ach eved by both col ecting contractual cash flow anc selling financial asset the contractual term cf the asset give r.se on specified dates to cash flow that are solely payment cf principal and interest on thc-principal amount outstanding.

For all othei equity instrument, the company make irrevocable election to present in other comprehensive income subsequent change m fair value. The company makes such election on an instrument- to- instrument basis,

(c) Financial asset carried at Fair Value through Profit and loss

A financial asset which is not classified in any of the above category is subsequently measured at fair value through profit and loss.

Financial liabilities and equity instruments: classified as either financial

sari - i» ———

ISTdeMUMd a financial llabWy and an equity instruments

a). Equity Instruments evidence and residual interest in the assets

Equily *~sissued « *.

co^ny Sc jniaed at the proceeds received, net of direct issue costs.

3,"! S!«‘re subsequently measured at amortised cos, using the Effective interest method.

*" “ " “^8h -

from the financial asset expires and it transfers She financial asse.

A financial liability is derecognized when the obligation under tne liability is discharged o cancelled or expires

(x). Impairment

A) . Financial Asset

. ,i „_r_.r;. i_niue nssocistsd with ts assets based on Tne Company measures Ihe expected cr^ ^ g _{j nmeat in} which the entity

SS52 X ''PP™ depends

on whether there has been a significant increase in credit risk.

B) . NorvFinanclal Asset

(»> ^P''°^- ^Plan''?r^eCoCnys SfareiSS-ed «esc W™» »*»* ^df

The carrying amounts of the -ompanys assort * „ _suCh indication exists,

to determine whether there is any inc c; u • selling price and value in

»» «* •?""»*""£££,’JSSSSTSSn# cf an ass* 0- M

^losses ~ ^rec09n“^Kl

in the statement of profit and loss An impairment lose is reversed it

sksssst ssssk i* «-*.—-

the impaired assets over Us remaining useful life.

3,Critical accounting estimates; has made

in the process of applying the Company* ac^ounxi v n ^ _slgniflC3nt effect on me following estimates, a^ptions a ^Jjg ^_r[aM about thsse assumptions

V"^ °^ma,e,,ai *^diustm“^{t ,o asse,s w}

l-abiiilies affected in future periods.

ffr vA

U\ ^Ll. \$\

tJProperty, plant and equipment

Property. Plant and equipment represent at proportion of the asset base of the company. The useful lives and residual value of the company’s asset are determined by the management at the time the asset is acquired and reviewed at each reporting date.

ii) !r»come taxes

The Company''s tax jurisdiction is India. Significant judgements arc involved in estimating budgeted profits for the purpose of paying advance tax, determining the provis on fer income taxes including amount expected to be paidi''recovered ter uncertain tax positions

iii) Contingenclcs

Management judgement is required for estimating trie possible outflow o resources, it any, in respect of contingent es/claim/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

iv) Allowance for uncollected accounts receivable and advances

T-ade receivables do not carry any interest and are stated at their norma value as reduced by appropriate allowances fer estimated irrecoverable amounts. Individual trade receivables and advances are written off when management deems them not to be collectible. Impairment is made on the expected credit losses which ate the present value of tne cash shortfall over the expected life of the financial assets.

vjlmpairment of non*financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the assets s recoverable amount. An assets''s recoverable amount is the higher of an assets’s or CGU''s fair value less costs of disposal and its value m use. Where the carrying amount of an asset o'' CGU exceeds its recoverab’e amount, the asset is considered impaired and ^:s written down to its recoverable amount

vi)lmpairment of financial assets

The impairment provisions for financial assets are based on assumptions about ris* of cefau t and expected loss rates. The Company uses judgement in mak ng these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward locking estimates at the end ot each sporting period

viijFair value measurement of financial instruments

When the fair values of financials assets and financial liabi ities recordec in the Balance Sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash ''low model, which involve various judgements and assumptions,

ComDanv has paid fixed monthly remuneration to the directors n accordance -vit the wovirons o( sealon 196. 1S7 203 and other applicable provisions at the uoxpan cs M2013 the Companies (Appomlmmt and Rem,natal,on oi hlanaoerral Perse,,, ell Rules. 2C14 read with the Schedule V of the Companies net 2013

²⁷ Sr_R^cTX:r^anSs ^ by «h. ,»* on be.,all o, the company Ra

(b) Fa? dcms/shorlage no: ascertained nor settled during the year Claims loosed »V '' custcrrers but not settled bv the company Rs 9 41 Lakhs (c> Approximate liability on account of major cases tiled against tne company m .anous

courts aggregating to Rs 64.79 Lakhs

28. Sundry Debtors include freight receivable against GRs issued during the year

29. Tex Deducted at Source (A.Y. 2024-2020) rs not final as more IDS Certificates might be received by the company in future

30 There is nothing to be disclosed under Ind AS t08 - Operating Segments since there .s ° _n0 business segment or geographical segment which''s a reportable secmei t based .

the definitions contained in the accounting standard

/ .£s V

41. Capital-Work In Progress; There is no capital work in progress for tangible or intangible assets.

42. Bonami Properties :Nlo proceedings has been initiated or pending against the Company for holding any oenami property under the Proportion of Benami Property Transactions Act. 1986.

43. Borrowings from BanksrfFi on the basis of security of Current Assets: The

Company confirms that Quarterly Returns or Statements of Current Assets filed by the Company with Banks/Fl are in agreement with books of accounts.

44 The company has not bean declared as willful defaulter by any bank of financial institution or any other lender

45. Transactions with Struck-off Companies :The company has not entered into any

transactions with struck off comoanlesunder section 248 of the Companies Act 2013 or Section 560 of Companies Act ''956.

46 Registration of Charges or Satisfaction The company has following old charges for which satisfaction needs to file anC the company will file the charge satisfaction at the earliest.

47 Compliance with layers of the companies:-

The company has complied with the number of layers prescribed under Clause (67) of the Act read with Companies (Restriction on number of Layers) Rules 2017.

48. Scheme or Arrangement :Durng the yea'', the company has not entered into any scheme or arrangement in terms of Section 23C to 237 of the Companies Act 2013

* :„r= r=rrrrr=rrjis=£s=;

Srrsssr. =. =,"—»-=-•=

identified by the Company.

50 _Usc cl Borrowed Funds The Company has used the borrowings from banks and Financial lasUdiors for the specific purpose for which it was taken

- -rz~=^s=;.=^f==

Statements

52 Seine a service company quantitative information/cSause are no: applicable.

53, Payment to Auditors Amt In Rs_:,

_{Audit Fee} Rs 5 Lakhs (Previous Year Rs.5 LeKI''.s)

54 previous year figures have been regrouped/ reclassified wherever necessary.

---

Mar 31, 2018

1. Corporate information

North Eastern Carrying Corporation Limited is a Limited Company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of transportation.

2. Basis of preparation of Financial Statements

(i) Statement of compliance:

The financial statements of the Company for the year ended 31 March 2018 are prepared in all material aspects in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 and relevant provisions of the Companies Act, 2013.

(ii) Basis of Preparation:

Effective April1, 2017, the Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards, with April1, 2016 as the transition date. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP.

(iii) Basis of Measurement

The financial statements have been prepared under the historical cost convention except for the following which have been measured at fair value:

- Financial assets and liabilities except borrowings carried at amortised cost

Terms/Rights attached to equity shares

a) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The equity share holder are eligible for dividend, if so declared. The dividend proposed by the board of directors is subject to the approval of the share holders in the ensuing annual general meeting, except in case of Interim Dividend.

b) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. The Company has paid fixed monthly remuneration to the directors in accordance with the provisions of section 196, 197, 203 and other applicable provisions of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with the Schedule V of the Companies Act 2013.

4. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs 77,35,291/-

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs 13,94,555/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs 3,40,10,077/

5. Sundry Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y. 2018-2019) is not final as more TDS Certificates might be received by the company in future.

7. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

8. The debit and credit balances standing in the name of parties are subject to confirmation from them.

9. The company has not received any intimation from “suppliers” regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year ended together with interest paid/payable as required under the said Act have not been furnished.

10. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

11. Being a service company quantitative information/clause are not applicable.

12. Payment to Auditors Amt. In Rs.

Audit Fee Rs.1,50,000/- (Previous Year Rs.1,50,000/-)

13. Previous year figures have been regrouped/ reclassified wherever necessary.

---

Mar 31, 2016

1. The Company has paid fixed monthly remuneration to the directors in accordance with the provisions of section 196, 197, 203 and other applicable provisions of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with the Schedule V of the Companies Act 2013.

2. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs 2,50,32,316/-.

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs 98,96,154/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs 1,25,63,305/-

(d) Income Tax Demand being contested before CIT (Appeals) Rs 2,12,030/

3. Sundry Debtors include freight receivable against GRs issued during the year.

4. Tax Deducted at Source (A.Y. 2016-2017) is not final as more TDS Certificates might be received by the company in future.

5. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

6. Deferred Tax has been created as per AS-22 issued by Institute of Chartered Accountants of India.

7. The debit and credit balances standing in the name of parties are subject to confirmation from them.

8. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been furnished.

9. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

10. Being a service company quantitative information/clause are not applicable.

11. Payment to Auditors Amt. In Rs.

Audit Fee Rs.1,50,000/- (Previous Year Rs.1,15,000/-)

12. Previous year figures have been regrouped/ reclassified wherever necessary.

---

Mar 31, 2015

1. Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share.

2.Related Party Disclosures

Related party disclosures as required under Accounting Standard (AS) - 18 " Related Party Disclosures"

a. Related parties and nature of related party relationships where control exists

Name of the party Description of relationship

NECC Retail Solutions Private Limited Wholly owned subsidiary company Sunil Kumar Jain Key Management Personnel

b. Related parties and nature of related party relationship with whom transactions have been taken place

Name of the party Description of relationship

Shreyans Buildtech Private Limited Enterprises over which Key Managerial Personnel are able to exercise significant influence

Shreyans Buildwell Private Limited Enterprises over which Key Managerial Personnel are able to exercise significant influence.

Sunil Kumar Jain Key Management Personnel Vanya Jain Relative of Key Managerial Personnel Jaswant Rai Jain & Sons (HUE) Others

3. The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors. Fixed monthly remuneration has been paid to the directors within the''limits laid down under Schedule - XIII to the Companies Act, 1956 and as per Companies Act, 2013

4. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs

1,74,77,447/-.

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs 1,10,89,335/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs 1,12,87,046/-

5. Sundry Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y. 2015-2016) is not final as more TDS Certificates might be received by the company in future.

7. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

8. The debit and credit balances standing in the name of parties are subject to confirmation from them.

9. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

10. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

11. Being a service company quantitative information/clause are not applicable.

12. Payment to Auditors Amt. In Rs.

Audit Fee Rs.1,15,000/- (Previous Year Rs.81,000/-)

13. Previous year figures have been regrouped/ reclassified wherever necessary.

---

Mar 31, 2013

1, Corporate information

North Eastern Carrying Corporation Limited is a Limited Company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of transportation.

2, Basis of preparation

* The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP).

* The company has prepared these financial statements to comply in ail material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. '' ''

* The company follows the Mercantile System of Accounting recognizing income and Expenditure on accrual basis.

The directors have certified that there are no outstanding expenses not provided for and nor there are income which have fallen due but not accounted for. The accounts are prepared on historical cost basis and as a going concern.

* The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

u List of related parties being associates having significant influence or control.

a. W. £, C.C, Logistics Limited v

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Private Limited.

d. N. E. C. C. Automobiles Private, Limited.

e. Shreyans Buildwell Private Limited

f. Shr#yans Buildtech Private Limited

g. Shreyans Logistics Private Limited

h. Indika Agro Products Private Limited

i. Jaswant Rai Jain & Sons (HUF) j. Sunil Kumar Jain & Sons {HUF)

j Key Management Personnel and their relatives

a. Mr. Jaswant Rai Jain

b. Mr. Sunil Kumar Jain

c. Mrs. Vanya Jain

d. Mr. Utkarsh Jain

3. The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be - enumerated since no commission has been paid to the directors. Fixed monthly remuneration has been paid to the directors within the limits laid down under Schedule - XIIf to the Companies Act, 1956.

4. Remuneration to Directors Rs.36,00,000/- (Previous Year Rs. 24,00,000/-)

5. Contingent Liability not provided for

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs 1,45,76,559/-.

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs 44,07,456/-,

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs 1,31,26,733/- 27. Sundry Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y, 2013-2014) is not final as more TDS Certificates might be received by the company in future. ''

7. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

8. The debit and credit balances standing in the name of parties are subject to confirmation from them.

9. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been furnished.

10. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

11. Being a service company quantitative information/clause are not applicable.

12. Previous year figures have been regrouped/ reclassified wherever necessary.

---

Mar 31, 2012

1 Corporate information

North Eastern Carrying Corporation Limited is a Limited Company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of transportation.

2. Basis of preparation

- The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP).

- The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.

- The company follows the Mercantile System of Accounting recognizing Income and Expenditure on accrual basis.

- The directors have certified that there are no outstanding expenses not provided for and nor there are income which have fallen due but not accounted for. The accounts are prepared on historical cost basis and as a going concern.

- The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

Aggregate number of bonus shares issued, shares issued for consideration other than cash during the period and during five years immediately preceding the reporting date

The Company has not issued any bonus shares during the year

3. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs. 1,82,92,265/-.

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs. 38,75,868/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs. 1,20,77,748/-

4. Sundry Debtors include freight receivable against GRs issued during the year.

5. Tax Deducted at Source (A.Y. 2012-2013) is not final as more TDS Certificates might be received by the company in future.

6. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

7. The debit and credit balances standing in the name of parties are subject to confirmation from them.

8. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

9. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

10. Being a service company quantitative information/clause are not applicable.

11. Payment to Auditors Amt. In Rs.

Audit Fee & Corporate Matters Rs. 65,000/- (Previous Year Rs. 40,000/-)

12. Previous year figures have been regrouped/reclassified wherever necessary.

13. Naye Paise have been ignored.

14. Additional Information pursuant to provision of circular no. GSR 388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

---

Mar 31, 2011

1. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not applicable.

3. The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors. Fixed monthly remuneration has been paid to the directors within the limits laid down under Schedule -XIII to the Companies Act, 1956.

4. Remuneration to Directors Rs.24,00,000/- (Previous Year Rs. 18,00,000/-)

5. Payment to Auditors Amt. In Rs.

Audit Fee & Corporate Matters Rs.40,000/- (Previous Year Rs.40,000/-)

6. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs.3,76,97,899/-.

(b) For claims/shortage not ascertained or settled nor lodged during the year. Claims lodged by customers but not settled by the company Rs. 19,07,815/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs. 1,78,50,671/-

7. Sundry Debtors include freight receivable against GRs issued during the year.

8. Tax Deducted at Source (A.Y. 2011-2012) is not final as more TDS Certificates might be received by the company in future.

9. Out of paid up capital of the company, 999904 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 04.03.1999 as approved by Hon''ble High Court at New Delhi and 5424730 Equity Shares of Rs.10A each fully paid have been allotted for consideration otherwise than in cash pursuant to succession agreement dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 19.03.2002 as approved by Hon''ble High Court at New Delhi.

10. Related Party Disclosures:

During the year, the company entered into transactions with related parties. Those transactions are listed below:

a List of related parties being associates having significant influence or control.

a. N. E. C. C. Logistics Limited

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Pvt. Ltd. (1 N. E. C. C. Automobiles Pvt. Ltd.

e PTrans Logistics India Pvt Ltd

f. PKJ Infra Logistics Pvt Ltd

g. PTrans Freight Systems Private Limited

h. Shreyans Buildwell Private Limited

L Shreyans Buildtech Private Limited

j. Shreyans Logistics Private Limited

k. Indika Agro Products Private Limited

I. Jaswant Rai Jain & Sons (HUF)

m. Sunil Kumar Jain & Sons (HUF)

- Key Management Personnel and their relatives

a. Shri Jaswant Rai Jain

b. Smt. Darshan Mala Jain

c. Shri Sunil Kumar Jain

d. Smt. Vanya Jain

e. Shri Praveen Kumar Jain

f. Smt Kalpana Jain

g. Shri Sanjeev Jain

h. Smt. Sangeeta Jain

11. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

12. The debit and credit balances standing in the name of parties are subject to confirmation from them.

13. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

14. Previous year figures have been regrouped/ reclassified wherever necessary.

15. Naye Paise have been ignored.

16. Schedule 1 to 14 are an integral forming part of Balance Sheet as on 31.03.2011.

17. Additional Information pursuant to provision of circular no. GSR 388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

---

Mar 31, 2010

1. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not applicable.

3. The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors. Fixed monthly remuneration has been paid to the directors within the limits laid down under Schedule –XIII to the Companies Act, 1956.

4. Remuneration to Directors Rs.18,00,000/- (Previous Year Rs. 21,50,000/-)

5. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs.2,27,74,700/-.

(b) For claims/shortage not ascertained or settled during the year. Claims lodged by customers but not settled by the company Rs.8,89,322/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs.2,07,77,366/- 9. Sundry Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y. 2010-2011) is not final as more TDS Certificates might be received by the company in future.

7. Out of paid up capital of the company, 999904 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 04.03.1999 as approved by Honble High Court at New Delhi and 5424730 Equity Shares of Rs.10/- each fully paid have been allotted for consideration otherwise than in cash pursuant to succession agreement dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 19.03.2002 as approved by Honble High Court at New Delhi.

8. Related Party Disclosures:

During the year, the company entered into transactions with related parties. Those transactions are listed below:

- List of related parties being associates having significant influence or control.

a. N. E. C. C. Logistics Limited

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Pvt. Ltd.

d. N. E. C. C. Automobiles Pvt. Ltd.

e. PTrans Freight Systems Private Limited

f. Shreyans Buildwell Private Limited

g. Shreyans Buildtech Private Limited h. Shreyans Logistics Private Limited

i. Indika Agro Products Private Limited j. Jaswant Rai Jain & Sons (HUF) k. Sunil Kumar Jain & Sons (HUF)

- Key Management Personnel and their relatives

a. Shri Jaswant Rai Jain

b. Smt. Darshan Mala Jain

c. Shri Sunil Kumar Jain

d. Smt. Vanya Jain

e. Shri Praveen Kumar Jain

f. Smt. Kalpana Jain

g. Shri Sanjeev Jain h. Smt. Sangeeta Jain

9. There is nothing to be disclosed under AS 17 – Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

10. The debit and credit balances standing in the name of parties are subject to confirmation from them.

11. The company has not received any intimation from"suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

12. Previous year figures have been regrouped/ reclassified wherever necessary.

13. Naye Paise have been ignored.

14. Schedule 1 to 14 are an integral forming part of Balance Sheet as on 31.03.2010.

15. Additional Information pursuant to provision of circular no. GSR 388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

---

Mar 31, 2009

1. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not applicable.

3. The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors. Fixed monthly remuneration has been paid to the directors within the limits laid down under Schedule –XIII to the Companies Act, 1956.

4. Remuneration to Directors Rs.21,50,000/- (Previous Year Rs.30,00,000/-)

5. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs.4,07,08,200/-.

(b) For claims/shortage not ascertained or settled during the year. Claims lodged by customers but not settled by the company Rs.15,62,477.00.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs.1,08,51,153/- 9. Sundry Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A. Y. 2009-10) is not final as more TDS Certificates might be received by the company in future.

7. Out of paid up capital of the company, 999904 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 04.03.1999 as approved by Hon''ble High Court at New Delhi and 5424730 Equity Shares of Rs.10/- each fully paid have been allotted for consideration otherwise than in cash pursuant to succession agreement dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each fully paid have been allotted for a consideration otherwise than in cash pursuant to a scheme of amalgamation on 19.03.2003 as approved by Hon''ble High Court at New Delhi.

8. Related Party Disclosures:

During the year, the company entered into transactions with related parties. Those transactions are listed below:

- List of related parties being associates having significant influence or control.

a. N. E. C. C. Logistics

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Pvt. Ltd.

d. N. E. C. C. Automobiles Pvt. Ltd.

e. Shreyans Buildwell Private Limited

f. Bhikshu Enterprises Private Limited

g. Kailash Chand Jain (HUF) h. Praveen Kumar Jain (HUF)

i. Jaswant Rai Jain & Sons (HUF)

9. There is nothing to be disclosed under AS 17 – Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

10. The debit and credit balances standing in the name of parties are subject to confirmation from them.

11. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

12. Previous year figures have been regrouped/ reclassified wherever necessary.

13. Naye Paise have been ignored.

14. Schedule 1 to 14 are an integral forming part of Balance Sheet as on 31.03.2009.

15. Additional Information pursuant to provision of circular no. GSR 388(E) dated 15.05.95 of Department of Company Affairs is enclosed.