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Notes to Accounts of North Eastern Carrying Corporation Ltd.

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, 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.