Auditor Report of North Eastern Carrying Corporation Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of North Eastern Carrying Corporation Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the fin ancial
statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025,
and its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

1. The Company has not provided Provision for doubtful debts since the management is of the opinion that Debtors
are fully realizable.

2. The company has not recognized Right to Use assets of leased property since in the view of management the lease
are not long term lease.

3. The debit and credit balances are subject to confirmation
Financial impact of above observation are not ascertainable.

Our opinion is not modified in respect of the above stated matters.

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors’ Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditors'' Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Annual Report, but does not include the financial statements and our auditors'' report thereon. The
Annual Report is expected to be made available to us after the date of this auditors'' report.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it
becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained during the course of our audit, or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the
matter to those charged with governance.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the prepa ration
of these financial statements that give a true and fair view of the financial position, financial performance (including other
comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing the Company''s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditors'' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors'' report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:

• Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system in place and the operating effectiveness of such
controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required t o
draw attention in our auditors'' report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our
auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2020 (“the Order”) issued by the Central Government in terms of

Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the

Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes
in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of
the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms
of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to the financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” to this report.

g) In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by
the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements-
Refer Note on contingent liabilities to the financial statements.

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

iii. There has been no delay in transferring the amounts, which was required to be transferred to the investor
education and protection fund by the company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or proposed dividend during the year.

vi. As Provided in the Reporting Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, that for the financial
year commencing on or after the 1st day of April 2023, every company which uses accounting software for
maintaining its books of account, shall use only such accounting software which has a feature of recording audit
trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled. Based on our
examination, the audit trail has been preserved by the company as per the statutory requirements for record
retention.

For Nemani Garg Agarwal & Co.

Chartered Accountants
Firm''s Registration Number : 010192N

Sd/-

CA. Dinesh Chand Kaushik

Partner

Place of Signature : New Delhi Membership Number : 505463

Date : 28 May, 2025 UDIN : 25505463BMLYJC4946

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Mar 31, 2024

We hove audited the accompanying financial statements of North Eastern Carrying Corporation Limited ("the Company"), which comprise the Balance Sheet as at March 3'', 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the financial statements").

in our opinion and to the best of our information and according to the explanations given to us. the aforesaid financial statements give the information required by the Companies Act. 2013 ("the Act") in me manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state o^; affairs of the Company as at March 31, 2024, and its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

1. The Company has not provided Provision for doubtful debts since the management is of the opinion that Debtors are fully realizable,

2. The company has not recognized Right to Use assets of leased property since In the view of management the lease are not long term lease.

3. The debit and credit balances are subject to confirmation

Financial Impact of above observation are not ascertainable.

Our opinion Is not modified In respect of the above stated matters

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(''0) of the Act. Our responsibilities under those Standards are further described in the Auditors'' Responsibilities for the Audit of the Financial Statements section of our report. We c^e independent of the Company in accordance w^:th the Code of Ethics issuec by the Institute of Chartered Accountants of India (ICAI) together with the etnical requirements that are relevant to our audit of the financial statements under the provisions of fhe Act and the Rules made there unaer, and we have fulfilled our othe^r ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forou^f opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment were of most significance in our audit of the financia^; statements of the current period. These matters were acdressed in the conlext of our aud t of the financial statements as a whole, and in fanning our opinion thereon, and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company''s Board of Directors s responsible fo^r the preparation of the other nfornation. The other information comor''ses the information incluaed in the Annua¹ Report, out does not include the financial statements and our auditors'' report thereon. The Annual Report is expected to be made available to us after the date of this auditors’ report,

Our opinion on the financial statements does not cover the o*her information ana we will not express any form of assu.-ance conclusion thereon.

n connection with our aud^:t of the financial statements, our responsibility is *o reaa the other information identified above when it becomes available and. in doing so, consiaer wnether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit, or otherwise apoears to be materially misstated,

When we read the Annual Report, if we conclude that there is a material misstatement therein, we ere required to communicate the matter to those charged with governance.

Management’s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5; of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity end cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian accounting Standards (Ind AS) specified under section 133 of the Act. This ^responsibility also includes maintenance of adequate accounting records in accordance with the provisions ot the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates tha* are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, ^relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

in preparing the financial statements, the management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

ne Board o* Directors is also responsible for overseeing the Company''s financial moorting process.

Auditors'' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financia¹ statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors'' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement wnen it exists. Misstatements can arise from fraud or error and are considered material if, ndividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive

1o these risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal contro.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate n the circumstances. Under section U3(3)|i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

_ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates cnc relatea disclosures made by management.

Conduce on the appropriateness of management''s use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern, if we concluae that a material uncertainty exists, we are required to draw attention in our auditors'' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern

Evaluate the overall presentation. structu^re ana content of the financial statements, including the disclosures, and whether the rmancial statements represent the underlying transactions and events in a manner that achieves fair presentation

We communicate with those charged witn governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant defic encies in internal control tha* we identify during our audit

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thougm to bear on our independence a^d where aop ^:cable, related safeguards.

From the matters communicated with Ihose charged with governance, we determine those matters that were of most significance in the audit of the financial statements of ^,"^e current period and are therefore the key audit matters, we descrioe these matters in

our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we aetermine that a matter should not oe communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the pubic interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditors Report) Order. 2020 ("the Order") issued by the Central Government in terms of Section 143(11] of the Act. we give in ''Annexure A" a statement on the matters specifiea in paragraphs 3 and 4 of the Order, to the extent apolicaole.

2 As required by Section 143(3) of the Act, we •epoh that''

a) We have sought ana obtained all tne information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as requirea by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Sratement of Changes in Eauity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) m our opinion, the aforesaid financial statements comply with the Accounting Standards specifiea unaer Section ''33 of the Act, reac with the Companies (Indian Accounting Standards) Rules. 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 3i, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to the financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B” to this report.

g) In our opinion and to the best of our information and according to the expanations g ven fo us, the remunerphon paid by the Company to its airecro-s during the year is in accordance w''th the provisions of section 197 of the Act.

n) With respect to the other matters to be included in the Auditors’ Report in

accordance with Ru*e 11 o‘ the Companies {Audit and Auditors) Rules, 2014, as

amended in our opinion and to the best of our information and according to

the explanations given to us:

L The Company has disclosed the impact of pending litigations on its financial position in its financial statements- Refer Note on contingen* liabilities to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any mcterial foreseeable losses.

iii There has been no delay in transferring the amounts, which was required to be transferred to the investor education and protection fund by the company,

iv. (a)The Management has represented that, to the pest of its knowledge ana belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share oremium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity [''‘Intermediaries"), with the understanding, whether recorded in writing or otherwise, thot the Imermeciary shall, whether, directly or indirectly lend cr invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Benef^:ciaries;

[b) The Management has represented, that, to the oest o* its knowledge and belief, no funds (which c^re material either individually or in the aggregate) have been receivec by the Company from any person or entry, including "oreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, d’rectiy or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on benalf of the Funding Party ("Ultimate Beneficiaries") o^r provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on tne audit procedures that have oeen considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause ii) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement,

v. Tne company has not aeclared or proposed dividend during the year.

vl. As Provided In the Reporting Rule 11(g) of the Companies (Audit and Auditors) Ruies, 2014, that for the financial year commencing on or after the 1st day of April 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every

*

transaction, creating an edit log of each change made In the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. Based on our examination. The audit trail has been preserved by the company as per the statutory requirements for record retention.

For Neman! Garg Agarwal 8. Co.

Chartered Accountants

Firm''s Registration Number: 010192N

. C. KcuuW^_. /&. ^

(CA. Dinesh Chand Kaushlk) ; i

Partner

Membership Number: 505463

Place of Signature: New Delhi

Date: 30 May, 2024

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Mar 31, 2018

Report on the Financial Statements

We have audited the accompanying financial statements of NORTH EASTERN CARRYING CORPORATION LIMITED (“the Company”) which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, Statement of changes in equity and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, and its Profit and Changes in equity and its Cash Flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“the Order”), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, we report that:

a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

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

e) On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

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

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

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

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

Annexure A to the Independent Auditors'' Report

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

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

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

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

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

2. The company is not dealing in any physical inventory and therefore there is no question of physical verification of inventory.

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

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

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

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

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

5. The Company has not accepted any deposits from the public. Therefore, the directive issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provisions of the Companies Act, 2013, and the rules framed there under does not arise.

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

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

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

8. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or banks.

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

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

11. Based on the audit procedures performed and the information and explanations given by the management, Managerial Remuneration has been paid or provided in accordance with provisions of Companies Act, 2013.

12. In our opinion, the company is not a Nidhi company within the meaning of relevant law.

13. Based on the audit procedures performed and the information and explanations given by the management, all transactions with related parties are in compliance with section 188 of the Companies Act, 2013 and requisite details have been disclosed in the financial statements as required by the applicable accounting standards.

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

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

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

Annexure B to the Independent Auditor''s Report of even date on the Financial Statements of North Eastern Carrying Corporation Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of North Eastern Carrying Corporation Limited (“the Company”) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For and on behalf of

Raj Achint & Associates

Chartered Accountants

Firm''s registration number: 022023N

Sd/-

Raj Kumar Jain

Place: Delhi Proprietor

Date: 30.05.2018 M. No. 087941

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Mar 31, 2015

We have audited the accompanying financial statements of North Eastern Carrying Corporation Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurariee audit whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the order") issued by the Central Government of India in term of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable.

As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) The Company does not have any branches offices which are audited under Section 143(8) of the Act by branch auditors.

d) the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

e) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

f) There are no observations or comments on the financial transactions or matters which may have any adverse effect on the functioning of the Company.

g) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

h) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

i. As per information furnished to us, the Company does not have any pending litigations which would impact its financial position

ii. As per information furnished to us, the Company does not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses

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

NORTH EASTERN CARRYING CORPORATION LIMITED ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF NORTH EASTERN CARRYING CORPORATION LIMITED

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

1 (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

2. (a) The company is not dealing in any goods and therefore there is no physical verification on inventory.

(b) As already stated, since the company is not dealing in any goods, there is no question of procedure of physical verification of stock.

(c) As already mentioned, the company is not dealing in any goods, there in no question of inventory records and physical verification of inventory.

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

(b) As the company has not granted any loans during the year the question of receipt of principal and interest amounts does-not arise,

(c) There are no overdue amount of loans granted to companies listed in the register maintained under section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed asset and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not accepted any deposits from the public. Therefore, directive issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provisions of the Companies Act, 2013, and the rules framed there under does not arise.

6. Maintenance of cost records has not been prescribed by the Central Government U/s. 148(1) of the Companies Act, 2013.

7. (a) As per information and record produced before us, the company is regular in depositing undisputed statutory dues within in the prescribed time to the appropriate authorities.

(b) According to the information and explanation given to us, no undisputed amounts payable on account of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess as at 31.03.2015 for a period of more than six months from the date they become payable.

(b) In our Opinion, there is no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the companies Act, 1956 (1of 1956) and rules made there under has been transferred to such fund within time

8 The company doesnot have any accumulated losses.

9. As per the information furnished to us, the company has not defaulted in repayment of dues to any financial institution or bank.

10. As per information furnished to us, the company has not given any guarantee for loans taken by others from bank or financial institution.

11. In our opinion, the term loans have been applied for the purpose for which they were raised.

12. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Sanghi & Co. Chartered Accountants Firm No. 012619N

Ram Kishan Sanghi Proprietor M. No. 091534

Place: Delhi Date: 28.05.2015

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Mar 31, 2012

We have audited the attached Balance Sheet of NORTH EASTERN CARRYING CORPORATION LIMITED as at March 31st, 2012, the attached Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan, and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test Basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors' Report) Order. 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1356 we annex hereto a Statement on the matters specified in paragraphs 4 & 5 of the said order

Further to our comments in the annexure referred to in Paragraphs above, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, the Company has kept proper books of account as required by Law. So far as appear from our examination of such books.

(c) The Balance Sheet, Statement of Profit 8 Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account of the company.

(d) In our opinion, the Statement of Profit and Loss, Balance Sheet and Cash Flow Statement comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of The Companies Act, 1956.

(e) On the basis of the written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the directors is disqualified as at March 31st, 2012 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to explanations given to us, the said account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at March 31st, 2012 and

(ii) In the case of the Statement of Profit and Loss of the profit of the company for the year ended 31st March, 2012

(iii) In the case of Cash Flow Statement, of the cash flows for the year ended on March 31, 2012

Annexure to the Auditors Report of the NORTH EASTERN CARRYING CORPORATION LTD

(Referred to in Paragraph 3 of the report of even date)

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

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has disposed off some of the fixed assets. We are of the opinion that the sale of the said fixed assets has not affected the going concern status of the company.

2. (a) The company is not dealing in any goods therefore there is no physical verification of inventory.

(b) As already stated, since the company is not dealing any goods, there is no question of procedure of physical verification of stock.

(c) As already stated, since the company is not dealing in any goods, there is no question of inventory records and physical verification of inventory.

3. (a) The company has not granted, any loans, secured or unsecured, to the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956.

(b) As the company has not granted any loans, the question of interest being prejudicial to the interest of the company does not arise.

(c) As the company has not granted any loans, the question of repayment does not arise.

(d) There are no overdue amount of loans granted, if any, to companies listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has not taken unsecured loans from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956.

(f) Since the company has not taken loans from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956 there is no question of terms and conditions of such loans being prima facie, prejudicial to the interest of the company.

(g) Since the company has not taken any loans from the companies, firms or other parties covered in the register U/s 301 of the companies Act, 1956, there is no question of repayment of principal or interest being regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of fixed asset and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement, if any, referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) According to the information and explanations given to us, there are no such transactions made in pursuance to contracts or arrangements which need to be entered in the register maintained U/s. 301 of the Companies Act, 1956 exceeding the value of Rs. 5.00 Lakh in respect of any party during the year.

6. The Company has not accepted any deposits from the public. Therefore, the applicability of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 does not arise.

7. In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

8. Maintenance of cost records has not been prescribed by the Central Government U/s. 209(1)(d) of the Companies Act, 1956.

9. (a) As per information and record produced before us, the company is regular in depositing undisputed statutory dues including Provident Fund, ESI, Professional Tax, TDS, Income Tax, Wealth Tax and Service Tax within time to the appropriate authorities.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax and Service Tax were in arrears, as at 31.03.2012 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Wealth Tax and Service Tax, which have not been deposited on account of any dispute.

10. The company does not have any accumulated losses.

11. In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. As per information furnished to us, the company has not granted loans and advances on the basis of security by way of pledge of shares & securities.

13. Clause (xiii) of the order is not applicable to the company as the company is not a chit fund company or mutual benefit society.

14. The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable, to the company.

15. As per information furnished to us, the company has not given any guarantee for loans taken by others from bank or financial institution.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17 According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no fund raised on short-term basis have been used for long term investment.

18. The company has not made any preferential allotment of shares during the year to the parties covered, by Register U/s. 301 of the Companies Act, 1956.

19. During the year, no security or charge have been created in respect of debentures issued.

20. The company has not raised any money by public issues during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



For M/s Sanghi & Company Chartered Accountants Firm No. 012619N

(Ram Kishan Sanghi) Proprietor M. No. 091534

Date: 30.05.2012 Place: Delhi

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Mar 31, 2011

We have audited the attached Balance Sheet of NORTH EASTERN CARRYING CORPORATION LIMITED as at March 31st, 2011, the attached Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we annex hereto a Statement on the matters specified in paragraphs 4 & 5 of the said order.

Further to our comments in the annexure referred to in Paragraphs above, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, the Company has kept proper books of account as required by Law, so far as appear from our examination of such books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the company.

(d) In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of The Companies Act, 1956.

(e) On the basis of the written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the directors is disqualified as at March 31st, 2011 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to explanations given to us, the said account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at March 31st, 2011

(ii) In the case of the Profit and Loss Account of the profit of the company for the year ended 31st March, 2011

(iii) In the case of Cash Flow Statement, of the cash flows for the year ended on March 31, 2011

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

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has disposed off some of the fixed assets. We are of the opinion that the sale of the said fixed assets has not affected the going concern status of the company.

2. (a) The company is not dealing in any goods therefore there is no inventory.

(b) As already stated, since the company is not dealing any goods, there is no question of procedure of physical verification of stock.

(c) As per information furnished to us, The Company is maintaining proper records of inventory.

3. (a) The company has not granted, any loans, secured or unsecured, to the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956.

(b) As the company has not granted any loans, the question of interest being prejudicial to the interest of the company does not arise.

(c) As the company has not granted any loans, the question of repayment does not arise.

(d) There are no overdue amount of loans granted, if any, to companies listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has taken unsecured loans from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 124.50 Lacs and the year-end balance of loans taken from such parties was NIL. Number of Parties from whom such loans were taken was Four.

(f) In our opinion, the rate of interest and other terms & conditions on which loans have been taken from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(g) The company is regular in repaying the principal amounts as stipulated.

4. In our opinion and according to the information and explanations given to us,there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of fixed asset and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) According to the information and explanations given to us, there are no such transactions made in pursuance to contracts or arrangements which need to be entered in the register maintained U/s. 301 of the Companies Act, 1956 exceeding the value of Rs.5.00 Lakh in respect of any party during the year.

6. The Company has not accepted any deposits from the public. Therefore, the applicability of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 does not arise.

7. In out opinion, the company has an internal audit system commensurate with its size and nature of its business.

8. Maintenance of cost records has not been prescribed by the Central Government U/s. 209(1 )(d) of the Companies Act, 1956.

9. (a) As per information and record produced before us, the company is regular in depositing undisputed statutory dues including Provident Fund, ESI, Professional Tax, TDS, Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax within in time to the appropriate authorities.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax were in arrears, as at 31.03.2011 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax, which have not been deposited on account of any dispute.

10. The company does not have any accumulated losses.

11. In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. As per information furnished to us, the company has not granted loans and advances on the basis of security by way of pledge of shares & securities.

13. Clause (xiii) of the order is not applicable to the company as the company is not a chit fund company or mutual benefit society.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. As per information furnished to us, the company has not given any guarantee for loans taken by others from bank or financial institution.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no fund raised on short-term basis have been used for long term investment.

18. The company has not made any preferential allotment of shares during the year to the parties covered by Register U/s. 301 of the Companies Act, 1956.

19. During the year, no security or charge have been created in respect of debentures issued.

20. The company has not raised any money by public issues during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For M/s Sanghi & Company

Chartered Accountants Firm No: 012619N

(Ram Kishan Sanghi)

Date: 30.05.2011 Proprietor

Place: Delhi M. No. 091534

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Mar 31, 2009

We have audited the attached Balance Sheet of NORTH EASTERN CARRYING CORPORATION LIMITED as at March 31st, 2009, the attached Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we annex hereto a Statement on the matters specified in paragraphs 4 & 5 of the said order.

Further to our comments in the annexure referred to in Paragraphs above, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, the Company has kept proper books of accounts as required by Law, so far as appear from our examination of such books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the company.

(d) In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of The Companies Act, 1956.

(e) On the basis of the written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the directors is disqualified as at March 31st, 2009 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to explanations given to us, the said account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at March 31st, 2009 and

(ii) In the case of the Profit and Loss Account of the profit of the company for the year ended 31st March, 2009

(iii) In the case of Cash Flow Statement, of the cash flows for the year ended on March 31, 2009

Annexure to the Auditors Report of the NORTH EASTERN CARRYING CORPORATION LTD

(Referred to in Paragraph 3 of the report of even date)

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

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has disposed off some of the fixed assets. We are of the opinion that the sale of the said fixed assets has not affected the going concern status of the company.

2. (a) The company is not dealing in any goods therefore there is no inventory.

(b) As already stated, since the company is not dealing any goods, there is no question of procedure of physical verification of stock.

(c) As per information furnished to us, The Company is maintaining proper records of inventory.

3. (a) The company has not granted, any loans, secured or unsecured, to the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956.

(b) As the company has not granted any loans, the question of interest being prejudicial to the interest of the company does not arise.

(c) As the company has not granted any loans, the question of repayment does not arise.

(d) There are no overdue amount of loans granted, if any, to companies listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has taken interest free unsecured loans from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.161.57 Lacs and the year-end balance of loans taken from such parties was Rs.92.50 Lacs. The number of Parties involved were nine.

(f) In our opinion, the rate of interest and other terms & conditions on which loans have been taken from the companies, firms or other parties covered in the register U/s. 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(g) The company is regular in repaying the principal amounts as stipulated.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of fixed asset and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) According to the information and explanations given to us, there are no such transactions made in pursuance to contracts or arrangements which need to be entered in the register maintained U/s. 301 of the Companies Act, 1956 exceeding the value of Rs.5.00 Lakh in respect of any party during the year.

6. The Company has not accepted any deposits from the public. Therefore, the applicability of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 does not arise.

7. In out opinion, the company has an internal audit system commensurate with its size and nature of its business.

8. Maintenance of cost records has not been prescribed by the Central Government U/s. 209(1)(d) of the Companies Act, 1956.

9. (a) As per information and record produced before us, the company is regular in depositing undisputed statutory dues including Provident Fund, ESI, Professional Tax, TDS, Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax within in time to the appropriate authorities.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax were in arrears, as at 31.03.2009 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Wealth Tax, Fringe Benefit Tax and Service Tax, which have not been deposited on account of any dispute.

10. The company does not have any accumulated losses.

11. In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. As per information furnished to us, the company has not granted loans and advances on the basis of security by way of pledge of shares & securities.

13. Clause (xiii) of the order is not applicable to the company as the company is not a chit fund company or mutual benefit society.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. As per information furnished to us, the company has not given any guarantee for loans taken by others from bank or financial institution.

16. In our opinion, the terms loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no fund raised on short-term basis have been used for long term investment.

18. The company has not made any preferential allotment of shares during the year to the parties covered by Register U/s. 301 of the Companies Act, 1956.

19. During the year, no security or charge have been created in respect of debentures issued.

20. The company has not raised any money by public issues during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For M/s Sanghi & Company

Chartered Accountants

(Ram Kishan Sanghi) Date: 30.06.2009 Proprietor

Place: Delhi M. No. 091534