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