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Accounting Policies of Progressive Extractions & Exports Ltd. Company

Mar 31, 2015

1. Basis of Preparation of Accounts

These accounts are prepared under the historical cost convention. The accounts conform to applicable Accounting standards in India. Financial statements are prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

2. Revenue Recognition

Mercantile system of accounting followed.

3. Fixed Assets

a. Fixed assets are shown at cost. Cost in case of depreciable assets is taken net of subsidy received in relation to specific fixed assets from Government or other authorities. Preoperative expenses including interest up to the date of installation of individual assets are capitalized and added to the cost of the fixed assets when installed.

b. Depreciation on fixed assets is provided on straight line basis and at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

4. Inventories

The company has abandoned all its manufacturing activities. There were no trading activities carried out during the year.

5. Sundry Debtors, Loans & Advances

Provision for doubtful debts and loans and advances are made as and when they are considered doubtful.

6. Miscellaneous Expenditure

Preliminary and share issue expenses are amortized over a period of 10 years.

7. Foreign Currency Transactions.

There is no foreign Currency transaction for the year.

8. Retirement benefits.

Necessary provisions are made by the company.

9. Provision for income tax.

Due to carry forward losses, no provision for income tax has been made.

10. Borrowing Cost

Borrowing costs attributable to acquisition and construction of assets are capitalized as per the cost of such assets upto the date such assets is ready for its intended use. Other borrowing costs are charged to Profit & Loss Account.

The Company had placed inter-corporate deposit of Rs.5,41,00,000 with M/s.Betwa Realtors Private Limited. Outstanding Balance is Rs.52,525,000/-. In view of the default being committed by the said company in repayment, interest on the said deposit for the current year has not been recognized. The Company taken necessary steps for recovery of the deposit along with interest. The Company has considered no provision necessary at this stage.

*Statement of Fixed Assets Attached. Contingent liabilities not provided for in respect of – Equitable mortgage of office flat as collateral security for loans availed by others. Gross Block Rs.4,57,359 ( Previous Year Rs.4,57,359).


Mar 31, 2014

1. Basis of Preparation of Accounts

These accounts are prepared under the historical cost convention. The accounts conform to applicable Accounting standards in India. Financial statements are prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

2. Revenue Recognition

Mercantile system of accounting followed.

3. Fixed Assets

a. Fixed assets are shown at cost. Cost in case of depreciable assets is taken net of subsidy received in relation to specific fixed assets from Government or other authorities. Preoperative expenses including interest upto the date of installation of individual assets are capitalized and added to the cost of the fixed assets when installed.

b. Depreciation on fixed assets is provided on straight line basis and at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

4. Inventories

The company has abandoned all its manufacturing activities. There were no trading activities carried out during the year.

5. Sundry Debtors, Loans & Advances

Provision for doubtful debts and loans and advances are made as and when they are considered doubtful.

6. Miscellaneous Expenditure

Preliminary and share issue expenses are amortized over a period of 10 years.

7. Foreign Currency Transactions.

There is no foreign Currency transaction for the year.

8. Retirement benefits.

Necessary provisions are made by the company.

9. Provision for income tax.

Due to carry forward losses, no provision for income tax has been made.

10. Borrowing Cost

Borrowing costs attributable to acquisition and construction of assets are capitalized as per the cost of such assets upto the date such assets is ready for its intended use. Other borrowing costs are charged to Profit & Loss Account.


Mar 31, 2013

1. Basis of Preparation of Accounts

These accounts are prepared under the historical cost convention. The accounts conform to applicable Accounting standards in India. Financial statements are prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

2. Revenue Recognition

Mercantile system of accounting followed.

3. Fixed Assets

a. Fixed assets are shown at cost. Cost in case of depreciable assets is taken net of subsidy received in relation to specific fixed assets from Government or other authorities. Preoperative expenses including interest up to the date of installation of individual assets are capitalized and added to the cost of the fixed assets when installed.

b. Depreciation on fixed assets is provided on straight line basis and at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

4. Inventories

The company has abandoned all its manufacturing activities. There were no trading activities carried out during the year.

5. Sundry Debtors, Loans & Advances

Provision for doubtful debts and loans and advances are made as and when they are considered doubtful.

6. Miscellaneous Expenditure

Preliminary and share issue expenses are amortized over a period of 10 years.

7. Foreign Currency Transactions.

There is no foreign Currency transaction for the year.

8. Retirement benefits.

Necessary provisions are made by the company.

9. Provision for income tax.

Due to carry forward losses, no provision for income tax has been made.

10. Borrowing Cost

Borrowing costs attributable to acquisition and construction of assets are capitalized as per the cost of such assets upto the date such assets is ready for its intended use. Other borrowing costs are charged to Profit & Loss Account.


Mar 31, 2012

1. Basis of Preparation of Accounts

These accounts are prepared under the historical cost convention. The accounts conform to applicable Accounting standards in India. Financial statements are prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

2. Revenue Recognition

Mercantile system of accounting followed. Except that no interest on bank loan has been provided in view of settlement to be reached with banks. Interest provided upto financial year 2003-04 amounting to Rs.4,35,00,261/- has not been reversed, in view of the pending settlement with bank.

3. Fixed Assets

a. Fixed assets are shown at cost. Cost in case of depreciable assets is taken net of subsidy received in relation to specific fixed assets from Government or other authorities. Preoperative expenses including interest upto the date of installation of individual assets are capitalized and added to the cost of the fixed assets when installed.

b. Depreciation on fixed assets is provided on straight line basis and at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

4. Inventories

The company has abandoned all its manufacturing activities. There were no trading activities carried out during the year.

5. Sundry Debtors, Loans & Advances

Provision for doubtful debts and loans and advances are made as and when they are considered doubtful.

6. Miscellaneous Expenditure

Preliminary and share issue expenses are amortized over a period of 10 years.

7. Foreign Currency Transactions.

There is no foreign Currency transaction for the year.

8. Retirement benefits.

There was no business activities carried out during the year therefore no person employed.

9. Provision for income tax.

Due to carry forward losses, no provision for income tax has been made.

10. Borrowing Cost

Borrowing costs attributable to acquisition and construction of assets are capitalized as per the cost of such assets upto the date such assets is ready for its intended use. Other borrowing costs are charged to Profit & Loss Account.

 
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