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Directors Report of Progressive Extractions & Exports Ltd.

Mar 31, 2015

The directors present herewith the 34th Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2015.

(Rs. In Lakhs)

FINANCIAL RESULTS 2014-15 2013-14

Total Income 1.53 1.65

Total Expenditure 7.01 9.53

Profit / (Loss) before Depreciation -7.88 -7.88

Less: Depreciation 1.78 4.59

Net profit before Tax - 7.26 -12.47

Less: Provision for Tax 0.00 0.00

Net Profit -7.26 -12.47

Profit / (Loss) brought forward from previous year (84.39) ( 71.92)

Balance carried to Balance Sheet (91.65) (84.39)

OPERATIONS:

During the year under review the operations of the company have remained suspended. The Company has parted with plant and machineries and other fixed assets. The Company is committed to continue its activities with the help of its marketing department and is working hard to create marketing to resumes its trading activities.

OPPORTUNITIES AND RISKS:

Company is in the business of job work operations of solvent extraction and oil refining and trading of refined oil. Though during the year under review operations of company are suspended, the Company is hopeful to revive its operations and efforts are being made in this regard.

FINANCE:

The Company has not obtained any financial assistance from Banks and other financial institutions during year under review.

DIVIDEND:

Since the company has suspended its operations your directors do no recommend any dividend for the year under review.

FIXED DEPOSITS

During the year under review, your Company has neither invited nor accepted any fixed deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

DEMATERIALIASATION:

Your Directors are pleased to inform you that, M/S System Support Services, Mumbai as RTA of the Company for providing better electronic share trading facility by our share holders.

The equity shares of your Company are being compulsorily traded in dematerialization form. The ISIN No. is INE421E01012. Nearly 56 % of the equity shares have been dematerialized form.

DIRECTORS:

During the Financial year under review, Mr AvaneeshSabharwal and Mr.NitinBhondwe, directors retire by rotation who offers themselves for reappointment.

DIRCTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Director's Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the accounts for the financial year ended 31st March 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures.

(2) That the Directors have adopted such accounting policies and applied them consistently and made judgments estimates that were reasonable and prudent so as to give a true and fair view of the state affair of the Company at the end of the financial year and of the profit or loss of the company for the year under review.

(3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(4) That the Directors have prepared the accounts for the financial year ended 31st March 2014 on a "going concern" basis.

PARTICULARS OF EMPLOYEES:

During the year under review, there were only 3 employees therefore,. Provisions of Section 217 (1) (e) of the Companies act, 1956 is not applicable to the Company.

CORPORATE GOVERNANCE:

As per revised clause 49 of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Company's Auditors confirming Compliance is set out in the Annexure forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The details required, to the extent applicable, under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are as under and form part of this report. The Company regularly takes necessary steps to conserve power consumption at its plant in order to reduce its cost of production.

At present the Company has no specific Research and Development Department.

During the year under review, the Company neither earned nor spent any foreign exchange.

AUDITORS:

The company has received a letter of resignation from M/S K.C. Kaushal & Co. Chartered Accountants, BHOPAL , the present auditor of the company stating their inability to continue as auditor of the company due to their preoccupation. Hence to fill the casual vacancy, it has been decided to appoint M/S Jain Dhureja & Company, Chartered Accountants, BHOPAL as Auditors of the Company for the current year . M/S M/S Jain Dhureja & Company being eligible offers them for re-appointment. Members will be required to appoint Auditors for the current year till the conclusion of next Annual General Meeting of the company at remuneration to be fixed by the Board of Directors of the company.

ACKNOWLEDGEMENT:

Your directors wish to place on record their appreciation for the support and cooperation, which the Company continues to receive from its customers, various Govt. Agencies, the Company's Bankers and employees. The Directors also wish to place on record their appreciation for the sense of responsibility and team work displayed by employee at all levels.

For and on behalf of the Board of Directors

Place: Bhopal s/d

Date: 1st September 2015 Director


Mar 31, 2014

Dear members,

The directors present herewith the 31st Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2014.

(Rs. In Lakhs)

FINANCIAL RESULTS 2013-14 2012-13

Total Income 1.65 2.13

Total Expenditure 9.53 9.77

Profit / (Loss) before Depreciation -7.88 -7.65

Less: Depreciation 4.59 4.94

Net profit before Tax -12.47 -12.59

Less: Provision for Tax 0.00 0.00

Net Profit -12.47 -12.59

Profit / (Loss) brought forward from previous year (71.92) (59.33)

Balance carried to Balance Sheet (84.39) (71.92)

OPERATIONS:

During the year under review the operations of the company have remained suspended. The Company has parted with plant and machineries and other fixed assets. The Company is committed to continue its activities with the help of its marketing department and is working hard to create marketing to resumes its trading activities.

OPPORTUNITIES AND RISKS:

Company is in the business of job work operations of solvent extraction and oil refining and trading of refined oil. Though during the year under review operations of company are suspended, the Company is hopeful to revive its operations and efforts are being made in this regard.

FINANCE:

The Company has not obtained any financial assistance from Banks and other financial institutions during year under review.

DIVIDEND:

Since the company has suspended its operations your directors do no recommend any dividend for the year under review.

FIXED DEPOSITS

During the year under review, your Company has neither invited nor accepted any fixed deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

DEMATERIALIASATION:

Your Directors are pleased to inform you that, Bombay stock Exchange Issued approval for revocation of suspension from trading of Equity shares of the company w.e.f. 04.07.2014.We may also like to inform you, we have appointed M/S System Support Services, Mumbai as RTA of the Company for providing better electronic share trading facility by our share holders.

The equity shares of your Company are being compulsorily traded in dematerialization form. The ISIN No. is INE421E01012. Nearly 55 % of the equity shares have been dematerialised form.

DIRECTORS:

During the year under review, Mr Avaneesh Sabharwal and Mr. Nitin Bhondwe, directors retire by rotation who offers themselves for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Director''s Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the accounts for the financial year ended 31st March 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures.

(2) That the Directors have adopted such accounting policies and applied them consistently and made judgments estimates that were reasonable and prudent so as to give a true and fair view of the state affair of the Company at the end of the financial year and of the profit or loss of the company for the year under review.

(3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(4) That the Directors have prepared the accounts for the financial year ended 31st March 2014 on a "going concern" basis.

PARTICULARS OF EMPLOYEES:

During the year under review, there were no employees, covered under section 217 (2A) of the Companies Act, 1956. Provisions of Section 217 (1) (e) of the Companies act, 1956 is not applicable to the Company.

CORPORATE GOVERNANCE:

As per revised clause 49 of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Company''s Auditors confirming Compliance is set out in the Annexure forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The details required, to the extent applicable, under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are as under and form part of this report. The Company regularly takes necessary steps to conserve power consumption at its plant in order to reduce its cost of production.

At present the Company has no specific Research and Development Department.

During the year under review, the Company neither earned nor spent any foreign exchange.

AUDITORS:

M/S K. C. KOSHAL& Company, Chartered accountants, being eligible as statutory auditors of the company, offers themselves for re-appointment. Members will be required to appoint Auditors for the current year till the conclusion of next Annual General Meeting of the company at remuneration to be fixed by the Board of Directors of the company.

ACKNOWLEDGEMENT:

Your directors wish to place on record their appreciation for the support and cooperation, which the Company continues to receive from its customers, various Govt. Agencies, the Company''s Bankers and employees. The Directors also wish to place on record their appreciation for the sense of responsibility and team work displayed by employee at all levels.

For and on behalf of the Board of Directors

Place: Bhopal s/d Date: 1st September 2014 Director


Mar 31, 2013

To The Members of Progressive Extractions & Exports Limited

The directors present herewith the 31st Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2013.

(Rs. In Lakhs)

FINANCIAL RESULTS 2012-13 2011-12

Total Income 2.13 3.75

Total Expenditure 9.77 0.44

Profit / (Loss) before Depreciation -7.65 3.31

Less: Depreciation 4.94 0.41

Net profit before Tax -12.59 2.90

Less: Provision for Tax 0.00 0.00

Net Profit -12.59 2.90

Profit / (Loss) brought forward from previous year (59.33) ( 62.23)

Balance carried to Balance Sheet (71.92) (59.33)

OPERATIONS:

During the year under review the operations of the company have remained suspended. The Company has parted with plant and machineries and other fixed assets. The Company is committed to continue its activities with the help of its marketing department and is working hard to create marketing to resumes its trading activities.

OPPORTUNITIES AND RISKS:

Company is in the business of job work operations of solvent extraction and oil refining and trading of refined oil. Though during the year under review operations of company are suspended, the Company is hopeful to revive its operations and efforts are being made in this regard.

FINANCE:

The Company has not obtained any financial assistance from Banks and other financial institutions during year under review.

DIVIDEND:

Since the company has suspended its operations your directors do no recommend any dividend for the year under review.

FIXED DEPOSITS

During the year under review, your Company has neither invited nor accepted any fixed deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

DEMATERIALIASATION:

The equity shares of your Company are being compulsorily traded in dematerialization form. The ISIN No. is INE421E01012. Nearly 42.78 % of the equity shares have been dematerialised form.

DIRECTORS:

During the year under review, Mr AvaneeshSabharwal and Mr. NitinBhondwe, directors retire by rotation who offers themselves for reappointment.

DIRCTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Director''s Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the accounts for the financial year ended 31st March 2013; the applicable accounting standards have been followed along with proper explanation relating to material departures.

(2) That the Directors have adopted such accounting policies and applied them consistently and made judgments estimates that were reasonable and prudent so as to give a true and fair view of the state affair of the Company at the end of the financial year and of the profit or loss of the company for the year under review.

(3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(4) That the Directors have prepared the accounts for the financial year ended 31st March 2013 on a "going concern" basis.

PARTICULARS OF EMPLOYEES:

During the year under review, there were no employees, covered under section 217 (2A) of the Companies Act, 1956. Provisions of Section 217 (1) (e) of the Companies act, 1956 is not applicable to the Company.

CORPORATE GOVERNANCE:

As per revised clause 49 of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Company''s Auditors confirming Compliance is set out in the Annexure forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The details required, to the extent applicable, under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are as under and form part of this report. The Company regularly takes necessary steps to conserve power consumption at its plant in order to reduce its cost of production.

At present the Company has no specific Research and Development Department.

During the year under review, the Company neither earned nor spent any foreign exchange.

AUDITORS:

M/S K. C. KOSHAL& Company, Chartered accountants, being eligible as statutory auditors of the company, offers themselves for re-appointment. Members will be required to appoint Auditors for the current year till the conclusion of next Annual General Meeting of the company at remuneration to be fixed by the Board of Directors of the company.

ACKNOWLEDGEMENT:

Your directors wish to place on record their appreciation for the support and cooperation, which the Company continues to receive from its customers, various Govt. Agencies, the Company''s Bankers and employees. The Directors also wish to place on record their appreciation for the sense of responsibility and team work displayed by employee at all levels.

For and on behalf of the Board of Directors

Place: Bhopal s/d

Date: 1st September 2013 Director


Mar 31, 2012

To The Members of Progressive Extractions & Exports Limited

The directors present herewith the 31st Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2012.

(Rs. In Lakhs)

FINANCIAL RESULTS 2011-12 2010-11 (in Rs.) (in Rs.)

Total Income 3.75 3.90

Total Expenditure 0.44 0.19

Profit / (Loss) before Depreciation 3.31 3.71

Less: Depreciation 0.41 2.80

Net profit before Tax 2.90 0.91

Less: Provision for Tax 0.00 0.00

Net Profit 2.90 0.91

Profit / (Loss) brought forward from previous year (63.14) (63.14)

Balance carried to Balance Sheet (59.34) (62.23)

OPERATIONS :

During the year under review the operations of the company have remained suspended. The Company has parted with plant and machineries and other fixed assets. The Company is committed to continue its activities with the help of its marketing department and is working hard to create a marketing to resumes its trading activities.

OPPORTUNITIES AND RISKS:

Company is in the business of job work operations of solvent extraction and oil refining and trading of refined oil. Though during the year under review operations of company are suspended, the Company is hopeful to revive its operations and efforts are being made in this regard.

FINANCE:

The Company has not obtained any financial assistance from Banks and other financial institutions during year under review.

DIVIDEND:

Since the company has suspended its operations your directors do no recommend any dividend for the year under review.

FIXED DEPOSITS

During the year under review, your Company has neither invited nor accepted any fixed deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

DEMATERIALIASATION:

The equity shares of your Company are being compulsorily traded in dematerialization form. The ISIN No. is INE421E01012. Nearly 8.5 % of the equity shares have been dematerialised form.

DIRECTORS:

During the year under review, Mr AvaneeshSabharwal and Mr.NitinBhondwe, directors retire by rotation who offer themselves for reappointment.

DIRCTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Director's Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the accounts for the financial year ended 31st March 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(2) That the Directors have adopted such accounting policies and applied them consistently and made judgments estimates that were reasonable and prudent so as to give a true and fair view of the state affair of the Company at the end of the financial year and of the profit or loss of the company for the year under review.

(3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(4) That the Directors have prepared the accounts for the financial year ended 31st March 2012 on a "going concern" basis.

PARTICULARS OF EMPLOYEES:

During the year under review, there were no employees, covered under section 217 (2A) of the Companies Act, 1956. Provisions of Section 217 (1) (e) of the Companies act, 1956 is not applicable to the Company.

CORPORATE GOVERNANCE:

As per revised clause 49 of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Company's Auditors confirming Compliance is set out in the Annexure forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The details required, to the extent applicable, under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are as under and form part of this report. The Company regularly takes necessary steps to conserve power consumption at its plant in order to reduce its cost of production.

At present the Company has no specific Research and Development Department.

During the year under review, the Company neither earned nor spent any foreign exchange.

AUDITORS:

M/S K. C. KOSHAL& Company, Chartered accountants, being eligible as statutory auditors of the company, offers themselves for re-appointment. Members will be required to appoint Auditors for the current year till the conclusion of next Annual General Meeting of the company at remuneration to be fixed by the Board of Directors of the company.

ACKNOWLEDGEMENT:

Your directors wish to place on record their appreciation for the support and cooperation, which the Company continues to receive from its customers, various Govt. Agencies, the Company's Bankers and employees. The Directors also wish to place on record their appreciation for the sense of responsibility and team work displayed by employee at all levels.

For and on behalf of the Board of Directors

Place : Bhopal s/d

Date : 1st September 2012 Director

 
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