Mar 31, 2015
1. We have audited the attached Balance Sheet of Progressive
Extractions & Exports Limited as at March 31, 2015, the Profit and Loss
Account for the Year ended on that date annexed hereto and the Cash
Flow Statement for the year ended on that date. 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.
2. 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments, we report that:
(i) 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;
(ii) 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;
(iii) the Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section 211 of the Companies
Act, 1956:
(v) on the basis of written representations received from the
directors, as on March 31, 2015, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2015 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, and read with other notes appearing in
Schedule '2.1-2.14' 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:
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 Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows ended on
that date.
For JAIN DHUREJA & CO.
Chartered Accountants
s/d
(CA. SHASHANK JAIN) Place : Bhopal
Partner Dated : 27th May, 2015
M. No.:128861
Mar 31, 2014
1. We have audited the attached Balance Sheet of Progressive
Extractions & Exports Limited as at March 31, 2014, the Profit and Loss
Account for the Year ended on that date annexed hereto and the Cash
Flow Statement for the year ended on that date. 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.
2. 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments, we report that:
(i) 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;
(ii) 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;
(iii) the Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section 211 of the Companies
Act, 1956:
(v) on the basis of written representations received from the
directors, as on March 31, 2014, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, and read with other notes appearing in
Schedule ''2.1-2.14'' 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:
a) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2014;
b) in the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows ended on
that date.
ANNEXURE TO THE AUDITORS'' REPORT
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
(b) The management has physically verified the assets in a phased
periodical manner, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(c) In our opinion, due to disposal of substantial assets during FY
2004-05, the going concern status of the company has been affected.
(ii) (a) As explained to us, no inventories are acquired or held during
the year. At the end of the year there was no stock in trade.
(b) No stocks acquired or held during the year.
(c) No stocks acquired or held during the year.
(iii) (a) The company has granted an inter-corporate deposit, unsecured
to a company listed in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of the same is Rs. 525.50
Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from/granted to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 are not, prima facie, prejudicial to the interest
of the company.
(c) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956. However, in respect of inter-corporate deposit
granted, the Borrower Company is a promoter-group Company and as such
there is no evidence substantiating any specific action taken by the
Company for recovery of this deposit except that the promoters are
putting in efforts to raise funds for all the group companies.
(iv) 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 for the purchase of fixed assets. During the course of our
audit, we have not observed any major weaknesses in internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fifty
thousand in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time where such market prices are available.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the period covered by our audit report.
(vii) In our opinion, the Company has not maintained internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 in respect
of the company as no manufacturing activities are being carried by the
Company.
(ix) According to the information and explanations given to us, Company
is generally regular in depositing with appropriate authorities
undisputed statutory dues relating to provident fund, investor
education and protection fund, employees state insurance, wealth tax,
customs duty, excise duty, cess and other statutory dues applicable to
it except for certain minor delays.
(x) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xi) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society, Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(xii) In our opinion and according to the information and explanations
given to us, 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.
(xiii) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
(xiv) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment and vice versa.
(xv) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xvii) During the period covered by our audit report, the Company has
not raised any money by public issues.
(xviii) To the best of our knowledge and belief and 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 K.C. KOSHAL & CO.
Chartered Accountants
s/d
(CA. SHASHANK JAIN) Place : Bhopal
Partner Dated : 24th May, 2014
M. No.:128861
Mar 31, 2013
1. We have audited the attached Balance Sheet of Progressive
Extractions & Exports Limited as at March 31, 2013, the Profit and Loss
Account for the Year ended on that date annexed hereto and the Cash
Flow Statement for the year ended on that date. 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.
2. 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments, we report that:
(i) 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;
(ii) 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;
(iii) the Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section 211 of the Companies
Act, 1956:
(v) on the basis of written representations received from the
directors, as on March 31, 2013, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, and read with other notes appearing in
Schedule ''2.1-2.14'' 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:
a) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2013;
b) in the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows ended on
that date.
ANNEXURE TO THE AUDITORS'' REPORT
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
(b) The management has physically verified the assets in a phased
periodical manner, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(c) In our opinion, due to disposal of substantial assets during FY
2004-05, the going concern status of the company has been affected.
(ii) (a) As explained to us, no inventories are acquired or held during
the year. At the end of the year there was no stock in trade.
(b) No stocks acquired or held during the year.
(c) No stocks acquired or held during the year.
(iii) (a) The company had taken unsecured loans from three companies
covered in the register maintained under section 301 of the companies
Act, 1956. The maximum amount involved during the year was Rs.98.20
Lacs and the year-end balance of loans taken from such companies was
Rs.92.20 Lacs. The company has granted an inter-corporate deposit,
unsecured to a company listed in the register maintained under section
301 of the Companies Act, 1956. The year end balance of the same is
Rs.541 Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from/granted to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 are not, prima facie, prejudicial to the interest
of the company.
(c) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956. However, in respect of inter-corporate deposit
granted, the Borrower Company is a promoter-group Company and as such
there is no evidence substantiating any specific action taken by the
Company for recovery of this deposit except that the promoters are
putting in efforts to raise funds for all the group companies.
(iv) 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 for the purchase of fixed assets. During the course of our
audit, we have not observed any major weaknesses in internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fifty
thousand in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time where such market prices are available.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the period covered by our audit report.
(vii) In our opinion, the Company has not maintained internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 in respect
of the company as no manufacturing activities are being carried by the
Company.
(ix) According to the information and explanations given to us, Company
is generally regular in depositing with appropriate authorities
undisputed statutory dues relating to provident fund, investor
education and protection fund, employees state insurance, wealth tax,
customs duty, excise duty, cess and other statutory dues applicable to
it except for certain minor delays.
(x) In our opinion and according to the information and explanations
given to us, the Company has settled the issue of overdue Loan &
interest payable to financial institution, as per the mutual settlement
with MPSIDC and MPFC.
(xi) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society, Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(xiii) In our opinion and according to the information and explanations
given to us, 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.
(xiv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
(xv) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment and vice versa.
(xvi) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
(xvii) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xviii) During the period covered by our audit report, the Company has
not raised any money by public issues.
(xix) To the best of our knowledge and belief and 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 K.C.KOSHAL & CO.
Chartered Accountants
s/d
(CA. SHASHANK JAIN)
Partner Place : Bhopal
M.No.: 128861 Dated : 20th May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Progressive
Extractions & Exports Limited as at March 31, 2012, the Profit and Loss
Account for the Year ended on that date annexed hereto and the Cash
Flow Statement for the year ended on that date. 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.
2. 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments, we report that:
(i) 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;
(ii) 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;
(iii) the Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section 211 of the Companies
Act, 1956:
(v) on the basis of written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, and read with other notes appearing in
Schedule 'M' 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:
a) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2012;
b) in the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows ended on
that date.
ANNEXURE TO THE AUDITORS' REPORT
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
(b) The management has physically verified the assets in a phased
periodical manner, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(c) In our opinion, due to disposal of substantial assets during FY
2004-05, the going concern status of the company has been affected.
(ii) (a) As explained to us, no inventories are acquired or held during
the year. At the end of the year there was no stock in trade.
(b) No stocks acquired or held during the year.
(c) No stocks acquired or held during the year.
(iii) (a) The company had taken unsecured loans from three companies
covered in the register maintained under section 301 of the companies
Act, 1956. The maximum amount involved during the year was Rs.98.20
Lacs and the year-end balance of loans taken from such companies was
Rs.92.20 Lacs. The company has granted an inter-corporate deposit,
unsecured to a company listed in the register maintained under section
301 of the Companies Act, 1956. The year end balance of the same is
Rs.541 Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from/granted to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 are not, prima facie, prejudicial to the interest
of the company.
(c) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956. However, in respect of inter-corporate deposit
granted, the Borrower Company is a promoter-group Company and as such
there is no evidence substantiating any specific action taken by the
Company for recovery of this deposit except that the promoters are
putting in efforts to raise funds for all the group companies.
(iv) 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 for the purchase of fixed assets. During the course of our
audit, we have not observed any major weaknesses in internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fifty
thousand in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time where such market prices are available.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the period covered by our audit report.
(vii) In our opinion, the Company has not maintained internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 in respect
of the company as no manufacturing activities are being carried by the
Company.
(ix) According to the information and explanations given to us, Company
is generally regular in depositing with appropriate authorities
undisputed statutory dues relating to provident fund, investor
education and protection fund, employees state insurance, wealth tax,
customs duty, excise duty, cess and other statutory dues applicable to
it except for certain minor delays.
(x) In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to a
financial institution as under :
Principal Due Date Overdue Total
Overdue Interest Overdue
Rs.675.00 lacs 31.3.2001 435.00 lacs 1110.00 lacs
The company has taken up the matter for settlement with financial
institution. Interest accrued but not paid has been separately shown
as provided up to previous years. However due to pending settlement no
interest has been provided for the year..
(xi) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society, Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to
the Company.
(xiii) In our opinion and according to the information and explanations
given to us, 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.
(xiv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
(xv) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment and vice versa.
(xvi) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
(xvii) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xviii) During the period covered by our audit report, the Company has
not raised any money by public issues.
(xix) To the best of our knowledge and belief and 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 K.C.KOSHAL & CO.
Chartered Accountants
Place : Bhopal s/d
Dated : 28th May, 2012 (CA. SHASHANK JAIN)
Partner-128861