Directors Report of Progrex Ventures Ltd.

Mar 31, 2025

Your directors present herewith the 44^th Annual Report together with the Audited Statement of Accounts of the Company for the year ended
31^st March, 2025.

FINANCIAL RESULTS	2024-25	2023-24
Total Income	0.90	1.48
Total Expenditure	14.81	11.98
Profit / (Loss) before Depreciation	(13.91)	(10.50)
Less: Depreciation	0.16	0.16
Net profit before Tax	(14.07)	(10.66)
Less: Provision for Tax	0.00	0.00
Net Profit	(14.07)	(10.66)
Profit / (Loss) brought forward from previous year	(171.42)	(160.76)
Balance carried to Balance Sheet	(185.49)	(171.42)

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.

Change in Nature of Business:

During the year there was no change in business activity of the company.

Changes in Share Capital:

During the Financial Year 2024-2025 there is no change in share capital of the Company.

Revision of Annual Financial Statement:

There was no case of revision in financial statement during the year.

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
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

The contract/arrangements entered into with the related parties for the year under review were in ordinary course of business and on arm’s
length basis but exceeds the limits specified under Section 188 (1) of the Companies Act, 2013, hence Form AOC -2 is not applicable.

AMOUNT TRANSFER TO RESERVE:

During the year under review, your Company has not transferred any sum to General Reserve.

DIVIDEND:

Since there is no business activities of the company therefore, your directors do not recommend any dividend for the year under review.
Foreign Exchange Earnings and Outgo:

There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.

DEPOSITS

During the year the Company has not accepted any deposits, within the meaning of Section 73 of the Companies Act, 2013, read with the
Companies (Acceptance of Deposits) Rules, 2014..

DEMATERIAL IASATION:

M/S MUFG Intime India Pvt. Ltd., Mumbai is 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 IS IN No. is INE421E01012. Nearly 93 %
of the equity shares have been materialised form.

DIRECTORS:

During the Financial year under review, Mr Avaneesh Sabharwal, and MS. Shruti Dange directors retire by rotation who offers themselves
for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, (The Act’) your Directors confirm that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable accounting standards had
been followed along with proper explanation relating to material departures, if any.

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit
of the Company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) being a non listed company, this clause relating to internal financial control is not applicable to the Company

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
were adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

None of the employee of the company is drawing more than Rs. 60,00,000/- per annum or Rs.5,00,000/- per month for the part of the year,
during the year under review therefore Particulars of the employees as required under Section 197 of the Companies Act, 2013 read with
rule 5 (2) & rule 5 (3) of the Companies (Appointment and Remuneration) Rules, 2014 are not applicable, during the year under review..

CORPORATE GOVERNANCE:

As per clause 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.

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

16.1 Conservation of Energy:

16.2 The steps taken or impact on conservation of energy: -

The company is putting continues efforts to reduce the consumption of energy and maximum possible saving of energy.

a. The steps taken by the company for utilizing alternate sources of energy:-

The Company has used alternate source of energy, whenever and to the extent possible

b. The capital investment on energy conservation equipments:- NIL

16.3 Technology Absorption:

a. The effort made towards technology absorption:-

No specific activities have been done by the Company.

b. The benefits derived like product improvement, cost reduction, product development or import substitution:-
No specific activity has been done by the Company

c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:- NA

d. The expenditure incurred on Research & Development:- NIL

16.4 Foreign Exchange Earnings and Outgo:

There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.
STATUTORY AUDIT AND AUDITORS REPORT:

M/S Jain Dhureja & Company (Membership No. 128861) 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.

Comments on Auditor’s Report

The Auditors in their report have referred to the notes forming part of the Accounts which are self-explanatory and do not require any further
explanation.

COST RECORD AND/OR COST AUDIT:

Your company does not falls within the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost records &
Audit) Rules, 2014, therefore no such records required to be maintained.

SECRETARIAL AUDIT REPORT:

The company fall under the criteria prescribed under Section 204 of the Companies Act, 2013 read with Rule 2014 of the Companies Rules,
2014, hence the Company has appointed Abhishek Modi & co., Practicing Company Secretary CP No. 14349 Membership No. 10687 to
undertake the Secretarial Audit for the financial year 2024-25 .

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: 2^ntl September, 2025 Director

---

Mar 31, 2024

Your directors present herewith the 43^rd Annual Report together with the Audited Statement of Accounts of the Company for the year ended
31^st March, 2024.

FINANCIAL RESULTS Total Income	2023-24 1.48	2022-23 1.43
Total Expenditure	11.98	12.09
Profit / (Loss) before Depreciation	(10.50)	(10.66)
Less: Depreciation	0.16	0.16
Net profit before Tax	(10.66)	(10.82)
Less: Provision for Tax	0.00	0.00
Net Profit	(10.66)	(10.82)
Profit / (Loss) brought forward from previous year	(160.76)	(149.94)
Balance carried to Balance Sheet	(171.42)	(160.76)

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.

Change in Nature of Business:

During the year there was no change in business activity of the company.

Changes in Share Capital:

During the Financial Year 2023-2024 there is no change in share capital of the Company.

Revision of Annual Financial Statement:

There was no case of revision in financial statement during the year.

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
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

The contract/arrangements entered into with the related parties for the year under review were in ordinary course of business and on arm’s
length basis but exceeds the limits specified under Section 188 (1) of the Companies Act, 2013, hence Form AOC -2 is not applicable.

AMOUNT TRANSFER TO RESERVE:

During the year under review, your Company has not transferred any sum to General Reserve.

DIVIDEND:

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

Foreign Exchange Earnings and Outgo:

There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.

DEPOSITS

During the year the Company has not accepted any deposits, within the meaning of Section 73 of the Companies Act, 2013, read with the
Companies (Acceptance of Deposits) Rules, 2014..

DEMATERIALIASATION:

M/S Link Intime India Pvt. Ltd., Mumbai is 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 92 %
of the equity shares have been dematerialised form.

DIRECTORS:

During the Financial year under review, Mr Avaneesh Sabharwal, and MS. Shruti Dange directors retire by rotation who offers themselves
for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, (‘the Act’) your Directors confirm that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2023, the applicable accounting standards had
been followed along with proper explanation relating to material departures, if any.

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit
of the Company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) being a non listed company, this clause relating to internal financial control is not applicable to the Company

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
were adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

None of the employee of the company is drawing more than Rs.60,00,000/- per annum or Rs.5,00,000/- per month for the part of the year,
during the year under review therefore Particulars of the employees as required under Section 197 of the Companies Act, 2013 read with
rule 5 (2) & rule 5 (3) of the Companies (Appointment and Remuneration) Rules, 2014 are not applicable, during the year under review..

CORPORATE GOVERNANCE:

As per clause 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.

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

16.1 Conservation of Energy:

16.2 The steps taken or impact on conservation of energy:-

The company is putting continues efforts to reduce the consumption of energy and maximum possible saving of energy.

a. The steps taken by the company for utilizing alternate sources of energy:-

The Company has used alternate source of energy, whenever and to the extent possible

b. The capital investment on energy conservation equipments:- NIL

16.3 T echnology Absorption:

a. The effort made towards technology absorption:-

No specific activities have been done by the Company.

b. The benefits derived like product improvement, cost reduction, product development or import substitution:-
No specific activity has been done by the Company

c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:- NA

d. The expenditure incurred on Research & Development:- NIL

16.4 Foreign Exchange Earnings and Outgo:

There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.
STATUTORY AUDIT AND AUDITORS REPORT:

M/S Jain Dhureja & Company (Membership No. 128861) 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.

Comments on Auditor’s Report

The Auditors in their report have referred to the notes forming part of the Accounts which are self-explanatory and do not require any further
explanation.

COST RECORD AND/OR COST AUDIT:

Your company does not falls within the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost records &
Audit) Rules, 2014, therefore no such records required to be maintained.

SECRETARIAL AUDIT REPORT:

The company fall under the criteria prescribed under Section 204 of the Companies Act, 2013 read with Rule 2014 of the Companies Rules,
2014, hence the Company has appointed Abhishek Modi & co., Practicing Company Secretary CP No. 14349 Membership No. 10687 to
undertake the Secretarial Audit for the financial year 2023-24 .

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: 2^nd September, 2024 Directol

---

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