Notes to Accounts of Progrex Ventures Ltd.

Mar 31, 2024

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 as on 01.04.2023 was Rs.4,95,25,000/-this year company has not recovered any
amount and yearend balance is Rs. 4,95,25,000/- 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 had taken
necessary steps for recovery of the deposit along with interest. The Company has considered no provision necessary
at this stage.

2.15 Previous year figures have been regrouped and re-classified to conform to this year’s classification.

As per our Report attached

For JAIN DHUREJA & CO. For and on behalf of the Board of Directors

Chartered Accountants

S/d S/d S/d

(CA. Shashank Jain) (Avaneesh Sabherwal) (Harshvardhan Maheshwari)

Proprietor Director Director

Membership No.: 128861
Place : Bhopal
Dated : 10^th May, 2024

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES ---- As per Annexure -J
By the order of the Board,

For Progressive Extractions & Exports Limited

s/d

Director

Regd. Office

Shri Mohan Parisar, Zone-I, Maharana Pratap Nagar,

Bhopal- 462 011 (M.P.)

Dated : 2^nd September, 2024

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Mar 31, 2015

Company has entered into joint venture for construction of Office/ residential blocks on leased land. Work in progress of the venture as certified by the management is Rs 45,47,255/-.

1. Segment Reporting:

a. Business Segment

The company does not have any commercial activities. 2.13 Disclosure of Related Parties & Related Party Transactions :

a. Related Parties where control exists – i.Key Management Personnel -ShriAvaneesh Sabharwal Director)

ShriNitin Bhondwe( Director) ii. Enterprise holding substantial

Interest in voting power Amarkantak Farms Pvt. Ltd.

Betwa Realtors Pvt.Ltd BetwaFinlease Pvt Ltd

b. Related Party transactions (including transactions where related party relationship exists without control):

2. Previous year figures have been regrouped and re-classified to conform to this year's classification.

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Mar 31, 2013

1.1 Estimated amount of contracts remaining to be executed on capital account and not provided for – Rs. NIL (Previous year Rs.NIL)

1.2 Sundry Creditors include due to small scale industries is Rs Nil (Previous year Nil) .

2.1 Segment Reporting:

a. Business Segment

The company does not have any commercial activities.

2.2 Disclosure of Related Parties & Related Party Transactions :

a. Related Parties where control exists –

1.Key Management Personnel-ShriAvaneesh Sabharwal Director)

ShriNitin Bhondwe( Director)

ii. Enterprise holding substantial

Interest in voting power Amarkantak Farms Pvt. Ltd.

Betwa Realtors Pvt. Ltd

Betwa Finlease Pvt Ltd

2.3 Previous year figures have been regrouped and re-classified to conform to this year''s classification.

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Mar 31, 2012

Madhya Pradesh State Industrial Development Corporation Limited (MPSIDC) has been approached with an objective of One Time Settlement for the principal amount Rs. 67,500,000/- The final agreement is due and expected to be executed shortly, has been reported to us.

The Company had placed inter-corporate deposit of Rs.54,100,000 with M/s.Betwa Realtors Private Limited bearing interest @ 18.5% p.a. In view of the default being committed by the said company in repayment, interest on the said deposit amounting to Rs.10,008,500 for the current year has not been recognized. The Company has taken necessary steps for recovery of the deposit along with interest. The Company has considered no provision necessary at this stage.

Madhya Pradesh Financial Corporation (MPFC) in exercise powers conferred on it under Section 29 of the State Financial Corporation Act,1951 taken over all the immovable and movable assets charged to it by the Company on 17th August, 2004. Such assets have been finally auctioned out by MPFC during the previous year. The difference amount being the shortfall between the book value and auction value of assets has been debited to MPFC as amount recoverable from them.

1.1 Estimated amount of contracts remaining to be executed on capital account and not provided for - Rs. NIL (Previous year Rs.NIL)

1.2 Sundry Creditors include due to small scale industries is Rs Nil (Previous year Nil) .

1.3 Segment Reporting:

a. Business Segment

The company does not have any activities.

1.4 Disclosure of Related Parties & Related Party Transactions :

a. Related Parties where control exists -

1.Key Management Personnel-ShriAvaneesh Sabharwal Director)

ShriNitin Bhondwe( Director)

ii. Enterprise holding substantial

Interest in voting power Amarkantak Farms Pvt. Ltd.

Betwa Realtors Pvt.Ltd

Betwa Finlease Pvt Ltd

b. Related Party transactions (including transactions where related party relationship exists without control):

1.5 Previous year figures have been regrouped and re-classified to conform to this year's classification.