Progressive Extractions & Exports Ltd.
|BSE: 531265||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE421E01012|
|BSE 12:40 | 25 Jan||10.95||
|NSE 05:30 | 01 Jan||Progressive Extractions & Exports Ltd|
Progressive Extractions & Exports Ltd. (PROGRESSEXTR) - Director Report
Company director report
The Members of Progressive Extractions & Exports Limited
Your directors present herewith the 36th Annual Reporttogether with the Audited Statement of Accounts of the Company for the year ended 31stMarch 2017.
During the year under review the operations of the company haveremained suspended. The Company has parted with plant and machineries and other fixedassets. The Company is committed to continue its activities with the help of its marketingdepartment 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 extractionand oil refining and trading of refined oil. Though during the year under reviewoperations of company are suspended the Company is hopeful to revive its operations andefforts are being made in this regard.
The Company has not obtained any financial assistance from Banks andother financial institutions during year under review.
Since the company has suspended its operations your directors do norecommend any dividend for the year under review.
During the year under review your Company has neither invited noraccepted any fixed deposits from the public within the meaning of Section 58A of theCompanies Act 1956.
Your Directors are pleased to inform you that M/S Link Intime IndiaPvt. Ltd. Mumbai as RTA of the Company for providing better electronic share tradingfacility by our share holders. The equity shares of your Company are being compulsorilytraded in dematerialization form. The ISIN No. is INE421E01012. Nearly 92 % of the equityshares have been dematerialised form.
DIRCTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the CompaniesAct 1956 with respect to Director's Responsibility Statement it is herebyconfirmed:
(1) That in the preparation of the accounts for the financial yearended 31st March 2017; the applicable accounting standards have been followedalong with proper explanation relating to material departures. (2) That the Directors haveadopted such accounting policies and applied them consistently and made judgmentsestimates that were reasonable and prudent so as to give a true and fair view of the stateaffair of the Company at the end of the financial year and of the profit or loss of thecompany for the year under review. (3) That the Directors have taken proper and sufficientcare for the maintenance of adequate accounting records in accordance with provisions ofthe Companies Act 1956 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; (4) That the Directors have prepared theaccounts for the financial year ended 31st March 2017 on a "goingconcern" basis.
PARTICULARS OF EMPLOYEES:
During the year under review there were only 2 employees therefore.Provisions of Section 217 (1) (e) of the Companies act 1956 is not applicable to theCompany.
As per clause 27 of the Listing Agreement with Stock Exchange aseparate section on Corporate Governance together with a certificate from Company'sAuditors confirming Compliance is set out in the Annexure forming part of this report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNING 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 underand form part of this report. The Company regularly takes necessary steps to conservepower consumption at its plant in order to reduce its cost of production.
At present the Company has no specific Research and DevelopmentDepartment.
During the year under review the Company neither earned nor spent anyforeign exchange.
M/S Jain Dhureja & Company being eligible offers them forre-appointment. Members will be required to appoint Auditors for the current year till theconclusion of next Annual General Meeting of the company at remuneration to be fixed bythe Board of Directors of the company.
Your directors wish to place on record their appreciation for thesupport and cooperation which the Company continues to receive from its customersvarious Govt. Agencies the Company's Bankers and employees. The Directors also wishto place on record their appreciation for the sense of responsibility and team workdisplayed by employee at all levels.