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Progressive Extractions & Exports Ltd.

BSE: 531265 Sector: Industrials
NSE: N.A. ISIN Code: INE421E01012
BSE LIVE 15:08 | 11 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.75
52-Week high 12.35
52-Week low 10.75
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.75
Sell Qty 200.00
OPEN 10.75
CLOSE 10.83
52-Week high 12.35
52-Week low 10.75
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.75
Sell Qty 200.00

Progressive Extractions & Exports Ltd. (PROGRESSEXTR) - Director Report

Company director report


The Members of

Progressive Extractions & Exports Limited

Your directors present herewith the 35th Annual Report together with theAudited Statement of Accounts of the Company for the year ended 31st March2016.

(Rs. In Lakhs)

FINANCIAL RESULTS 2015-16 2014-15
Total Income 1.77 1.53
Total Expenditure 7.78 7.01
Profit / (Loss) before Depreciation (6.01) (5.48)
Less: Depreciation 1.78 1.78
Net profit before Tax (7.79) (7.26)
Less: Provision for Tax 0.00 0.00
Net Profit (7.79) (7.26)
Profit / (Loss) brought forward from previous year (91.65) (84.39)
Balance carried to Balance Sheet (99.44) (91.65)


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


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


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


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


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


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

The equity shares of your Company are being compulsorily traded in dematerializationform. The ISIN No. is INE421E01012. Nearly 92 % of the equity shares have beendematerialised form.


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


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

(1) That in the preparation of the accounts for the financial year ended 31stMarch 2016; the applicable accounting standards have been followed along with properexplanation relating to material departures.

(2) That the Directors have adopted such accounting policies and applied themconsistently and made judgments estimates that were reasonable and prudent so as to give atrue and fair view of the state affair of the Company at the end of the financial year andof 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 ofadequate accounting records in accordance with provisions of the Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

(4) That the Directors have prepared the accounts for the financial year ended 31stMarch 2016 on a "going concern" basis.


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


As per clause 27 of the Listing Agreement with Stock Exchange a separate section onCorporate Governance together with a certificate from Company's Auditors confirmingCompliance is set out in the Annexure forming part of this report.


The details required to the extent applicable under the Companies (Disclosure ofparticulars in the report of Board of Directors) Rules 1988 are as under and form part ofthis report. The Company regularly takes necessary steps to conserve power consumption atits 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 foreignexchange.


M/S Jain Dhureja & Company being eligible offers them for re-appointment. Memberswill be required to appoint Auditors for the current year till the conclusion of nextAnnual General Meeting of the company at remuneration to be fixed by the Board ofDirectors of the company.


Your directors wish to place on record their appreciation for the support andcooperation 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 recordtheir appreciation for the sense of responsibility and team work displayed by employee atall levels.

For and on behalf of the Board of Directors
Place: Bhopal s/d
Date: 1st September 2016 Director