Progrex Ventures Ltd Directors Report.

The Members of Progressive Extractions & Exports Limited

Your directors present herewith the 38th Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2019.

(Rs. In Lakhs)
FINANCIAL RESULTS 2018-19 2017-18
Total Income 1.62 1.66
Total Expenditure 10.57 8.68
Profit / (Loss) before Depreciation (8.95) (7.02)
Less: Depreciation 1.74 1.74
Net profit before Tax (8.95) (8.76)
Less: Provision for Tax 0.00 0.00
Net Profit (8.95) (8.76)
Profit / (Loss) brought forward from previous year (116.15) (107.39)
Balance carried to Balance Sheet (125.10) (116.15)

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 2018-2019 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 arms 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.

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:

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 AvaneeshSabharwal, and MS. Shruti Dange 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 Directors Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the accounts for the financial year ended 31st March 2019; 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 2019 on a "going concern" 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 the Company.

CORPORATE GOVERNANCE:

As per clause of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Companys 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.

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 Auditors 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. 38253 to undertake the Secretarial Audit for the financial year 2018-19 .

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 Companys 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 2019 Director