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 : 10th 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 : 2nd September, 2024
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