| 1. We have audited the attached Balance Sheet of Progressive
Extractions & Exports Limited as at March 31, 2015, the Profit and Loss
Account for the Year ended on that date annexed hereto and the Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments, we report that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) the Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section 211 of the Companies
Act, 1956:
(v) on the basis of written representations received from the
directors, as on March 31, 2015, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2015 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, and read with other notes appearing in
Schedule '2.1-2.14' give the information required by the Companies Act,
1956,in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2015;
b) in the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows ended on
that date.
For JAIN DHUREJA & CO.
Chartered Accountants
s/d
(CA. SHASHANK JAIN) Place : Bhopal
Partner Dated : 27th May, 2015
M. No.:128861
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