The Directors are pleased to present the Forty
third Annual Report and the Audited Statement of
Accounts for the year ended 31st March 2025,
together with notice of Annual General Meeting.

Financial Results

Given below is the financial performance of the
Audited Accounts for the year ended 31st March
2025:

SUBSIDIARIES:

1. PIX Middle East FZC, UAE

PIX Middle East FZC incorporated to carry on
business of PIX Products in the market of
Middle East Countries.

2. PIX Transmissions Europe Limited, U.K.

PIX Transmissions Europe Limited incorporated
to carry on business of PIX Products and other
products in the market of European countries.

FELLOW SUBSIDIARIES:

1. PIX Middle East Trading LLC, UAE

PIX Middle East Trading LLC, UAE is subsidiary
of PIX Middle East FZC established to carry on

business of PIX Products in the market of
Middle East Countries.

2. PIX Germany GmbH, Germany

PIX Germany GmbH, Germany is subsidiary of
PIX Transmissions Europe Limited incorporated
to carry on business of PIX Products and other
products in the market of European Countries.

As required under the listing Agreement
entered into with stock exchange, consolidated
financial statement of the company and all its
subsidiaries is attached. The consolidated
financial statement has been prepared in
accordance with Accounting Standard (AS)-21
on Consolidated Financial Statements.

A statement containing brief financial details of
the company's subsidiaries for the financial
year ended 31st March 2025 is included in the
Annual Report and shown as ANNEXURE 1.

DIVIDEND ON EQUITY SHARE:

The Board recommends a dividend of Rs 9.00
per equity share of face value of Rs 10/- each on
the subscribed Capital of the company for the
financial year 2024-25 subject to approval of
the shareholders.

The dividend distribution policy of the
company is available on the website of the
Company at

https://www.pixtrans.com/investors/investor

PDF/Policies/Dividend_distribution_policy.pdf

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to section 134(5) of the Companies Act,
2013, The Board of Directors report that:

I) In the preparation of the annual accounts for
the year ended March, 31, 2025, the applicable
Accounting Standards read with requirements
set out under Schedule III of the Act, have been
followed and there are no material departures
from the same;

ii)Directors have selected such accounting
policies and applied them consistently and
made judgments and estimates that are
reasonable and prudent so as to give a true and
fair view of the state of affairs of the company as
at March, 31 2025 and of the Profit or Loss
Account for the year ended on that date.

iii) The Directors have taken proper and sufficient
care for the maintenance of adequate
accounting records in accordance with the
provisions of the Companies Act, 2013, for
safeguarding the assets of the company and
for preventing and detecting fraud and other
irregularities;

iv) The Directors have prepared the Annual
Accounts on a going concern basis;

v) The Directors have laid down internal financial
control to be followed by the company and
that such internal financial controls are
adequate and are operating effectively; and

vi) The Directors have devised proper systems to
ensure compliance with the provisions of all
applicable laws and that such systems are
adequate and operating effectively.

Based on the framework of internal financial
controls and compliance systems established and
maintained by the Company, work performed by
the internal, statutory and secretarial auditors
and external consultants and the reviews
performed by management and the relevant
board committees, including the audit committee
the board is of the opinion that the company's
internal financial controls were adequate and
effective during the financial year 2024-25.

PUBLIC DEPOSITS

The Company has not invited and accepted
deposits from the public during the financial year
ended 31st March 2025.

INSURANCE

The assets of the Company are adequately
insured against the risk of fire and other risks.

PARTICULARS OF EMPLOYEES

Under the provision of Section 197(12) of the
Companies Act, 2013 read with Rule 5(2) and 5 (3)
of the Companies (Appointment and
Remuneration of Managerial Personnel), 2014
read with Companies (Particulars of Employees)
Rules, 2014, a statement showing the names and
other particulars of the employees drawing
remuneration in excess of the limits set out in the
said rules is provided in the Annual Report as
shown as ANNEXURE 2.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In pursuance to the provisions of Companies Act
2013 and Articles of Association of the company
Mr. Amarpal Sethi and Mr. Sonepal Sethil retire by
rotation and being eligible offer themselves for
re-appointment.The notice convening the AGM
includes the proposal for their re-appointment of
Directors.

During the year under review Mr. Suresh Bandi,
Mr. M H Azad and Mr. Sandeep Prajapati were
appointed as Independent Directors to fill the
vacancy created on account of retirement of, Mr.
Mohammed Adil Ansari, Mr. Pradeep Havnur and
Mr. Nigel Savio Lobo as Independent Directors.

During the year under review Mr. Jose Jacob was
re-appointed as Independent Director for final
term of 5 years.

The company has devised a policy for the
performance evaluation of Independent
directors, Board committees and other individual
directors which include criteria for performance
evaluation of non-executive directors and
executive directors. The manner in which the
evaluation is carried out has been explained in the
Corporate Governance Report.

MEETING OF THE BOARD

During the year under review Five Board
Meetings were held. The intervening gap
between the meetings was within the period
prescribed under the Companies Act, 2013. For
further details please refer to Corporate
Governance Report attached to this Annual
Report.

MEETINGS OF THE BOARD COMMITTEES

The Board of Directors of the Company
constituted the following Committees to focus on
specific areas and make informed decisions in the
best interests of the Company within the law:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility & Governance
Committee

5. Risk Management Committee

The details of the composition of the said
Committee(s), their terms of reference, meetings
held and attendance of the Committee members,

during the financial year 2024-25 are provided in
the Corporate Governance Report, which forms
an integral part of this report.

All the recommendations made by the Audit
Committee were accepted by the Board.

VIGIL MECHANISM

The Company has adopted a Whistle Blower
Policy establishing vigil mechanism to deal with
any fraud, irregularities or mismanagement
within the company.

The whistle blower Policy ensures that strict
confidentiality is maintained while dealing with
concerns and also that no discrimination will be
meted out to any person for a genuinely raised
concern.

During the year under review, no complaint was
received under Vigil Mechanism.

The Whistleblower Policy is available on the
w e b s i t e o f t h e C o m p a n y a t
https://www.pixtrans.com/investors/policies.ph
^p

BOARD EVALUATION

The Board of Directors has carried out an annual
evaluation of its own performance, Board
Committees and individual directors pursuant to
the provision of Act and the Corporate
Governance requirement as prescribed by
Securities and Exchange Board of India (SEBI)
under Regulation 27 of the SEBI (Listing
Obligation and Disclosure Requirements),
Regulations, 2015. The performance of Board was
evaluated by the Board after seeking inputs from
all directors on the basis of criteria such as Board
Composition & Structure, Effectiveness of Board
Process, Information, and functioning, etc.

In a separate meeting of Independent directors'
performance of Executive Directors, performance
of the Board as whole and performance of
Chairman was evaluated, taking into account the
views of executive directors and non-executive
Directors.

LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments
covered under the provisions of Section 186 of
the Companies Act, 2013 are given in the notes to
the Financial Statements.RELATED PARTY

TRANSACTION

All related party transactions that were entered
into during the financial year were on arm's
length basis and were in the ordinary course of
the business. There are no materially significant
related party transactions made by the company
with Promoters, Key Managerial Personnel or
other designated persons which may have
potential conflict with interest of the company at
large. The particulars of such related party
transactions are annexed herewith as
Annexure-3.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In terms of section 135 and Schedule VII of the
Companies Act, 2013, the Board of Directors of
your Company has constituted a CSR Committee
comprising Mr. Rishipal Sethi (Chairman), Mr. Joe
Paul (Whole-time Director) and Dr. Aqueel A
Mulla (Independent Director) as other members
of the committee.

The Company has undertaken CSR initiatives in
areas of Education and Health which are projects
in accordance with Schedule VII of the Companies
Act, 2013.

A detailed report on CSR activities undertaken
during the financial year 2024-25 is enclosed as
ANNEXURE - 4.

The CSR Policy recommended by CSR committee
and approved by the Board has been uploaded on
t h e w e b s i t e o f t h e C o m p a n y a t
https://www.pixtrans.com/investors/investorPD
F/Policies/CSR.pdf

WEB LINK OF ANNUAL RETURN

The annual return of the Company under the
Companies Act, 2013 is placed on the
Company's website at

https://www.pixtrans.com/investors/investorPD

F/Annual_Return/2023-

24/Form_MGT_7_2024_signed.pdf

STATUTORY AUDITOR

Members of the company at the 41st Annual
General Meeting has approved the appointment
of M/s SGCO & CO.LLP, Chartered Accountants
(ICAI Firm Registration No 112081W/W100184)
as the Statutory Auditors of the Company for a
period of five years from the conclusion of 41st
AGM till the conclusion of the 46th AGM.

AUDITORS' REPORT

There are no qualifications, observations or
adverse remarks in the Audit Report issued by the
Statutory Auditors of the company for the
financial year ended March 31, 2025. The notes
forming part of the accounts are self explanatory
and do not call for any further clarifications.

COST AUDITOR

Pursuant to the provision of Section 148 of the
Companies Act, 2013 read with Companies (Cost
Records and Audit) Rules 2014, the Board of
Directors on recommendation of Audit
Committee has appointed M/s. Manisha &
Associates, Cost Accountants, as cost auditors of
the Company to carry out the audit of cost
accounting records for the financial year 2025-26.
Proposal for ratification of remuneration of the
Cost Auditor is placed before the shareholders.

REPORT ON INTERNAL FINANCIAL CONTROL

The Report on Internal Financial Control as
required under clause(I) of sub-section 3 of
section 143 of the Companies Act 2013 has been
attached along with Auditor's Report.

SECRETARIAL AUDITOR

Pursuant to provisions of section 204 of the
Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 the company has
appointed M/s Z. M. Shaikh & Associates
practicing company secretaries to undertake the
Secretarial Audit of the Company for the financial
year 2024-25. The Secretarial Audit Report
submitted by the Secretarial Auditors is enclosed
herewith as a part of this report and shown as
ANNEXURE-5

RISK MANAGEMENT

The Board of Directors of the company has
formed a Risk Management Committee to frame,
implement and monitor the Risk Management
Plan for the company. The committee is
responsible for reviewing the Risk Management
Plan and ensuring its effectiveness. The
Committee has additional oversight in the area of
financial risks and controls. Major risks identified
by the businesses and functions are
systematically addressed through mitigating
action on a continuing basis. The development

and implementation of Risk Management Policy
has been covered in the Management
Discussions and Analysis, which forms part of this
report.

REMUNERATION RATIO OF THE DIRECTORS/KEY
MANAGERIAL PERSONNEL (KMP)/EMPLOYEES.

The information required pursuant to Section 197
read with Rule 5(1) of The Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and Companies
(Particulars of Employees) Rules, 1975, in respect
of Directors/KMP of the Company is furnished

herpi inrlpir-

1.3 Use of solid fuel adhesive has reduced the
consumption of Biomass briquette fuel.

1.4 Waste heat recovery systems have been
introduced in pot and press section. The waste
heat is utilized for pre-heating of boiler feed
water optimized the steam utilization,
controlled on steam wastage which has resulted
to saving of steam consumption.

1.5 Reuse of condensate has reduced the
consumption of fuel.

1.6 Heating of water by using flash steam in
process area has reduced the steam
consumption.

1.7 Reduction in fuel consumption by use of good
quality water for boiler feed & regular cleaning &
maintenance of boilers.

1.8 Optimum utilization of steam, control on
wastage & leakages of steam and maintaining
proper insulation has contributed to saving of
steam consumption.

1.9 The manufacturing plant incorporates the
most advanced and next gen advanced Air curing
pots on High pressure air thereby resulted in
Steam consumption Volume.

2.0 Conservation of electricity

2.1 Installation of natural sky lights sheets on
plant builds resulted in saving of electricity in
daytime.

2.2 Installation of Natural Day light Domes on
Sheds resulted in saving of electricity in day time.

2.3 Provision of Special grade Insulation below
roof and sides resulted in drop in temperatures,
thereby reducing Air Coolers and Air conditioners
Electrical consumption.

2.4 Installations of Turbo- Ventilators (Self draft
driven), has added savings in consumption.

2.5 Old reciprocating type air compressors /

chilling plants and old process machineries has
been replaced by energy efficient screw type air
compressors / chilling plants and new automated
process machineries which has reduced
electricity consumption significantly.

2.6 Optimum utilization of compressed air &
chilled water, control on wastage & leakages and
maintaining proper insulation has contributed to
saving of compressed air & chilled water, which
has resulted to saving of electricity.

3.0 Conservation of water

3.1 By setting up a new sewage treatment plant &
new effluent treatment plant, treated water is
used for gardening, floor washing, toilets etc
which resulted in reduction of fresh water
consumption.

3.2 Installation of cooling towers for re¬
circulation of water used for machines cooling,
conserve the ample quantity of fresh water.

3.3 Use of reverse osmosis plant & water
softening plant for treating of raw water, helps to
reduce feed water consumption in boiler,
increases the life of process machineries and
provide good quality of drinking water.

3.4 Collection of maximum amount of steam
condensate, reduce the feed water consumption
in Boilers.

3.5 Reuse of waste water of RO plant for
washroom resulted in reduction of water
consumption.

3.6 Execution of rain water harvesting systems,
which help to increase Ground water table in
surrounding area and conserve the water.

As a result to above energy conservation
measures; Cost of fuel, Electricity and water per
ton of goods production has reduced
considerably and made consequent impact on
the cost of finished goods.

The disclosure of particulars with respect to

conservation of energy is attached to the
Directors' Report as ANNEXURE-6

A. Technology absorption

Updation of Technology is a continuous process,
technology absorption are adapted and
implemented by the Company for innovation.
Efforts are continuously made to develop new
products required in the Rubber Industry.

B. Foreign exchange earnings & outgo

Particulars regarding foreign exchange earnings
and outgo are prrovided in notes of the Audited
Account. The Company has retained its status as
net foreign exchange earner. The particulars of
conservation of energy, technology absorption
and foreign exchange and outgo as required
under the Companies (Accounts) Rules, 2014 is
given in the annexure to this report and shown as
ANNEXURE-6.

Environmental Policy

The Company follows environment policy of
sustainable growth with minimum pollution and
taking green initiatives to improve environment
in all its production processes.

Design & Development /testing Laboratory
"Research is to see what everybody else has
seen, and to think what nobody else has
thought"

The strength of the company lies in the
introduction of new products through robust
design, development, dynamic & static
validation.

The Research & Development department is
responsible for development of new product as
per customer need and expectation & specific
requirements.

Product development is a series of steps that
includes the conceptualization, basic & applied
research, reverse engineering and market
analysis.

The objective of product development is to
cultivate, maintain and increase a company's
market share by satisfying the consumer ongoing
demand.

The Company has State of the Art facilities & rich
experienced, multi skilled subject matter experts
capable for validating and verifying the entire
product range of Belts and Allied Products that
the organization has in its range and proposes to
innovate.

CAPEX PROJECT- SOLAR POWER PLANT

During the year under review company has
approved the Capital Expenditure project for
installation of 9.3 MW captive solar power plant
at an estimated cost of Rs 30 Crores.

This project will help the company to mitigate
electricity costs and harness sustainable energy
sources, electricity generated at the solar power
plant will be utilised towards real time and
banking settlement of electricity units consumed
at our manufacturing plants located in Nagpur.

In addition to the immediate benefits of
operational cost-savings, the solar power plant
installation underscores company's commitment
to build a sustainable and eco-friendly
manufacturing plant.

Sexual Harassment of Women at Workplace;

During the year under review, there were no
cases reported pursuant to the Sexual
Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act,
2013.

Acknowledgment

The Directors wish to place on record their
appreciation towards all associates including
Customers, Collaborators, Government
Agencies, Financial Institutions, Bankers,
Suppliers, Shareholders, Employees and others
who have reposed their confidence in the
Company.

For and on behalf of the Board of Directors

Amarpal Sethi

^{a e}' ^// Chairman and Managing Director