2.b.12 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a
result of a past event and it is probable that an outflow of resources, which can be reliably
estimated, will be required to settle such an obligation.

If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows to net present value using an appropriate pre-tax discount rate that
reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Unwinding of the discount is recognised in the Statement of Profit and Loss
as a finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the
current best estimate.

A present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle or a reliable estimate of the amount cannot be made, is
disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company.

Claims against the Company where the possibility of any outflow of resources in settlement is
remote, are not disclosed as contingent liabilities.

Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. However, when the realisation of income is
virtually certain, then the related asset is not a contingent asset and is recognised.

2.b.13 Trade receivables

A receivable represents the Company's right to an amount of consideration that is unconditional
(i.e., only the passage of time is required before payment of the consideration is due).

2.b.14 Trade and other payables

These amounts represent liabilities for goods and services provided to the group prior to the end of
the financial year which are unpaid. The amounts are unsecured and are usually paid within 30
days of recognition. Trade and other payables are presented as current liabilities unless payment is
not due within 12 months after the reporting period. They are recognised initially at their fair value
and subsequently measured at amortised cost using the effective interest method.

2.b.15 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any difference between the proceeds (net of
transaction costs) and the redemption amount is recognised in profit or loss over the period of the
borrowings using the effective interest method. Fees paid on the establishment of loan facilities
are recognised as transaction costs of the loan to the extent that it is probable that some or all of
the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the
extent there is no evidence that it is probable that some or all of the facility will be drawn down, the
fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility
to which it relates.

Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled, or expired. The difference between the carrying amount of a financial
liability that has been extinguished or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as
other gains/(losses).

Borrowings are classified as current liabilities unless the Company has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting period. Where there is a
breach of a material provision of a long-term loan arrangement on or before the end of the
reporting period with the effect that the liability becomes payable on demand on the reporting
date, the entity does not classify the liability as current, if the lender agreed, after the reporting
period and before the approval of the financial statements for issue, not to demand payment as a
consequence of the breach.

2.b.16 Borrowing costs

Borrowing costs are interest and other costs that the Company incurs in connection with the
borrowing of funds and is measured with reference to the effective interest rate (EIR) applicable to
the respective borrowing.

Qualifying assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale. Borrowing costs, allocated to qualifying assets, pertaining to the period from
commencement of activities relating to construction / development of the qualifying asset up to
the date of capitalisation of such asset are added to the cost of the assets. Capitalisation of
borrowing costs is suspended and charged to the Statement of Profit and Loss during extended
periods when active development activity on the qualifying assets is interrupted.

All other borrowing costs are recognised as an expense in the period which they are incurred.

2.b.17 Segment Reporting - Identification of Segments

Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision maker. The Company is engaged in the business of Industrial Rubber
Products and there is no reportable primary segment as per Indian Accounting Standard (IND AS
108) ' Segment Reporting'. The Company identified geographical locations as secondary segments.

The products of the company are sold both in the domestic & export markets, which are
considered different geographical segments.

2.b.18 Earnings per share
Basic Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to shareholders of the
company by the weighted average number of equity shares outstanding during the financial year,
adjusted for bonus elements in equity shares issued during the year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share
to consider the after-income tax effect of interest and other financing costs associated with dilutive
potential equity and the weighted average number of additional equity shares that would have
been outstanding assuming the conversion of all dilutive potential equity shares.

2.b.19 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or less, which are subject to an insignificant risk
of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered
an integral part of the Company's cash management.

2. c. NEW AMENDMENTS ISSUED BUT NOT EFFECTIVE

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For
the year ended 31stMarch 2025, MCA has not notified any new standards or amendments to the
existing standards applicable to the Company.

Capital Reserve

The Company created capital reserve on cancellation/ forfeiture of the Company's own equity instruments.
Capital reserve was created in financial year 2008-09.

Capital Redemption Reserve

Capital Redemption Reserve is created out of profit available for distribution towards redemption of
Preference shares. This reserve can be used for the purpose of issue of Bonus shares.

General Reserve

General Reserve is used from time to time to transfer profits from retained earnings for appropriation
purposes. As the General Reserve is created by a transfer from one component of equity to another and is
not an item of other comprehensive income, items included in the General Reserve will not be reclassified
subsequently to statement of profit and loss.

Amalgamation Reserve

The amalgamation Reserve was created on amalgamation of PIX Auto Ltd with the Company in financial
year 1999-2000.

Securities Premium

Securities Premium Reserve represents premium on issue of shares. The reserve will be utilised in
accordance with the provisions of the Companies Act, 2013.

Retained earnings

The balance in the Retained Earnings primarily represents the surplus after payment of dividend and
transfer to reserves.

30.1 Disclosure as per Indian Accounting Standard - 19 on 'Employee Benefits'

Leave Obligations:

The leave obligations cover the Company's liability for earned leave which are classified as other long-term
benefits.

Leave obligations expected to be settled within the next 12 months - Rs.61.80 lakhs (31 March, 2024:
Rs.58.56 lakhs)

Leave obligations not expected to be settled within the next 12 months - Rs.244.65 lakhs (31 March, 2024:
Rs. 227.91 lakhs)

Post-employment obligations (Gratuity):

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of
gratuity payable on retirement/termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is
unfunded.

Defined contribution plans:

The Company also has a certain defined contribution plan. Contributions are made to provident fund in
India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to
registered provident fund administered by the government. The obligation of the Company is limited to the
amount contributed and it has no further contractual nor any constructive obligation. The expense
recognised during the period towards defined contribution plan is Rs.218.87 lakhs (31 March 2024 - Rs.
227.59 lakhs)."

"The above sensitivity analyses are based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared
to the prior period."

Risk Exposure:

Through its defined benefit plan, the Company is exposed to a number of risks, the most significant of which
are detailed below:

1. Changes in bond yields: A decrease in bond yields will increase plan liabilities

2. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the
life expectancy of the plan participants will increase the plan's liability.

3. Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the
future salaries of plan participants. An increase in the salary of the plan participants will increase the
plan's liability.

Notes

1. Remuneration does not include Post employment benefits and other long term benefits payable to Key managerial
persons, relatives of key managerial persons and other selected employees amounting to Rs. 279.68 lakhs at gross level on
totality basis and not available at individual employee level.

2. Transactions relating to dividends were on the same terms and conditions that applied to other shareholders.

3. Goods were sold to subsidiaries (including step down subsidiaries) during the year based on the price lists in force and
terms that would be available to third parties.

4. All other transactions were made on normal commercial terms and conditions and at market rates.

The accounting classification of each category of financial instrument, their carrying amount and
fair value are as follows :-

Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.

The following methods and assumptions were used to estimate the fair values:

- The fair value of mutual funds are based on price quotations at the reporting date.

Fair Value Hierarchy

Fair Values are categorised into different levels in a fair value hierarchy based on the inputs used in
the valuation techniques as follows

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

The above loans are secured by:

1st Pari passu charge on fixed assets (Moveable and Immovable) of the Company by way of Equitable
Mortgage located at

I. Plot no J-7, MIDC Hingna Road, Nagpur - Unit No.1

II. K-36,K-37/38 at MIDC , Hingna Road, Nagpur- Unit No.2

III. Khasra No. 55 & 57, Nagalwadi, Tahsil Hingna, Nagpur-Mixing Plant,

IV. Khasra No.45, 46/2, 48,25, 46/1,47, Mauza, Nagalwadi.

V. Khasra No.13,14.15/3 village sangam , Tehsil Hingna, Nagpur

2nd pari passu charge by way of hypothecation of residual value of hypothecation of entire current
assets of the Company including raw material, finished goods, stock-in-process at the company's
factory premises or at such places as may be approved by the Bank from time to time including
stock -in-transit, book debts, receivables under multiple banking arrangement.

Vehicle loans are secured against hypothecation of vehicles.

iii. Terms of repayment of Unsecured Loans

These Loans carries an interest rate of 11% to 11.50% (31 March, 2024: 11% to 11.50%) and is
repayable in March 2027.

iv. Security and terms of repayment of working capital loans
"(a) Working capital loans are secured by:

1) 1st pari passu charge by way of hypothecation of entire current assets of the Company including
raw materials, finished goods, stock-in-process at the Company's factory premises or at such places
as may be approved by the Bank from time to time including stocks-in-transit, book debts,
receivables, on pari passu basis under multiple banking arrangement.

2) 2"" pari passu charge on entire fixed assets (Moveable and Immovable) of the Company by way of
Equitable Mortgage located at

i) Plot no J-7, MIDC Hingna Road, Nagpur - Unit NO.1

ii) K-36,K-37/38 at MIDC , Hingna Road, Nagpur- Unit NO.2

iii) Khasra No. 55 & 57, Nagalwadi, Tahsil Hingna. Dist. Nagpur Mixing Plant

iv) Khasra No.45, 46/2, 48,25, 46/1,47, Mauza, Nagalwadi. "

(b) Working capital loans from banks are repayable on demand

(c) Working capital loans from banks/ financial instution are not availaed by the Company during the

current financial year (31 March, 2024: 8.00% to 8.80%)

(D) Financial Risk Management

The Company's activities are exposed to variety of financial risks. The key financial risks include
market risk, credit risk and liquidity risk. The company's focus is to foresee the unpredictability of
financial markets and seek to minimise potential adverse effects on its financial performance. The
Board of Directors reviews and approves policies for managing these risks. The risks are governed by
appropriate policies and procedures and accordingly financial risks are identified, measured and
managed in accordance with the company's policies and risk objectives.

(i) CREDIT RISK

"Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk for trade
receivables, cash and cash equivalents, investments, other bank balances, loans and other financial
assets. The Company only deals with parties which have good credit rating/ worthiness given by
external rating agencies or based on Company's internal assessment.

Credit risk on trade receivables and contract assets are managed by the Company's established
policy, procedures and control relating to customer credit risk management. Credit quality of a
customer is assessed and individual credit limits are defined in accordance with this assessment.
Moreover, given the diverse nature of the Company's businesses, trade receivables and contract
assets are spread over a number of customers. Single external customer (except for subsidiaries)
accounted for 10% or more of the trade receivables in any of the years presented.

For trade receivables, as a practical expedient, the Company computes credit loss allowance based
on a provision matrix. The provision matrix is prepared based on historically observed default rates
over the expected life of trade receivables and is adjusted for forward-looking estimates.

For Mutual Fund Investments, counterparty risk are in place to limit the amount of credit exposure
to any one counterparty. This, therefore, results in diversification of credit risk for Company's mutual
fund investments.

The Credit risk on mutual fund investments, cash and cash equivalents, and other bank balances are
limited as the counterparties are banks and fund houses with high-credit ratings assigned by credit
rating agencies."

The carrying amount of maximum exposure to credit risk. The concentration of credit risk is limited
due to the customer base being large and respective financial assets recognised in the financial
statements, represents the Company's unrelated. The Company has a total recoverables of
INR.1253.34 Lakhs from single external Customer as at 31 March 2025 which is more than 10% of the
total trade receivables (31 March, 2024:NIL).

The Company establishes an allowance for impairment that represents its estimate of incurred
losses in respect of trade and other receivables. Receivables from customers are
reviewed/evaluated periodically by the management of the company and appropriate provisions
are made to the extent recovery there against has been considered to be remote.

(ii) Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations
on time or at a reasonable price. The Company's objective is to maintain optimum level of liquidity to
meet it's cash and collateral requirements at all times. The Company relies on borrowings and
internal accruals to meet its fund requirement. The current committed line of credit are sufficient to
meet its short to medium term fund requirement. The company manages liquidity risk by
maintaining sufficient cash and marketable securities and by having access to funding through an
adequate amount of committed credit lines.

(iii) Market Risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation
in the fair value of future cash flows of a financial instrument. The major components of Market risks
are currency risk, interest rate risk and other price risk. Financial instruments affected by market risk
includes trade receivables, borrowings, investments and trade and other payables.

(a) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rate. There is nominal amount of interest income
but significant interest expenses are incurred by the company on borrowed funds. In order to
minimize the interest cost, interest reset options is opted and a regular pursuance is made with
financial institutions/commercial banks to lower down the interest rates as per prevailing market
trend. The policies is designed to optimise the use of available funds for repayment of loans and
other payment obligations so that funds are not remained idle with the company.

The Company's exposure in market risk relating to change in interest rate primarily arises from
floating rate borrowing with banks. The Company maintains a portfolio mix of fixed and floating rate
borrowings. During the current year, the Company has structured and swapped floating interest rate
loan to fixed interest rate loan.

Further there are deposits with banks which are for short term period and are exposed to interest
rate risk, falling due for renewal. These deposits are however generally for trade purposes as such do
not cause material implication.

NOTE :- 39 Disclosure requirement as per Ind AS 108 ' Operating Segment-

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as the Managing Director of the
Company.

The company identified geographical locations as secondary segments. The product of the company are sold
both in the domestic & export markets.

NOTE 41

Capital management

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital
ratio in order to support its business and maximise shareholder value. The Company's objective when
managing capital is to safeguard their ability to continue as a going concern so that they can continue to
provide returns for shareholders and benefits for other stake holders. The Company is focused on keeping
strong total equity base to ensure independence, security, as well as a high financial flexibility for potential
future borrowings, if required.

Notes:

(i) Current Assets= Inventories Current Investment Trade Receivable Cash & Cash Equivalents Bank
Balance other than Cash & Cash Equivalents Loans Current Tax Assets Other Financial Current Assets
Other Current Assets

(ii) Current Liability= Short term borrowings Lease Liabilities Trade Payables Other financial Current
Liabilities Provisions Other Current Liability

(iii) Debt= long term borrowings Short term borrowings

(iv) Earning for Debt Service =Net Profit after taxes Non-cash operating expenses like depreciation and
other amortizations long term borrowing Interest loss/(profit) on sale of Property, Plant and
Equipment

(v) Debt Service = Interest of long term borrowing & Lease Payments Principal Repayments of long term
borrowing

(vi) Capital Employed= Tangible Net Worth long term borrowings Deferred Tax Liability
Note 45.5 Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

Note 45.6 Borrowing secured against current assets

The Company has borrowings from banks and financial institutions on the basis of security of current assets.
The quarterly returns or statements of current assets filed by the Company with banks and financial institutions
are in agreement with the books of accounts.

Note 45.7 Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

Note 45.8 Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act,
1956.

Note 45.9 Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

Note 45.10 Compliance with approved schemes of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

Note 45.11 Utilisation of borrowed funds and share premium

The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The Company has not received any fund from any persons or entities, including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

Note 45.12 Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

Note 45.13 Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.

Note 45.14 Valuation of PP&E and intangible asset

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.

Note 45.15 Title deeds of Immovable Properties

Title deeds of all immovable properties are held in the name of the Company.

Note 45.16 Borrowings from Banks and financial institutions

The Company has used the borrowings from banks and financial institutions for the specific purpose for which it
was taken.

Note 45.17 Registration of charges / satisfaction with Registrar of Companies (ROC)

Charges / Satisfaction has been duly registered with ROC within the statutory period

Note 45.18 Disclosures with regards to section 186 of the Companies Act, 2013

The Company has made investments (Refer note no 5 and 9) but not provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships or any other parties

Note 46: Previous Year's figures

Previous Year's figure has been regrouped, re-arranged and reclassified, wherever considered necessary, to
confirm with the current year's presentation.

The accompanying notes 1 to 46 are an integral part of these standalone financial statements

For and on behalf of the Board of Directors of PIX Transmissions Limited
CIN: L25192MH1981PLC024837

As per our report of even date AMARPAL SETHI SONEPAL SETHI

FOR S G C O & Co. LLP CHAIRMAN & MANAGING DIRECTOR JOINT MANAGING DIRECTOR

CHARTERED ACCOUNTANTS DIN: 00129462 DIN: 00129276

Firm Registration No : 112081W/W100184

RISHIPAL SETHI KARANPAL SETHI

SURESH MURARKA JOINT MANAGING DIRECTOR CHIEF FINANCIAL OFFICER

PARTNER DIN: 00129304 DIN: 01711384

MEMBERSHIP NO: 044739

SHYBU VARGHESE

PLACE: MUMBAI COMPANY SECRETARY

DATE : MAY 23, 2025

PLACE: MUMBAI
DATE : MAY 23, 2025