1. Company Information:

Pix Transmissions Limited was incorporated on 22nd July 1981 as a private limited company in the State of Maharashtra, India. The status of Pix Transmissions Limited changed from a Private Limited company to a Public Limited Company effective from 27th September 1989. Pix Transmissions Limited completed its initial public offering of its equity shares in India on 4th December 1989. It is now listed on The Stock Exchange, Mumbai (BSE).

2 Significant Accounting Policies

2.1 Basis of Accounting: These financial statements have been brpared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis with the accounting standards notified under section 133 of the Companies Act, 2013. Accounting Policies not stated explicitly otherwise are consistent with generally accepted accounting principles in India.

2.2 Use of Estimates: The brparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets that the management co-markets and liabilities disclosure of contingent liabilities as on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known/ materialized.

2.3 Revenue Recognition: Sales are recognised when the substantial risk and rewards of ownership in the goods are transferred to the buyer, upon supply of goods, and or recorded net of trade discount,. Sales, taxes and excise duties. It does not include inter divisional transfers.

2.4 Tangible Fixed Assets: Fixed assets are stated at cost less accumulated debrciation and accumulated impairment losses, If any. Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing assets beyond its brviously assesssed standard performance. Losses arising from the requirement of, and gains or losses arising from the disposal of fixed assets which are carried at cost are recognized in the profit and loss account.

2.5 Intangible Assets: Intangible assets are at cost of  acquisition less accumulated amortization and accumulated impairment loss, if any

2.6 Debrciation And Amortization: Debrciation on tangible assets is provided on the straight-line method over the useful lives of assets estimated by management. Debrciation for asset purchased / sold during a period is proportionately charged. Intangible assets are amortised over their respective individual estimated useful lives on straight line basis, commencing from the date the asset is available to the company for its use. The manageme­nt estimates the useful lives of the other fixed assets as follows:

Building 30 years

Plant and Machinery 15 years

Office Equipment 5 years

Electrical Installation 10 years

Computer Equipment 3 years

Furniture and Fixtures 10 years

Vehicles 6 years

Debrciation and amortization mehtods, useful lives and residual values are reveiwed periodoically including at each financial year end

2.7Impairment of Assets: Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the brsent value of estimated fututre cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful  life.

Assessment is done at each balance sheet date as to whether there is any indication that an impairment loss recognised for an asset in prior accounting periods may no longer exist or may have decreased.

2.8 Investment: Investments are classified into current and long-term investments. Long-term investments are carried at cost. Cost of acquisition includes all costs directly incurred on the acquisition of the investment after providing for diminution in value, if such diminution is of permanent nature.

2.9 Inventories: Inventories are valued at lower of cost, computed on a weighted average basis, and estimated net realisable value, after providing for cost of obsolescence and other anticipated losses, wherever considered nesessary. Finished goods and work in progress include costs of conversion and other costs incurred in bringing the inventories to their brsent location and condition.

2.10 Trade Receivables and Loans and Advances:

Trade Receivables and Loans and Advances are stated at book value and no provision is made for doubtful debts.

2.11 Foreign Currency Transactions: Transactions in foreign currencies are converted in Rupees at rate brvailing on the date of transaction. Monetary assets and liabilities denomination in foreign currency are translated at the period end exchange rates. Gains / losses arising on account of realisation/settlement of foreign exchange transactions and on translation of foreign currency assets and liabilities are recognised in the Profit and Loss Account. All Foreign Currency liabilities and monetary assets are stated at the exchange rate brvailing as at the date of Balance Sheet and the difference taken to Profit & Loss account as Exchange Fluctuation loss or gain.

2.12 Employee Benefits:

A. Post-employment Benefits

i. Defined Contribution Plans:

The Company has a Defined Contribution Plan for Post employment benefit in the form of Provident Fund for all employees which are administrated by Regional Provident Fund Commissioner.

ii. Defined Benefit Plans:

Funded Plan: The Company has defined benefit & Leave Encashment plan for Post-employment benefit in the form of Gratuity for all employees. Liability for above defined benefit plan is provided on the basis of valuation, as at the Balance Sheet date, the actuarial method used for measuring the liability is the Projected Unit Credit method.

B. Gratuity: The Provision has been made in the accounts for the brsent liability for future payment of gratuity to employees of the company in terms of Payment of Gratuity act, 1972.

C. The actuarial gains and losses arising during the year are recognized in the Profit & Loss Account of the year.

2.13 Expenditure: Expenses are accounted on accrual basis and provision is made all known losses and liabilies. Revenue expenditure on research and development is charged against the profit of the year in which it is incurred. Capital expenditure on research and development is shown as an addition to fixed assets.

2.14 Current and Deferred Tax: Income taxes comprise of current tax and deferred taxcharge. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act, 1961.

Deferried tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods .Deferred tax assets and liabilities are measured using the tax rates and tax laws that that have been enacted or substantively enacted by the balance sheet date. In the event of unabsorbed debrciation and carry forward losses, deferred tax assets are recognised only to the extent that there is virtual certainty supported by conviencing evidence that sufficient future taxable income will be available to ralise such assets. in other situations, deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realise these assets.

2.15 Borrowing Cost: Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset is charged to Profit & Loss Account.

2.16 Contingencies: The company creates a provision for loss, contingencies arising from claims, litigations, assessment, fines, penalties etc when there is a brsent obligation as a result of past events that probably requires outflow of resources and a reliable estimate can be made of the amount of obligation.

2.17 Segment Reporting: The Company is engaged in the business of Industrial Rubber Products and there is no reportable primary segment as per Accounting Standard (AS 17) '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.

2.18 Earning Per Share: Basic earning per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

The weighted average number of equity shares outstanding during the period and for all periods brsented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.