1.  Contingent liability not provided in respect of :-
 
 i) Letters of Credit opened by Bank Rs.2,786.30 lacs (Previous year Rs.
 1,282.34 lacs)
 
 ii) Foreign bills discounted by Banks Rs. 1,481.62 lacs (Previous year
 Rs.1,569.84 lacs)
 
 iii) Dividend Payable on 6% non convertible cumulative redeemable
 preference shares of Rs. 17,861,295 (Previous year Rs. 12,777,385) and
 6% convertible preference shares of Rs. 1,618,750. (Previous year: Nil)
 
 2.  In terms of the approval of the Shareholders obtained at the
 Extra-ordinary General Meeting of the Company held on 11th February
 2009, the Company has issued and allotted 28,00,000 warrants (face
 value Rs. 30/- each) and amount paid-up of Rs. 30/- each on 27th
 February 2009 to Promoters and Promoters Group on preferential basis to
 finance the long term corporate fund. The holders of each warrant will
 be entitled to apply for and be allotted one equity share of Rs. 10/-
 each of the Company, at a price of Rs. 30/- (including Rs. 20/- on
 account of premium), any time after the date of allotment but on or
 before the expiry of 18 months from the date of allotment, in one or
 more tranches, of the above, the holders of 28,00,000 warrants have
 exercised the option and were allotted one equity share per warrant.
 
 3.  Depreciation:
 
 (a) Depreciation has been calculated on straight Line Method at the
 rates given in Schedule XIV of the Companies Act, 1956.
 
 (b) Depreciation on the Assets added / deducted during the year has
 been provided on pro-rata basis with reference to the months of
 addition/deduction
 
 4.  The Company has received loans from Promoters / Directors and their
 relatives. The same has been grouped under unsecured loans.
 
 5.  The provision has made in the accounts for the present liability
 for future payment of Gratuity to employees of the Company in terms of
 Gratuity Act, 1972.
 
 6.  The Value of Stocks is as per inventory taken, prepared, valued and
 certified by the Management.
 
 7.  The Company continues to follow Cash System of Accounting with
 regard to reimbursement of Bank Interest, Charges, Commission and Fixed
 Deposit.
 
 8. The figure of Sales shown during the year includes the amount of
 Excise, wherever applicable.
 
 9. Book Debts, Advances, Bank Deposits and Credit balances are taken
 subject to their respective confirmation.
 
 10. In the opinion of the Board of Directors, the Current assets, Loans
 and Advances are approximately of the values stated, if realized in the
 ordinary course of business. The Provision for depreciation and all
 known liabilities are adequate and not in excess of the amount
 reasonably necessary.
 
 11. a) Addition to fixed assets includes Pre-Operative expenses of Rs
 Nil (Previous Year Rs. 2,320.97 Lacs)
 
 b) During the year Work in Progress is Nil as on 31st March, 2011.
 
 12. CAPITAL COMMITMENT:
 
 Estimated value of contracts, remaining to be executed on capital
 account to the extent not provided is Nil.
 
 13. Sundry Advances includes deposit to the various government
 departments, amount receivable from Excise and Sales Tax departments,
 paid to subsidiaries companies and advance towards capital goods.
 
 14. The Company is engaged in the business of Industrial Rubber
 Products and there is no reportable segment as per Accounting Standard
 (AS 17) ''Segment Reporting''.
 
 The company has manufacturing facility at Nagpur, India. It is not
 possible to directly attribute or allocate on a reasonable basis, the
 expenses, assets and liabilities to these geographical segments.
 
 15. The Company has foreign subsidiaries known as PIX South America
 Importacao E Exportacao De Correias E Mangueiras Ltda., Brazil and PIX
 Middle East FZC, UAE.  The annual audited accounts from subsidiary
 companies attached herewith.
 
 16. Deferred Tax:
 
 (a) Deferred Tax has been provided in accordance with Accounting
 Standard 22- Accounting for Taxes on income issued by the Institute of
 Chartered Accountants of India.
 
 Related parties''disclosures:
 
 1.  Names of Related parties with whom transactions have taken place
 during the year:
 
 (a) Joint Venture Companies
 
 i)  PIX Europe Limited
 
 ii) PIX QCS Limited
 
 Subsidiary Companies
 
 i) PIX South America Importacao E Exportacao De Correias E Mangueiras
 Ltda, Brazil (The above subsidiary ceased to be subsidiary with effect
 from 15th April, 2011).
 
 ii) PIX Middle East FZC, UAE
 
 (b) Key Management Personnel:
 
 (1) Mr. Sukhpal Singh Sethi
 
 (2) Mr. Amarpal Sethi
 
 (3) Mr. Sonepal Sethi
 
 (4) Mr. Rishipal Sethi
 
 (5) Mr. Joe Paul
 
 (6) Mr. Karanpal Sethi
 
 (c) Relatives of key
 
 Management Personnel
 
 1.  Mrs. Nirmal Sethi
 
 2.  Mrs. Davinder Sethi
 
 3.  Mrs. Inderjeet Sethi
 
 4.  Mrs. Kamalpreet Sethi
 
 5.  Mrs. Saba Sethi
 
 6.  Miss Shirley Paul
 
 (d) Enterprises over which key Management Personnel or Relatives have
 influence
 
 1. Amit Beneficiary Trust
 
 2.  K. S. Beneficiary Trust
 
 3.  R. S. Beneficiary Trust
 
 17. The Company has not received information from vendors regarding
 their status under the Micro Small and Medium Enterprises Development
 Act, 2006. Hence disclosures relating to amounts un-paid as at year-end
 together with interest paid / payable under this Act have not been
 given.
 
 18 Additional information pursuant to the provision of paragraph 3 and
 4 of Part II of the Schedule VI to the Companies Act, 1956.
 
 Quantitative details of goods for the period ended 31st March, 2011.
 (As certified by Directors)
 
 19. The previous year figures are regrouped and rearranged to compare
 with those of current year.
 
 20. Balance Sheet Abstract and Company''s General Business Profile
 pursuant to part IV of Schedule VI of the Companies Act, 1956 is
 attached.
 
 21. Cash Flow Statement for the year ended 01.04.2010 to 31.03.2011
 pursuance to listing agreement with Stock Exchange is attached.