Polymechplast Machines Ltd Directors Report

To,

The Members of

Polymechplast Machines Limited

Your Directors have pleasure to present the 37th Annual Report of the Company together with the Audited Financial Statements and Auditors Report for the financial year 2023-24.

1. STATE OF COMPANYS AFFAIRS INCLUDING SUMMARY / HIGHLIGHTS:-

The standalone and consolidated Financial Statements for the F.Y. ended 31st March, 2024 forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as "Ind AS") prescribed under Section 133 of the Companies Act, 2013 ("Act") and other recognized accounting practices and policies to the extent applicable. Necessary disclosures regarding Ind-AS reporting have been made under the Notes to Financial Statements. The Companys performance during the F.Y. under review as compared to the previous F.Y. is summarized below:

(Amount in Lakhs)

Particulars	Standalone		Consolidated
	2023-24	2022-23	2023-24	2022-23
Revenue from Operations	5904.35	6922.09	5904.35	6922.09
Other Income	66.15	62.99	66.15	62.99
Total Income	5970.50	6985.09	5970.50	6985.09
(Less): Total Expenses	(5862.99)	(6778.74)	(5856.99)	(6778.74)
Profit / (Loss) Before Tax & Exceptional Items	107.50	206.34	113.50	206.34
(Less): Exceptional items	(0.00)	(0.00)	(0.00)	(0.00)
Profit / (Loss) Before Tax	107.50	206.34	113.50	206.34
Add/(Less): Tax Expense:
(i) Current Tax	(55.62)	(33.31)	(55.62)	(33.31)
(ii) Deferred Tax	27.41	(9.56)	27.41	(9.56)
(iii) Income Tax Adjustments Relating to Earlier Year	(0.12)	(8.55)	(0.12)	(8.55)
Profit / (Loss) After Tax	79.17	154.92	85.17	154.92
(Less): Share of Associates Loss	-	-	(12.92)	(1.25)
Net Profit / (Loss) After Tax & Share of Associates Loss	79.17	154.92	72.25	153.68

During the year, your Company has recorded a Total Income of Rs. 5970.50 Lakhs as compared to that of the previous year which was Rs. 6985.09 Lakhs. Accordingly, the Profit after tax of the Company was Rs. 107.50 Lakhs as compared to the Profit after tax of the previous year of Rs. 206.34 Lakhs.

2. TRANSFER TO RESERVES:-

The Company is not required to transfer any amount to its Reserves. Hence, no amount is transferred to Reserves.

3. DIVIDEND:-

Your Directors have pleasure to recommend a Dividend at a rate of 10% i.e. Rs. 1/- per Equity Share amounting to Rs. 56,01,710/- for the financial year ended 31st March, 2024, subject to approval of Members at the 37th Annual General Meeting (AGM) of the Company, in accordance with the Dividend Distribution Policy ("Policy") of the Company. The Policy is available on the website of your Company at www.polymechplast. com.

4. DEPOSITS:-

During the year under review, the Company has not accepted or renewed any deposit from the public falling within the ambit of section 73 of the Companies Act 2013 (‘the Acf) and the Companies (Acceptance of Deposits) Rules, 2014.

5. CHANGE IN BOARD OF DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL:-

During the year under review, Mrs. Asmani Ailush Surve has been appointed as Non-Executive Independent Director of the Company w.e.f. 11th August, 2023.

As on 31st March, 2024, the Board of your Company consisted of Five (5) Directors as follows:

I. Mr. Mahendrabhai Ravjibhai Bhuva	Chairman & Managing Director
II. Mr. Himmatlal Parshottambhai Bhuva	Whole T ime Director
III. Mr. Ashokkumar Natwarlal Shah	Independent Director
IV. Mrs. Hemangini Devesh Pathak#	Independent Director
V. Mrs. Asmani Ailush Surve	Independent Director

• The Board of Directors in its Meeting held on 27th May, 2024 took note of Cessation of Mrs. Hemangini Devesh Pathak (DIN: 00054624) as a Director of the Company in view of completion of her term as an Independent Director of the Company w.e.f. 28th May, 2024.

The Board on the recommendation and approval received from Nomination & Remuneration Committee, has approved the re-appointment of Mr. Mahendrabhai Ravjibhai Bhuva (DIN: 00054562) as Managing Director of the Company for a period of three (3) years, commencing from 1st June, 2024 to 31st May, 2027, at its Meeting held on 27th May, 2024, subject to approval of Members as ensuing General Meeting.

Mr. Himmatlal Parshottambhai Bhuva (DIN: 00054580), retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of Directors has further approved the recommendation of Nomination & Remuneration Committee for the Appointment of Mr. Chirag Sureshbhai Shah (DIN: 10688506) as an Additional Director to hold office upto ensuing Annual General Meeting as well as Independent Director not liable to retire by rotation the term of five years with effect from 12th August, 2024.

Further, the Board of Directors at its Meeting held on 12th August, 2024 have taken on record the completion of term of Mr. Ashokkumar Natwarlal Shah (DIN: 06977676) as an Independent Director w.e.f. 28th September, 2024 pursuant to Section 149(11) of the Companies Act, 2013 read with Regulation 25(2) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

Mr. Sitaram Lokhande was appointed as Chief Executive Officer of the Company w.e.f. 8th February, 2024.

Ms. Vaishali Punjabi was appointed as Company Secretary & Compliance Officer of the Company w.e.f. 28th May, 2024.

Mrs. Gauri Bapat resigned from the post of Company Secretary & Compliance Officer of the Company w.e.f. 5th June, 2024.

6. DECLARATION FROM INDEPENDENT DIRECTORS:-

The Company has received Declarations from all the Independent Directors confirming that:

• they meet the criteria of independence as prescribed under the provisions of the Act, read with the Rules framed thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company;

• they have complied with the Code for Independent Directors prescribed under Schedule IV to the Act and formulated by the Company; and

• they have registered their names in the databank of Independent Directors as being maintained by the Indian Institute of Corporate Affairs in terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act, and the rules framed thereunder and are independent of the management.

7. CORPORATE GOVERNANCE:-

Since the Net Worth of the Company exceeded Rs. 25 Crores for the financial year ended 31st March, 2023, Corporate Governance provisions were applicable to the Company for the financial year ended 2023-24 in terms of Regulation 15(2) of the Listing Regulations.

The Company believes in adopting best practices of Corporate Governance. Corporate Governance Principles are enshrined in the spirit of the Company, forming its core values. The Company considers the same as its inherent responsibility to disclose timely and accurate information to its stakeholders regarding its operations and performance, as well as the leadership and governance of the Company.

The Company is committed to the Code of Conduct which articulates values and ideals that guide and govern the conduct of the Company as well as its employees in all matters relating to business. The Companys overall governance framework, systems and processes reflect and support its Mission, Vision and Values. The Companys governance guidelines cover aspects mainly relating to the composition and role of the Board, Chairman and Directors, Board diversity etc. of the Board.

Report on Corporate Governance for F.Y. 2023-24 forms part of this Annual Report.

Certificate of Corporate Governance and Non-Disqualification of Directors, issued by Secretarial Auditor of the Company is attached to the Corporate Governance Report forming part of Annual Report.

8. MEETINGS OF BOARD OF DIRECTORS:-

Nine (9) Meetings of the Board of Directors were held during the financial year 2023-24. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013. Details of the composition of the Board and its Committees and of the meeting held, attendance of the Directors of such meetings and other relevant details are provided in the Corporate Governance Report.

9. BOARD EVALUATION:-

Pursuant to the provisions of Section 134 of Companies Act, 2013 read with Companies (Accounts) Rules, 2014 and the Listing Regulations, annual evaluation of the performance of the Board, its Committees and of Individual Directors was undertaken.

During the year, the Evaluation cycle was completed by the Company internally which included the evaluation of the Board as a whole, Board Committees and Directors. The Evaluation process focused on various aspects of the Board and Committees functioning such as composition of the Board and Committees, experience, performance of duties and governance issues etc. Separate exercise was carried out to evaluate the performance of individual Directors on parameters such as contribution, independent judgment and guidance and support provided to the Management, presence at the Board meeting, general meetings and inputs in the discussion of the meeting and decision taking power, roles played as per their designation in the Company.

10. DIRECTORS RESPONSIBILITY STATEMENT:-

Pursuant to the provisions of Section 134 of the Companies Act, 2013, the Board of Directors to the best of their knowledge and ability, confirm that-

(i) in the preparation of the Annual Accounts for the year ended 31st March, 2024, the applicable accounting standards have been followed and no material departures have been made for the same;

(ii) appropriate accounting policies have been selected and applied them consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 31st March, 2024 and of the profit and loss of the Company for that period;

(iii) proper and sufficient care have been taken for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a "going concern" basis;

(v) the internal financial controls laid down are properly followed and are adequate and operating effectively;

(vi) the proper systems to ensure compliance with the provisions of all applicable laws have been devised and such systems were adequate and operating effectively.

11. SHARE CAPITAL:-

During the year under review, the Authorized Share Capital of the Company of Rs. 7,50,00,000/- (Rupees Seven Crore Fifty Lakhs only) divided into 75,00,000 equity shares of 10/- each and the Paid- up Capital of the Company of Rs. 5,60,17,100/- (Rupees Five Crore Sixty Lakhs Seventeen Thousand One Hundred Only) divided into 56,01,710 equity shares of 10/- each continued to be the same and accordingly, there was no change in the Share Capital.

12. DISCLOSURE REGARDING ISSUE OF EQUITY SHARES:-

(i) SWEAT EQUITY SHARES:

During the year, the Company has not issued Sweat Equity Shares. Hence, details as per Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014 are not required to reported.

(ii) EMPLOYEE STOCK OPTIONS:

The Company has not issued any Employee Stock Options during the year. Hence, details as per Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 are not required to reported.

(iii) EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS:

The Company has not issued any Equity Shares with Differential Rights as to the Dividend or Vote during the year. Hence, details as per Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 are not required to reported.

13. VOLUNTARY REVISION OF FINANCIAL STATEMENTS OR BOARDS REPORT:-

Since the Company has not made any voluntary revision of Financial Statements or Boards Report during the year under review, detailed reasons for the same pursuant to the proviso to Section 131 of the Act are not required to reported.

14. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND fIEPFI:-

During the year under review, there was no unpaid/unclaimed amount to be transferred to Investor Education & Protection Fund (IEPF) pursuant to provisions of Section 125 of the Act.

15. RELATED PARTY TRANSACTIONS:-

Your Board endeavors that all contracts/arrangements/transactions entered into by the Company during the financial year with related parties are in the ordinary course of business and on an arms length basis only.

During the year under review, all the transactions with related parties were placed before the Audit Committee for its approval. All the transactions with related parties entered into during the year under review were at an arms length basis and in the ordinary course of business and in accordance with the provisions of the Act and the rules made thereunder.

The particulars of Contracts/arrangements with related parties as referred in Section 188 of the Act in the prescribed form AOC-2 forms part of this Report.

16. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:-

Details of Loans, Guarantees and Investments made by the Company pursuant to the provisions of Section 186 of the Companies Act, 2013 are provided in the notes to the Financial Statements.

17. RATIO OF DIRECTORS REMUNERATION TO MEDIAN EMPLOYEES REMUNERATION AND OTHER DISCLOSURES:-

The information required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report.

During the year, none of the employees received remuneration in excess of the prescribed limit in accordance with the provisions of Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Therefore, there is no information to disclose in terms of the provisions of the Companies Act, 2013.

18. AUDITORS AND AUDITORS REPORT:-

(A) STATUTORY AUDITORS:-

The Company at its 35th AGM held on 30th September, 2022 appointed M/s. CNK & Associates LLP, Chartered Accountants, Vadodara, as Statutory Auditors of the Company for a second term of 5 consecutive years commencing from the conclusion of 35th AGM until the conclusion of 40th AGM of the Company to be held in 2027.

The Auditors have issued an unmodified opinion on the Financial Statements for the financial year ended 31st March, 2024. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments. The said Auditors Report for the financial year ended 31st March, 2024 on the financial statements of the Company forms part of this Annual Report.

(B) INTERNAL AUDITORS:-

M/s. K R & Associates, Chartered Accountants, Vadodara, have been appointed as Internal Auditors of the Company in terms of Section 138 of the Companies Act, 2013 and rules and regulations, made thereunder, for the Financial Year 2024-25 by the Board of Directors, upon recommendation of the Audit Committee.

(C) SECRETARIAL AUDITORS:-

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Devesh Pathak & Associates, Practising Company Secretaries, Vadodara, were appointed as the Secretarial Auditors of the Company for the F.Y. 2024-25, for auditing secretarial and related records of the Company.

The Secretarial Audit Report in form MR-3 for the Financial Year 2023-24 is annexed to this Report.

(D) COST AUDITORS:-

The Company is neither required to maintain Cost Records nor required to appoint Cost Auditor as specified by the Central Government under Section 148(1) of the Act and rules framed thereunder.

19. EXPLANATION(S) / COMMENT(S) ON QUALIFICATION(S) / RESERVATION(S) / ADVERSE REMARKS / DISCLAIMER BY THE AUDITORS IN THEIR REPORT:-

There was neither any qualification / reservation / adverse remarks nor any disclaimer either in the Report of Statutory Auditors or Secretarial Auditors in their draft report and accordingly, no explanation/comment of the Board is required.

20. REPORTING OF FRAUDS:-

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Act and rules framed thereunder either to the Company or to the Central Government.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:-

The information on Conservation of Energy, Technology absorption, Foreign Exchange earnings and outgo, as stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is as follows:

(A) CONSERVATION OF ENERGY:

• Installation of Solar Photo Voltic system helps in conservation of energy. This will also help in minimizing Electricity Expenses.

• Regular steps have been taken to improve energy consumption by using LED lights in office premises.

(B) TECHNOLOGY ABSORPTION:

• Since the Company has not imported technology, the Company has no information to offer in respect of Technology absorption.

(C) FOREIGN EXCHANGE EARNING AND OUTGO:

• During the year under review, actual inflow and actual outflow of foreign exchange was Rs. 1,68,98,599/- and Rs. 2,69,32,622/- respectively.

22. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:-

The Company has an adequate system of internal controls in place, commensurate with the size and nature of its business. These controls have been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, protecting assets from unauthorized use or losses, compliance with regulations.

The Audit Committee regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with Accounting Standards as well as reasons for changes in accounting policies and practices, if any.

23. CORPORATE SOCIAL RESPONSIBILITY fCSRI:-

Since the Company does not fall in any of the criteria mentioned in Section 135(1) of the Act, provisions of Section 135 of the Act and Rules framed thereunder relating to Corporate Social Responsibility are not applicable to the Company. Hence, no details in this regard have been furnished.

24. AUDIT COMMITTEE:-

The composition of the Audit Committee is in line with the provisions of Section 177 of the Act read with Regulation 18 of the Listing Regulations. The Chairman of the Audit Committee is an Independent Director. The Audit Committee of the Board provides reassurance to the Board on the existence of an effective internal control environment that ensures the efficiency and effectiveness of the operations of the Company and safeguarding of assets and adequacy of provisions for all liabilities. Further details on the Audit Committee and its terms of reference etc. have been furnished in Corporate Governance Report.

25. NOMINATION AND REMUNERATION COMMITTEE:-

The composition of the Nomination and Remuneration Committee (NRC) is in line with the Section 178 of the Act read with Regulation 19 of the Listing Regulations. The Committee determines overall Companys Policy on remuneration packages and other terms and conditions of the appointment of the Executive Directors and Senior Management of the Company as well as sitting fees to the NonExecutive Directors of the Company and also to approve payment of remuneration to Managing Director and Whole Time Directors as decided by the Members of the Company and recommends to the Board of Directors for their consideration and approval. The Committee has developed criteria for determining the qualification, positive attributes and independence of Directors and for making payments to Executive and Non- Executive Directors. The details of meetings and their attendance are included in the Corporate Governance Report. The remuneration policy of the Company can also be seen at the website of the Company i.e. www.polymechplast.com.

26. STAKEHOLDERS RELATIONSHIP COMMITTEE:-

The composition of the Stakeholders Relationship Committee (SRC) is in line with the Section 178 of the Act and Regulation 20 of the Listing Regulations. The Committee looks after the Investors Grievances arising out of issues regarding share transfers, dividends, dematerialization and related matters, evaluating performance and service standards of the Registrar and Share Transfer Agent and takes requisite action(s) to redress the same. The details of meetings and their attendance are included in Corporate Governance Report.

27. VIGIL MECHANISM (WHISTLE BLOWER POLICY):-

The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for Employees including Directors of the Company to report genuine concerns and unethical behavior directly to the Chairperson of the Audit Committee. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and as per the Listing Regulations.

The Vigil Mechanism/Whistle Blower Policy is available on the Companys website www.polymechplast.com. During the year under review, there were no instances of whistle blowers.

28. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:-

As per requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal Complaint Committee is in place and the Company has already maintained an internal policy to prevent womens harassment at work and covered all employees so they could directly make complaints to the management or Board of Directors if such situation arises.Further, the Company ensures that there is a healthy and safe atmosphere for every women employee at the workplace.

The Management and Board of Directors together with confirm a total number of complaints received and resolved during the year is as follows:

• No. of Complaints received : NIL

• No. of Complaints disposed : NIL

29. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:-

Pursuant to the provisions of Regulation 34 of the Listing Regulations, the Managements Discussion and Analysis Report capturing your Companys performance, industry trends and other material changes with respect to your Company forms part of this Report.

30. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE BOARD REPORT:-

The Search was conducted by GST Department on 6th August, 2024. As of now, the Company has not received any show cause notice/interim order. Hence, the Company is neither aware of any violation, if any nor its consequent financial impact. However, the operations of the Company has continued in due course."

31. STATEMENT OF COMPLIANCES OF APPLICABLE SECRETARIAL STANDARDS:-

In terms of clauses of Revised SS-1 (Revised Secretarial Standards on Meetings of Board of Directors effective from 01.10.2017), your Directors state that the Company has been compliant of applicable Secretarial Standards during the year under review.

32. RISK MANAGEMENT:-

In todays economic environment, Risk management is a very important and integral part of the Companys strategy and for the achievement of our long-term goals. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. The Directors of the Company take pro-active steps to minimize adverse impact on the business objectives and enhance the Companys competitive advantage.

Your Company‘s risk management is embedded in the business processes. Your company has identified the certain risk like price risk, uncertain global economic environment, human resource, competition, compliance and industrial health and safety risk and also planned to manage such risk by leveraging on their expertise and experience. Every step has taken to adhere to the risk evaluation and reduction before every crucial business decisions.

However, the Company is not required to constitute Risk Management Committee under Regulation 21 of the Listing Regulations.

33. CHANGE IN THE NATURE OF BUSINESS:-

There was no change in the nature of the business of the Company during the year.

34. INSURANCE:-

Your Company has taken appropriate insurance for all assets against foreseeable perils.

35. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:-

During the year under review, no significant or material orders were passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its operations in future.

36. JOINT VENTURES, SUBSIDIARIES AND ASSOCIATES:-

Your Company has 2 (Two) Associate Companies as on 31st March, 2024 namely-

(i) TBC-GoldCoin Private Limited (CIN: U28230GJ2023PTC143514) and

(ii) Pramukh Medical Devices Private Limited (CIN: U33309GJ2020PTC116373).

Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules 2014, a statement containing salient features of the financial statements of the Companys Associate Company in form AOC-1 forms part of this Report.

Your Company does not have any Joint Venture or Subsidiary Company as on 31st March, 2024.

37. CREDIT RATING:-

No Credit Rating has been done by the Company during the year.

38. EXTRACT OF ANNUAL RETURN:-

Pursuant to the provisions of Section 92 and 134 of the Act read with the Companies (Management and Administration) Rules, 2014, the Annual Return of your Company for the financial year ended on 31st March, 2024 is available on the Companys website www. polymechplast. com.

39. CEO / CFO CERTIFICATION:-

In terms of Regulation 17(8) of the Listing Regulations, the Compliance Certificate duly certified by Chief Executive Officer (CEO) and Chief Financial Officer (CFO) reporting the accuracy of the Financial Statements and adequacy of Internal Control Systems for financial year ended 31st March, 2024 forms the part of Corporate Governance Report.

40. DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANYS CODE OF CONDUCT:

The Code of Conduct of the Company aims at ensuring consistent standards of conduct and ethical business practices across the Company. All the Board Members and Senior Management Personnel have affirmed compliance with the Code on annual basis. In this regard certificate from Managing

Director as required under Schedule V of the Listing Regulations, 2015 has been received by the Board, forms the part of Corporate Governance Report.

41. DISCLOSURE REGARDING PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE (IBC), 2016:-

During the year under review, your Company has neither made any Application nor are any Proceedings pending under the Insolvency and Bankruptcy Code (IBC), 2016.

42. DISCLOSURE ABOUT THE DIFFERENCE BETWEEN THE AMOUNTS OF THE VALUATION EXECUTED AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:-

During the year under review, your Company was not required to do any Valuation while taking Loan from the Banks or Financial Institution.

43. ACKNOWLEDGEMENT: -

Your Directors would like to express their gratitude to the esteemed Shareholders for their trust and confidence in the Management of the Company. They would also like to place on record their sincere appreciation for the continued co-operation, guidance, support, and assistance extended by Bankers, Customers, Suppliers, Local Authorities, Business Associates, Auditors, Consultants, Financial Institutions, Government and Non-Government Agencies, and various other Stakeholders.

The Directors appreciate and value the contribution made by every Members of the Company. Your Directors also wish to place on record their appreciation for the committed services by the Executives, Staff and Employees of the Company.

For and on behalf of the Board
POLYMECHPLAST MACHINES LIMITED
Sd/-	Sd/-
MAHENDRABHAI BHUVA	HIMMATLAL BHUVA
Chairman & Managing Director	Whole T ime Director
DIN:00054562	DIN: 00054580
Place: Vadodara
Date: 12-08-2024