POLYMECHPLAST MACHINES LTD. · Polymechplast Machines Limited MACHINES LTD. DIRECTORS' REPORT Dear...

23rd

Annual Report 2009-2010

MACHINES LTD.

R

POLYMECHPLAST MACHINES LTD.

th

BOARD OF DIRECTORS

REGISTERED OFFICE & WORKS

Mr. K.R. Bhuva (Chairman & Managing Director)

Mr. M.R. Bhuva (Executive Director)

Mr. H.P. Bhuva (Executive Director)

Mr. D.A. Pathak (Director)

Mr. V.V. Vachharajani (Director)

Mrs. H.D. Pathak (Director)

"Gold Coin House"Plot No. 775, G.I.D.C. Industrial Estate, Makarpura,Vadodara - 390 010.Ph. : (0265) 2632210, 2631211Fax : (0265) 2638434E-mail : goldcoin@ polymechplast.comVisit us at : www. polymechplast.com

Plot No. 50, 51, 52, 54, & 55At Village : manjusar, Ta. : Savli, Dist. Vadodara.

Polymechplast Machines Ltd.D-103, Lata Annexe, Goyal Complex,Near National Park,On Western Express HighwayBorivali (E), Mumbai - 400066.

SAVLI UNIT

MUMBAI BRANCH OFFICE

DELHI BRANCH OFFICE

TWENTY THIRD ANNUAL REPORT 2009 - 2010

Polymechplast Machines Ltd.M.G. House No. 01, Office No. 304,Plot No. 01, Wazirpur industrial Estate, Community Centre,Delhi - 110052Ph. : (011) 65170869 Fax : (011) 27375178

Polymechplast Machines Ltd.Room No. 4-C, 4th Floor, Sunderam Building, 46-F Rafi Ahmed Kidwai Road, Kolkata - 700016.Ph. : (033) 22298400 Fax : (033) 22216650

KOLKATA BRANCH

PARIKH MEHTA & ASSOCIATESChartered Accountants101, Shiv Shakti, 84, Sampatrao Colony,Behind Ivory Terrace, R. C. Dutt Road,Vadodara - 390 007.

AUDITORS

BANKERS

STATE BANK OF INDIAS.M.E. BranchManjalpur,Vadodara - 390 011.

HDFC BANK LTDArunoday Society,Alkapuri,Vadodara. - 390 007.

REGISTRAR & SHARE TRANSFER AGENT

MCS LTD.Neelam Apartment,88, Sampatrao Colony,Above Chhapanbhog Sweets,Alkapuri,Vadodara - 390 007.

Contents Pages

1. Notice 1

2. Directors' Report 2

3. Corporate Governance Report 5

4. Management Discussion & Analysis 11

5. Certification Corporate Governace 12.

6 Auditors' Report 13

7. Balance Sheet 16

8. Profit & Loss Account 17

9. Schedules 18

10. Notes on account 25

11. Cash Flow Statement 31

12. Balance Sheet Abstract 33

13. Proxy 34

NOTICE is hereby given that the 23rd Annual General Meeting of the members of the Company will be held on Saturday, the 4th September, 2010 at 11.00 a.m. at the Registered office of the Company at 775, G.I.D.C. Estate, Makarpura, Vadodara - 390 010 to transact the following business:

ORDINARY BUSINESS :-

1. To receive, consider and adopt the Audited Balance Sheet as on 31st March, 2010 and the Profit and Loss Account of the Company for the year ended on even date and the Reports of the Directors' and Auditors' thereon.

2. To appoint a Director in place of Mrs. H. D. Pathak who retires by rotation and being eligible offers herself for re-appointment.

3. To appoint a Director in place of Mr. H. P. Bhuva.who retires by rotation and being eligible offers himself for re-appointment.

4. To appoint Auditors to hold office from the conclusion of the ensuing Annual General Meeting up to the conclusion of the next Annual General Meeting and to fix their remuneration.

SPECIAL BUSINESS :

5. To consider and if thought fit, to pass with or without modification(s), following resolution as a Special Resolution :-

"RESOLVED THAT pursuant to Section 198, 309, 314 and any other provision(s), applicable, if any, of theCompanies Act, 1956 and subject to approval / opinion of the Central Government, the consent , be and is, hereby accorded for payment of remuneration up to Rs. 10,000 per month to Mr. Devesh A. Pathak, Non executive Independent Director for his Professional services. “

No. Director, except Mr. D. A. Pathak and his relative Mrs. H. D. Pathak, shall be deemed to be interested or concerned in the resolution.

For AND ON BEHALF OF THE BOARD

K. R. Bhuva Chairman & Managing Director

Date : 29th May, 2010Place : Vadodara

Polymechplast Machines LimitedMACHINES LTD.

1

NOTICE

Item No. 5

Mr. Devesh A. Pathak, a Non Executive Independent

Director of the Company and Practising Company

Secretary by profession is a graduate of Commerce and

Laws as well as a Fellow Member of the Institute of

Company Secretaries of India with rich experience of

over 26 year in corporate Laws. Your Directors have

thought fit to avail his professional services at a remuneration up to Rs.10,000 per month subject to

approval / opinion of Cental Government pursuant to section 198, 309, 314 and other applicable provision(s),

if any, of theCompanies Act, 1956. Your Directors solicit

your approval to resolution as set out in Item no. 5 of the

accompanying notice by way of Special Resolution.

1. MEMBER ENTITLED TO ATTEND AND VOTE AT THE

MEETING IS ALSO ENTITLED TO APPOINT A PROXY

TO ATTEND AND VOTE INSTEAD OF HIMSELF AND

SUCH PROXY NEED NOT BE A MEMBER OF THE

COMPANY.

2. PROXY FORMS MUST REACH THE COMPANY'S

REGISTERED OFFICE AT LEAST 48 HOURS

BEFORE THE TIME FOR HOLDING THE MEETING.

3. Pursuant to Section 154 of the Companies Act, 1956,

the Register of Members and Share Transfer Books of

the Company will remain closed from 2nd September,

2010 to 4th September, 2010 (both days inclusive).

4. Members are requested to notify immediately any

change in their address to the Company.

5. Explanatory statement as required under section 173(2)

of the Companies Act, 1956 is annexed hereto

ANNEXURE TO THE NOTICE :

Explanatory statement as required under Section 173(2) of the Companies Act, 1956 to the Accompanying notice dtd 29th May, 2010

NOTES





DIRECTORS' REPORT

Dear Members,

Your Directors have pleasure in presenting their Twenty

Third Annual Report together with the Audited Statement of

Accounts for the Financial Year ended on 31st March, 2010.

(2) YEAR IN RESTROSPECT :

Your Directors are happy to inform you that the Company has

witnessed turnaround with- full recoupment of carried forward losses- all time high turnover of Rs. 18.58 crores - all time high net profit of Rs, 71.95 lacs

which can be mainly attributed to reduction in operating and

manufacturing cost, financial charges as well as proportionate

decrease in raw material consumption.

(3) FUTURE PROSPECTS :

Your Directors are optimistic for better results in the years to

come in view of (i) Confirmed orders of over Rs. 13.50 Cores on hand (ii) High tech infrastructure in place in view of

completion of first phase of modern assembly shop(iii) Consequent increase in productivity with same

manpower(a) of the machines ranging form 150 tons to

650 tons(b) from around 100 machines p.a. to around

250 machines p.a. of assorted size.(iv) Supply of machines to the vendors to Telco, Nano,

Maruti, Hero Honda, Whirlpool, etc. of international standard as prescribed by their principals

(1) FINANCIAL AND WORKING RESULTS :

TOTAL INCOME 18,60,12,144 15,34,99,655

PROFIT BEFORE

TAXATION & DEPRECIATION 1.09,81,580 24,21,999

(Less) : Depreciation (13,76,712) (16,65,551)

Profit before Tax 96,04,868 7,56,448

Add/(Less) : Deferred Tax (90,209) (59,937)

(Less) : Provision for Taxation (14,73,775) (40,000)

(Less) : Fringe Benefit Tax (0) (2,00,190)

(Less ): Prior year Adjustment (8,45,394) (34,079)

Profit After Taxation 71,95,490 4,22,242

(Less) : Balance Brought forward (52,03,379) (56,25,621)

BALANCE CARRIED

TO BALANCE SHEET 19,92,111 (52,03,379)

Ended on31-3-2009

(Rs.)

Ended on31-3-2010

(Rs.)PARTICULARS

(v) Presence in Asian and African countries in terms of

export. Aforesaid positive factors would help

achieving better performance better profitability and

substantial growth of turnover.

(4) AUDITORS REPORT :

(i) Note no.11 of Schedule - 21 (ii) Note no.3 of Schedule 21

and (iii) Note no. 4 of Schedule 21 are self explanatory in

respect of Auditors’ remarks vide Clause no.4(d) of the

Auditors’ Report relating to (i) AS - 26 for intangible assets

(ii) AS - 15 for employee benefit and (iii) AS - 29 for provision,

contingent assets and contingent liability respectively.

(5) DEPOSITS :

The Company has accepted/renewed fixed deposits in

compliance with the Companies (Acceptance of Deposits)

Rules, 1975.

(6) DIVIDENDS :

By keeping in view, long term interest of the Company, your

directors do not recommend any dividend for the year under

review.

(7) EXPORTS :

During the year under review, the Company has attained

export of Rs. 2,00,27,068 as against Rs. 1,49,21,054 in the

previous year exhibiting growth of 34.23%.

(8) PARTICULARS OF EMPLOYEES:

There was no employee drawing remuneration of Rs.

24,00,000 p.a. or Rs. 2,00,000 p.m. for part of the year or

more and hence no particulars have been furnished under

Section 217(2A) of the Companies Act, 1956.

(9) ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE :

Information on conservation of energy, technology

absorption, foreign exchange earnings and outgo as

required to be disclosed in terms of Section-217 (1)(E) of the

Companies Act, 1956, read with the Companies (Disclosure

of particulars in the Report of Board of Directors) Rules, 1988

is annexed and forms part of this report.

2


(9) DIRECTORS' RESPONSIBILITY STATEMENT :

(I) Your Directors have followed the applicable

Accoun t ing S tandards a longwi th p roper

explanation relating to material departures, if any,

while preparing the annual accounts;

(II) Your Directors have selected such Accounting

Policies and applied them consistently and made

judgments and estimates that are reasonable and

prudent so as to give true and fair view of the state

of affairs of the Company at the end of financial

year and of the profit of the Company for the period;

(III) Your Directors have taken proper and sufficient

care for the maintenance of adequate Accounting

Records in accordance with the provisions of this

Act for safeguarding the assets of the Company

and for preventing and detecting fraud and other

irregularities;

(IV) Your Directors have prepared the Annual Accounts

on a going concern basis.

(10) DIRECTORATE :

Mrs. H. D. Pathak and Mr. H. P. Bhuva retire at

the ensuing Annual General Meeting and being

eligible, offer themselves for their reappointment as

retiring Directors.

(11) AUDITORS :

M/s. PARIKH MEHTA & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the

conclusion of this Annual General Meeting and being

eligible offer themselves for reappointment. You are

requested to appoint Auditors and fix their

remuneration.

(12) ACKNOWLEDGMENTS :

Your Directors wish to thank the Banks, Government

Authorities, Customers, Suppliers and Shareholders

for their continued support. Your Directors also take

this opportunity to record their appreciation for the

contributions made by all the employees to the

operations of the Company during the year.

3




ANNEXURE TO THE DIRECTORS' REPORT, 2009-2010The Companies (Disclosure of the Report of Board of Directors) Rules, 1988.

A) CONSERVATION OF ENERGY : Your Company has already taken sufficient steps

for Energy Saving in newly constructed assembly building by fitting Exhaust Ventilator fan - electronic power saving lamp and tubes etc.

B) TECHNOLOGY ABSORPTION :Your Company has developed further LOCKING UNIT for all models of Injecting molding machine for better rigidity in the machine.

Research and Development (R&D) :

1. SPECIFIED AREA :

i Development of 150 T machine in DOUBLE COLOUR Injection machine with variable pump technology.

ii Development of two big site machines i.e. NP 250T and NP 350T machine.

iii By this year end, your Company is planning to develop another two Big models i.e. NP 225T machine and 450 T machine.

2. BENEFITS DERIVED :Now, the NEW ASSEMBLY WORKSHOP with overhead crane facility is in place which would enable the Company to manufacture 450T machine in addition to have easier assembly work, better efficiency of worker and improved quality of work.

1). Future plan : After Renovation of Assembly shop the Company will take up another Assembly Shop to be renovated to enhance the Assembly and manufacturing Capacity of machine model 450 to 1000T capacity.

C) F O R E I G N E X C H A N G E E A R N I N G A N D OUTGO :

1) Expenditure in foreign currency Rs.4,84,08,485/- (P.Y Rs.8,85,15,737/-) on account of Traveling / Supplier Payment.

2) Foreign Exchange Earning in Foreign currency equivalent to Rs.1,89,61,202/- (Previous year Rs.2,59,16,708/-) against sale of machines & components / technical consultancy, supervision and installation charges.

3) The company has made the direct export worth o f R s 2 , 0 0 , 2 7 , 0 6 8 / - ( P r e v i o u s Ye a r Rs.1,28,66,654/-).


4

FORM - A

Form for Disclosure of Particulars with respect to conservation of Energy.

Power and fuel consumption :

1. Electricity -

(a) Purchased (Rs.) CURRENT PREVIOUS

H.O. H.O

Unit 133303.00 112394.00 Total Amount (Rs.) 978643.00 731698.89 Rate / Unit (Rs.) 7.34 6.51

(b) Own generation(i) Through diesel generator Not Applicable Not Applicable (ii) Through steam turbine/ Not Applicable Not Applicable generator

2. Coal (Specify quality and Not Applicable Not Applicable where used)

3. Furnace Oil Not Applicable Not Applicable4. Others/ internal generation (please give details) Not Applicable Not Applicable

B. Consumption per unit of production ( Plastic processing machines i.e Injection & Blow Molding Machines and their parts )

Standards Current Year Previous ( if any ) YearProducts (with details) Unit - 133303 112394Furnace Oil - Nil Nil Coal (Specify quality) - Nil Nil Others (Specify) - Nil Nil

Date : 29th May, 2010.Place : Vadodara.


By Order of the Board

MACHINES LTD.

5

*Mumbai based Wholetime Director.

Mr. Devesh A. Pathak is a Director as well as member of the

Audit Committee of M/s. All India Origin Chemists and

Distributors Ltd.

No Director holds Directorship or membership of any

committee in any other Company.

The meetings of the Board of Directors were held on

1st June, 2009, 31st July, 2009, 11th Aug., 2009, 24th

Aug.,2009, 30th Oct., 2009, 28th Nov, 2009, 22nd Jan.,

2010, 17th Feb., 2010 & 29th March, 2010.

The time gap between two meetings did not exceed four

months. Leave of absence was granted by the Board of

Directors who were absent at the respective Board

Meeting(s).

(I) COMPANY'S PHILOSOPHY ON CORPORATE

GOVERNANCE

The Company believes that sound Corporate practices

based on openness, credibility and accountability are

essential for its long term success. These practices will

ensure the Company, having regard to competitive

exigencies, conduct its affairs in such a way that would build

the confidence of its various stakeholders in it and its Board's

integrity.

(II) BOARD OF DIRECTORS

The Board of Directors comprises of six members, out of

whom three are Executive Directors and three are Non-

Executive Directors, who bring in wide range of skills and

experience to the Board. The Company has an Executive

Chairman and one half of the Board comprises of

Independent Directors. The composition of the Board is in

confirmity with Clause 49 of the Listing Agreement.

Composition of Board of Directors as on 31-3-2010.

Name of

Directors

Mr. K. R Bhuva

(Managing Director)

Mr. M. R. Bhuva

(Wholetime Director)

Mr. H. P. Bhuva*

(Wholetime Director)

Mr. D. A. Pathak

Mr. V. V. Vachharajani

Mrs.H. D.Pathak

Category

Promoter

Executive

Promoter

Executive

Promoter

Executive

Independent

Non-Executive

Independent

Non-Executive

Independent

Non-Executive

No.of

Board

Meeting

Attended

9

9

2

9

9

9

Attendance

at last AGM

held on

18-8-2008

Yes

Yes

No

Yes

No

Yes

The Board of Directors are presented with all the material

financial information reflecting the corporate operations

including Capital and Revenue budget of the year, annual

achievements and analysis of variation, if any, by way of

agenda papers. Agenda of the Board also includes minutes

of Audit Committee, Remuneration Committee,

Shareholders' / Investors' Grievances Committee and

materially important show cause notices, demand,

prosecution and penalty notices, if any. All other information

as required under Clause 49 of the Listing Agreement is also

made available to the Board.

CORPORATE GOVERNANCE REPORT

23rd Annual Report 2009-2010


6

Committees of the Board

The Board of Directors have constituted three committees in

compliance of the Corporate Governance norms, viz. Audit

Committee, Shareholders'/Investors' Grievances

Committee and the Remuneration Committee. Minutes of

these Committee Meetings are circulated and subsequently

approved/noted by the Board.

Name of Director

Mr. D. A. Pathak

Mr. V.V. Vachharajani

Mrs. H. D. Pathak

Sitting Fees:

4,500/-

4,500/-

4,500/-

III AUDIT COMMITTEE

Composition of the Audit Committee as on

31-3-2010.

The Audit Committee of the Board comprises of three

Independent Non-Executive Directors as detailed below :

Sr.No.

1.

2.

3.

Name of Directors

Mr. D. A. Pathak


Mrs. H. D. Pathak

Designation

Chairman

Member

Member

No.of meetings

attended

4

4

4

The constitution of the Committee meets with the

requirement of the provisions of Section 292A of the

Companies Act, 1956 and Clause 49 of the Listing

Agreement pertaining to Audit Committee and its

functioning. The terms of reference, role and scope of the

Committee are in line with the aforesaid requirements.

Dates of Audit Committee Meetings.

The meetings of the Audit Committee were held on 1st June,

2009, 31st July, 2009, 30th October 2009 and 22nd January,

2010.

All the members of the Audit Committee have financial and

accounting knowledge. The Audit Committee invites such of

the executives as it considers appropriate to be present at its

meetings. The Audit Committee Meetings are also attended

by Managing Director, Executive Director and the

representatives of Statutory Auditor.

Mr. Dilip Shah, Compliance Officer acts as the Secretary of

the Audit Committee.

Remuneration paid to the Executive Directors

5,61,752/-

67,410/-

2,15,975/-

8,45,137/-

Mr. K. R. Bhuva

(Managing Director)

4,37,120/-

52,454/-

1,87,812/-

6,77,386/-

Mr. M. R. Bhuva

(Executive Director)

5,33,576/-

64,029/-

2,03,958/-

8,01,563/-

Mr. H. P. Bhuva

(Executive Director)

Particulars

Salary Rs.

Rs.

Rs.

Rs.

Contribution to PF & Superannuation Fund

Other Benefits & Allowance

TOTAL

Remuneration paid to the Non-Executive Directors

Non Executive Directors are not being paid any remuneration except sitting fees as detailed below:

Sr.No.

1.

2.

3.

Name of Directors

Mr. D. A. Pathak


Mrs. H. D. Pathak

Designation

Chairman

Member

Member

MACHINES LTD.

7

(IV) REMUNERATION COMMITTEE

The remuneration policy of the Company is aimed at

rewarding performance based systematic and periodical

review of achievements. The remuneration policy is in

consonance with the prevailing industrial practices and laws.

Composition of the Remuneration Committee as

on 31-3-2010

One meeting was held during the year. All the above

members including the Chairman of the Remuneration

Committee are Non-executive and independent Directors.

Terms of reference

The remuneration and other terms of appointment of the

Executive Directors are approved by the Board of Directors

subject to approval of shareholders and/or the Central

Government as the case may be.

The agreement with the Managing Director and Executive

Director is contractual in nature. The Agreement may be

terminated by either party giving three months' notice or

remuneration in lieu thereof.

(V) SHAREHOLDERS'/INVESTORS' GRIEVANCE

COMMITTEE

Composition of Shareholders' /Investors' Grievance

Committee as on 31st March, 2010.

The Shareholders' /Investors' Grievance Committee

constituted by the Board Comprises of Mr. D. A. Pathak as a

Chairman, Mr. K. R. Bhuva, and Mr. M. R. Bhuva, as

members. The Committee supervises the systems of

redressal of investor Grievances and ensures cordial

investor relations.

Mr. Dilip Shah, Sr. Secretarial Officer acts as a compliance

officer of the company.

Terms of referenceThe Board of Directors has delegated the power of

overseeing transfer and transmission of shares and other

matters like consolidation of Certificates, issue of duplicate

share certificates, dematerialisation / rematerialisation of

shares, as well as shareholders’ / investors grievance

resolution to the Committee. All these matters are dealt with

by the Committee, which meets regularly every quarter.

In accordance with Clause 49(VI)(D) of the Listing

Agreement with the Stock Exchange, the Committee has

authorised Mr. M. R. Bhuva, as authorised signatory to

approve share transfers, transmissions, dematerialisation /

rematerialisation of shares.

During the year, the Company has received 11 nos. of

complaints from the shareholders, and all the complaints

have been appropriately addressed and no complaints are

pending at the end of the period.

(VI) GENERAL BODY MEETINGS

The last three Annual General Meetings (AGMs) of the

Company were held at the Registered Office of the Company

at Plot No. 775, GIDC, Makarpura, Baroda-390010, as

detailed below:

Financial Year

ended

31-3-2007

31-3-2008

31-3-2009

Date

18-8-2007

22-7-2008

8-8-2009

Day

Saturday

Tuesday

Saturday

Time

11-00 A. M.

11-00 A.M.

11-00 A.M

No.of Special

Res.

NIL

3

3



8

(VII) DISCLOSURES

1. During the year, the Company has not entered into

any transaction of material nature with its

promoters, directors or the management, their

subsidiaries or their relatives etc. which may have

potential conflict with the interests of the Company

at large.

2. The Board has received disclosures from key

personnel relating to material, financial and

commercial transactions where they and/or their

relatives have personal interest. There are no

materially significant related partly transactions,

which have potential conflict with the interest of the

Company at large.

3. There was no material non-compliance during the

last three years by the Company on any matters

and no penalties were imposed or strictures passed

on the Company by Stock Exchanges, SEBI or by

any Statutory Authority related to Capital Market.

(VIII) MEANS OF COMMUNICATION

1. The Quarterly financial results of the Company are

forwarded to the Stock Exchanges immediately

upon approval by the Board of Directors and are

published in national and local dailies.

2. The financial results and other information are

proposed to be displayed in the Company's

website www.polymechplast.com.

3. The aforesaid website of the Company also

displays the official news releases of the Company

4. Management Discussion & Analysis also forms

part of this Annual Report, which is being

dispatched to the shareholders of the Company.

Process of the Annual General Meeting

The Company advocates and follows a very transparent

system of management and encourages shareholders'

participation in the Annual General Meeting. The Company

ensures that the Notice of the AGM, alongwith the Annual

Report of the Company is despatched to the shareholders

well in advance to enable them to participate in the meeting.

Members approved authority to the Board of Directors to sell

Plot No.50,51,52,54 & 55 at Mukutnagar, Manjusar, Tal.

Savli. Dist. Baroda. by way of Ordinary Resolution through

Postal Ballot on 15-6-2010. 99.23% votes were cast in favour

of and 0.77% votes were cast against the resolution. Postal

Ballot Exercise was conducted by Mr. Vimal Betai as

9

(IX) GENERAL SHAREHOLDER INFORMATION

Annual General Meeting

The Twenty Third Annual General Meeting of the Company

is scheduled to be held on :

Date & Time : 4th September, 2010 at 11-00 A. M.

Venue : Registered office at 775, GIDC, Makarpura, Vadodara-390010.

Listing on Stock Exchange and the Stock Code Allotted

The Company's Equity Shares are presently listed at

following Stock Exchanges:

1. The Vadodara Stock Exchange Ltd. (Regional

Stock Exchange):

2.

- Stock Code : 526043- ISIN No. : INE 809B01014

Bombay Stock Exchange Ltd.

For quarter ending

June, 2010

September, 2010

December, 2010

March, 2011

End of the following month

July, 2010

October, 2010

January, 2011

April, 2011

Book Closure Date : 2nd September, 2010 to 4th

September, 2010.

Dividend : NIL

Financial Calendar for 2009-10 (tentative)

stThe next financial year of the Company is 1 April, 2010 to st31 March, 2011.

The quarterly results will be approved by the Board of

Directors as per the following schedule:

The Company has already paid Listing Fees upto 31-3-2011

to all the Stock Exchanges where the shares of the Company

are listed.

Market Price Data

High, Low Market Price during each month and trading

volumes of the Company's Equity Shares during the last

financial year at Bombay Stock Exchange Ltd. (BSE) is

tabled below:

Month April, 2009 May, 2009 June, 2009 July, 2009 August, 2009 Sept, 2009

High (Rs.) 4.04 5.19 7.20 7.24 5.32 7.45

Low (Rs.) 3.70 4.24 5.10 4.85 4.60 4.50

Month Oct., 2009 Nov., 2009 Dec., 2009 Jan., 2010 Feb., 2010 March, 2010

High (Rs.) 7.92 6.19 6.09 9.20 9.58 8.10

Low (Rs.) 6.47 5.43 4.76 6.36 6.70 6.13

Registrar and Share Transfer Agent (RTA)

The Company has complied with the SEBI direction of

appointment of common agency for both the physical and

electronic form of shareholding. M/s. MCS Limited Neelam

Appartment, 88, Sampatrao Colony, Above Chhappanbhog,

Alkapuri, Vadodara act as the Registrar and Transfer Agent

(RTA) for the equity shares of the company for physical and

electronic form.

Share Transfer System

Share transfers in prescribed form can be lodged with the

RTA’s address or at the registered office of the Company.

The transfers are normally processed by the Registrar and

Transfer Agent within 21 days from the date of receipt, if the

documents are complete in all respects. Share transfers

under objection are returned within two weeks.

MACHINES LTD.



The Committee meets regularly normally once in quarter to consider and oversee all the transfer proposals. All requests for dematerialisation of shares are processed and the confirmation

is given to the respective depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

Dematerialisation of SharesThe Company's shares are compulsorily traded in dematerialized form and are available for trading on both the Depositories in India-National Securities Depositories Ltd.

(NSDL) and Central Depository Services Ltd. (CDSL). Equity Shares of the Company representing of the Share Capital are

stdematerialized up to 31 March, 2010.

Shareholding Pattern as on 31st March, 2010.

Category No. of Shares Held % of Shares Holding

Promoters

Institutional Investors

b. Banks, FI's Insurance Companies

19,61,518

Nil

Nil

33.99

-

-

Private Corporate Bodies

NRI's / OCB's (other than Promoter Group)

Other Trust & Foundations

Indian Public

Total

2,10,717

96,250

- -

35,03,015

57,71,500

3.65

1.67

-

60.69

100.00

Distribution of Share Holding as on 31st March, 2010.

Amount (Rs.) Shares Folios % Shares % Holders1 to 500 1633447 9553 28.3019 86.8218501 to 1000 977180 1142 16.9311 10.37901001 to 2000 224950 143 3.8976 1.29962001 to 3000 105090 40 1.8208 0.36353001 to 4000 92494 26 1.6026 0.23634001 to 5000 96345 20 1.6693 0.18185001 to 10,000 240987 35 4.1755 0.318110,001 to 50,000 769172 31 13.3271 0.281750,001 to 1,00,000 372290 5 6.4505 0.0454 and above 1259545 8 21.8235 0.0727Total 5771500 11003 100.00 % 100.00 %

Holdings Shareholders Shares

Distribution of Share Holding as on 31st March, 2010.- Number, of GDR outstanding

stas at 31 March, 2010 : NILPlant Location of the “Gold Coin House “ PlotNo775,Company G . I . D . C I n d u s t r i a l E s t a t e ,

Makarpura, Vadodara 390 010.

(X) COMPLIANCE

As stipulated by Listing Agreement with the Stock Exchanges, the Company has obtained the certificate regarding compliance

of Corporate Governance from Mr.Vimal Betai, Practising Company Secretary. which appears as a part of the Annual Report of the Company.

(XI) ADDRESS FOR CORRESPONDENCEShareholders' correspondence should be addressed to the Company's RTA’s address. Members may also write to the Company's Registered Office mentioned above. Instructions regarding change of address, nomination and power of attorney executed by the Shareholders should be given directly to their respective Depository Participants.

10

Mrs. H. D. Pathak

14-8-1963

18-4-2004

Economics

N. A.

N. A.

Name of Director

Date of Birth

Date of Appt.

Expertise

List of Companies in which outside Directorship held as on 31st March, 2010

Chairman/Member of the Committee ofthe Board of the other Companies on which he Is a Director as on 31st March, 2010

N. A.

N. A.

Mr. H. P. Bhuva

18-1-1965

24-9-1998

Industrialist

B. A. (with Economics)Qualifications Diploma in Pharmaceutical

INDUSTRY STRUCTURE AND DEVELOPMENTS

Indian economy has successfully come out from the global

recessionary trend. Demand, consumption and production

of steel has increased during the year and India has emerged

as a third largest manufacturer of steel in the world. It would

help Plastic Processing industry.

With the new assembly workshop in place, the Company

would be able to manufacture 450T machine. It would also

enable the Company to have easier assembly work, better

efficiency of worker and improved quality of work. The

Company continues to work on the policy of ‘Constant quality

up gradation’.

OPPORTUNITIES AND OUTLOOK

Apart from participation in international exhibition, the

Company proposes to establish office setup / manufacturing

set up abroad. The company also proposes to establish its

own manufacturing tie up/ business channel partner. It would

help achieving more sales as well as more profits

consequent to reduction on overheads.

FINANCIAL PERFORMANCE WITH RESPECT TO

OPERATIONAL PERFORMANCE

Your Company has exhibited excellent results with total

income of Rs.18,60,12,144/- and net profit of Rs.71,95,490/-

during the year under review as against Rs.15,34,99,655/-

and Rs.4,22,242/- in the previous year.

The Company has sold 159 units during the year as

compared to 147 in the previous year. However, since the

units sold are of assorted size and hence not comparable.

RISK MANAGEMENT

Market condition and variation in the prices of raw material

coupled with Government Policy on exports constitute major

external risk to the Company.

The Company utilizes steel as its raw material and the

Company may not be able to pass on increase in price of

inputs may affect it adversely.

In order to meet the challenges of marketing conditions, the

Company proposes to undertake an aggressive

advertisement campaign at all India level in all leading

magazines.

INTERNAL CONTROL SYSTEM AND THEIR EFFICACY

The Company has an adequate system of internal control

and checks supported and monitored by well-developed

Management Information System to ensure and every

business transaction is carried out effectively and efficiently

as per laid down procedure and appropriately delegated

authority.

The Company also has a system of Annual Business Plan

including budget and significant variation for the annual plan

and budget are reported on quarterly basis to the Board

through the Audit Committee.

STATUTORY COMPLIANCESBased on the review of the working of each department,

adequate steps are taken to ensure legal compliance.

QUALITY THE HAND BEHIND OUR PROGRESS.Quality of our products is the only thing which makes us to

stand higher than our competitors. The Company gives

major thrust to the quality. We give value for money to our

customers.We give high quality products at affordable prices, we have

achieved such reduced cost due to the benefit of economies

of scale. We have been concentrating on the 'Advantage

Model' .Prompt after sales services have also helped in maintaining

and widening the range of our present and prospective

customers.

MATERIAL DEVELOPMENT IN HUMAN

RESOURCES/INDUSTRIAL RELATIONS

The Company has been organising various seminars &

workshops on Personality development for increasing

productive Efficiency of the workers.

These seminars have helped the employees of the

Company in achieving the higher efficiency leading to

achievement of organisational goals of the Company as a

whole.It has also created an environment of proximity, entirety and

mutual understanding among the employees in the

Company apart from morale boosting.

MANAGEMENT DISCUSSION AND ANALYSIS

11

MACHINES LTD.


12


CAUTIONARY STATEMENT

Statement in this management discussion and analysis

detailing the Company's objectives, projections, estimates,

expectations or predictions may be “forward looking”

statements within the meaning of applicable securities laws

and regulations. Actual results may differ materially from

those expressed or implied. Important factors that may

make difference to the Company's operations include Global

and Indian demand supply conditions, finished goods

prices, feed availability and prices, cyclical demands and

pricing in the Company's principal markets, changes in

Government regulations, economic development within

India and the countries within which the Company carries on

business and other factors like litigation and labour

negotiations.

CERTIFICATE ON CORPORATE GOVERNANCE

We have examined the compliance of conditions of

Corporate Governance by Polymechplast Machines stLimited, for the financial year began on 1 April, 2009 and

stended on 31 March, 2010 as stipulated in Clause 49 of the

Listing Agreements of the said Company with Stock

Exchange in India.

The compliance of conditions of Corporate Governance is

the responsibility of the management. Our examination was

limited to procedures and implementation thereof, adopted

by the Company for ensuring the compliance of conditions of

Corporate Governance. It is neither an audit nor an

expression of the opinion on the financial statements of the

Company.

In our opinion and to the best of our information and

according to the explanations given to us, we certify that the

Company has complied with the conditions of Corporate

Governance as stipulated in the above mentioned Listing

Agreement as applicable.

We state that in respect of investor grievances received stduring the year ended 31 March, 2010 no investor

grievance is pending against the Company for a period

exceeding one month as per the records maintained by the

Company.

We further state that such compliance is neither an

assurance as to the future viability of the Company nor the

efficiency or effectiveness with which the management has

conducted the affairs of the Company.

Vimal BetaiPracticing Company Secretary

Date : 2nd August, 2010

Place : Vadodara

13

1. We have audited the attached Balance Sheet of stPOLYMECHPLAST MACHINES LTD. as on 31 March

2010, and also the Profit and Loss Account for the period

ended on that date annexed thereto and the cash flow

statement for the year ended on that date annexed

thereto. These financial statements are the

responsibility of the Company's Management. Our

responsibility is to express an opinion on these financial

statements based on our audit.

2. We conducted our audit in accordance with auditing

standards generally accepted in India. Those standards

require that we plan and perform the audit to obtain

reasonable assurance about whether the financial

statements are free of material misstatement. An audit

includes examining, on a test basis, evidence

supporting the amounts and disclosures in the financial

statements. An audit also includes assessing the

accounting principles used and significant estimates

made by management, as well as evaluating the overall

financial statement presentation. We believe that our

audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order,

2003 Issued by the Central Government of India in terms

of sub-section (4A) of section 227 of the Companies Act,

1956, we enclose in the Annexure a statement on the

matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to

above, we report that:

a. We have obtained all the information and explanation,

which to the best of our knowledge and belief were

necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by

law have been kept by the Company so far as appears

from our examination of those books;

c. The Balance Sheet, Profit and Loss Account and Cash

flow statement dealt with by this report are in agreement

with the books of account;

d. In our opinion, the Balance Sheet, Profit and Loss

Account and Cash flow statement dealt with by this

PARIKH MEHTA & ASSOCIATESChartered Accountants

Office : 101, Shiv Shakti, 84, Sampatrao Colony, Behind Ivory Terrace, R. C. Dutt Road, Vadodara - 390 007.Tel No. (0265) 2343615 - 3057838 Fax No.: (0265) 3057834 E-mail : [email protected]

AUDITORS’ REPORT

report comply with the Accounting Standards referred to

in sub-section (3C) of section 211 of 'The Companies

Act' 1956; except

(1) As -26 : Intangible Assets (Refer Note No.11 of

" Schedule-21")

(2) As-15 : Employee Benefits (Refer Note NO.3 of

"Schedule-21")

(3) As-29 : Provisions, Contingent Assets and

Contingent Liability (Refer Note-4 of "Schedule-21")

e. On the basis of written representations received from

the directors, as on 31st March 2010, and taken on

record by the Board of Directors, we report that none of

the directors is disqualified as on 31st March 2010 from

being appointed as a director in terms of clause (g) of

sub-section (1) of section 274 of the Companies Act,

1956;

f. In our opinion and to the best of our information and according to the explanations given to us, subject to our notes read thereon the said accounts give the

information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010.

b) in case of Profit and Loss Account, of the profit of the

Company for the year ended on that date and

c) in case of Cash Flow statement, of the Cash Flows for

the year ended on that date.

For PARIKH MEHTA & ASSOCIATESChartered Accountants

Ashish Parikh Place : Vadodara.Partner Date : 29/05/2010

Membership No. 116745

D. B. Parikh

M.Com.,FCA

S.J. Mehta

B. Com., FCA,

Grad. CWA, DISA

Mrs. H.M. Desai

B.Com., FCA, LL.B

DISA

Mrs. T. A. Parikh

M.Com., FCA

A. D. Parikh

M.Com., ACA

MACHINES LTD.



Name of the parties Amount Regularity

Involved in payment

Himmatbhai P. Bhuva 1,21,360.00 Yes

Kantilal R. Bhuva 18,488.22 Yes

TOTAL 1,39,848.00

14

Statutory Dues Amount (Rs.) Dispute pending with

Excise Duty 45,68,414 CESTAT - Mumbai

Under Writting 86,000 Civil Court - Mumbai

I. (a) The Company has not maintained proper records

showing full particulars including quantitative

details and situation of fixed assets. According to

the information and explanation given to us, the

fixed assets have been physically verified by the

management during the year in a phased periodical

manner which, in our opinion is reasonable having

regard to the size of the company and the nature of

the assets. No material discrepancies were noticed

on such verification.

(b) No significant part of the fixed assets has been

disposed off or revalued during the year.

ii. (a) As explained to us, the inventories have been

physically verified by the management at

reasonable intervals during the year. In our opinion,

the frequency of such verification is reasonable

having regard to the size of the company and the

nature of its business.

(b) In our opinion, according to the information and

explanation given to us, the procedures of physical

verification of inventories followed by the

management are reasonable and adequate in

relation to the size of the company and the nature of

the business.

(c) The company has maintained proper records of the

inventory. As explained to us there is no material

discrepancies noticed on physical verification of

having regard to the size of the operations of the

company.

iii Loans granted or taken

ANNEXURE TO THE AUDITOR'S REPORT

REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

iv. In our opinion and according to the information and

explanation given to us, there are adequate internal

control procedures commensurate with the size of

the company and the nature of its business for the

purchase of inventory and fixed assets and for the

sale of goods. In our opinion and according to the

information and explanation given to us, there is no

continuing failure to correct major weakness in

internal control.

v. In our opinion and according to the information and

explanation given to us, the transactions made in

pursuance of contracts or arrangements entered in

the register maintained u/s 301 of the Companies

Act, 1956, and aggregating during the year to Rs.5

lack or more in respect of each party, have been

made at a price which are reasonable having regard

to prevailing market price as available with the

company.

vi. In our opinion and according to the information and

explanation given to us, directives issued by the

Reserve Bank of India and the provision of section

58A, 58AA or any other relevant provision of The

Companies Act, 1956 and rules framed there under,

to the extent applicable, have been complied with.

We are informed by the management that no order

has been passed by the Company Law Board,

National Company Law Tribunal or Reserve Bank of

India or any court or any other Tribunal U/S 58A and

58AA.

vii. In our opinion, the company has an internal audit

system commensurate with the size and the nature

of its business.

viii Maintenance of cost records u/s 209 (1)(d) of the

Companies Act, 1956, is not applicable to the

company.

ix. (a) According to the information and explanation given

to us, there are no undisputed statutory dues

payable in respect of Provident Fund, Investors

Education & Protection Fund, Employees' State

Insurance, Income Tax, Wealth Tax, Custom Duty,

Excise Duty etc.

(b) Following disputed items are pending payment as

on the balance sheet date:

15

x. Accumulated / Cash Losses

There is no accumulated losses available to the

company.

xi. The company has not defaulted in repayment of

dues to the financial institution or bank.

xii. The company has not granted any loans and

advances on the basis of security by way of pledge of

shares, debentures and other securities.

xiii. Chit Fund / Nidhi / Mutual Benefit Fund / Societies is

not applicable to the company.

xiv. The company does not deal in trading of shares etc.

hence this clause is not applicable.

xv. According to the information and explanation given

to us, the company has not given any guarantee for

loans taken by others from banks or financial

institutions.

xvi. As per information and explanation given to us, term

loans were applied for the purpose for which loans

were obtained.

xvii. According to the information and explanation given

to us, the funds raised on short-term basis have not

been applied for long-term investment.

xviii. We are informed that the company has not made

any preferential allotment of shares to companies,

firms or other parties listed in the register maintained

u/s 301 of the Companies Act, 1956.

xix. The company has not issued debentures and hence

requirement of reporting regarding creation of

securities in respect of debentures issued does not

arise.

xx. Company has not raised any money by public issue

during the year.

xxi. According to the information and explanation given

to us, no fraud on or by the company has been

noticed or reported during the year.

For PARIKH MEHTA & ASSOCIATES

Chartered Accountants

Place : Vadodara.

Date : 29/05/2010

Ashish Parikh

Partner

Membership No.: 116745

MACHINES LTD.


AS AT AS ATSCHEDULE 31-3-2010 31-3-2009

(Rs.) (Rs.)

I. SOURCES OF FUNDSShareholders FundsShare Capital 1 50740500 50740500Reserves and Surplus 2 1992111 0

Loan FundsSecured Loans 3 29362474 35945233Unsecured Loans 4 2686604 6206100

TOTAL 84781689 92891833II APPLICATION OF FUNDS

Fixed AssetsGross Block 5 48694421 36155069Less : - Depreciation 22081711 20705000 Net Block 26612710 15450069

Investments 6 71589 22200 Current Assets, Loans and AdvancesInventories 7 50405086 54187786Sundry Debtors 8 33987951 51652216 Cash and Bank Balances 9 7631357 7949202Loans and Advances 10 10974228 10705413 Deffered Tax Assets 996176 1086385

103994798 125581002 Less : Current Liabilities and Provisions Current Liabilities 11 43034457 51868064 Provisions 11 4817005 5775152

47851462 57643216

NET CURRENT ASSETS 56143336 67937786

Miscellanious Expenditure 12 1954054 4278399 (to the extent not writtenoff or adjusted)Profit and Loss Account (Debit Balance) 0 5203379

TOTAL 84781689 92891833Significant Accounting Policies 20 Notes on Accounts 21


BALANCE SHEET AS AT 31th MARCH, 2010

16

PLACE : VadodaraDATE : 29-05-2010


FOR & ON BEHALF OF BOARD OF DIRECTORSFOR POLYMECHPLAST MACHINES LTD.

K. R. BhuvaChairman & Managing Director

M. R. BhuvaExecutive Director

B. J. Vyas Sr. Manager (F & A)

D. A. PathakDirector

AS PER OUR ATTACHED REPORT OF EVEN DATEFOR PARIKH MEHTA & ASSOCIATES Chartered Accountants

Ashish ParikhPartnerMembership No. 116745

Ended on Ended on

PARTICULARS SCHEDULE 31-3-2010 31-3-2009

(Rs.) (Rs.)

(I) INCOME

Sales 204260037 160568430

Less : Excise Duty.Ed Cess & S&HEC 13462829 7403788

Less : Value Added Tax / Sales Tax 4965741 2195145

Net Turnover 185831467 150969497

Other Income 13 180677 2530168

(II) Increase / (Decrease) in stocks 14 (12475368) 6411307

TOTAL 173536776 159910972

EXPENDITURE

Raw Material Consumed 15 116990908 112220078

Personnel Expenses 16 13772516 11695661

Operating & Other Manufacturing Expenses 17 12190007 13854096

Administrative and Selling Expenses 18 13482409 12313118

Financial Charges 19 3795011 5081675

Depreciation 5 1376712 1665551

Miscelleneous expense written off 2324345 2324345

TOTAL 163931908 159154524

Profit / Loss From Continuing Opearations Before 9604868 756448

Extraordianry & Prior Period Items & Tax

Less : Litigation Settelement Expense 0 0

Prior Year adjustment 845394 34079

Profit / Loss From Continuing Opearations Before 8759474 722369

Less : Deferred Tax 90209 59937

Less : Provision for Fringe Benefit Tax 0 200190

Less : Provision for Taxation 1473775 40000

NET PROFIT / LOSS 7195490 422242

Less : Balance Brought forward (5203379) (5625621)

BALANCE CARRIED TO BALANCE SHEET 1992111 (5203379)

Significant Accounting Policies 20

Notes on Accounts 21

17

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31th MARCH, 2010





B. J. Vyas Sr. Manager (F & A)




FOR & ON BEHALF OF BOARD OF DIRECTORSFOR POLYMECHPLAST MACHINES LTD.

MACHINES LTD.MACHINES LTD.


AS AT AS AT

31-3-2010 31-3-2009

(Rs.) (Rs.)

SCHEDULE - 1

AUTHORISED CAPITAL

7500000 Equity Shares of Rs.10/-each 75000000 75000000

ISSUED SUBSCRIBED AND PAIDUP CAPITAL

5771500 (Previous Year 5771500)

Equity Shares of Rs.10/- each Fully paid up

Rs. 10/- called up on 5771500

Equity shares 57715000

Less : Calles Unpaid 6974500 50740500 50740500

(P.Y. Rs. 6974500/-)

Total 50740500 50740500

SCHEDULE - 2

RESERVES AND SURPLUS

Revaluation Reserve

As Per Last Balance Sheet 0 0

Less :- Transferred to Profit and Loss A/c 1992111 0

Net 1992111 0

Add : - General Reserve 0 0

Total 1992111 0

SCHEDULE - 3

SECURED LOANS FROM BANK

1. Cash Credit / Export Facilities 22556704 33158229

(Secured by Stock & Bookdebts & further Secured By

personal guarantees of Directors and euitable Mortgage

of Factory Building)

3. Term Loan 6040767 0

4. Loans From Financial Institutations. 765003 2787004

Total 29362474 35945233

SCHEDULE - 4

UNSECURED LOAN

Unsecured Loans from Others. 2262527 6094081

Interest Paid / payable on loan 424077 112019

Total 2686604 6206100

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2010.

Polymechplast Machines LimitedMACHINES LTD.MACHINES LTD.

18

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MACHINES LTD.


SCHEDULE - 6

INVESTMENT (AT COST)

Non-Trade Investment (Unquoted)

4 Fully paid up shares of Rs.25 each of THE MAKARPURA

INDUSTRIAL ESTATE CO-OPERATIVE BANK LTD. 100 100

INVESTMENT IN GOLD/SILVER 71489 22100

71589 22200

SCHEDULE - 7

INVENTORIES

(As taken, valued and certified by Management)

Raw Materials 30428859 21736191

Finished Goods 7485513 16559313

Work in process 12490714 15892282

50405086 54187786

SCHEDULE - 8

SUNDRY DEBTORS

(Unsecured and Considered Good)

More than six months 18392736 31964786

Less than six months 15595212 19687430

(Including Rs.- Nil - due from Company in which

directors are interested (P.Y. Rs.Nil)

Sub-Total 33987948 51652216

Less : - Provision for Doubtful Debts 0 0

33987948 51652216

SCHEDULE - 9

CASH AND BANK BALANCES

1. Cash on hand 46555 69867

2. Balance with Scheduled Banks

- In current accounts With S.B.I. 1096398 437659

(Maximum Balance Rs. 2685854)(P.Y. Rs.507426)

- In fixed deposits against Margin Money of LC 6317539 7418573

- In current accounts With H.D.F.C. 168046 20185

(Maximum Balance Rs.6144871.00) (P.Y.. Rs.2125474.00)

3. Balance with Non-Schedule Bank

- THE MAKARPURA INDUSTRIAL ESTATE 2819 2918

CO-OPERATIVE BANK LTD. BARODA

(Maximum Balance Rs.2918) (P.Y. Rs.3006)

7631357 7949202


20


AS AT

31-3-2009

(Rs.)

AS AT

31-3-2010

(Rs.)

Total

Total

Total

Total

21

SCHEDULE - 10

LOANS AND ADVANCES

(Unsecured and Considered Good and

recoverable in cash or kind or for value

to be received)

1. CENTRAL EXCISE ACCOUNT 849229 1238933

2. ADVANCE INCOME TAX 1724358 1620819

3. ADVANCE TO SUPPLIERS 4788511 2798580

4. ADVANCE TO STAFF & WORKERS 133194 357897

5. DEPOSIT ACCOUNTS 3089792 2979016

6. OTHER ADVANCES 389144 1710168

10974228 10705413

SCHEDULE - 11

CURRENT LIABILITIES

SUNDRY CREDITORS 27571007 37642245

(Due to Micro & Small Enterprise

Refer Note 9)

ADVANCES FROM CUSTOMERS 11839718 13150324

OTHER LIABILITIES 3623732 1075495

43034457 51868064

PROVISIONS 4817005 5775152

47851462 57643216

SCHEDULE - 12

MISCELLANIOUS EXPENDITURE

(To the extent not written off or adjusted)

Exhibition Expenses 1954054 4278399

1954054 4278399


AS AT

31-3-2009

(Rs.)

AS AT

31-3-2010

(Rs.)

Total

Total

Total

MACHINES LTD.


SCHEDULE - 13OTHER INCOMERent Income 1380000 1380000Miscellaneous ReceiptsLoss due to accident (1244156) 1103294 Duty Draw Back 44833 46874

Total 180677 2530168 SCHEDULE - 14Increase/(Decrease) in stocks Closing Stock of finished Goods 7485513 16559313 Closing Stock of work in Process 12490714 15892282

Total-A 19976227 32451595Less : -Opening Stocks of finished Goods 16559313 6265691Opening Stock of Work in Process 15892282 19774597

Total-B 32451595 26040288

INCREASE / (DECREASE) IN STOCKS (A-B) (12475368) 6411307

SCHEDULE - 15RAW MATERIAL CONSUMPTIONOpening Stock of raw material 21736191 16014364Add:--Purchases 128071095 115508623Purchase Tax 169665 12030Packing Material Expenses 5099 9064Testing Expenses Machine 0 9056Input Tax Credit A/c 45884 0Central Excise Duty Exp. 608376 517399Custom Duty Import 2781450 8664652Service Tax Expenses 0 91679

131681569 124812503Less:-- Excise Cenvat Credit 5997993 6721617 Input service Credit A/c 0 148981

5997993 125683576 6870598 117941905147419767 133956269

Less : Closing stock of Raw Material 30428859 21736191Consumption 116990908 112220078Note : Closing stock of material includesSlow-Moving stock of Rs.3,46,763/= (P.Y.Rs.3,46,763/=)& Stock of Insurance Claim Rs.29,75,637/=SCHEDULE - 16PERSONAL EXPENSES :Salaries Wages Bonus and Other Pay & Allowances 12167855 10042587Bonus & Exgratia 818544 475790Contribution to provident and other funds 797775 738709Employees Welfare Expenses 111047 165736Gratuity (122705) 272839

Total 13772516 11695661


22

SCHEDULE FORMING PART OF THE PROFIT AND LOSS ACCOUNTS FOR THE YEAR ENDED 31st March, 2010.

2009-2010 2008-2009

(Rupees)

SCHEDULE - 17

OPERATING & OTHER MANUFACTURING EXPENSES

Labour charges 10107199 2519237

Power and fuel Expenses 548470 393629

Repairs to:

Plant and Machinery 14235 16042

Factory Building 161147 168399

Insurance Premium 66394 554773

Factory Expenses 73557 37687

Factory Licence Fee 7570 4930

Pattern Consume and Drawing & Design Expenses 47555 13565

Carting Charges 562892 179932

Freight Inward & Octroi 488524 723846

Import Expenses 1227201 1753123

Foreign Exchange Rate Fluctuation (Net) (1813748) 5499129

Excise Duty On Finished Goods 699011 1989804

12190007 13854096

SCHEDULE - 18

ADMINISTRATIVE AND SELLING EXPENSES

Printing & Stationery 410512 403126

Office Rent 510390 493090

Vehicle Expenses 556751 420824

Auditors Remuneration 105300 56324

Travelling and Conveyance 1466644 2159666

Postage,Telephone & Telegram 930380 1034861

Professional Fees 659868 477788

Office & Sundry Expenses 562696 223821

Entertainment Expenses 22868 114493

Membership Fees 31295 44870

Legal Expenses & Income Tax Exp. 33070 309556

Filling Fee 21236 8564

Security Service Charges 99221 28719

Professional Tax (Co.) 4900 5000

Transportation Charges 45290 5050

Sales Tax Expense 88109 249150

Advertisement Expense 81404 595104

Sales Promotion 5051004 3677987

Listing Fee 20682 19834

Books & Periodicals 1441 1735

General Repairs 351573 482043

Penalty Exp. 20000 0

Clearing Forwarding Agency Charges 194031 264569

Computer Expense 411733 202707

Total Carried Forward .... 11680398 11278881

23

SCHEDULE FORMING PART OF THE PROFIT AND LOSS ACCOUNTS FOR THE YEAR ENDED 31st March, 2010.

2009-2010 2008-2009

(Rupees)

Total

MACHINES LTD.


Total Brought Forward .... 11680398 11278881

Debit Credit Balance Written off 521103 150275

Electricity Expenses 602992 562563

Donation Expenses 5011 5418

Sitting Fees 13500 16500

Plantation Exp. 164252 152367

Goods Transport Agency Expenses 64304 48127

Custom Duty Exp. 430849 98987

Total 13482409 12313118

SCHEDULE - 19

FINANCIAL CHARGES

Bank Interest 3196158 4543615

Interest Paid to Others 2750 318

Interest on Unsecured Loan 424077 112615

Bank Charges 826845 1248460

Total 4449830 5905008

INTEREST RECEIVED :

Interest Income of F.D.R. (Margine Money A/G L.C.) 604007 814860

Other Interest Income 50812 8473

654819 823333

Net Financial Charges 3795011 5081675


24

SCHEDULE FORMING PART OF THE PROFIT AND LOSS ACCOUNTS FOR THE YEAR ENDED 31st Mach, 2010.

2009-2010 2008-2009

5. Investment : Long-term investments are valued at cost.

6. Inventories :

Inventories of finished goods are valued at lower of costs or net realizable value inclusive of excise duty. Work in

process is valued at cost representing material, labour and apportioned overheads as certified by the management.

Other inventories are valued at cost.

7. Retirement Benefits :

Provident Fund : The Company has schemes of Retirement Benefits for provident Fund, in respect of which, the

company’s contribution are charged to Profit and Loss Account. The contributions towards Provident Fund are

made to Statutory Authority.

Gratuity scheme : During the year company has entered into Group Gratuity Fund with Life Insurance Corporation

of India. payment for the present liability of the future payment of Gratuity is being made to approve Gratuity Fund,

which fully covered the same under the Cash Accumulation policy of Life Insurance Corporation of India.

This is funded defined benefit plan for qualifying employees. The company makes contributions to “The Trustee

Polymechplast Machines Ltd, Employees’ Group Gratuity Assurance Scheme”. The scheme provides for a

lumpsum payment to vested employees at retirement, death while in employment or on termination of employment.

Vesting occurs upon completion of five years of service.

Leave Salary : Provision of leave salaries, is made for value of unutilized leave due to employees at the end of the

year.

8. Foreign Currency Conversion :

Foreign currency transactions are recorded at the exchange rate prevailing on the date of transaction. Assets and

liabilities related to foreign currency transaction remaining unsettled at the year-end are translated into rupee at the

year- end exchange rates. The exchange difference arising on foreign currency transactions including gain or loss

are recognized in the profit and loss account.

9. Deferred Revenue Expenses :

In view of benefits likely to accrue over the years, management has decided to amortize the exhibition expenses

incurred during the year over a period of five years.

10. Tax Expenses :

Tax Expenses include current tax & deferred tax, have provided actual rates prevailing in the financial year as per

Income tax act 1962.

Deferred Tax is recongnized on timing difference: being the difference between taxable Incomes and accounting

Income that originate in one period and are reversible in one or more subsequent period.

Deferred tax Assets & Liabilities are provided on the basis of virtual certainty of business. However the rate for

calculating differed tax has applied which is enacted in the subsequent financial year as per income tax act 1962.

STSCHEDULES FORMING PART OF ACCOUNTS FOR THE YEAR ENDED ON 31 MARCH, 2010.

SCHEDULE-20

1. Method of Accounting : The Financial Statements are prepared as a going-concern under historical cost convention on an accrual basis

except those with significant uncertainty and in accordance with the Companies Act, 1956. Accounting Policies not stated explicitly otherwise are consistent with generally accepted accounting principles.

2. Revenue Recognition : Sales includes inter-divisional transfers, sale of scrap, Sales Outsource Products and Invoices for price escalation as per Contracts with the relevant customers on accrual basis.

3. Fixed Assets : Fixed Assets are stated at cost (net of CENVAT) less accumulated depreciation up to the year. Expenditure incurred on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of the assets and future benefits from it, is capitalized.

4. Depreciation : Depreciation is charged on Straight Line basis at rates specified in Schedule XIV of the Companies Act.1956. Depreciation on Addition/Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.

SIGNIFICANT ACCOUNTING POLICIES

25

MACHINES LTD.


MACHINES LTD.

Polymechplast Machines Limited

26

SCHEDULE - 21 NOTES ON ACCOUNTS :

1. Share Capital :

Out of unpaid Call Money of Rs. 69,74,500/-as per previous year, Company has received Rs. Nil ( P.Y. Rs.

Nil/-) from shareholders up to 31-3-2010. The balance amount of Rs.69,74,500/- (P.Y.Rs.69,74,500/-) are

shown as unpaid call money (Directors unpaid call money is -- Nil --) in the Balance Sheet.

2. Loans :

Unsecured Loans : Unsecured loans includes Rs.1,39,848/- from Directors & Rs. 25,46,756/- from Others.

3. The company has followed the traditional method of accounting for the Retirement Benefits i.e. Contribution to Provident

Fund is accounted on actual liability determined by the management.

Gratuity scheme : During the year Company has entered into Group Gratuity Fund with Life Insurance Corporation of

India. payment for the present liability of the future payment of Gratuity is being made to approve Gratuity Fund, which

fully covered the same under the Cash Accumulation Policy of Life Insurance Corporation of India.

This is a funded defined benefit plan for qualifying employees. The company makes contributions to “ The Trustees

Polymechplast Machines Ltd, Employees’ Group Gratuity Assurance Scheme”. The scheme provides for a lumpsum

payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs

upon completion of five years of service.

Provision of leave salaries, is made for value of unutlized leave due to employees the End of the yer. (Quantification is not

possible as per AS-15(Revised)

4. Product warranty expenses have been accounted as & when paid & no provision of such expenses have been made at

the year end. The procedure is not in the line of AS-29, "Provisions, Contingent Assets and Contingent Liability" provided

by the institute of Chartered Accounts of India. Further the quantification is not possible in this regards.

5. Segment Information

The Company has identified two reportable segments- viz. Trading Activity & Manufacturing Activity.

1 Segment Revenue External Turnover 2,03,40,192 16,54,91,274 0 18,58,31,466Other Income 1,80,677 1,80,677

2 Segment Result (before Interest, 21,20,114 1,10,02,025 1,80,677 1,33,02,816

Depreciation, Taxes & other adjustments)Less - Interest Exp. 0 0 37,59,011 37,59,011

- Depreciation 0 0 13,76,712 13,76,712- Extra ordinary Exp. 0 0 0 0- Others 0 0 8,45,394 8,45,394

Profit before Tax 21,20,114 1,10,02,025 -58,36,440 72,85,699Current Tax 0 0 0 0Deferred Tax 0 0 90,209 90,209Net Profit after Tax 21,20,114 1,10,02,025 -59,26,649 71,95,490

ManufacturingActivityParticulars

TradingActivity

Sr.No.

UnallocatedExpenses Total

11. Impairment of Assets :

At the end of the year management identified all the assets and reviewed fair value/market value of the assets which

is compared to carrying value/value in use of the assets, If Fair Value of Market Value is less than carrying

value/value in use of assets than impairment has been provided and if the Fair Value or Market Value is more than

its carrying value/value in use that no impairment provided in the books, Hence as per working said above at the

end of the year impairment loss has been provided.

12. Financial Expenses :

Financial charges are charged to profit and loss account.

13. Product warranty expenses :

Product Warranty expenses has been accounted as and when actual liability is determined.

(1) Primary Segment Information :

27

(2) Secondary Segement Information :

a. Segment Revenue - External Turnover :- Within India 16,58,04,398- Outside India 2,00,27,068- Total Revenue 18,58,31,466

b. Segment Assets (Gross) :- Within India 1,25,39,352- Outside India -- Total Revenue 1,25,39,352

6. Related Party Disclosures :Name of Related Parties & Description of Relationship :1. Key Management Personnel :

Mr. K. R. BhuvaMr. M. R. BhuvaMr. H. P. BhuvaMr. D. A. PathakMr. V. V. VachharajaniMrs. H. D. Pathak

2 Relatives of Key Management Personnel : Mrs. V. R. Bhuva

3. Enterprises over which management or Plastomech Equipments Pvt. Ltd.relative of key management personnel Plasticohave significant influence

As per Accounting Standard on Segment Reporting (AS - 17) issued by the institute of Chartered Accountants of India, the

company has reported segments information on consoli dated basis.

7. Earning Per Share :

Nominal value of ordinary share : Rs. 10/-Paid up Equity Share Capital : Rs. 5,07,40,500/-No. of Shares : No. 50,74,050/-Net Profit /Loss : Rs. 71,95,490-Basic / Diluted earning per share : Rs. 1.42

8. Polymech Infotech : During the year company has cancelled the STPI Registration of Polymech InfoTech Unit (Division) and 100 % EOU

Unit at Customs - Vadodara and order of Director STPI - Gandhinagar has been received to that effect. Accordingly Custom Duty of Rs. 3,63,951/- was paid and deposits amounting to Rs. 7,55,970/- were forfeited which has been transferred to Profit and Loss Account.

Directors 2061093 Nil 2061093

Loan Received Nil NIL NIL NIL

Loan Repaid Nil NIL 11000 11000

OPENING BALANCE

Unsecured Loan 139848 NIL 1847975 1987823

CLOSING BALANCE

Loan Payable 139848 Nil 1836975 1976823

Remuneration NIL

Relative of Key Management

PersonnelTransactions

Key Management

Personnel

Significant influence

Total

MACHINES LTD.


28

9. The Company is in the process of identifying the small scale units and Micro, Small & medium Enterprises and hence .(a) Interest, if payable as per Interest on Delayed Payment to Small Scale and Ancillary Industrial

Undertakings Ordinance, 1993 and the Micro. Small and Medium Enterprises Development Act.2006 is not

ascertainable.(b) and Amount payable to small-scale unit is not ascertainable.

10. DEFERRED TAX : Deferred Tax is recognized on timing difference, being the difference between taxable income and accountingincome

Particulars Deferred Deferred Tax

Tax Assets Liability

A Difference of depreciation between Books & Taxation for

current year - 53.331

B Gratuity for current year - 60,844

C Leave Encashment 8,434 -

D Bonus & Exgratia 15,532 -

Total 23,966 1,14,175

Net Deferred Tax Liability............ 90,209

MACHINES LTD.

Polymechplast Machines Limited

11. In view of benefits likely to accrue over the years, Management has decided to treat Exhibition Expenses incurred

during the year amounting to Rs. NIL(P.Y. Rs.51,38,188/- ) as Deferred Revenue Expenditure & amortized over a

period of five years. Deferred expenses charged to Profit & Loss Account amounting to Rs. 23,24,345 during the

year. Same is not line with AS - 26 Intangible Assets issued by ICAI. Further Company has accounted the expnses

of warranty as and when claimed by the customer. Same is also not line with AS-26 for which no quantification is

possible.

12. Remuneration to Directors :

2009-2010 2008-2009

(Rs.) (Rs.)

REMUNERATION TO CHAIRMAN & MANAGING DIRECTOR

Mr. K. R. Bhuva

Remuneration including Other Allowance & Perquisites 7,51,527 4,67,267

Contribution to provident fund 67,410 38,880

REMUNERATION TO EXECUTIVE DIRECTORS

(a) Mr. M. R. Bhuva

Remuneration including Other Allowances & Perquisites(NET) 5,98,232 3,95,030

Contribution to Provident Fund 52,454 32,531

(b) Mr. H. P. Bhuva

Remuneration including Other Allowance & Perquisites(NET) 7,11,334 4,19,767

Contribution to Provident Fund 64,029 32,531

13. Auditors Remuneration

2009-2010 2008-2009

(Rs.) (Rs.)

Audit Fees 70,000 40,000

Taxation Matters 30,000 25,000

Other Services 10,000 5,000

Management Consultancy 40,000 Nil

Total 1,50,000 70,000

:

NOTE : THE ABOVE FEES ARE EXCLUDING SERVICE TAX.

23rd Annual Report 2009-2010MACHINES LTD.

14. Additional information pursuant to provisions of paragraphs 3, 4C and 4D of Part II of Schedule-VI of the

Companies Act, 1956 :

a) In respect of Plastic Processing Machines Manufactured by the Company

2009-2010 2008- 2009

Qty. Rs. Qty. Rs. Nos. Nos.

i) Licensed Capacity N.A Nil N.A. Nilii) Installed Capacity 205 - 205 - iii) Opening Stock 4 23,09,351 2 4,40,500iv) Production 158 - 68 - v) Closing Stock: 3 23,29,059 4 23,09,351

2009-2010 2008-2009 b) Sales of Machine(Indigeneous) : - Qty. Amnt.(Rs.) Qty. Amnt.(Rs.)

i) Plastic Processing Machine manufactured 146 14,96,78,544 63 5,25,86,325by the Company

ii) Plastic Processing Machine 02 16,25,818 32 3,72,52,097(High Sea Sales)

iii) Plastic Processing Machine (Re- Sale) 00 16 1,87,20,032iv) Textile Embroidery Machine 02 10,25,130 32 1,27,12,829

(High Sea Sales) v) Textile Embroidery Machine (Re-Sale) 03 14,02,858 01 2,00,0002) Sales of Machine (Export & Re-Export)i) Sales of Machine Export 06 1,89,98,857 13 85,04,4003) Sales of Components (Indigeneous)i)) Plastic Processing Parts

Manufacturing by the company. Various 66,55,310 Various 49,79,805ii) Plastic Processing Parts

(High Sea Sales) Various Various 1,62,000iii) Plastic Processing Parts

(Re-Sales) Various 36,51,486 Various 53,36,744iv) Textile Embroidery Parts

(Re-Sales) Various Various 1,31,9764) Sales of Components (Export)i) Sales of Components Export Various 10,28,211 Various 64,16,6545) Service Chargesi) Service Charges 17,26,791 47,35,8126) Sales of Scrapi) Sales of Scrap 38,462 1,30,822

TOTAL SALES 159 18,58,31,467 147 15,09,69,496

29

c) Consumption of Materials :- 2009-2010 2008-2009

Qty.* Amount Qty. Amount

1. (a)Raw Materials (Rs.) (Rs.)

Stainless Steel,

Mild Steel

and Casting (Qty. tons)

Various 11,69,90,907 Various 11,42,09,882

(b) Machine Parts & Machinery Parts

11,69,90,907 11,42,09,882

* It is not practicable to furnished quantitative information in view of large number of item which differ in size & nature

} }


30

15. Imported and Indigenous Raw Materials Consumption.

Amount/Rs Amount/Rs.

a) Imported (Including Custom Duty & other related charges) 2,67,23,223 22.84% 9,67,28,605 84.69%

b) Indigenous 9,02,67,684 77.16% 1,74,81,277 15.31%

Consumption 11,69,90,907 100.00% 11,42,09,882 100.00%

2009-2010 2008-2009c) Expenditure in foreign currency Rs.4,80,22,783/- Rs. 8,84,43,122/-

Payment to Supplier / Traveling Expenses Rs.3,85,702/- Rs. 72,615/- d) Earning in Foreign currency on account of Technical Consultancy and supervision & installation charges and Sales of

Machine & Components Rs.1,89,61,202/- (P.Y.Rs.2,63,18,835/--). (out of the above realised - 4,01,883 US$)

(5,15,975 US$ ).

e) The company has made the Direct Export worth of Rs.2,00,27,068/- (Previous year Rs. 1,28,66,654/-) and Export

through Other Parties worth of Rs. Nil respectively.

16. The Insurance Claim of the Company for stock of materials damaged due to heavy rainfall & rainwater entering in factory

premises in the year 1997-98 and the case is awarded by the Arbitration Court still it is not settled with the Insurance

Company. The said amount of stock is reflected as non-moving items under the Schedule of Inventories.

17. Debtors, Loans & Advances and Creditors balances are subject to confirmations.

18. Previous year's figures have been recast/restated wherever necessary.

19. Contingent Liabilities :

1. The Commissioner of Central Excise and Customs, Baroda has raised demand for Rs. 45,68,414/- which the company

has disputed and challaged in Trebunal - A’bad. The H’be order is avaited.

2. No provision has been made on which case is pending under labour court, as the judgement are awaited and for which

amount could not be ascertained.

3. No provision has been made for underwriting commission payable by the company for which cases are pending in

Mumbai civil court amounting to Rs. 86,000/-.

Signature to Schedule 1 to 21

PLACE : Vadodara

DATE : 29.052010

FOR POLYMECHPLAST MACHINES LTD.



B. J. VyasSr. Manager (F & A )


PLACE : Vadodara

DATE : 29.052010




31

Year ended Year ended31-03-2010 31-03-2009

A. Cash Flow from Operating Activities : (Rs. in Lacs)Net Profit / (Loss) before tax and extra ordinary items Adjusted for : 96.05 4.22Add : Depreciation 13.77 16.67 Miscellaneous Expenditure Written Off 23.24 19.93Miscellaneous Written Off 1.50Interest on Borrowing 36.23 46.55Interest Received 6.55 (8.23)Extraordinary Item - 0.34Provision of FBT - 2.40Deffered Tax (0.90) 0.60(Profit)/Loss on sale of Asset - -Foreign Exchange Fluctuation (18.14) 54.99

Operation Profit before Working Capital Charges Adjustment for : 156.80 138.97

Trade & Other Receivable 176.64 (29.23)Deffered Tax (0.90) (0.60)Loans and Advances 2.69 (15.72)Inventories 37.83 (121.33)Trade Payable & Other Liabilities (97.21) 56.56

Cash generated from Operations 275.85 28.65

Exhibition Exp. (Misellaneous Expenditure) paid to be consider (14.65)Prior Year Adjustments (0.34)Net Cash from Operation Activities … A 275.85 13.66

B. Cash Flow from Investing Activities : Purchase of Fixed Assets & Capital Work in Progress (129.70) (13.15)Interest Received 6.55 8.23Sale of fixed Asset - 0.12Purchase of Investment (0.49) (0.22)

Net Cash used in Investing Activities … B (123.64) (5.02)

C. Cash Flow from Financing Activities :Increase in Share Capital - -Interest Paid (36.23) (46.56)Foreign Exchange Fluctuation Gain / Loss NET (18.14) (54.99)Loan received (101.02) 51.73

Net Cash used in Financing Activities … C (156.39) (49.82)Net Increase / Decrease in cash and cash equivalents (A+B+C) (3.18) (41.18)cash & Cash Equivalents on the year opening 79.49 120.67cash & Cash Equivalents on the year end 76.31 79.49Note : Figures in Brackets represents out flows

POLYMECHPLAST MACHINES LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2010





B. J. Vyas Sr. Manager (F & A)D. A. Pathak

DirectorPLACE : VadodaraDATE : 1-6-2009

FOR PARIKH MEHTA & ASSOCIATES Chartered Accountants


Particulars


32

AUDITORS' CERTIFICATE

ToThe Board of Directors,Polymechplast Machines LimitedGold Coin House, Plot No. 775GIDC Industrial EstateMakarpura, Vadodara - 390 010

We have examined the attached Cash Flow Statement of POLYMECHPLAST MACHINES LTD. for the year ended 31st March, 2010. The Statement has been prepared by Company in accordance with requirements of listing agreement clause 32 with Stock Exchanges and is based on and in agreement with the corresponding Profit & Loss Account and Balance Sheet of the Company Covered by our report 29-5-2010 to the members of the Company.

For Parikh Mehta & Associates Chartered Accounts

Place : Vadodara.Date : 29-5-2010

(Ashish Parikh)Partner


33

I Registration Details

Registration No. 9 5 1 7 State Code 0 4

Balance Sheet Date 3 1 - 0 3 - 2 0 1 0

II Capital Raised During the year (Amount in Rs. Thousands)

Public Issue Right Issue

N I L N I L

Bonus Issue N I L N I L

III Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)Total Liabilities Total Assets

1 3 2 6 3 3 1 3 2 6 3 3

Source of Funds Paid up Capital Reserve & Surplus

5 0 7 4 0 0 1 9 9 2Secured Loans Unsecured Loans

2 9 3 6 2 0 2 6 8 6

Application of Funds Net Fixed Assets Investments2 6 6 1 2 0 0 0 7 1

Net Current Assets Misc. Expenditure

5 6 1 4 3 0 1 9 5 4

Accumulated Losses0 0 0 0 0

IV Performance of Company (Amount in Rs. Thousands)

Turnover (including other income) Total Expenditure

1 8 6 0 1 2 1 7 8 8 1 4

+ - Profit / Loss Before Tax * + - Profit / Loss After Tax *

+ 0 8 7 5 9 + 0 7 1 9 5

+ - Earning Per Share in Rs. Dividend Rate %

+ 1 . 4 2 -- Nil --

V Generic Names of Three Principal Products / Services of the Company :

(As per monetary terms)Item Code No. 8 4 7 7 1 0 0 0

( I T C Code )

Product Description Plastic Processing Machines

As per our report of even date attached.





B. J. Vyas Sr. Manager (F & A)D. A. Pathak

DirectorPLACE : VadodaraDATE : 29-5-2010

FOR PARIKH MEHTA & ASSOCIATES Chartered Accountants


Statement pursuant to Part - IV of Schedule - V of The Companies Act , 1956.BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

ASPER OUR REPORT OF EVEN DATE ATTACHED

POLYMECHPLAST MACHINES LTD. · Polymechplast Machines Limited MACHINES LTD. DIRECTORS' REPORT Dear...

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