Polymatech Unlisted Shares Annual Reports

Polymatech Unlisted Shares

POLYMATECH ELECTRONICS LIMITED Annual Report 2023-24 **Company Information:** Polymatech Electronics Limited has its registered office at Plot No OZ 13, SIPCOT Hi-Tech SEZ, Oragadam, Kancheepuram, Tamil Nadu, India, 602105. The company’s CIN is U32107TN2007PLC063706. The Board of Directors includes Mr. Eswara Rao Nandam (Managing Director), Ms. Uma Nandam (Director), Mr. Vishaal Nandam (Director), Mrs. Rapala Virtanen Tarja (Independent Director), Mr. Ryan Alexander Young (Independent Director), and Ms. Janani S (Non-Executive Director). Key Managerial Personnel consist of Mr. Eswara Rao Nandam (Managing Director), Mr. Manoj Bajaj (Chief Financial Officer), and Mr. Badri Prasad Mahapatro (Company Secretary). JDS Associates, Chartered Accountants, Coimbatore, are the Statutory Auditors. M/s. VJN & Associates, Practicing Company Secretary, Chennai, serve as the Secretarial Auditor. Link Intime India Private Limited is the Registrar & Share Transfer Agent. The company’s bankers are Bank of Baroda, ICICI Bank, and Standard Chartered Bank. **Managing Director's Message:** The Managing Director expresses gratitude to customers, business partners, shareholders, and stakeholders. The message acknowledges the destabilization of supply chains due to international tensions and emphasizes the importance of stable product supply. Polymatech aims for stable growth and provides a wide variety of products worldwide, including sapphire substrates for semiconductors and HTCC and LTCC packaged chips. The company is working toward forward and backward integration to become self-sufficient by 2030 and is committed to enhance production capacity. Polymatech is investing in the United States and other regions with low country risks and contributing to global carbon neutrality. The company produces LEDs, Sapphire and Silicon wafers. **Notice of Annual General Meeting:** The seventeenth annual general meeting of Polymatech Electronics Limited will be held on Saturday, the 30th of November 2024, at 3.00 P.M.(IST) through video conferencing (“VC”) / other audio-visual means (“OAVM”). **Ordinary Business:** 1. Adoption of Financial Statements, Board Report and Auditor Report for the year ended 31st March, 2024. 2. Re-appointment of Mrs. Uma Nandam (DIN: 02220048) as a Director, liable to retire by rotation. 3. Appointment of JDS Associates, Chartered Accountants (FRN:008735S), Coimbatore as Statutory Auditor of the company w.e.f 29th October 2024, for a period of five years until the conclusion of Twenty Second Annual General Meeting to be held in calendar year 2029. **Special Business:** 4. Appointment of Mr. Ryan Alexander Young (DIN: 10295603) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term of 5 (five) consecutive years with effect from 9th September, 2023 to 8th September, 2028. 5. Appointment of Mr. Vishaal Nandam (DIN: 07318680) as an Executive Director of the Company, liable to retire by rotation. 6. Appointment of Ms. S Janani (DIN: 10325105) as a Non-Executive Director of the Company, liable to retire by rotation. 7. Enhancement of the limit up to 500 crores under section 186 of the Companies Act, 2013 for making loans, giving guarantees, or acquiring securities of other bodies corporate. 8. Approval for Sub-Division/Split of Equity Shares of the Company, such that each fully paid-up equity share having face value of Rs.10/- be sub-divided into 5 (Five) Equity Shares having face value of Rs.2/- each. 9. Approval for Alteration of the Capital Clause of the Memorandum of Association of the Company to reflect the change in the face value of equity shares. The Authorised Share capital of the company is 135,00,00,000 (Rupees One Hundred and Thirty Five Crore Only) divided into 67,50,00,000 Equity Share of Rs 2/- each. **Notes to the Notice:** The meeting is deemed to be conducted at the registered office. The 17th AGM is being conducted through VC/OAVM facility, without physical presence of members. The company is providing remote e-Voting facility. The M/s. Accurate Securities and Registry Private Limited (RTA) shall be providing the voting facility. Members seeking information can write to cos@polymatech.in before 18th November 2024. Members holding shares in physical form are requested to submit their PAN and Bank Account details to the RTA along with a self-attested copy of PAN Card and original cancelled cheque. Speaker registration is open until 13th November, 2024, at cos@polymatech.in. The company has applied for an extension of AGM and obtained a two-month extension until 30th November 2024. **Explanatory Statement:** Item No. 3: Appointment of JDS Associates as Statutory Auditor to fill the casual vacancy arising out of resignation of SS Kothari Mehta & Company, for a period of five years. Item No. 4: Appointment Mr. Ryan Alexander Young as Independent Director of the Company. Item No. 5: Appointment of Mr. Vishaal Nandam as an Executive Director of the Company. Item No. 6: Appointment of Ms. S Janani as a Non- Executive Director of the Company. Item No. 7: Enhancement of the limit up to 500 crores under section 186 of the Companies Act, 2013. Item No. 8 & 9: Sub-division/splitting of equity shares of the Company and Alteration to the Capital Clause of the Memorandum of Association of the Company. **Board's Report:** The directors present the Company's Seventeenth Annual Report and audited financial statements for the year ended March 31, 2024. 1. Financial Results: The revenue from operations was ₹1,23,762.85 lakhs, compared to ₹64,966.49 lakhs in the previous year. The Profit Before Tax was ₹26,996.84 lakhs, against ₹16,677.66 lakhs in the previous year. The Earnings Per Share was as against the previous year which was at 31.41 per share. 2. Share Capital: The Authorised Share Capital was increased from ₹75,00,00,000/- divided into 7,50,00,000 Equity Shares of ₹10/- each to ₹135,00,00,000/- divided into 13,50,00,000 Equity Shares of ₹10/- each. The paid-up capital as of March 31, 2024, was ₹79,68,77,750 /- (7,96,87,775 equity shares of ₹10 each). The enhancement of capital was due to preferential allotments of shares at different prices. 3. Dividend: The directors did not recommend any dividend for the financial year ended 31.03.2024. 4. Subsidiary, Joint Venture or Associates: As of March 31, 2024, the Company does not have any. 5. Conversion of Company to Public: The company was converted into a public limited company on June 6th, 2023. 6. Re-Appointment of Directors Retiring by Rotation: Mrs. Uma Nandam is liable to retire by rotation and offers herself for re-appointment. 7. Number of Board Meetings Held: The Board of Directors met 14 times during the year. 8. Details of Present Board of Directors: Includes key personnel and their designations. Mr. Ryan Alexander Young, Mr. Vishaal Nandam, and Ms. Selvamani Shri Janani are being appointed as Independent Director, Executive Director, and Non-Executive Director, respectively. 9. Committees of the Board: Various committees exist, including the Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, CSR Committee, IPO Committee, and Risk Management Committee. 10. Development and Implementation of Risk Management Policy: The Board of Directors has a risk management policy to formalize the process of identifying potential risks. 11. Particulars of Employees: Being an unlisted company, disclosure under section 134(3)(q) of the Companies Act, 2013 is not required. 12. Related Party Transactions: None of the transactions with related parties were in conflict with the Company's interest. 13. Loan, Guarantees and Investments under Section 186: The Company has not advanced any loans/ given guarantees/ made investments. 14. Loan from Director: The company has availed an unsecured loan from the director/promoter. 15. Directors Responsibility Statement: The directors state that the applicable accounting standards had been followed, and the directors had selected such accounting policies, taken proper care for adequate accounting records, and prepared the annual accounts on a going concern basis. 16. Statement on Annual Evaluation Made by the Board of Directors: The Board evaluated the effectiveness of its functioning and individual Directors. 17. Vigil Mechanism: The company has adopted a Whistle Blower Policy. 18. Human Resource Management: The company is continuously striving to create a conducive work environment for employees. 19. Business Conduct Policy: The Company has framed “Business Conduct Policy”. 20. Compliance with Secretarial Standards: The Directors state that applicable Secretarial Standards have been duly followed. 21. Internal Financial Control Systems and their Adequacy: The Company has adequate internal financial controls in place. 22. Deposits: The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013. 23. Material Changes and Commitments: There have been no material changes or commitments affecting the financial position of the Company. 24. Declaration by Independent Director: The company has received necessary declarations from independent directors. 25. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo: The Company has undertaken energy conservation and efficiency measures. 26. Corporate Social Responsibility: The Company has been undertaking and participating in the socially important projects. 27. Extract of Annual Return: The Annual Return of the Company has been placed on the website. 28. Auditors: JDS Associates, Chartered Accountants have been recommended for approval of appointment as special business by shareholders. 29. Statutory Auditors Report: There are no qualifications in the statutory audit report. 30. Cost Auditors: As the company operates from a Special Economic Zone, the requirement for appointment of Cost Auditor is exempted. 31. Secretarial Auditor: The company has appointed M/s.VJN and ASSOCIATES, Practicing Company Secretaries Chennai as Secretarial Auditor of the Company for FY 2023-24. 32. Details of Frauds Reported by Auditors: There were no frauds reported by the Statutory Auditor. 33. Internal Complaints Committee: There exist at the company level an Internal Complaint Committee. 34. Significant & Material Orders Passed by the Regulators or Courts or Tribunals: The Company filed DRHP with SEBI on 30.09.2023 and the filed DRHP has been returned for resubmission by SEBI on 28th March 2024. 35. Acknowledgement: The directors acknowledge their sincere thanks to the Banks, Government Agencies and Shareholders. **Financial Performance (Highlights from Financial Statements):** The revenue from operations for the year ended March 31, 2024, was ₹1,22,067.10 Lakhs, a significant increase from ₹64,902.00 Lakhs in the previous year. Total income was ₹1,23,762.85 Lakhs. Profit before tax stood at ₹26,996.84 Lakhs. After accounting for tax expenses of ₹2,987.63 lakhs, the profit after tax was ₹24,009.21 Lakhs. The basic and diluted earnings per share were both ₹31.41. The company's authorized share capital is ₹13,500.00 Lakhs. The issued, subscribed, and paid-up equity share capital amounted to ₹7,968.78 Lakhs. The company also reports on a number of financial ratios, including a current ratio of 1.51:1, and a debt-equity ratio of 1.04:1. There was also expenditure on research and development amounting to ₹14,615.06 lakhs and a significant Foreign Exchange Earnings of INR 843,90,48,013 versus INR 855,01,78,479 Outgo. The report also includes detailed notes on accounting policies, financial instruments, and other relevant information.

Polymatech Unlisted Shares

Polymatech Electronics Limited is pursuing an IPO of its equity shares, intending to list on the BSE and NSE, with the NSE being the designated stock exchange. The company, primarily involved in designing, manufacturing, and assembling opto-semiconductor chips and luminaries, is seeking to raise capital for purchasing machinery to enhance its Oragadam facility and for general corporate purposes. **Company Overview:** Polymatech is India's first opto-semiconductor chip manufacturer, focusing on opto-semiconductor chips and luminaries. The company was originally incorporated in 2007 and later acquired by the current promoters, Mr. Eswara Rao Nandam and Ms. Uma Nandam, in 2016. As of September 2023, its registered office is in Oragadam, Kancheepuram, Tamil Nadu. **Issue Details:** The IPO consists of a fresh issue of equity shares with a face value of Rs. 10 each, with the aggregate amount raised through the IPO being up to ₹75,000.00 lakhs. A pre-IPO placement may be considered, potentially reducing the fresh issue size. The price band and minimum bid lot will be determined later. Allocation will be as per SEBI ICDR regulations: * Not more than 50% for Qualified Institutional Buyers (QIBs), with potential allocation of up to 60% of the QIB portion to Anchor Investors. * Not less than 15% for Non-Institutional Bidders (NIBs), divided into sub-categories based on application size. * Not less than 35% for Retail Individual Bidders (RIBs). All Bidders are mandatorily required to participate in this Issue only through an Application Supported by Blocked Amount ("ASBA") process, except for Anchor Investors. **Risk Factors:** * There is no formal market for the Equity Shares. * The company relies on a few large customers. * The company depends upon the technical skills of its key personnel. * The company depends on third-party suppliers for raw materials. * A brand 'Polymatech' is unregistered and objected as on date of this Draft Red Herring Prospectus. * Company facing a challenge by being a new entrant in Opto-Semiconductors industry. **Financial Performance:** The document provides restated financial information for the past three fiscals. Some key highlights include: * Revenue from operations increased substantially, reaching ₹64,902.00 lakhs in Fiscal 2023. * Profit after tax (PAT) stood at ₹16,776.62 lakhs in Fiscal 2023. **Industry Overview:** The report references CARE Edge data, indicating a positive outlook for the opto-semiconductor industry globally and in India. The industry is driven by factors such as large area lighting, medical applications, automotive, and other specialized segments. Challenges include power and water availability, high capital investment, and the need for skilled manpower. **Definitions:** The document defines various terms, including those related to the offer, general terms, and company-related terms. **Management and Promoter Details:** Key promoters include Mr. Eswara Rao Nandam, Ms. Uma Nandam, and Mr. Vishal Nandam. The board of directors comprises both executive and independent directors, bringing expertise in areas such as electronics manufacturing and financial oversight. **Legal and Regulatory Matters:** The document includes disclosures regarding outstanding litigations and government approvals. It mentions compliance with the SEBI ICDR Regulations and other applicable laws. **Statement of Special Tax Benefits** Details of potential special tax benefits available to the company and its shareholders under Indian tax laws are outlined. These benefits are dependent on fulfilling specific conditions. **Objects of the Issue:** The net proceeds from the IPO are intended to be used for: * Purchasing new machinery to enhance the existing facility at Oragadam, Kancheepuram, Tamil Nadu. * General corporate purposes. **Disclaimer:** The document emphasizes that the DRHP is not an offer to sell or a solicitation of an offer to buy securities, and the final investment decision should be made after carefully reading the RHP and Prospectus.

Polymatech Unlisted Shares

Polymatech Electronics Private Limited, located in Oragadam, Kancheepuram District, Tamil Nadu, India, has issued a notice for its Annual General Meeting to be held on Friday, 30th September 2022 at 11:00 A.M. at the registered office of the company to transact the ordinary business of receiving, considering, and adopting the audited Balance Sheet as at 31st March 2022, the Statement of Profit & Loss for the year ended on that date, along with notes and other financial statements for the financial year ended 31st March 2022, and the reports of the Directors' and Auditor's. Members entitled to attend and vote may appoint a proxy. Completed proxy forms must be deposited at the registered office at least 48 hours before the meeting. **Report of the Board of Directors:** The Directors present the 15th Annual Report with the Audited Statement of Accounts for the financial year ended 31st March 2022. **Financial Results:** The company's financial results for the year ended 31.03.2022, compared with the previous year, are as follows: * Total Income: Rs. 1,26,42,32,261.00 (2022) vs. Rs. 45,53,21,814.00 (2021) * Total Expenses: Rs. 91,62,20,933.29 (2022) vs. Rs. 38,51,64,970.00 (2021) * Profit before exceptional and extraordinary items and tax: Rs. 34,80,11,327.71 (2022) vs. Rs. 7,01,56,844.00 (2021) * Profit/(Loss) for the period from continuing operations: Rs. 34,80,11,327.71 (2022) vs. Rs. 7,01,56,844.00 (2021) The Directors did not recommend any dividend for the financial year ended 31.03.2022, and no amount was transferred to reserves. Income during the year increased compared to the previous year, and the company expects further improvement in performance. **Directors:** No Director was appointed or resigned during the Financial Year 2021-2022. The Directors are not liable to retire by rotation. **Conservation of Energy and Technology Absorption:** The company has undertaken energy conservation and efficiency measures and continues efforts towards adopting new technologies. **Foreign Exchange Earnings and Outgo:** * Foreign Exchange Earnings: Nil (2022) vs. Rs. 37,26,202.07 (2021) * Foreign Exchange Outgo: Rs. 2,10,23,413.74 (2022) vs. Rs. 7,00,09,035.56 (2021) **Auditors:** M/s. V.Selvamani, Chartered Accountant, Coimbatore, is the Statutory Auditor, appointed on 30.09.2018 for 5 years, holding office until the conclusion of the AGM for 2022-2023. The company is required to appoint a Cost Auditor for the Financial Year 2022-2023 due to exceeding the prescribed turnover, but this requirement is exempted because the company operates from a Special Economic Zone. **Deposits:** The company has not accepted or renewed any amount falling within the purview of Section 73 of the Companies Act 2013. **Material Changes and Commitments:** No material changes or commitments affected the financial position of the Company. **Details of Significant and Material Orders Passed by Regulators or Courts or Tribunals:** There are no significant and material orders passed by Regulators or Courts or Tribunals. **Board and General Meetings:** Details of Board and General Meetings held during the Financial Year 2021-2022 are listed. Board meetings were held on 15.06.2021, 30.07.2021, 04.10.2021, 13.11.2021, and 18.01.2022. The annual general meeting was held on 30.11.2021. **Directors Responsibility Statement:** The directors state that the applicable accounting standards had been followed with proper explanation relating to material departures in the preparation of the annual accounts for the financial year ended 31st March, 2022. The directors had selected accounting policies and estimates reasonably and prudently, maintained adequate accounting records, prepared annual accounts on a going concern basis, and devised systems to ensure compliance with applicable laws. **Compliance with Secretarial Standards:** Applicable Secretarial Standards (SS-1 and SS-2) have been duly followed. **Details of Subsidiary, Joint Venture or Associates:** As on March 31, 2022, the Company does not have any subsidiary, Joint Venture or Associate Companies. **Development and Implementation of Risk Management Policy:** The Company has a Risk Management Policy to formalize risk identification and mitigation. **Internal Financial Controls:** The Company has adequate internal financial controls which were tested during the year, and no reportable material weakness was observed. **Particulars of Loans, Guarantees or Investments under Section 186:** The Company has not advanced any loans/ given guarantees/ made investments under section 186 of the Companies Act, 2013. **Related Party Transactions:** There have been no materially significant related party transactions between the Company and the Directors, the management, the subsidiaries or the relatives except for those disclosed in the financial statements, if any. **Details of Frauds Reported by Auditors:** No frauds were reported by the Statutory Auditor. **Corporate Social Responsibility:** The provisions of Corporate Social Responsibility (CSR) are applicable, but a CSR Committee is not required as the CSR amount does not exceed Fifty Lakh Rupees. The company has not spent the requisite CSR amount during the financial year 2021-2022 due to Covid-19 and other operational reasons. **Internal Complaints Committee:** An Internal Complaint Committee exists at the group level, and no complaints were filed during the year. **Explanation to Adverse Remarks:** No explanation is required as there were no reservation, qualification or adverse remarks in the Auditors report. **Acknowledgement:** The Directors acknowledge their thanks to the Banks, Government Agencies and Shareholders and appreciate the efforts of the employees. **Independent Auditor's Report:** V. Selvamani audited the financial statements of Polymatech Electronics Private Limited, which include the balance sheet as at 31st March 2022 and the statement of profit and loss for the year then ended. In the auditor's opinion, the financial statements give a true and fair view of the company's affairs in conformity with accounting principles generally accepted in India. The audit was conducted in accordance with the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. The auditor is independent of the Company. The company's net worth is negative, and it has taken unsecured loans from its directors. The company is considered a going concern despite these factors. **Other Key Points from Auditor's Report:** * Proper books of account have been kept. * Financial statements comply with Accounting Standards. * No director is disqualified. * Details regarding pending litigations are disclosed in note 28 of financial statements. * The company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. * The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013. * The limit prescribed by section 197 for maximum permissible managerial remuneration is not applicable to a private limited company. * The company made preferential allotment or private placement of shares during the year and the funds raised have been used for the purposes for which the funds were raised. * All transactions with related parties are in compliance with sections 177 and 188 of Companies Act where applicable * There has been no resignation of the previous statutory auditors during the year. **Balance Sheet Highlights (as at 31st March 2022):** * Shareholders' Funds: Rs. 76,33,58,073.71 * Long-Term Borrowings: Rs. 41,78,19,489.00 * Current Liabilities: Rs. 19,50,39,481.51 * Property, Plant & Equipments & Intangible Assets: Rs. 90,30,30.211.22 * Long Term Loans and Advances: 50,49,576.00 * Inventories: Rs. 19,73,08,840.00 * Trade receivables: Rs. 25,82,44,019.00 * Cash and bank balances: Rs. 3,00,138.00 **Statement of Profit and Loss Highlights (Year Ended 31st March 2022):** * Revenue from Operations: Rs. 1,25,87,31,333.00 * Other Income: Rs. 55,00,928.00 * Profit/ (loss) Before Tax: Rs. 34,80,11,327.71 * Earnings per share (basic and diluted): Rs 5.48 **Cash Flow Statement (Year Ended 31st March 2022):** * Cash Flow from Operating Activities 48,39,069.00 *Net cash from/(used in) investment activities -9,91,05,032.00 *Net cash used in Financing Activities 9,45,05,803.00 *Cash and Cash Equivalents at the End of the Year 3,00,138.51 **Significant Accounting Policies:** * Financial statements are prepared under historical cost convention on accrual basis. * Fixed Assets are carried at cost of acquisition less accumulated depreciation. * Depreciation is provided on the straight-line method. * The company recognizes revenue when it can be reliably measured and collection is expected. The company is eligible for income tax exemptions, being situated in a Special Economic Zone. The significant risks and securities offered to the existing banks for loans are also disclosed. The main people involved are Eswara Rao Nandam (Director) and Uma Nandam (Director).

Polymatech Unlisted Shares

Polymatech Electronics Pvt Ltd - Summary of Annual Report This document primarily consists of the Notice of the Annual General Meeting and the Report of the Board of Directors for Polymatech Electronics Pvt Ltd, along with the Independent Auditor's Report and the Financial Statements for the year ended March 31, 2021. The registered office is located at Plot No OZ-13, SIPCOT Hi-Tech SEZ, Oragadam, Kancheepuram District, Tamil Nadu. **Notice of Annual General Meeting:** The Annual General Meeting was scheduled for November 30, 2021, at 11:00 A.M. at the registered office. The ordinary business includes receiving, considering, and adopting the audited Balance Sheet of the Company as at 31st March 2021, the Statement of Profit & Loss for the year ended on that date, notes thereon, other financial statements, and the reports of the Directors' and Auditor's thereon. Eswara Rao Nandam, Director (DIN:02220039), signed the notice on behalf of the Board. A note specifies proxy appointment conditions. **Report of the Board of Directors:** The report presents the 14th Annual Report, encompassing the audited statement of accounts for the fiscal year concluding on March 31, 2021. Key financial results are highlighted. * **Financial Results:** The company's financial results are compared between 31.03.2021 and 31.03.2020. Key figures include: * Total Revenue: increased from Rs. 1,70,00,000 in 2020 to Rs. 45,53,21,814 in 2021. * Total Expenses: decreased from Rs. 1,97,85,714 in 2020 to Rs. 38,51,64,970 in 2021. * Profit/(Loss) before tax: shifted from a loss of Rs. (27,85,714) in 2020 to a profit of Rs. 7,01,56,844 in 2021. * Profit/ (Loss) for the period from continuing operations: shifted from a loss of Rs. (27,85,714) in 2020 to a profit of Rs. 7,01,56,844 in 2021. * **Dividend:** No dividend was recommended for the financial year ended 31.03.2021. * **Transfer to Reserves:** No amount was transferred to reserves for the financial year ended 31.03.2021. * **Operations and State of Company’s Affairs:** Income increased compared to the prior year. The company anticipates improved performance in the current financial year through business activity expansion and enhanced client service. * **Directors:** No directors were appointed or resigned during the Financial Year 2020-2021, and the Directors are not liable to retire by rotation. * **Conservation of Energy and Technology Absorption:** The company implemented energy conservation and efficiency measures. It continues to adopt new technologies by identifying alternate fuels, utilizing waste material, and improving product quality. * **Foreign Exchange Earnings and Outgo:** Foreign exchange earnings for the year ended 31.03.2021 were Rs. 3898309.22, while foreign exchange outgo was Rs. 61845682.90. * **Auditors:** M/s.V.Selvamani, Chartered Accountant, Coimbatore, is the Statutory Auditor. They were appointed on 30.09.2018 for 5 years and will hold office until the conclusion of the AGM for the financial year 2022-2023. * **Cost Auditors:** The company is not required to maintain cost records. * **Deposits:** The company has not accepted or renewed any deposits under Section 73 of the Companies Act, 2013. * **Material Changes and Commitments:** No material changes or commitments affected the company’s financial position during the year. * **Details of Significant and Material Orders Passed by Regulators or Courts or Tribunals:** There were no significant orders affecting the company's financial position. * **Particulars of Board/General Meetings:** Several board meetings were held during the financial year 2020-2021, covering undertakings, creation of charge-bank, approval of accounts, and general review of business. One Annual General Meeting was held on 31.12.2020, attended by Eswara Rao Nandam & Uma Nandam. * **Directors Responsibility Statement:** Directors confirm adherence to Section 134(3)(C) of the Companies Act, 2013. * **Compliance with Secretarial Standards:** The company followed applicable Secretarial Standards (SS-1 and SS-2). * **Declaration by Independent Director:** Not applicable as the company is private limited. * **Subsidiary, Joint Venture or Associates:** The company does not have any subsidiary, Joint Venture or Associate Companies. * **Development and Implementation of Risk Management Policy:** The company has a risk management policy to identify and mitigate potential risks. * **Internal Financial Controls:** Adequate internal financial controls are in place and were tested, with no reportable material weaknesses observed. * **Particulars of Loans, Guarantees, or Investments Under Section 186:** No loans, guarantees, or investments were advanced under Section 186 of the Companies Act, 2013. * **Related Party Transactions:** There were no materially significant related party transactions, except those disclosed in the financial statements. * **Details of Frauds Reported by Auditors:** No frauds were reported by the Statutory Auditor. * **Corporate Social Responsibility:** The company is not required to constitute a CSR Committee for the financial year 2020-2021 but will comply with Section 135 provisions for the year 2021-2022. * **Internal Complaints Committee:** An ICC is constituted under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. No complaints were filed during the year. * **Explanation to Adverse Remarks:** No explanation is required, as there were no adverse remarks in the Auditor's report. * **Acknowledgement:** Directors acknowledge support from Banks, Government Agencies, and Shareholders. **Independent Auditor's Report:** V. Selvamani, Chartered Accountant, issued an independent auditor's report. The audit was conducted according to the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. The auditor expressed an opinion that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India, as at March 31, 2021. * **Emphasis of Matter:** The company has made a detailed assessment of its liquidity position for the next year and the recoverability and carrying value of its assets comprising property, plant and equipment, investments, inventory and trade receivables. * **Other Matters:** The audit was carried out based on remote access due to COVID-19 restrictions, adhering to the ICAI's advisory. The report also covers the auditor's responsibilities, reporting on other legal and regulatory requirements including compliance with the Companies (Auditor's Report) Order, 2016, CARO 2016, pending litigations, derivative contracts and Investor Education and Protection Fund. **Financial Statements:** The financial statements include the Balance Sheet as at 31st March 2021, the Profit and Loss Account for the year ended 31st March 2021, and the associated Schedules to Accounts. The Balance Sheet shows Sources of Funds (Shareholders' Funds, Loan Funds, Current Liabilities & Provisions) and Application of Funds (Fixed Assets, Investments, Current Assets, Loans & Advances, Miscellaneous Expenditure). The Profit and Loss Account details the company’s income and expenditure for the year. Key line items in the schedules include Share Capital, Reserves and Surplus, Secured and Unsecured Loans, Fixed Assets, Inventories, and Sundry Debtors. Notes to Accounts provide information about the company’s accounting policies, going concern concept, related party disclosures, cash and cash equivalents, and employees and auditor remuneration. Polymatech had incurred business losses every year from 2007 until March 31, 2020. The company states that it is now eligible for Income Tax exemption going forward. Cash flow statement includes cash inflows and outflows from operating, investing and financing activities. **Key Personnel:** The report is signed by Eswara Rao Nandam (Managing Director), Uma Nandam (Director), and V. Selvamani (Partner, V S & VR Associates, Chartered Accountants).