Too heavy on MGs for the period. Most armies in the 1930s kept their tripod-mounted MGs at least as high as in a weapons company at battalion level (if not at regimental level). I'm assuming by HMG you mean tripod-mounted rifle caliber MG, not a .50 or other large-caliber MG, those are pretty rare at this time, used for AAA or ar AT weapons. LMGs are starting to become fairly common, but most armies field them at company level or 1-2 per platoon, only the most lavishly equipped armies are trying to field them at 1 per squad.
81mm mortars at company level is PROBABLY a little low, that's more the realm of the 50-60mm mortar. 81mm, in this period, is more a battalion weapon, again, than a company weapon.
If you were thinking 12.7mm at platoon level, that's WAY out of period (heck, it was never done even during WWII).
Rifle grenades (around 40mm in size) are an option, but not really a substitute for mortars. The 50-60mm mortars aren't useless, the 60mm size is still in service, and the British Army appears to still be using a 51mm weapon (due to be replaced by a 60mm weapon). They're just limited by a short range and small shell, which is OK, because it allows them to be easily carried (the WWII 2 inch mortar weighed 4.8 kg, with the non-illumination rounds weighing 1 kg each (the illumination rounds weighed 0.4 kg)).
<chuckle> The US Army TO&E's never included 3 0.50s as part of a platoon's TO&E. They didn't even include 3 0.30s as part of a platoon's TO&E. BARs, yes, commonly 1 per squad, but they're automatic rifles, not really LMGs or MMGs. 8-20s (from my Squad Leader days) are good weapons, they're just not that common.
The infantry company is awfully heavy in manpower (companies over 160 are getting BIG), and having ATGs at the company level is far too low (at this point, if there are any, they'd be up at regimental level, at battalion level you might have ATRs). I wouldn't expect to see more LMGs than you have rifle squads, and that's at the top end (more likely would be 1 LMG per 2 squads, or a couple LMGs at company level). Mortars at company level would be small mortars, 81mm and up are battalion level weapons..
Even so, 266 men are going to be VERY hard for only 4 officers to command. Platoons of more than 5 squads are very problematic, and companies of more than 5 platoons equally so. Even for a household company, I'd aim to keep the number of men under 200.
III. Corps Russian/Afghani Border
3 Kardakes (Mtn) Divisions
Mobilization Reserve
8-12 Infantry Divisions
The exact composition of the divisions is still being debated, the debate is mainly between those supporting a British and those supporting a German style organization.
This post has been edited 2 times, last edit by "Vukovlad" (Feb 24th 2008, 9:34pm)