Garlon Polyfab FY24 loss widens to ₹4.39 lakh
Garlon Polyfab Industries Limited reported a net loss of ₹4.39 lakh for FY24, widening from ₹2.54 lakh in the previous year, as operations remain suspended with nil sales. Total assets decreased to ₹5.98 lakh, while shareholders' funds remained negative at ₹201.51 lakh. The Board recommended the reappointment of Mr. Rajiv Garg and appointed M/s D. C. Shukla & Co. as the new statutory auditor.
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Garlon Polyfab Industries Limited reported a net loss of ₹4.39 lakh for the financial year ended March 31, 2024, as the company continues to remain non-operational with nil sales. The loss for the current year widened from ₹2.54 lakh reported in the previous financial year ended March 31, 2023, with all expenses being debited to the Profit and Loss Account. The company has not generated any revenue from operations for several years due to suspended business activities.
The Board of Directors stated that the turnover for the year and the prior year was nil. Despite the lack of operations, the Directors indicated they are continuously looking for avenues for future growth and are hopeful of securing strategic investors to restart operations. The company does not have any subsidiary, joint venture, or associate companies as of March 31, 2024.
Financial Performance
The financial statements for the year reflect the continued suspension of business activities. Total expenses for the year stood at ₹4.39 lakh, up from ₹2.54 lakh in the previous year. The company reported zero income from operations and other income. Consequently, the loss before tax was ₹4.39 lakh, leading to a net loss of ₹4.39 lakh for the year.
| Particulars | Current year (₹) | Previous year (₹) |
|---|---|---|
| Sales | 0.00 | 0.00 |
| Other Income | 0.00 | 0.00 |
| Total Receipt | 0.00 | 0.00 |
| Total Expenses | 4,39,699.00 | 2,53,931.00 |
| Profit Before Tax | (4,39,699.00) | (2,53,931.00) |
| Profit/(Loss) after Tax | (4,39,699.00) | (2,53,931.00) |
| Earnings per share (Basic) | -0.10 | -0.06 |
Assets and Liabilities
The total assets of the company decreased to ₹5.98 lakh for the year ended March 31, 2024, from ₹6.13 lakh in the previous year. Shareholders' funds stood at a negative ₹201.51 lakh, compared to a negative ₹197.11 lakh in the prior year. Current liabilities increased to ₹207.49 lakh from ₹203.24 lakh, primarily due to short-term borrowings amounting to ₹196.76 lakh.
Corporate Governance and Auditor Appointment
The Board of Directors has recommended the reappointment of Mr. Rajiv Garg, who retires by rotation at the upcoming Annual General Meeting. Additionally, the tenure of the current statutory auditor, M/s P. D. Agrawal and Company, concludes at the ensuing Annual General Meeting. The Board has appointed M/s D. C. Shukla & Co., Chartered Accountants, as the new statutory auditor for a term of five years, subject to shareholder approval.
The company confirmed that there were no material changes affecting its financial position between the end of the financial year and the date of the report. However, the Board noted the sad demise of Whole Time Director Mr. Vivek Garg on April 8, 2024. The Directors' Report also confirmed that the internal financial controls were adequate and operating effectively during the year under review.
What specific strategies or sectors is the Board targeting to attract strategic investors?
How does the company plan to manage its increasing short-term borrowings without operational revenue?
What impact will the loss of Whole Time Director Mr. Vivek Garg have on the company's revival efforts?
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