Garlon Polyfab Industries Limited narrowed its net loss to ₹3.24 lakh for the financial year ended March 31, 2025, compared to a loss of ₹4.39 lakh in the previous year. The textile trading and distribution company, which is currently not in operation, reported zero revenue from operations for the period. For the quarter ended March 31, 2025, the company recorded a net loss of ₹1.50 lakh. Its Board of Directors has decided not to recommend any dividend for the year ended March 31, 2025, to strengthen the financial position.

The company’s paid-up share capital remained unchanged at ₹461.32 lakh during FY25. Garlon Polyfab Industries disclosed that its trading is suspended on BSE Limited and stated it is making efforts to get the suspension revoked on a priority basis. The company is seeking viable business options to venture into profit and wealth maximization.

Financial Performance

The company’s financial statements for FY25 reflect a continued period of inactivity with no income generated from operations. The loss before tax for the year stood at ₹3.24 lakh, a reduction from the ₹4.39 lakh loss recorded in the previous year. Consequently, the net profit after tax (PAT) was a loss of ₹3.24 lakh for FY25, compared to a loss of ₹4.39 lakh in FY24.

Operational Status and Governance

Garlon Polyfab Industries confirmed that it is not in operation and is in the process of finalizing viable business options. The Board of Directors comprises six members, including Managing Director Mr. Vishal Garg. During the year, the company appointed Mr. Deendayal Katare Gupta, Mr. Ashish Kumar Srivastava, and Mr. Rajiv Chauhan as directors. The company held nine board meetings during the period under review.

M/s. D.C. Shukla & Co., Chartered Accountants, served as the statutory auditors for the financial year. The auditors noted that the financial statements were prepared on a non-going concern basis and highlighted a material uncertainty regarding the company's ability to continue as a going concern due to the net loss and current liabilities exceeding current assets. The secretarial audit report by Mr. Prakhar Pandey & Co. noted that the company is yet to appoint a Woman Director on the Board.

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.

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.