Garlon Polyfab FY23 loss widens to ₹2.54 lakh

Garlon Polyfab Industries Limited reported a net loss of ₹2.54 lakh for the financial year ended March 31, 2023, as the company continued to remain non-functional with zero operational revenue. The loss for the period increased from ₹2.29 lakh recorded in the previous financial year ended March 31, 2022. With no business activity, the company's total expenses for the year amounted to ₹2.54 lakh, which were fully debited to the Profit and Loss Account.

Financial Performance

The financial statements for FY23 reflect the continued suspension of operations. Sales and other income remained at nil, resulting in a total receipt of nil. The company reported a Profit Before Tax of (2.54 lakh), with no current or deferred tax applicable. The loss after tax stood at (2.54 lakh), leading to a negative Earnings Per Share (EPS) of -0.005 on both a basic and diluted basis, worsening from -0.005 in the prior year.

Particulars	Current year (In Lacs)	Previous Year (In Lacs)
Sales	-	-
Other Income	-	-
Total Receipt	-	-
Total Expenses	2.54	2.28
Profit Before Tax	(2.54)	(2.28)
Profit/(Loss) after Tax	(2.54)	(2.28)
Earnings per share (Rs.)
Basic	-	(0.005)
Diluted	-	(0.005)

Operational Status and Outlook

The Directors confirmed that the company has not undertaken any business activity for the last few years, resulting in nil turnover. Despite the current stagnation, the Board stated that it is continuously looking for avenues for future growth and is hopeful of securing a strategic investor to restart operations. The Management Discussion and Analysis Report noted that while the company is non-operative, the management remains enthusiastic about potential positive developments in the coming years.

Governance and Compliance

M/s P.D. Agrawal and Company, Chartered Accountants, serve as the statutory auditors. The Auditors' Report contained no qualifications or adverse remarks. The company confirmed that it has adequate internal financial controls in place and that no material weaknesses were observed during the year. Additionally, there were no related party transactions, foreign exchange earnings or outgo, or loans, guarantees, and investments under Section 186 of the Companies Act, 2013 during the financial year.

Garlon Polyfab Industries Limited narrowed its net loss to ₹2.28 lakh for the financial year ended March 31, 2022, compared to a loss of ₹3.79 lakh in the previous year, as the company continued to remain non-functional with nil sales. The standalone financial results for the quarter and year ended March 31, 2022, were audited by M/s P. D. Agarwal and Company, Chartered Accountants, and approved by the Board of Directors on May 30, 2022. Despite the lack of operational activity, the Board stated it is continuously looking for avenues for future growth and is hopeful of securing strategic investors to restart operations.

Financial Performance

The company recorded no income from operations or other income during FY22. Total expenses for the year stood at ₹2.28 lakh, down from ₹3.88 lakh in the previous year. Consequently, the Profit Before Tax was a loss of ₹2.28 lakh, compared to a loss of ₹3.79 lakh in FY21. There was no tax liability for the current or previous year. The basic and diluted earnings per share remained negative at ₹0.008, an improvement from the negative ₹0.008 reported in the prior year.

Particulars	Current Year (₹ in Lacs)	Previous Year (₹ in Lacs)
Sales	0.00	0.00
Total Expenses	2.28	3.88
Profit Before Tax	(2.28)	(3.79)
Net Profit/(Loss) for the period	(2.28)	(3.79)
Basic EPS (Rs.)	-0.008	-0.008

Operational Status and Outlook

The Directors' Report confirmed that the company has not undertaken any business activity for the last few years, resulting in nil turnover. Management attributed the suspension of operations to macro and micro aspects beyond its control. While the outlook section of the Management Discussion and Analysis Report noted that operations remained suspended, the company expressed optimism about a better year ahead and is seeking strategic investors to bring operations back on track.

Governance and Statutory Details

The Board of Directors held meetings during FY22. M/s P. D. Agarwal and Company, Chartered Accountants, serve as the statutory auditors. The auditors' report contained no qualifications or adverse remarks. The company confirmed that it has adequate internal financial controls and a vigil mechanism in place. Corporate Social Responsibility requirements were not applicable to the company during the year under review.