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.

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.

Garlon Polyfab Industries Limited reported a net loss of ₹3.79 lakh for the financial year ended March 31, 2021, as operations remained non-functional with nil sales. The loss widened from ₹2.42 lakh in the previous year, while total expenses increased to ₹3.88 lakh from ₹2.42 lakh. The company has not recorded any income from operations for several years, and all incurred expenses were debited to the Profit and Loss Account.

The standalone financial results for the quarter and year ended March 31, 2021, were reviewed by the Audit Committee and approved by the Board on June 29, 2021. The results were audited by M/s P.D. Agrawal and Company, Chartered Accountants, in accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The auditors confirmed that the results presented a true and fair view of the financial information.

Financial Performance

The financial highlights indicate a deterioration in the bottom line due to ongoing expenses without revenue generation. The basic and diluted earnings per share (EPS) for the year remained negative at ₹-0.005.

Operational and Compliance Status

The Directors' Report stated that the turnover for the year was nil due to the absence of business activity. Despite the suspension of operations, the Board affirmed that it is continuously looking for avenues for future growth. The company is also seeking strategic investors to bring operations back on track. No dividend has been recommended for the year ended March 31, 2021.

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. It does not have any subsidiary, joint venture, or associate companies. The Directors stated that internal financial controls were adequate and operating effectively during the year.