Garlon Polyfab reports net loss for Q4FY18

Garlon Polyfab Industries Limited reported a net loss of ₹111,664 for the quarter ended March 31, 2018 (Q4FY18). The company recorded zero income from operations during the period, with total expenses amounting to ₹111,664. For the full year ended March 31, 2018, the net loss was ₹197,556.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2018 at a meeting held on July 11, 2018. The results were reviewed by the Audit Committee in May 2018. The financial statements are prepared in compliance with Indian Accounting Standards (Ind-AS).

Financial Performance

The company's financial statements for the quarter and year ended March 31, 2018 show the following figures:

Particulars	Quarter Ended 31-03-2018 (Audited)	Year Ended 31-03-2018 (Audited)
Income from operations	-	-
Other Income	-	-
Total Expenses	111,664	197,556
Net Profit/(Loss) for the period	(111,664)	(197,556)
Paid up equity share capital	46,132,000	46,132,000
Earnings Per Share (EPS) - Basic	(0.02)	(0.04)

Auditor's Report

The Statutory Auditors, P. D. Agrawal & Co., conducted an audit of the financial results in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors issued an audit report with an unmodified opinion, stating that the results give a true and fair view of the financial information for the quarter and year ended March 31, 2018.

Garlon Polyfab Industries Limited reported a net loss of ₹38,98,998 for the quarter ended March 31, 2017, as the company recorded zero income from operations. The loss for the period was significantly higher than the ₹1,52,227 loss posted in the corresponding quarter of the previous year. For the full financial year ended March 31, 2017, the company accumulated a net loss of ₹42,16,161, widening from the ₹6,08,908 loss recorded in the previous accounting year.

The Board of Directors approved the audited financial results at a meeting held on April 25, 2017. The filing was made in compliance with Regulation 33(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee prior to approval.

Financial data indicates that the company generated no revenue from operations or other income during the quarter. Total expenses for the three-month period amounted to ₹4,46,851, driven primarily by exceptional items amounting to ₹34,52,147. Other operational expenses included ₹63,215 towards other expenses and ₹42,507 for employee benefits.

The Basic Earnings Per Share (EPS) for the quarter stood at (0.85), compared to (0.130) in the previous financial year. The company’s balance sheet as of March 31, 2017, showed shareholder funds at negative ₹6,29,98,779, reflecting the accumulated losses. Short-term borrowings stood at ₹1,72,12,000.

Financial Results for Q4FY17

Particulars	Q4FY17 (₹)	Q4FY16 (₹)	Year to Date FY17 (₹)	Previous Year FY16 (₹)
Total Income from Operations	-	-	-	-
Total Expenses	4,46,851	1,52,227	7,64,014	6,08,908
Profit/Loss before exceptional items	(4,46,851)	(1,52,227)	(7,64,014)	(6,08,908)
Exceptional Items	(34,52,147)	-	(34,52,147)	-
Net Profit/Loss for the period	(38,98,998)	(1,52,227)	(42,16,161)	(6,08,908)
Basic EPS	(0.85)	-	(0.91)	(0.130)

Statement of Assets and Liabilities

Particulars	As on 31/03/2017 (₹)	As on 31/03/2016 (₹)
Share Capital	4,61,32,000	4,61,32,000
Reserves and Surplus	(6,29,98,779)	(5,87,82,618)
Total Shareholder's Funds	(1,68,66,779)	(1,26,50,618)
Short-term Borrowings	1,72,12,000	1,68,42,000
Total Equity and Liabilities	7,64,428	59,58,105
Fixed Assets	-	35,18,055
Total Assets	7,64,428	59,58,105