Garlon Polyfab reports net loss in Q2FY20 with zero income
Garlon Polyfab Industries Limited reported a net loss of ₹31,093.20 for Q2FY20 with zero operational income. Total expenses for the quarter were ₹31,093.20. The Board approved the unaudited results on November 08, 2019.
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Garlon Polyfab Industries Limited reported a net loss of ₹31,093.20 for the quarter ended September 30, 2019, as the company recorded zero income from operations. The total expenses for the period amounted to ₹31,093.20, entirely attributed to other expenses, resulting in a negative bottom line. This performance contrasts with the same quarter in the previous year, where the company reported a net loss of ₹636,831.00 on total expenses of ₹636,831.00.
The Board of Directors at its meeting held on November 08, 2019, approved the unaudited financial results for the quarter and half year ended September 30, 2019. The results were reviewed by the Audit Committee and are subject to a limited review by the statutory auditors, P.D. Agarwal & Co., Chartered Accountants. The auditors noted that the company has adopted Indian Accounting Standards (Ind AS) for the financial year commencing from April 1, 2017.
For the half year ended September 30, 2019, the company accumulated a net loss of ₹44,929.10 on total expenses of ₹44,929.10. In comparison, the half year ended September 30, 2018, saw a net loss of ₹640,658.00 against expenses of ₹640,658.00. The paid-up equity share capital remained constant at ₹46,132,000 throughout the reported periods.
The statement of assets and liabilities as of September 30, 2019, revealed total assets of ₹644,452.88, a decrease from ₹692,334.24 in the corresponding period of the previous year. Shareholders' funds stood at a negative ₹18,652,974.12, worsening from a negative ₹17,704,992.76 a year earlier. Current liabilities increased to ₹19,297,427.00 from ₹18,397,327.00 in the prior year.
Financial Performance Summary
| Metric | Q2FY20 (Unaudited) | Q2FY19 (Unaudited) | H1FY20 (Unaudited) | H1FY19 (Unaudited) |
|---|---|---|---|---|
| Net Profit/(Loss) | (31,093.20) | (636,831.00) | (44,929.10) | (640,658.00) |
| Total Income from Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Expenses | 31,093.20 | 636,831.00 | 44,929.10 | 640,658.00 |
Balance Sheet Highlights
| Particulars | 30-09-2019 (₹) | 30-09-2018 (₹) |
|---|---|---|
| Total Assets | 644,452.88 | 692,334.24 |
| Shareholders' Funds | (18,652,974.12) | (17,704,992.76) |
| Current Liabilities | 19,297,427.00 | 18,397,327.00 |
What strategic measures is the company planning to resume operations and generate revenue?
How will the company address its increasing negative shareholders' funds and rising current liabilities?
Are there any potential mergers, acquisitions, or partnerships being considered to revitalize the business?
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