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 quarter amounted to ₹31,093.20, significantly lower than the ₹636,831.00 reported in the corresponding period of the previous year. For the half year ended September 30, 2019, the net loss widened to ₹44,929.10, compared to a loss of ₹640,658.00 in the same period of the prior year.

The Board of Directors approved the unaudited financial results during a meeting held on November 08, 2019. The results have been prepared in compliance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs. P.D. Agarwal & Co., Chartered Accountants, conducted a limited review of the financial results, confirming that the statement is free of material misstatement in accordance with Ind AS.

Financial Performance

The company's financial statements for the quarter and half year ended September 30, 2019, reflect a continued period of operational inactivity. The paid-up equity share capital remained constant at ₹46,132,000.00, while reserves and surplus stood at a negative ₹64,784,974.12 as of September 30, 2019.

Key Financial Figures

Assets and Liabilities

The statement of assets and liabilities as of September 30, 2019, showed total assets of ₹644,452.88, a decrease from ₹692,334.24 in the previous year. Current liabilities increased to ₹19,297,427.00 from ₹18,397,327.00 in the corresponding period of the previous year. The shareholders' funds remained in deficit at ₹18,652,974.12, compared to a deficit of ₹17,704,992.75 in the prior year.

The cash flow statement for the half year ended September 30, 2019, indicated a net decrease in cash and cash equivalents of ₹5,429.10. The company reported no cash flow from investing or financing activities during the period.

Garlon Polyfab Industries Limited reported a net loss of ₹43,855 for the quarter ended September 30, 2016, with zero income from operations recorded during the period. The unaudited financial results, approved by the Board of Directors on December 29, 2016, reveal that the company's total expenses for the quarter amounted to ₹43,855, comprising employee benefits and other expenses. The loss for the half year ended September 30, 2016, widened to ₹1,98,196 compared to ₹1,56,870 in the corresponding period of the previous year.

The Board meeting, which commenced at 04:00 P.M. and concluded at 05:00 P.M., also approved the Limited Review Report from P. D. Agrawal & Co., Chartered Accountants. The report noted that the company has adopted Indian Accounting Standards (Ind AS) for the financial year commencing April 1, 2016. The auditors stated that they did not review the comparative figures for the quarter ended September 30, 2016, which were furnished by the management.

Financial Performance

The standalone statement of assets and liabilities as of September 30, 2016, shows shareholders' funds at a negative ₹12,848,814, a deterioration from the negative ₹12,198,580 recorded in the previous year. The company's total assets stood at ₹5,748,463, a decrease from ₹6,091,797 in the previous year. Current liabilities increased to ₹18,597,277 from ₹18,290,377 in the prior year.

Cash Flow Analysis

The cash flow statement for the half year ended September 30, 2016, indicates a net cash outflow from operating activities of ₹2,09,642.01. There were no cash flows from investing or financing activities during the current period. Cash and cash equivalents at the end of the period were ₹26,014, significantly lower than the ₹1,73,810 reported in the previous year.

The financial results were reviewed by the Audit Committee and approved by the directors. The company remains engaged in a single business segment, as per the notes accompanying the financial statements.