Garlon Polyfab reports net loss of ₹0.38 lakh in Q2FY21

Garlon Polyfab Industries Limited reported a net loss of ₹0.38 lakh for the quarter ended September 30, 2020, with no income from operations recorded during the period. The company's Board approved the unaudited financial results on November 12, 2020, following a review by the Audit Committee on November 8, 2020.

The standalone financial results show that the company incurred total expenses of ₹0.38 lakh for the quarter, consisting entirely of employee benefits expenses and other expenses. For the half year ended September 30, 2020, the net loss widened to ₹1.00 lakh, compared to a loss of ₹0.45 lakh in the corresponding period of the previous year.

Financial Performance

The company's financial position as of September 30, 2020, reflects total assets of ₹7.77 lakh, a marginal increase from ₹6.45 lakh in the previous year. Shareholders' funds stood at a negative ₹189.50 lakh, indicating a deficit in reserves and surplus.

Particulars	Quarter Ended 30-09-2020 (Unaudited)	Half Year Ended 30-09-2020 (Unaudited)	Year Ended 31-03-2020 (Audited)
Total Income from operations	-	-	-
Total Expenses	0.38	1.00	2.42
Net Profit/(Loss) for the period	(0.38)	(1.00)	(2.42)

Regulatory Compliance

The financial results were prepared in compliance with Indian Accounting Standards (Ind AS) and reviewed by the statutory auditors, P. D. Agrawal & Co., Chartered Accountants. The auditors conducted a limited review in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

The Board of Directors, led by Managing Director Vishal Garg, confirmed that the results would be available on the company's website. The company has adopted Ind AS for the financial year commencing from April 1, 2017, and the comparative figures have been furnished by the management without review by the auditors.

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