Garlon Polyfab reports net loss of ₹0.48 lakh in Q2FY22

Garlon Polyfab Industries Limited reported a net loss of ₹0.48 lakh for the quarter ended September 30, 2021, with no income from operations. The company's total expenses for the period stood at ₹0.48 lakh, consistent with the lack of operational revenue. The Board of Directors approved the unaudited financial results for the quarter and half year ended September 30, 2021, at a meeting held on November 15, 2021.

The financial statements, prepared in compliance with Indian Accounting Standards (Ind AS), were reviewed by the statutory auditors. P.D. Agrawal & Co., Chartered Accountants, conducted the limited review and confirmed no material misstatements were identified. The auditors noted that comparative figures were furnished by the management and not reviewed by them.

Financial Performance

The company recorded no income from operations or other income during the quarter. Expenses were limited to employee benefits costing ₹0.36 lakh and other expenses at ₹0.12 lakh. For the half year ended September 30, 2021, the net loss widened to ₹0.85 lakh, with total expenses reaching ₹0.85 lakh.

Metric	Quarter Ended Sep 30, 2021 (Unaudited)	Half Year Ended Sep 30, 2021 (Unaudited)
Net Profit/(Loss)	(0.48)	(0.85)
Total Expenses	0.48	0.85
Employee Benefits Expense	0.36	0.72
Other Expenses	0.12	0.13

Balance Sheet Highlights

As of September 30, 2021, the company's total assets stood at ₹6.13 lakh, a decrease from ₹7.77 lakh in the previous year. Non-current assets were recorded at ₹5.76 lakh, primarily consisting of long-term loans and advances. Current assets totaled ₹0.37 lakh, entirely attributed to cash and cash equivalents.

The shareholders' funds reflected a deficit of ₹193.13 lakh, comprising share capital of ₹461.32 lakh and negative reserves of ₹654.45 lakh. Current liabilities amounted to ₹199.26 lakh, including short-term borrowings of ₹192.16 lakh and trade payables of ₹6.67 lakh.

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.