Garlon Polyfab loss widens to ₹3.79 lakh in FY21

Garlon Polyfab Industries Limited reported a net loss of ₹3.79 lakh for the financial year ended March 31, 2021, as operations remained non-functional with nil sales. The loss widened from ₹2.42 lakh in the previous year, while total expenses increased to ₹3.88 lakh from ₹2.42 lakh. The company has not recorded any income from operations for several years, and all incurred expenses were debited to the Profit and Loss Account.

The standalone financial results for the quarter and year ended March 31, 2021, were reviewed by the Audit Committee and approved by the Board on June 29, 2021. The results were audited by M/s P.D. Agrawal and Company, Chartered Accountants, in accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The auditors confirmed that the results presented a true and fair view of the financial information.

Financial Performance

The financial highlights indicate a deterioration in the bottom line due to ongoing expenses without revenue generation. The basic and diluted earnings per share (EPS) for the year remained negative at ₹-0.005.

Particulars	Current Year (₹)	Previous Year (₹)
Sales	0.00	0.00
Total Expenses	3,88,000.00	2,42,000.00
Profit Before Tax	(3,79,000.00)	(2,42,000.00)
Net Profit/(Loss) for the period	(3,79,000.00)	(2,42,000.00)
Earnings Per Share (Basic)	-0.005	-0.005

Operational and Compliance Status

The Directors' Report stated that the turnover for the year was nil due to the absence of business activity. Despite the suspension of operations, the Board affirmed that it is continuously looking for avenues for future growth. The company is also seeking strategic investors to bring operations back on track. No dividend has been recommended for the year ended March 31, 2021.

The company confirmed that there were no material changes affecting its financial position between the end of the financial year and the date of the report. It does not have any subsidiary, joint venture, or associate companies. The Directors stated that internal financial controls were adequate and operating effectively during the year.

Garlon Polyfab Industries Limited reported a net loss of ₹4.39 lakh for the financial year ended March 31, 2024, as the company continues to remain non-operational with nil sales. The loss for the current year widened from ₹2.54 lakh reported in the previous financial year ended March 31, 2023, with all expenses being debited to the Profit and Loss Account. The company has not generated any revenue from operations for several years due to suspended business activities.

The Board of Directors stated that the turnover for the year and the prior year was nil. Despite the lack of operations, the Directors indicated they are continuously looking for avenues for future growth and are hopeful of securing strategic investors to restart operations. The company does not have any subsidiary, joint venture, or associate companies as of March 31, 2024.

Financial Performance

The financial statements for the year reflect the continued suspension of business activities. Total expenses for the year stood at ₹4.39 lakh, up from ₹2.54 lakh in the previous year. The company reported zero income from operations and other income. Consequently, the loss before tax was ₹4.39 lakh, leading to a net loss of ₹4.39 lakh for the year.

Particulars	Current year (₹)	Previous year (₹)
Sales	0.00	0.00
Other Income	0.00	0.00
Total Receipt	0.00	0.00
Total Expenses	4,39,699.00	2,53,931.00
Profit Before Tax	(4,39,699.00)	(2,53,931.00)
Profit/(Loss) after Tax	(4,39,699.00)	(2,53,931.00)
Earnings per share (Basic)	-0.10	-0.06

Assets and Liabilities

The total assets of the company decreased to ₹5.98 lakh for the year ended March 31, 2024, from ₹6.13 lakh in the previous year. Shareholders' funds stood at a negative ₹201.51 lakh, compared to a negative ₹197.11 lakh in the prior year. Current liabilities increased to ₹207.49 lakh from ₹203.24 lakh, primarily due to short-term borrowings amounting to ₹196.76 lakh.

Corporate Governance and Auditor Appointment

The Board of Directors has recommended the reappointment of Mr. Rajiv Garg, who retires by rotation at the upcoming Annual General Meeting. Additionally, the tenure of the current statutory auditor, M/s P. D. Agrawal and Company, concludes at the ensuing Annual General Meeting. The Board has appointed M/s D. C. Shukla & Co., Chartered Accountants, as the new statutory auditor for a term of five years, subject to shareholder approval.

The company confirmed that there were no material changes affecting its financial position between the end of the financial year and the date of the report. However, the Board noted the sad demise of Whole Time Director Mr. Vivek Garg on April 8, 2024. The Directors' Report also confirmed that the internal financial controls were adequate and operating effectively during the year under review.