Garlon Polyfab Industries Limited reported a net loss of ₹0.88 lakh for the quarter ended March 31, 2020, as the company recorded zero income from operations. The loss for the financial year widened to ₹2.42 lakh, compared to a net loss of ₹2.34 lakh in the previous year, with total revenue remaining at nil. The company's shareholders' funds stood at a negative ₹188.49 lakh as of March 31, 2020, indicating a deficit in equity.

The Board of Directors approved the unaudited financial results at its meeting held on June 29, 2020. The meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. The filing was made pursuant to Regulation 33(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors reviewed the standalone financial results for the quarter and year ended March 31, 2020.

Financial Performance

The company reported no income from operations for both the quarter and the year ended March 31, 2020. Total expenses for the quarter amounted to ₹0.88 lakh, driven by employee benefits expense of ₹0.51 lakh and other expenses of ₹0.37 lakh. For the full year, total expenses were significantly lower at ₹2.42 lakh compared to ₹15.44 lakh in the previous year, primarily due to a reduction in other expenses.

Balance Sheet Highlights

Garlon Polyfab's total assets decreased marginally to ₹6.42 lakh as of March 31, 2020, from ₹6.50 lakh in the previous year. Current assets, comprising cash and cash equivalents, stood at ₹0.66 lakh, down from ₹0.74 lakh. Non-current assets remained flat at ₹5.76 lakh, consisting entirely of long-term loans and advances.

On the liabilities side, current liabilities increased to ₹194.91 lakh from ₹192.58 lakh in the previous year, driven by short-term borrowings of ₹189.08 lakh. Shareholders' funds deteriorated to a negative ₹188.49 lakh, primarily due to a reserves and surplus deficit of ₹649.81 lakh against a share capital of ₹461.32 lakh.

Garlon Polyfab Industries Limited reported a net profit of ₹8.77 lakh for the quarter ended March 31, 2019, reversing the net loss of ₹1.12 lakh recorded in the corresponding period of the previous year. The company's financial performance improved primarily due to a reduction in other expenses, which fell to ₹4.33 lakh in the quarter from ₹15.44 lakh in the prior year. Despite the quarterly profit, the company recorded a net loss of ₹2.34 lakh for the full financial year ended March 31, 2019, slightly widening from the previous year's loss of ₹1.94 lakh.

The Board of Directors approved the unaudited financial results for the quarter and year ended March 31, 2019, at a meeting held on May 15, 2019. The standalone financial results were reviewed by the Audit Committee and subsequently approved by the Board. The results are prepared in compliance with Indian Accounting Standards (Ind-AS) notified by the Ministry of Corporate Affairs. P. D. Agrawal & Co., Chartered Accountants, audited the quarterly financial results and the year-to-date results, confirming they present a true and fair view of the company's financial information.

Total income for the quarter stood at ₹13.10 lakh, derived entirely from other income, as there was no income from operations. Total expenses for the quarter were reported at ₹4.33 lakh. The company's paid-up equity share capital remained constant at ₹461.32 lakh with a face value of ₹10 per share. Earnings per share (EPS) for the quarter were reported at ₹0.19 on a basic and diluted basis, compared to a negative EPS of ₹0.02 in the same quarter of the previous year.

For the full year, the company reported a total income of ₹13.10 lakh and total expenses of ₹15.44 lakh, resulting in a net loss of ₹2.34 lakh. The basic and diluted EPS for the year was negative ₹0.05, compared to negative ₹0.04 in the previous year. The company's balance sheet as of March 31, 2019, showed total assets of ₹6.50 lakh, a decrease from ₹7.40 lakh in the previous year. Shareholders' funds stood at a negative ₹186.08 lakh, indicating a deficit in reserves and surplus.

Financial Results Summary

Assets and Liabilities