Garlon Polyfab Q2 FY22 results show losses, weak balance sheet

Garlon Polyfab reported unaudited Q2 FY22 results with revenue of about Rs 0.37 lakh and a net loss of Rs 10.48 lakh. Half-yearly losses stood at Rs 10.85 lakh. The company has effectively negative shareholders funds of Rs 193.13 lakh, with reserves and surplus at negative Rs 654.45 lakh against share capital of Rs 461.32 lakh. Short term borrowings of Rs 192.16 lakh dwarf total assets of just Rs 6.13 lakh. Auditor issued an unqualified limited review with an emphasis on Ind AS adoption.