Please find attached herewith financial results for quarter ended Sept 2020
Awaiting price reaction for this filing.
Garlon Polyfab Industries, a small Kanpur-based textile company, submitted its unaudited quarterly results for Q2 FY21 (ended September 30, 2020) along with a Limited Review Report from auditor P.D. Agarwal & Co. The review report is clean, with the auditor noting nothing that causes them to believe the results were not prepared in line with Ind AS. The balance sheet, however, shows serious stress: shareholders' funds are deeply negative at about Rs. 189.50 lacs (Reserves & Surplus of minus Rs. 650.82 lacs against share capital of Rs. 461.32 lacs). Total assets stood at around Rs. 777 lacs, with short-term borrowings of Rs. 190.86 lacs and trade payables of Rs. 5.53 lacs. The company has migrated to Ind AS accounting from this period. Figures are very small, indicating a micro-cap company.
Despite a clean audit review, the company carries negative net worth, meaning its accumulated losses have wiped out shareholders' equity — a significant red flag for solvency and going concern. Retail investors should treat this stock as high-risk; small revenue or margin moves could matter disproportionately, and the company may face regulatory or lender scrutiny over its negative book value.