Please find attached herewith financial results for quarter ended March 2019
Awaiting price reaction for this filing.
Garlon Polyfab Industries reported very small-scale financial results for Q4 FY19, with income from operations of ₹13.10 lakhs (vs nil in the previous quarter) and a net profit of ₹8.77 lakhs for the quarter. For the full year FY19, the company posted a net loss of ₹2.34 lakhs compared to a loss of ₹1.94 lakhs in FY18. The balance sheet shows deeply negative shareholders' equity of ₹(186.08) lakhs, driven by accumulated losses of ₹(647.40) lakhs against a share capital of ₹461.32 lakhs. Short-term borrowings of ₹188.05 lakhs stand against total assets of just ₹6.50 lakhs, raising serious solvency concerns.
The company's liabilities far exceed its assets and equity is fully eroded, signalling serious going-concern risks. Despite a small quarterly profit, the company remains loss-making on a full-year basis with negligible operating scale, which is a red flag for shareholders.