Please find attached herewith Financial Results for the quarter ending 31st March 2024
Awaiting price reaction for this filing.
Garlon Polyfab Industries has filed its audited financial results for the full year ended March 2024, signed off by auditor P.D. Agrawal & Co. with an unmodified (clean) opinion. However, the auditor's report explicitly confirms the company reported a net loss after tax for the year. The balance sheet paints a deeply troubling picture: total assets stand at just ₹5.98 lakhs, while short-term borrowings are ₹196.76 lakhs and shareholders' funds are deeply negative at ₹-201.51 lakhs (share capital of ₹461.32 lakhs completely wiped out by reserves and surplus of ₹-662.83 lakhs). Cash on hand has dwindled to just ₹0.22 lakhs. Reserves continue to erode year-on-year (from ₹-658.43 lakhs to ₹-662.83 lakhs).
This is a near-shell company with no remaining equity cushion for shareholders — net worth is fully eroded and borrowings (₹196.76L) are roughly 33 times total assets (₹5.98L), raising serious going-concern doubts. The stock is highly speculative and penny-stock level; any recovery would depend on a capital infusion or debt restructuring, which is not evident in this filing. Retail investors should treat this as a high-risk situation with potential for further value erosion.