Please find attached herewith quarterly financial results for quarter ending 31st March 2019
Awaiting price reaction for this filing.
Garlon Polyfab Industries Ltd submitted audited financial results for Q4 FY19 and the full year ended March 2019. Total income from operations stood at Rs. 13.10 lacs, largely flat compared to the previous year. The company reported a net loss for the year, with reserves further slipping into the red at Rs. -647.40 lacs (vs Rs. -631.96 lacs in FY18). Shareholders' funds are deeply negative at Rs. -186.08 lacs, while total assets are only Rs. 6.50 lacs against short-term borrowings of Rs. 188.05 lacs. The auditor (P. D. Agrawal & Co.) issued an unmodified opinion stating the results give a true and fair view. Previous period figures have been restated under Ind AS, and a reconciliation between earlier IGAAP and Ind-AS numbers has been provided.
With negative net worth, minimal assets, and rising short-term debt, the company faces serious going-concern risks. Continued losses and weak financial health are negative for shareholders and could put pressure on the stock price.