Please find attached herewith quarterly financial results for quarter ending 31st March 2018
Awaiting price reaction for this filing.
Garlon Polyfab Industries reported its Q4 FY18 and full-year results for the period ended 31 March 2018. The company recorded no income from operations against total expenses of around Rs. 7.64 lakhs for the year, leading to a net loss of approximately Rs. 1.97 lakhs in FY18 (vs a Rs. 42.16 lakhs loss in FY17). Exceptional items of Rs. 34.52 lakhs were recognised during the year. The balance sheet shows reserves and surplus deeply negative at about Rs. 6.32 crores, fully eroding the share capital of Rs. 4.61 crores and leaving shareholders' funds in the negative at Rs. 1.71 crores. Short-term borrowings of Rs. 1.73 crores now exceed equity. Statutory auditor P.D. Agrawal & Co. issued an unmodified opinion, and prior period numbers were restated to comply with Ind AS.
For shareholders, the picture is highly concerning — the company continues to post losses, has a fully eroded net worth, virtually no operating revenue, and debt that exceeds its equity, signalling deep financial stress that will likely keep the stock under pressure.