Garlon Polyfab FY22 Annual Report: Suspended, No Operations

Revenue from Operations: ₹0.00 (Previous Year: ₹0.00)
Other Income: ₹0.00 (Previous Year: ₹91.27)
Total Income: ₹0.00 (Previous Year: ₹91.27)
Profit/(Loss) Before Tax: (₹2,28,802.00) (Previous Year: (₹3,78,857.00))
Net Profit/(Loss) After Tax: (₹2,28,802.00) (Previous Year: (₹3,78,857.00))
Earnings Per Share (Basic & Diluted): (₹0.05) (Previous Year: (₹0.08))
Paid-up Share Capital: ₹4,61,32,000.00 (Unchanged from previous year)
Other Equity: Negative ₹6,55,89,256.00 (Previous Year: Negative ₹6,53,60,454.00)
Total Borrowings: ₹1,92,46,000.00 (Unsecured, from directors and others) (Previous Year: ₹1,91,76,000.00)
Cash & Cash Equivalents: ₹30,146.00 (Previous Year: ₹38,948.00)
Loans (Non-Current): ₹5,75,698.00 (Previous Year: ₹5,75,698.00)

The company is a textile trading and distribution company incorporated in 1990 but has been non-operational since October 29, 1998.
No revenue from operations was generated during FY 2021-22 or the previous year.
The net loss for the year reduced to ₹2,28,802.00 from ₹3,78,857.00 in the previous year.
The company is seeking viable business options to venture into profit and wealth maximization.

The paid-up equity share capital remained unchanged at ₹4,61,32,000.00, consisting of 46,13,200 equity shares of ₹10 each.
There was no change in share capital during the financial year.
Promoter & Promoter Group holding: 22.64% (10,44,300 shares)
Public holding: 77.36% (35,68,900 shares)

Board of Directors:
Mr. Vishal Garg (DIN: 00792099) - Managing Director & CFO
Mr. Vivek Garg (DIN: 00792169) - Whole Time Director
Mr. Rajiv Garg (DIN: 02069480) - Non-Executive Independent Director (Retiring by rotation)
Mr. Brij Raj Kumar (DIN: 02069498) - Non-Executive Independent Director
Key Managerial Personnel:
Mr. Vishal Garg - Managing Director & CFO
Mr. Vivek Garg - Whole Time Director
Ms. Sushil Kumar Gupta - Company Secretary
Board Meetings: 5 meetings held during the year on June 21, 2021; June 29, 2021; August 14, 2021; November 10, 2021; and February 7, 2022.
Committee Composition:
Audit Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)
Stakeholders Relationship Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)
Nomination and Remuneration Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)
No remuneration was paid to any directors during the year.

31st Annual General Meeting to be held on Friday, September 30, 2022, at 11:00 A.M. at the registered office in Kanpur.
Business to be transacted:

1. Adoption of audited financial statements for FY 2021-22

2. Reappointment of Mr. Rajiv Garg as director retiring by rotation

Book Closure: From Saturday, September 24, 2022, to Friday, September 30, 2022 (both days inclusive).
E-voting: Remote e-voting period from 9:00 a.m. on September 27, 2022, to 5:00 p.m. on September 29, 2022.

Statutory Auditors: M/s. P.D. Agrawal and Company, Chartered Accountants (Firm Regn. No. 001049C)
Audit Fee: ₹23,600.00 for the year
Secretarial Auditors: M/s. K.N. Shridhar & Associates, Company Secretaries
Auditors issued an emphasis of matter regarding:
Non-confirmation of outstanding balances
Non-provision for listing fees (to be accounted at time of payment)
Discontinuation of business since 1998, raising going concern uncertainty
Acceptance of interest-free unsecured borrowings from related parties

The company's shares are suspended from trading on BSE Limited (Scrip Code: 514306).
The company is making efforts to get the suspension revoked on priority basis after paying all dues to BSE.
The company has complied with applicable provisions of the Companies Act, 2013, and SEBI Listing Regulations, subject to the suspension of trading.
No material significant related party transactions were reported.
No fraud was reported by the statutory auditors under Section 143(12) of the Companies Act, 2013.
No significant material orders were passed by regulators or courts impacting the going concern status.

Dividend: No dividend recommended for the year ended March 31, 2022.
Corporate Social Responsibility: Provisions of Section 135 of the Companies Act, 2013, are not applicable.
Internal Financial Controls: The company has adequate internal financial controls systems, which were operating effectively as of March 31, 2022.
Deposits: The company did not accept any public deposits during the year.
Loans/Investments: Details of loans, guarantees, and investments form part of the notes to financial statements.
Conservation of Energy: Operations are not energy intensive; adequate measures initiated for conservation.
Foreign Exchange: No foreign exchange earnings or outgo during the year.

The auditors emphasized a material uncertainty regarding the company's ability to continue as a going concern due to:

However, the financial statements have been prepared on a going concern basis.