Garlon Polyfab Industries Limited submitted its unaudited financial results for the quarter ended September 30, 2017, to BSE Limited in compliance with Regulation 33(3)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Performance Highlights
Quarter Ended September 30, 2017:
- Net Loss: ₹(58,928) [Note: Inconsistency in reported figures - table shows multiple conflicting values]
- Employee Benefits Expense: ₹42,508.50
Half-Year Ended September 30, 2017:
- Net Loss: ₹(4,218,181) [₹4.22 crore]
Balance Sheet Position (as of September 30, 2017)
Assets:
- Non-current investments: ₹575,698.00
- Current Assets: ₹196,379.00
- Total Assets: ₹772,077.00
Equity and Liabilities:
- Share Capital: ₹46,132,000.00 (Face Value of ₹10 per share)
- Reserves and Surplus: ₹(63,060,580.00)
- Shareholders' Funds: ₹(16,928,580.00) [Negative equity]
- Current Liabilities: ₹17,700,657.00 (including short-term borrowings of ₹17,320,000.00)
Accounting Framework and Review
- The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) adopted from April 1, 2017.
- P.D. Agrawal & Co., Chartered Accountants (Firm Registration No. 000000), conducted a limited review of the results.
- The review report states that nothing came to their attention suggesting material misstatement in the preparation of results according to Ind AS and SEBI requirements.
Qualifications in Review Report
- The auditors drew attention to the adoption of Ind AS for the financial year commencing April 1, 2017.
- The auditors explicitly stated they were not engaged to review, and did not review, the comparative figures including reconciliation to the Total Comprehensive Income for the quarter ended September 2017.
- These comparative figures were furnished by management without independent review.