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Asian Flora Ltd.

BSE: 531392 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Asian Flora Ltd. (ASIANFLORA) - Auditors Report

Company auditors report

To the Members of ASIAN FLORA LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ASIAN FLORA Limited ("theCompany") which comprises the balance sheet as at 31 March 2016 the statement ofprofit and loss and the cash flow statement for the year then ended and a summary ofsignificant Accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified undersubsection (3C) of Section 211 of the Companies Act 1956 ("the Act") (whichcontinue to be applicable in respect of Section 133 of the companies Act 2013 in terms ofthe General Circular 15/2013 dated 13-09-2013 of the Ministry of Corporate Affairs) and inaccordance with the Accounting principles generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditorsf Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by Management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2016;

(b) in the case of the statement of profit and loss of the profit of the Company forthe year ended on that date; and

(c) in the case of the cash flow statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2003 ("theOrder") as amended issued by the Central Government in terms of sub-section (4A) ofSection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act we report that:

(a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) the balance sheet the statement of profit and loss and the cash flow statementdealt with by this report are in agreement with the books of account;

(d) in our opinion the balance sheet the statement of profit and loss and the cashflow statement comply with the Accounting Standards notified under the Act (which continueto be applicable in respect of Section 133 of the companies Act 2013 in terms of theGeneral Circular 15/2013 dated 13-09-2013 of the Ministry of Corporate Affairs); and

(e) on the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of clause(g) of subsection (1) of Section 274 of the Act.

V.RAMACHANDRA RAO
Place: Hyderabad Chartered Accountant
Date: 30.05.2016. Membership No.203292

STATEMENT REFERRED TO IN THE AUDIT REPORT

i. There were no fixed assets during the year ended on 31-03-2016.

a. The Company has no Stock and hence the question of physical verification does notarise.

ii. a) As per the information and explanation given to us the company has takeninterest free loan from parties covered u/s 301 of the Companies Act and it has not givenany loans to any party covered u/s 301 of the Companies Act 1956.

b) The loans are interest free unsecured loan and as per the information andexplanation given to us is not prima-facie prejudicial to the interest of the company.

c) We have been informed that there are no terms of repayment of the principal andhence the reporting requirement of this clause and clause iii (d) are not applicable.

The details of the loans are as under:-

Name of the party Opening balance Receipt during the year Repayment during the year Closing balance
Shiva paper mills limited 475000 - - 475000
Sh.Pramod kumar jain 1000000 - - 1000000
Sh. Amit Jain 500000 - - 500000
Smt. Kiran Jain 165000 - - 165000

iii. The entire operation of the company remain closed and there was no employee andconsequently the internal control procedures established in the past for purchase ofinventory fixed assets sale of goods was also not in operation.

iv. a) According to the information and explanation given to us we are of the opinionthat the transaction that needs to be entered into the register maintained under section301 of the companies Act 1956 have been so entered.

b) In our opinion and according to the information and explanation given to us therehas been no transaction made in pursuance to contracts or arrangements entered in theregister maintained u/s 301 which exceed valued of five lakh in respect of any partyduring the year. c) As per the information and explanation given to us the company hasnot accepted any public deposit except outstanding inter-corporate loans and deposits fromshare holders.

v. As the operation of the company remain closed during the financial year there was nointernal audit system in operation.

vi. Maintenance of the cost record has not been prescribed by the Central Governmentu/s 209(1)(d) of the companies Act 1956.

vii. a) We have to report that the custom duty of Rs. 36778 property tax Rs. 817129sales tax Rs. 14874 & TDS on contractors Rs. 4239 & TDS on salaries for Rs. 300are outstanding as on 31.03.2016.

b) according to the information and explanations given to us except as above therewere no other undisputed amounts payable in respect of income tax wealth tax sales taxcustom duty excise and cess which were arrears as on 31.03.2016 for a period of morethan six months from the date they became payable and that there are no demands pending onaccount of any disputes before any forum.

viii. The accumulated losses of the company at the end of the financial year exceed itsnet worth. The company has incurred cash losses in this financial year.

ix. As per records of the company and the information and explanations given to us wehave to report that the company had defaulted in repayment of its secured loans to banks.During the year ended 31.03.2006 the company paid entire amount due to banks on one timesettlement. Consequently there is no outstanding amount payable to banks.

x. Based on our examination of documents and records maintained by the company we areof the opinion that since the company has not granted any loans and advance on the basisof security by way of pledge of shares debenture and other securities it is not requiredto maintain records in respect thereof.

xi. In our opinion the company is neither a chit fund nor nidhi / mutual benefitfund/society and hence clause 4 (xiii) of the Order is not applicable to the company.

xii. In our opinion and as per the information and explanations give by management thecompany is not dealing in or trading in shares securities debentures and otherinvestments.

xiii. According to the information and explanations given to us and on an overallexamination of the Balance Sheet of the company we report that during the year no fundswere raised on shorter basis have been used for long-term investments and no long-termfunds have been used to finance short term investments.

xiv. During the year the company has not made any preferential allotment of shares toparties and companies covered in the register maintained under section 301 of thecompanies Act 1956.

xv. During the year the company had not issued any debentures and as such creation ofsecurity is not applicable.

xvi. During the year under review no money was raised by public issue and s suchdisclosure of end use of money raised is not applicable.

xvii. Based upon the audit procedure performed and information and explanations givenby the management we report that during the year no fraud on or by the company has beennoticed or reported by the management.

V.RAMACHANDRA RAO
Place: Hyderabad Chartered Accountant
Date: 30.05.2016. Membership No.203292