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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 2015 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 undersub-section (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’ 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 2015;

(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 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 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: 30.05.2015. Membership No.203292

ANNEXURE TO AUDITORS’ REPORT

1. According to the information and explanation given to us the assets of the companyare under the possession of the KSIIDC Bangalore. Since the assets are secured againstthe Loans with KSIIDC.

2. As explained to us there are no stocks of Goods stores spare parts and materialsas physically verified and certified by the management.

3. a. The Company has not taken any loans secured or unsecured from companies firmsor other parties listed in the register maintained under Section 301 of the Companies Ad1956 or from Company under the same management within the meaning of Section 370 (1B) ofthe Companies Act 1956 where the rate of interest and other terms and conditions are inour opinion prima facie prejudicial to the interests of the Company except that on amountof Rs. 214.83 lacs has been taken as unsecured loans from companies in which Directors areinterested and from others.

b. The company has not granted any loans secured or unsecured to companies firms orother parties listed in the register maintained under section 301 of the Companies Act1956 or to company under the same management within the meaning of Section 370 (1B) ofthe Companies Ad 1956 where the rate of interest and other terms and conditions are inour opinion prima facie prejudicial to the interests of the Company.

c. The company has not granted any advances in the nature of loans.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regards to purchases of stores raw materials includingcomponents plant and machinery equipment and other assets and with regard to sale ofgoods.

5. The Company need not to be entered into a register in pursuance of Section 301 ofthe Act. Since no transaction exceeding the value of Rs. 5 00000/- (Rupees five lakhsonly) as such it is not applicable.

6. According to the information and explanations given to us the Company has notaccepted any deposits as define under Section 58 A of the Companies Act 1956 and therules framed there under during the period under review.

7. The company is having a paid-up capital exceeding Rs. 50 lacs as at the commencementof the financial year concerned and has no Internal Audit System commensurate with itssize and nature of business.

8. According to the information explanation given to us maintenance of cost records hasnot been prescribed by the Central Government under section 209 (1) of the Companies Act1956 for any of activities of the Company.

9. a According to the information and explanations given to us Provisions of theProvident Fund Act and Employees State Insurance Act are not applicable to the company.

b. According to the information and explanations given to us and the records of thecompany examined by us there are no undisputed amounts payable in respect of Wealth-Taxsales tax customs duty and excise duty which have remained outstanding as at 31stMarch 2014 for a period of more than six months from the date they became payable exceptthe amounts of TDS of Rs. 25100/-.

10. The company has been registered for a period of not less than 5 years and itsaccumulated losses at the end of the financial year is more than 50% of the net worth.

The company is a Sick Industrial Company within the meaning of clause (o) ofsub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act1985 and the same has not been reported to the BOARD FOR INDUSTRIAL RECONSTRUCTION by theDirectors of the Company.

11. The company has defaulted in repayment of dues to a financial institution or bankas such it is not applicable.

12. The company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities during the financial year hence thispoint is not applicable.

13. According to the information and explanations given to us and records of thecompany examined by us the company has not given any guarantee for loans taken by othersfrom bank and other financial institutions hence this point is not applicable.

14. According to the information and explanations given to us and records of thecompany examined by us the loans were applied for the purpose for which the loans wereobtained.

15. According to the information and explanations obtained and records examined by us.The company has not raised any short term fund during the financial year. Accordinglythere is no question of long term investments it is not applicable.

16. As per the information and explanations obtained and records examined by us. Thecompany has not made any preferential allotment of shares to parties and companies coveredin the register maintained under Section 301 of the Act hence this point is notapplicable.

17. As per the information and explanations obtained and records examined by us. Thecompany has not issued any debentures during the financial year it is not applicable.

18. As per the information and explanations obtained and records examined by us. Sincethe company has not offered any public issue. Accordingly the Management has not providedany disclosure on end use of money hence this point is not applicable.

19. As per the information and explanations obtained and records examined by us. Nofraud has been committed during the financial year it is not applicable.

Date: 30.05.2015 V. RAMACHANDRA RAO
Place: Hyderabad CHARTERED ACCOUNTANT

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