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Asian Flora Ltd.

BSE: 531392 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Asian Flora Ltd
NSE 05:30 | 01 Jan Asian Flora Ltd

Asian Flora Ltd. (ASIANFLORA) - Auditors Report

Company auditors report

To the Board of Directors of

M/s Aslan Flora Limited

Report on the Audit of the Financial Results


We have audited the accompanying Statement of Financial results of M/s Asian FloraLimited ('the Company") for the year ended 31st March 2020 ("the Statement-)being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as amended("Listing Regulations")

The Financial results are prepared based on the audited annual Ind AS financialstatements as at and for the year ended 31st March 2020 and the relevant requirements ofRegulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015are the responsibility of the Board of Directors of the Company. Our responsibility is toexpress an opinion on these financial results based on our review of the financial resultsfor the nine months ended 31st December 2019 which are prepared in accordance withrecognition and measurement principles laid down in Indian Accounting Standards (Ind AS)34 interim Financial reporting specified under the section 133 of the Companies Act2013 read with relevant rules Issued there under and other accounting principles generallyaccepted in India; our audit of annual Ind AS Financial statements at and for the yearended 31st March 2020; and the relevant requirements of Regulation 33 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.

We do not express an opinion on the accompanying financial results of the CompanyBecause of the significance of the matter described in the Basis for Disclaimer of Opinionsection of our report we have not been able to obtain sufficient appropriate auditevidence to provide a basis for an audit opinion on these financial results.

Basis for Disclaimer of Opinion:

1. The Company has adopted Indian Accounting Standards (referred to as "IndAS") notified under the Companies (Indian Accounting Standards) Rules 2015 where InInd AS 113 requires certain financial assets and liabilities to be fair valued in thebooks of accounts. The Company has not fair valued any of its financial assets andfinancial liabilities.

2. The Company has borrowings from the banks where fixed assets of the company aresecured against such loan. As the company has been downgraded to Non-Performing Assets formany years as per the Banking regulation and provisions the Banks have attached all theassets of the Company and we are unable to satisfy ourselves with regard to value of theassets

3. We were unable to satisfy ourselves with-regard to carrying value of Property Plantand Equipment Security Deposits Other non-current assets and current assets.

4. According the provisions of the Companies Act2013 read with Ind AS all detailswith regard to borrowings by the Company need to be form part of notes to accounts theCompany has not disclosed any of its information and we are not being provided anysanction copies of the borrowings or any of the documents or information.

5 We were unable to confirm or verify correctness of the figures referred to Capitaladvances given for Rs.619920- Refer Note 10

6. We were unable to confirm or verify correctness of the figures referred to otherdeposits for Rs.2200000- Refer Note 8.

As a result of these matters we were unable to determine whether any adjustments mighthave been found necessary In respect of above financial results and other financialinformation therein.

Management's Responsibility for the Financial Results

These financial results have been prepared on the basis of the annual financialstatements. The Company's Board of Directors Is responsible for the matters slated InSection 134(5) of the Companies Act 2013 the Act") with respect to the preparationof these financial results that give a true and fair view of the net profit othercomprehensive income and other financial Information In accordance with the accountingprinciples generally accepted In India Including the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act and in compliance with the Listing Regulation 33.

This responsibility also Includes maintenance of adequate accounting records inaccordance with the previsions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialresults hat give a true and fair view and are free from material misstatement whether dueto fraud or error.

In preparing the financial results the Board of Directors are responsible forassessing the Company's ability to continue as going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intend to liquidate the Company or to cease operations orhas no realistic alternative but to do so. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's Responsibility of the Audit of Financial Results

Our Objectives are to obtain reasonable assurance about whether the financial resultsare as a whole free from material misstatement whether due to fraud or error and to Issueauditors report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if Individually or in the aggregate they couldreasonable be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

We conducted our audit of the Ind AS financial statements In accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial results are free from materialmisstatement.

An audit of these financial results involves performing procedures to obtain auditevidence about the amounts and the disclosures in the results there in. The proceduresselected depend on the auditor's Judgment including the assessment of the risks ofmaterial misstatement of financial results whether due to fraud or error. In making thoserisk assessments the auditor considers Internal financial control relevant to theCompany's preparation of the Ind AS. financial results that give a true and fair view. Inorder to design audit procedures that are appropriate In the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial results by adopting the Ind AS

However because of the matter described In the Basis for Disclaimer of Opinion sectionof our report we were not able to obtain sufficient appropriate audit Evidence to providea basis for an audit opinion on these financial results and other Information.

The Financial results include the results for the quarter ended 31st March 2020 beingthe balancing figure between the audited figures in respect of full financial year and thepublished unaudited year to date figures upto the third quarter of the current financialyear which are subjected to limited review by us.

For M/s. Bhumik Sarda & Co.
Chartered Accountant
FRN: 0184875
Bhumik Sarda
M. No: 242569
Date: 31.07.2020
Place: Hyderabad
UDIN: 20242569AAAABR3239