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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

Opinion

We have audited the accompanying Statement of Financial results of M/sAsian Flora Limited ("the Company") for the year ended 31" March 2021("the Statement")/ being submitted by the Company pursuant to the requirement ofRegulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015as amended ("Listing Regulations")

The Financial results are prepared based on the audited annual Ind ASfinancial statements as at and for the year ended 31st March 2021 and therelevant requirements of Regulation 33 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 are the responsibility of the Board of Directors of theCompany. Our responsibility is to express an opinion on these financial results based onour review of the financial results for the nine months ended 31st December2019 which are prepared in accordance with recognition and measurement principles laiddown in Indian Accounting Standards (Ind AS) 34 interim Financial reporting specifiedunder the section 133 of the Companies Act 2013 read with relevant rules issued thereunder and other accounting principles generally accepted In India; our audit of annual IndAS Financial statements at and for the year ended 31st March 2020; and therelevant requirements of Regulation 33 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

We do not express an opinion on the accompanying financial results ofthe Company. Because cf the significance of the matter described in the Basis forDisclaimer of Opinion section of our report we have not been able to obtain sufficientappropriate audit evidence to provide a basis for an audit opinion cn these financialresults.

Basis for Disclaimer of Opinion:

1. The Company has borrowings from the banks where fixed assets of thecompany are secured against such loan. As the company has been downgraded toNon-Performing Assets for many years as per the Banking regulation and provisions theBanks have attached all the assets of the Company and we are unable to satisfy ourselveswith regard to value of the assets

2. We were unable to satisfy ourselves with-regard to carrying value ofProperty Plant and Equipment Security Deposits Other non-current assets and currentassets.

3. According the provisions of the Companies Act2013 read with Ind ASall details with regard to borrowings by the Company need to be form part of notes toaccounts the Company has not disclosed any of its information and we are not beingprovided any sanction copies of the borrowings or any of the documents or information.

4. We were unable to confirm or verify correctness of the figuresreferred to Capital advances given for Rs.619920- Refer Note 4

5. We were unable to confirm or verify correctness of the figuresreferred to other deposits for Rs.2200000- Refer Note 3.

As a result of these matters we were unable to determine whether anyadjustments might have been found necessary in respect of above financial results andother financial Information there In.

Other Matter Paragraph

The audit for the previous year was done by another CharteredAccountant and he has expressed a disclaimer of opinion In his report

Management's Responsibility for the Financial Results

These financial results have been prepared on the basis of the annualfinancial statements. The Company's Board of Directors is responsible for the mattersstated In Section 134(5) of the Companies Act 2013 ("the AcT) with respect to thepreparation of these financial results that give a true and fair view of the net profitother comprehensive income and other financial Information In accordance with theaccounting principles generally accepted In India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act and In compliance with theListing Regulation 33.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making Judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial results hat give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial results the Board of Directors areresponsible for assessing the Company's ability to continue as going concern disclosingas applicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either Intend to liquidate the Company or tocease operations or has no realistic alternative but to do so. The Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility of the Audit of Financial Results

Our Objectives are to obtain reasonable assurance about whether thefinancial results are as a whole free from motenal misstatement whether due to fraud orerror and to Issue auditors report that Includes our opinion. Reasonable assurance is ahigh level of assurance but Is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material If Individually or In the aggregate theycould reasonable be expected to influence the economic decisions of users taken on thebasis of these financial statements.

We conducted our audit of the Ind AS financial statements In accordancewith the Standards on Auditing specified under Section 143(10) of the Act Those Standardsrequire that 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 toobtain audit evidence about the amounts and the disclosures In the results there in. Theprocedures selected depend on the auditor's judgment including the assessment of the risksof material misstatement of financial results whether due to fraud or error. In makingthose risk 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 ofOpinion section of our report we were not able to obtain sufficient appropriate auditevidence to provide a basis for an audit opinion on these financial results and otherinformation.

The Financial results include the results for the quarter ended 31stMarch 2020 being the balancing figure between the audited figures in respect of fullfinancial year and the published unaudited year to date figures upto the third quarter ofthe current financial year which are subjected to limited review by us.

For M/s. S.P. Gldugu fit Co.
Chartered Accountants
FRN: 000924S
G.V. Sitapati
Proprietor
M. No:027504
Date: 30.06.2021
Place: Hyderabad
UDIN:21027504AAAAAF6061

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