asian flora ltd Auditors report

To the Board of Directors of M/s Asian Flora Limited

Report on the Audit of the Financial Results Opinion

We have audited the accompanying Statement of Financial results of M/s Asian Flora Limited (the Company) for the year ended 31st March 2022 ("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 financial statements as at and for the year ended 31st March 2022 and the relevant requirements of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are the responsibility of the Board of Directors of the Company. Our responsibility is to express an opinion on these financial results based on our review of the financial results for the nine months ended 31st December 2019 which are prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standards (Ind AS) 34, interim Financial reporting , specified under the section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India; our audit of annual Ind AS Financial statements at and for the year ended 31st March 2020; and the relevant requirements of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We do not express an opinion on the accompanying financial results of the Company. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial results.

Basis for Disclaimer of Opinion:

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

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

3. According the provisions of the Companies Act,2013 read with Ind AS, all details with regard to borrowings by the Company need to be form part of notes to accounts, the Company has not disclosed any of its information and we are not being provided any sanction copies of the borrowings or any of the documents or information.

4. We were unable to confirm or verify correctness of the figures referred to Capital advances given for Rs.6,19,920- Refer Note 4

5. We were unable to confirm or verify correctness of the figures referred to other deposits for Rs.22,00,000- Refer Note 3.

6. The Company has accumulated losses exceeding the share capital and reserves and its net worth has been fully eroded. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the companys ability to continue as agoing concern. However the standalone financial statements have been prepared on a going concern basis considering management assessment of the current situation and future prospects

As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of above financial results and other financial information there in.

Managements Responsibility for the Financial Results

These financial results have been prepared on the basis of the annual financial statements. The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial results that give a true and fair view of the net profit, other comprehensive income and other financial information in accordance with the accounting principles 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 in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results hat give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Board of Directors are responsible for assessing the Companys ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility of the Audit of Financial Results

Our Objectives are to obtain reasonable assurance about whether the financial results are as a whole free from material misstatement, whether due to fraud or error and to issue auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonable be expected to influence the economic decisions of users taken on the basis of these financial statements.

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial results are free from material misstatement.

An audit of these financial results involves performing procedures to obtain audit evidence about the amounts and the disclosures in the results there in. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of financial results, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the Ind AS financial results that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating 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 section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial results and other information.

The Financial results include the results for the quarter ended 31st March 2022 being the balancing figure between the audited figures in respect of full financial year and the published unaudited year to date figures upto the third quarter of the current financial year which are subjected to limited review by us.

Thanking You

For M/s. S P Gidugu & Co.

Chartered Accountant

FRN:000924S

Sd/-

Sithapathi Gidugu

Proprietor

M. No:027504

Date: 30.05.2022

Place: Hyderabad

UDIN:22027504AJXZDJ1403