Annual Report FY 22-23
Awaiting price reaction for this filing.
Asian Flora Limited reported gross income of Rs 21.35 lakhs in FY 2022-23 versus nil in FY 2021-22, but posted a loss of Rs 5.69 lakhs against a loss of Rs 15.65 lakhs in the prior year. The company's commercial production has been halted for several years as its assets are attached with KSIIDC (Karnataka State Industrial and Infrastructure Development Corporation), and the board is working on a settlement with the secured creditor to restart operations. The firm has only 5 permanent employees on its rolls and there were no related party transactions during the year. Several compliance gaps were flagged by the secretarial auditor, including non-submission of the FY 2016-17 annual report to BSE, failure to publish financial results in newspapers, late filings with MCA (with additional fees), and all equity shares still being held in physical (non-dematerialised) form. No dividend was declared and no transfer was made to general reserves.
This is a deeply distressed, near-dormant company whose core operations are shut due to creditor attachment, raising serious going-concern doubts for shareholders. The marginal revenue uptick and narrower loss do not change the fundamental situation — revival depends entirely on settling with KSIIDC and restarting production, which remains uncertain. Investors should view this as a high-risk, non-operating holding with no near-term income prospects.