Annual Report FY 23-24 attached herewith.
Awaiting price reaction for this filing.
Asian Flora Limited reported zero operating income for FY 2023-24, down from Rs. 21.35 lakhs in the previous year, and incurred a loss of Rs. 12.10 lakhs (vs Rs. 5.69 lakhs loss in FY23). The company had no business operations during the year and its assets are attached by KSIIDC (Karnataka State Industrial and Infrastructure Development Corporation), with the company working toward a settlement to restart operations. BSE suspended trading of the company's shares due to repeated delays in filing quarterly results and other SEBI LODR compliance failures. The previous statutory auditor (S.P. Gidugu & Co) resigned in November 2024 citing inability and ineligibility, and M/s Sathuluri & Co was appointed as the new statutory auditor. Multiple compliance lapses were flagged including non-publication of results in newspapers, AGM held outside the timeline, unpaid listing fees, and equity shares remaining in physical mode only.
This is a deeply distressed company with no revenue, mounting losses, suspended stock trading, attached assets, and significant going concern uncertainty. Shareholders face high risk — the shares are not currently tradable on BSE, operations are stalled pending a KSIIDC settlement, and there is no clear timeline for business revival. Existing investors should view this as a high-risk, illiquid holding with potential for further dilution or write-down.