AIFL's Unaudited Results for Quarter Ended 30 Sep 2021 - Disclaimer of Opinion
AIFL announced unaudited results for quarter ended Sep 30, 2021. Auditor issued a disclaimer of opinion due to unavailability of documents, non-compliance and fraudulent transactions. Company is undergoing CIRP.
The disclaimer of opinion by the auditor and the ongoing CIRP indicate significant financial and operational distress, resulting in a high impact.
The auditor's disclaimer of opinion and the numerous issues raised regarding financial records and compliance indicate a negative outlook.
* Ashapura Intimates Fashion Limited announced unaudited financial results for the quarter ended 30th September, 2021. * Auditor has issued a disclaimer of opinion due to several factors including: * Unavailability of supporting documents/information for opening balances as of 01.04.2021. * Irregularities and suspected fraudulent transactions noted during the year ended 31st March, 2018. * Non-reconciliation of trade payables and receivables as of 30.09.2021. * Failure to deposit statutory dues (PF, ESIC, GST, TDS, Income Tax) for financial years 2017-2021. * Doubtful nature of trade receivables and advances to suppliers. * Contravention of Sections 185 & 186 of the Companies Act, 2013 regarding interest-free loans. * Non-availability of supporting data for closing inventory as of 30th September, 2021. * Inability to comment on contravention of Sections 177 & 188 of the Companies Act, 2013. * Share application money of ₹2.70 crore pending allotment as of 30.09.2021, contravening Section 73 of the Companies Act 2013. * Non-obtainment of actuarial valuation for employee benefits. * Lack of details on pending litigations and claims. * Non-verification of compliances as per applicable Indian Accounting Standards (IND AS). * Non-ascertainment of deferred tax liability/assets. * Non-availability of fixed assets register. * Non-reconciliations of trade receivables/payables in foreign currency. * Lack of data on secured loans and unsecured borrowings. * Lack of data on certain liabilities including term loans and employee benefits payable. * Reliance on management's data for revenue transactions due to CIRP. * Lack of supporting documents for interest income and rent income. * Lack of detailed records for purchases, cost of materials, employee benefits, and other operating expenses. * Inability to verify compliance with IND AS 17 "Leases". * Key financial documents were not available for verification. * The Company has provided for impairment and diminution in the value of investments in subsidiaries, advances, inventories, trade receivables, and balances due from statutory authorities, based on the information and explanations provided by the Management. * The financial results indicate a loss before tax of ₹161.81 lakh for the quarter ended September 30, 2021. * The company is undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order on June 28, 2019, and is currently in liquidation, with Mr. Bhavesh Rathod as the Liquidator. * Grow House Agro Limited was declared the successful bidder on 23rd December 2024, and a sale certificate was issued on 1st March, 2025, nominating a new Board of Directors. * There were no significant operational activities and revenues reported during the quarter ended September 30, 2021.
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Ashapura Intimates Fashion Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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