Bhatt suggested that the actress would find more work in her native South India than in Hindi cinema, Zoom reports.
The producer said: "I don't feel that she has a great future in Bollywood."
Asin appeared in the commercially successful Ghajini and Ready, but Bhatt said that her contribution to the projects was minimal.
"Her role in both the films was nothing great and the film did not do well because of her performance," he said.
Bhatt advised the Keralan star to take up more challenging work to leave her own mark on the industry.
"Just being a beautiful actress in a film with superstars is not enough. If you want to leave your footprints before you are dead and gone, you must do some films for your obituary also," he said.
Asin said last year that she will be less selective about the projects she takes on in the future.
She also revealed that she struggled to find work after the failure of London Dreams.