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Asian Films Production and Distribution
BSE: 532047|ISIN: INE581B01035|SECTOR: Media & Entertainment
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Asian Films Production and Distribution is not traded in the last 30 days
Asian Films Production and Distribution is not listed on NSE
Sep 11
Notes to Accounts Year End : Sep '12
1.  Background
 
 Asian Films production and Distribution Limited (Formerly Known as K C
 Bokadia Films Limited) incorporated 6th of December 2012. The Company
 is in to the business of production/distribution of movies.
 
 2.  Basis of Preparation
 
 The financial statements of the company have been prepared in
 accordance with generally accepted accounting principles in India
 (Indian GAAP). The company has prepared these financial statements to
 comply in all material respects with the accounting standards notified
 under the Companies (Accounting Standards) Rules, 2006, (as amended)
 and the relevant provisions of the Companies Act, 1956. The financial
 statements have been prepared on an accrual basis and under the
 historical cost convention.
 
 The accounting policies adopted in the preparation of financial
 statements are consistent with those of previous year, except for the
 change in accounting policy explained below. Except AS-6 being
 Depreciation Accounting as depreciation has not been provided on all
 the assets except Computer.
 
 (a) In the view of the Management, No Provision is required to be made
 for Depreciation on fixed assets except Depreciation on Computer. The
 effect of which can not be quantified, to that extent Profit for the
 year and balance in Profit & loss account is over stated
 
 (b) The Company has not made any Provision regarding Gratuity liability
 as prescribed by the accounting standard 15 (Revised) on employee
 benefits.
 
 (c) Investments are long term and unquoted in nature and hence in the
 view of the management no provision for diminution in the value of
 investments is required to be made.
 
 3.1 Related party transaction
 
 As per accounting standard on Related Party Disclosure (AS-18) as
 notified by the ompanies Accounting Standard Rules, 2006 (as amended),
 the names of the related parties of the Company are as follows:
 
 Names of related parties and related party relationship
 
 Related parties where control exists irrespective of whether
 transactions have occurred or not:
 
 Key Managerial Personnel
 
 Anurag Prasad -Whole Time Director
 
 C. Remuneration to key managerial personal
 
 Anurag Prasad (Whole Time Director) 1,200,000 2,87,000
 
 3.2 Contingent liabilities
 
 The following are the details of contingent liabilities
 
 a.  Claims against the Company not acknowledged as debt are Rs.
 (Previous year - Rs.).
 
 The Company has cases pending at the Central Investigation Unit
 (Customs) and Securities Exchange Board of India. The departments are
 yet to pass final order hence the liability for the same is currently
 unascertainable.
 
 3.3 Balances in respect of certain sundry debtors, sundry creditors
 and loans and advances are taken as shown by the books of account and
 are subject to confirmation and consequent adjustments and
 reconciliation, if any.
 
 3.4 As per Management opinion Current assets, loans and advances have
 a value on realization which in the ordinary course of the business
 would not be less than the amount at which they are stated in the
 balance sheet and the provisions for all known and determined
 liabilities are adequate and not in excess of the amount reasonably
 required.
 
 3.5 Details of dues to micro and small enterprises as defined under
 the MSMED Act, 2006
 
 There are no micro, small and medium enterprises, to which the Company
 owes dues, which are outstanding for more than 45 days as at March 31,
 2012. This information as required to be disclosed under the Micro,
 Small and Medium Enterprises Development Act, 2006 has been determined
 to the extent such parties have been identified on the basis of
 information available with the Company.
 
 3.6 Figures in brackets represent those of the previous year.
 
 3.7 Figures for the previous year have been regrouped / amended
 wherever necessary.
Source : Dion Global Solutions Limited
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