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
(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
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
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