Home  »  Company  »  Hit Kit Global Solut  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Hit Kit Global Solutions Ltd.

Mar 31, 2014

Note : 1

Company Overwiew

Hit Kit Gloabal Solutions Limited ("the company") is engaged in retail software marketing. The Company is engaged in selling of farms and vegetable produce in the market.

Note : 2

TRADE PAYABLES:

There are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identifiable on the basis of information abailable with the Company and relied upon by the auditors.

i) The Company is exempted from payment of Gratuity Act, 1972 in view of its strength of employee being less than threesold limit attracting the applicability of the said statute and as such no provision has been made for the said liability.

Note : 3

There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

Note : 4

Laibilities and Assets : The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current liabilities and current assets including sundry debtors and loans and advances in the normal course of business would be relize the value at least to the extent stated in the Balance Sheet.

Note : 5

Foreign Currency Transactions :

No foreign Currency Transactions are done by the company during the year under report.

Note : 6

Contigent Liabilites : Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

Note : 7

Segment Accounting in terms of AS 17 issued by the Institute of Chartered Accountans of India : The Company operates in single segment in "Retail Business".

Note : 8

As required by the Accounting Standard 18 "Related Party Disclouser" are given below:

A. List of Related Parties

i) Promoters:

Webnet Infoways Limited

ii) Key Management Personnel & other relatives:

Shri. Anand Agarwal (Managing Director, resigned w.e.f. 25th March, 2014)

Shri. Manish Suryavanshi (Compliance Officer)

Shri. Rajesh Mavani (Chief Financial Officer w.e.f. 25th March, 2014)

B. Transaction with Related Parties : ( Previous year figures in italics)

i) With related party referred to in a (i) above :

- Advance given : Rs. 1,30,30,000/- (Rs. 70,72,000/-)

- Advance received back : Rs. 2,01,02,000/- (NIL)

i) Key Management Personnel & other relatives:

- Salary paid: Rs. 96,000/- (Rs. 59,000/-)

C. No Balances were outstanding at the end of the current year (P.Y. 70,72,000/-) from / to any of the Related parties;

Note : 9

The previous year figures have been accordingly regrouped/reclassified and presented to conform to the current year''s classification. Figures have been rounded off to nearest rupee wherever applicable.


Mar 31, 2013

Company Overwiew

Hit Kit Gloabal Solutions Limited ("the company") is engaged in retail software marketing. The Company is engaged in selling of farms and vegetable produce in the market.

Note : 1

There are no amounts due and outstanding to be credited to Investor Education and Protection Pund.

Note : 2

Laibilities and Assets : The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current liabilities and current assets including sundry debtors and loans and advances in the normal course of business would be relize the value at least to the extent stated in the Balance Sheet.

Note: 3

Foreign Currency Transactions :

Mo foreign Currency Transactions are done by the company during the year under report.

Note: 4

Continent Liabilites : Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past vents and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

Note : 5

Segment Accounting in terms of AS 17 issued by the Institute of Chartered Accountans of India : The Company operates in single segment in "Retail Business".

Note: 6

As required by the Accounting Standard 18 "Related [''arty Disclouser" are given below: A. List of Related Parties l) Promoters:

Vebnet Infowavs Limited ii) Key Management Personnel & their relatives : Shn. Anand Agarvval (Managing Director)

B Transaction with Related Parties : ( Previous year figures in italics) i) With related party referred to in A (i) above:

- Advance Given : Rs. 70,72,000/-

ii) With related party referred to in A (ii) above :

- Remuneration : Rs. NIL (Rs. 7,29,700/- )

C. Rs. 70.72 L Balances were outstanding at the end of theC.Y. (P.Y.:Rs. NIL) from/ to the Related Parties in A(i) above:

Note: 7

Quantitative Information :

As per the legal opinion obtained by the management, the provisions of clause 3 (ii) of Schedule VI of Part 11 of Companies Act, 1956 are not applicable to the company and as such no quantitative details are given.

Note : 8

The company prepares and presents its financial statement as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. In view of the revision to the Schedule VI as per a notification issued during the vear bv the Central Government, the the financial statement for the financial year ended 31st March, 2012 have been prepared as per requirments of the Revised Schedule VI to the Companies Act, 1956. The previous year figures have been accordingly regrouped/ reclassified and presented to conform to the current year''s classification. Figures have been rounded off to nearest rupee wherever applicable.


Mar 31, 2012

Note : 1

Company Overview

Hit Kit Gloabal Solutions Limited ("the company') is engaged in retail software marketing. The Company is engaged in selling of farms and vegetable product in the market.

a. Terms/Rights attached to Equity shares

The Company has one dass of issued shares referred lo as equity shares having a par value of Rs. 2/- each holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors, if any, is subject to the approval of shareholders in Annual General Meeting. All shares rank equally with regards to the Company's residual assets.

i) as perfection ortne Companies Act, isbfc read won me companies particulars oi tmpioyees) Kuies, wsasamenoeo. i ne number of employees employed for the whole year drawing salary of Rs. 60,00,000/- per annum or more is NIL and the number of employees employed for part of the year drawing salary of Rs. 5,00,000/- per month or more is also NIL.

ii) Liability for payment of Gratuity is accounted for on cash basis and future liability on accruing basis has, however, not been actuarialty determined.

Note: 2

There are no amounts due and outstanding to be credited to Investor Education and Protection fund.

Note : 3

Laibilities and Assets:

The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current liabilities and current assets including sundry debtors and loans and advances in the normal course of business would be relize the value at least to the extent staled in the Balance Sheet

Note: 4

Foreign Currency Transactions:

No foreign Currency Transactions are done by the company during the period under report.

Note : 5

Contigent Liabilites:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past vents and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement

Note: 6

As required by the Accounting Standard 18 'Related Party Dtsdouser* are given below:

A. List of Related Parties

i) Promoters:

Webnet Infoways Limited

ii) Key Management Personnel & their relatives :

Mr. Anand Agarwal (Managing Director)

B. Transaction with Related Parties : (Previous year figures in italics) i) With related party referred to in a (ii) above :

- Remuneration : Rs. 1,29,700/- (Rs. 2,60,0001-)

C. No Balances were outstanding at the end of the current period or previous year from I to any of the Related parties;

Note : 7

uantitative Information:

As per the legal opinion obtained by the management, the provisions of dause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the Company and as such no quantitative details are given.

Note: 8

The Company has decided to dose current financial year on 31st March, 2012 instead of 31st January, 2012 and hence current finandal year comprises 14 months.

Note: 9

The company prepares and presents its financial statement as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. In view of the revision to the Schedule VI as per a notification issued during the year by the Central Government, the the financial statement for the financial year ended 31st March, 2012 have been prepared as per requirments of the Revised Schedule VI to the Companies Act, 1956. The previous year figures have been accordingly regrouped/redassified and presented to conform to the current year's dassification. Figures have been rounded off to nearest rupee wherever applicable.


Jan 31, 2010

Nature of Operation

The Company is engaged in Retail Software development and Marketing.The Company has entered into the organized retail Market in India which includes Contract farming and selling of speciality Ayurvedic herbal produce.

1. Contingent Liabilities -

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past vents and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

2. Gratuity

Liability for payment of Gratuity is accounted for on cash basis and future liability on accruing basis has, however, not been actuarially determined.

3. Miscellaneous Expenditure

Miscellaneous Expenditure is written-off @ 10% per annum.

4. Segment Reporting

The Company operates in multi segments of "Software Solutions" and "Retail Business". The segment wise bifurcations as per Clause 41 are under:

5.Related Party Disclosure

As required by the Accounting Standard 18 "Related Party Disclosure" are Given below: -

a. Promoter Company, having sole management control.

Webnet Infoways Limited

b.Long Term Investor named as promoter,

Efforts & Results Technologies Pvt. Limited

6.Foreign Currency Transactions -

No foreign Currency Transactions are done by the company during the year under report.

7.Other information

a)The Company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI of the Companies Act, 1956.

c)Remuneralion to the Directors

Remuneration Paid/Payable Particulars To Directors and other Chief Managerial Person: As per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended.

d)lncome from IT. Activities represents the sales of software rendered and it is stated net of sales return.

8.ln the Opinion of Board of Directors, all the Current Assets, Loans and Advances have a value on realization in the ordinary course of Business which may be less than the amount at which they are stated and all the known liabilities as at the end of year have been provided for. However no devaluation of Assets have been done during the year.

9.Quantitative Information:

As per the legal opinion obtained by the management, the provisions of clause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and as such no quantitative details are given.

10. Liabilities and Assets: Balances group under Sundry Debtors, Sundry Creditors, and Loans and Advances are subject to conformation from respective parties.

11.There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

12.Sundry Creditors (due to SSI Units): As per the information available with the company, the sundry creditors do not include any amount due to SSI exceeding Rs.1.Lakhs outstanding for more than 30 days.

13. Previous years figures have been regrouped or rearranged wherever necessary.

14. Figures have been rounded off to nearest rupee wherever applicable.



 
Subscribe now to get personal finance updates in your inbox!