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.