7. Provisions and Contingent Liabilities
Provisions are recognized when the Company
(a) has a present obligation (legal or constructive) as a result of a past event,
(b) it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and
(c) reliable estimate can be made of the amount of the obligation.
Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance Sheet date. If the effect of the time value of money is material,
provisions are discounted to reflect its present value using a current pre-tax rate that reflects
the current market assessments of the time value of money and the risks specific to the
obligation. When discounting is used, the increase in the provision due to the passage of time is
recognized as a finance cost.
Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the Company or a present
obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle or a reliable estimate of the amount cannot be made.
8. Employee Benefits/ Retirement Benefits:
Employee benefits include provident fund, superannuation fund, gratuity fund, compensated
absences, long service awards and post-employment medical benefits.
Short-term Obligation:
Short-term employee benefits like salaries, wages, bonus and welfare expenses payable wholly
within twelve months of rendering the services are accrued in the year in which the associated
services are rendered by the employees and are measured at the amounts expected to be paid
when the liabilities are settled.
Long-term Obligation:
Compensated absences which are not expected to occur within twelve months after the end of
the period in which the employee renders the related service are recognized as a liability at the
present value of the defined benefit obligation as at the Balance Sheet date less the fair value
of the plan assets out of which the obligations are expected to be settled. Long Service Awards
are recognized as a liability at the present value of the defined benefit obligation as at the
Balance Sheet date.
Defined Contribution Plans
Contributions to defined contribution schemes such as employees' state insurance, labour
welfare fund, superannuation scheme, employee pension scheme etc. are charged as an
expense based on the amount of contribution required to be made as and when services are
rendered by the employees. Company's provident fund contribution, in respect of certain
employees, is made to a government administered fund and charged as an expense to the
Statement of Profit and Loss. The above benefits are classified as Defined Contribution
Schemes as the Company has no further defined obligations beyond the monthly contributions.
9. Earnings Per Share
Basic earnings per share is computed by dividing the net profit for the period attributable to
the equity shareholders of the Company by the weighted average number of equity share
outstanding during the period. The weighted average number of equity shares outstanding
during the period and for all periods presented is adjusted for events, such as bonus shares,
other than the conversion of potential equity shares that have changed the number of equity
shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, if any, the net profit for the period
attributable to equity shareholders and the weighted average number of shares outstanding
during the period is adjusted for the effects of all dilutive potential equity shares.
B. Other Notes to Accounts
1) In the opinion of the management, the current assets, loans and advances have the values on
realization in the ordinary course of business at least equal to the amounts at which they are
stated in the balance sheet, except for trade receivables and loans and advances which are
covered under the management's policy in respect of bad and doubtful debts as taken in the
previous years, if any.
2) Debit and Credit balances are subject to confirmation and reconciliation.
3) There are no dues to Micro, Small & Medium Enterprises as at Balance Sheet date and no
interest has been paid to any such parties. This is based on the information on such parties
identified on the basis of information available with the Company and relied upon by the
auditors.
5) The Company has a Joint Venture under the name Engineers India Associates which is not
operational as on 31st March, 2024 other than the investment made. Hence, the Company has
not prepared Consolidated Financial Statements
6) The previous year figures have been regrouped /reclassified wherever considered necessary.
The accompanying notes are an integral part of the financial statements.
For Ishwarlal & Co. ON BEHALF OF BOARD
Chartered Accountants For Hit Kit Global Solutions Limited
Firm Regn. No. 103767W (CIN: L70100MH1988PLC049929)
Sd/- Sd/- Sd/-
Ishwarlal Chaplot Premlata Purohit Kamal Agarwal
Proprietor Chairperson Managing Director
Membership No. 031179 DIN: 07846020 DIN: 07646000
Sd/- Sd/-
Place: Mumbai Ritaben Paras Bhojani Khushboo Doshi
Date: 15th April, 2024 Chief Financial Officer Company Secretary
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