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Notes to Accounts of Welcast Steels Ltd.

Mar 31, 2015

1. Estimated amount of contracts remaining to be executed and not provided for- a. On capital account - Rs.0.00 lacs (previous year: Rs. 0.07 lacs)

b. On revenue account (Material contracts for purchase of Raw Materials, stores & service contracts) - Rs. 17.46 lacs (Previous Year: Rs. 315.11Lacs)

(This information pertains to the non-resident shareholders, however dividend is remitted in INR to their NRO Accounts)

2. In the opinion of the Board, any of the assets other than fixed assets have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

3. The company manufactures and deals with a single product, Alloy steel Cast Grinding Media. Also Company's operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006

4. The company has not entered into any non cancelable lease arrangement.

5. Figures for the previous reporting period have been recast in line with current year's presentation.

6. As per revised Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting standard are given below:

The above disclosures are based on information certified by the independent actuary and relied upon by the auditors.

7. Consequent to the requirement of Schedule II of The Companies Act, 2013, the company has revised the estimated useful life of assets which has resulted in additional depreciation charges of Rs.50.44 lacs compared to the depreciation calculation based on erstwhile Companies Act and the same has been considered as an exceptional item.

8. Based on transitional provision provided in Note 7 (b) of Schedule II, the net book value (after retaining the residual value) in respect of those assets where remaining useful life is nil, amounting to Rs 12.27 lakhs (Net of Deferred Tax) has been charged to retained earnings.


Mar 31, 2014

I. As required by section 227(3) of theAct, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from ourexamination ofthose books;

c. The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement referred to in this report are in agreement with the books of account;

d. In our opinion, the Balance sheet, Statement of Profit & loss and Cash Flow statement generally comply with theAccounting Standards referred to in sub-section (3C) of section 211 of the CompaniesAct, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the CompaniesAct, 2013.;

e. On the basis of written representations received from the directors, as on 31st March 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the CompaniesAct, 1956;

1. Share Capital

E TERMS/RIGHTS ATTACHED TO EQUITY SHARES

The Company has only one class of equity shares having par value of 10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the equity shares held by the share holder.

F The company has not allotted any shares pursuant to contract without payment being received in cash, nor by way of bonus shares nor bought back any shares during the immediately preceding five financial years.

1 Contingent liability to the extent not provided for

Rs. in Lacs

Particulars 31.03.2014 31.03.2013

In respect of claims against the company not acknowledged as debt 7.60 7.60

In respect of disputed Service Tax 116.64 116.64

In respect of disputed Custom duty* 556.37 -

In respect of disputed Income tax 1.22 1.22

* Excluding Penalty, Rs. 35 Lakhs has been deposited against the above.

2 Estimated amount of contracts remaining to be executed and not provided for- a. On capital account - Rs.0.07 lacs (previous year: Rs. 5.45 lacs)

b. On revenue account (Material contracts for purchase of Raw Materials, stores & service contracts) - Rs. 315.11 lacs (Previous Year: Rs.84.74Lacs)

4 In the opinion of the Board, any of the assets other than fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

5 The company manufactures and deals with a single product, Alloy steel Cast Grinding Media. Also Company''s operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006

6 The company has not entered into any non cancelable lease arrangement.

7 Figures for the previous reporting period have been recast in line with current year''s presentation.


Mar 31, 2013

1 Contingent liability to the extent not provided for

Rs. in Lacs

Particulars 31.03.2013 31.03.2012

In respect of claims against the company not acknowledged as debt 7.60 7.60

In respect of disputed Service Tax 116.64 116.64

In respect of disputed Income tax 1.22

2 Estimated amount of contracts remaining to be executed and not provided for- a. On capital account - Rs..5.45 lacs /- (previous year: Rs.. 3,72 lacs)

b. On revenue account (Material contracts for purchase of Raw Materials, stores & service contracts) - Rs.. 84.74 lacs (Previous Year : Rs..67.40 lacs)

3 In the opinion of the Board, any of the assets, other than fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4 The company manufactures and deals with a single product, Alloy steel Cast Grinding Media. Also Company''s operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006

5 The company has not entered into any non cancelable lease arrangement.

6 Figures for the previous reporting period have been recast in line with current year''s presentation.


Mar 31, 2012

1 Contingent liability to the extent not provided for Rs. in Lacs

Particulars 31.03.2012 31.03.2011

In respect of disputed customs duty - 556.37

In respect of disputed Income Tax - 3.82

In respect of claims against the company not acknowledged as debt 7.60 7.60

In respect of disputed Service Tax 116.64 116.64

2 Estimated amount of contracts remaining to be executed and not provided for-

a. On capital account - Rs. 3.71/- lacs (previous year: Nil)

b. On revenue account (Material contracts for purchase of Raw Materials, stores & service contracts) - Rs. 674.00/- lacs

(This information pertains to the non-resident shareholders, however dividend is remitted in INR to their NRO Accounts)

3 In the opinion of the Board, all assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4 The Company manufactures and deals with a single product, Alloy steel Cast Grinding Media. Also Company's operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006

5 The Company has not entered into any non cancelable lease arrangement.

Note: This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 These financial statements have been prepared in accordance with Revised Schedule VI to the Companies Act, 1956, which has significant implications in presentation as compared to the presentation as per erstwhile Schedule VI. Figures for the previous reporting period have been recast in line with current year's presentation.


Mar 31, 2011

Rs. in Lakhs

Particulars 31.3.2011 31.3.2010

1. Contingent liability to the extent not provided for in respect of

Disputed customs duty 556.37 556.37

Disputed Income Tax 3.82 3.82

Claims against the company not acknowledged as debt 7.60 7.60

Disputed Service Tax 116.64 Nil

2. Amount remitted in foreign currency on account of Dividend:

Number of non resident share holders 2 2

Number of shares held by them 59,880 59,880

Amount of dividend 1.20 1.20

Year for which dividend was remitted 2009-2010 2008-2009

(This information pertains to the non-resident shareholders by direct remittance)

3. The company manufactures and deals with a single product, Alloy Steel Cast Grinding Media. Also Company's operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006.

4. The company has not entered into any non cancelable lease arrangement.

5. Figures for the previous year have been re-grouped and rearranged wherever necessary.

6. Schedules A to Q form an integral part of the accounts and have duly been authenticated.

7. Information pursuant to part IV of schedule VI to theCompanies Act 1956


Mar 31, 2010

Rs. in Lakhs

Particulars 31.3.2010 31.3.2009

1. Contingent liability to the extent not provided for In respect of Disputed customs duty 556.37 556.37

Disputed Income Tax 3.82 6.04

Claims against the company not acknowledged as debt 7.60 7.60

2. Estimated amount of contracts remaining to be executed on account of capital expenditure to the extent not provided for Nil 150.48

3. Expenditure in foreign currency: Travelling expenses Nil 0.54

4. The value of import on CIF basis: Raw materials Nil Nil

Plant & Machinery Nil Nil

5. Amount remitted in foreign currency on account of Dividend:

Number of non resident share holders 2 2

Number of shares held by them 59,880 59,880

Amount of dividend 1.20 1.20

Year for which dividend was remitted 2008-2009 2007-2008

(This information pertains to the non-resident shareholders by direct remittance)

6. a. The method of determination of cost for the purpose of valuation of raw materials and stores and spares has been changed during the year from First - In - First Out method hitherto followed to weighted average cost method. Consequent to this change, the closing stock value of Raw materials and profit for the year is increase by Rs.3.67 lakhs. The consequential impact due to this change with regard to stores and spares is not ascertainable, however such impact on the profit for the year would not be material in the opinion of the management.

b. The basis of valuation of stores and spares has been changed from cost hither to followed to cost or net realizable value whichever is lower. However impact due to this change is nil, since these materials are not written down below cost in view of finished products in which these are inputs used in or in relation to the manufacture of final products which is realizable above cost.

7. The company manufactures and deals with a single product, Alloy Steel Cast Grinding Media. Also Companys operations are solely situated in India. Hence there are no reportable segments as required by AS - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006.

8. The company has not entered into any non cancelable lease arrangement.

9. Related party disclosures: Rupees in Lakhs

Parties where control exists:

Related Party Relationship

Holding Company :

AIA Engineering Limited Controlled By Bhadresh K. Shah -Director

Key Managerial Personnel:

Bhadresh K. Shah Director

Pradip .R. Shah Director

9. Figures for the previous year have been re-grouped and rearranged wherever necessary.

10. Schedules A to Q form an integral part of the accounts and have duly been authenticated.

11. Information pursuant to part IV of schedule VI to the Companies Act 1956

 
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