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SENSEX NIFTY India | Notes to Account > Steel - Medium & Small > Notes to Account from Welcast Steels - BSE: 504988, NSE: N.A

Welcast Steels

BSE: 504988|ISIN: INE380G01015|SECTOR: Steel - Medium & Small
Dec 05, 16:00
-7.75 (-1.65%)
Welcast Steels is not listed on NSE
Mar 17
Notes to Accounts Year End : Mar '18

2 Balance Confirmations

Request for confirmation of balance were sent to Trade receivables and Trade creditors. Responses from some of the parties are yet to be received. In certain cases confirmed balances differ from the company''s book balances which are under reconciliations. Management is confident that there will not be any impact on the financials on completion of the reconciliations.

3 Estimated amount of contracts remaining to be executed and not provided for a. On capital account-?. 16.11 lakhs (previous year: Nil)

b. On revenue account (Material contracts for purchase of Raw Materials, stores & service contracts) - 24.50 lakhs (Previous Year: Nil Lakhs)

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 Ind AS - 108 Operating Segments under the Companies (Indian Accounting Standards) Rules, 2015.

Further sales to a single customer amounting to 10 percent or more of the company’s revenue from sale of grinding media amounted to 22617.15 Lakhs (PY. 20834.74 Lakhs) excluding GST/CST.

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

6 Related party disclosures:

Parties where control exists:

Related Party Relationship__

AlA Engineering Ltd. Holding Company

__(Controlled By Mr Bhadresh K. Shah - Director)_

_Vee ConnectTravels Pvt Ltd__Associate_


_Key Managerial Personnel:__Mr. Bhadresh K. Shah_

__MrVinod Narain_


__MrPradip RShah_

__MrRaiendraS Shah_

__Mr Sanjay S Majmudar_


Mrs Khushali S Solanki

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

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

10 As per Ind AS 19 Employee Benefits, the disclosures of Employee Benefits as defined in the Accounting standard are given below and this disclosure Employee benefits:

Place : Bengaluru

Date : 07-05-2018

Notes: 1. Cash flow statement has been prepared under the indirect method as set out in Ind AS 7 notified under Companies (Indian Accounting Standards) Rules, 2015.

2. Purchase of fixed assets includes movements of capital work-in-progress between the beginning and the end of the year.

3. Previous year figure regrouped/recasted wherever necessary.

Source : Dion Global Solutions Limited
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