Welspun India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above standalone financial results for the quarter and nine months ended on December 31, 2018 were reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on February 4, 2019. The Statutory Auditors have carried out a Limited Review of the above financial results for the quarter and nine months ended on December 31, 2018.
2. (a) During the quarter ended December 31, 2016 four putative class action suits, relating to the traceability issue, filed in USA against the Company and its subsidiary viz., Welspun USA Inc. by certain consumers were consolidated in one of the courts and are proceeding as a single putative class action. The court proceedings are in a preliminary stage and at present it cannot be determined whether class action will be permitted to proceed and therefore the monetary impact, if any, of the final outcome of the putative class action is currently un-ascertainable.
(b) Exceptional Items is towards legal fees relating to the aforesaid traceability issue.
3. IND-AS 115 - "Revenue from Contracts with Customers” which is mandatory w.e.f. 1st April 2018 has replaced existing revenue recognition requirements. The Company has applied the modified retrospective approach on transition. There were no significant impact on the retained earnings as at 1st April 2018 and on these financial results.
4. The Company is principally engaged in a single business segment Viz. Home Textiles. As such there are no other separate reportable segment as defined by Ind AS 108 "Operating Segment".
5. Figures for the previous periods/year are re-arranged/re-grouped, wherever necessary.