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Company Information

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Bharat Electronics Ltd.

Oct 19
83.35 -2.00 ( -2.34 %)
 
VOLUME : 283156
Prev. Close 85.35
Open Price 85.00
TODAY'S LOW / HIGH
82.25
 
 
 
86.10
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
74.30
 
 
 
192.95
Oct 19
83.10 -2.40 ( -2.81 %)
 
VOLUME : 7636564
Prev. Close 85.50
Open Price 84.90
TODAY'S LOW / HIGH
82.20
 
 
 
86.20
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
74.25
 
 
 
193.40
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Market Cap. ( ₹ ) 20248.09 Cr. P/BV 2.53 Book Value ( ₹ ) 32.90
52 Week High/Low ( ₹ ) 193/74 FV/ML 1/1 P/E(X) 14.14
Bookclosure 24/08/2018 TTM EPS ( ₹ ) 0.00 Div Yield (%) 2.46
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2017-03 

Report on the Standalone Ind AS financial statements

We have audited the accompanying standalone Ind AS financial statements of BHARAT ELECTRONICS LIMITED (“the Company”), which comprise the Balance Sheet as at 31 March 2017, the Statement of Profit and Loss (including Other Comprehensive Income) and, the Cash Flow Statement for the year then ended and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information, in which are incorporated the Returns for the year ended on that date audited by the branch auditors of the Company’s branches at Ghaziabad, Panchkula, Kotdwara, Pune, Navi Mumbai and Machilipatnam.

Management’s Responsibility for the Standalone Ind AS financial statements

The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs(financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph (b) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Ind AS,

a) in the case of the balance sheet, of the state of affairs (financial position) of the Company as at 31 March 2017,

b) in the case of the statement of profit and loss, of the profit (financial performance including other comprehensive income), for the year ended on that date; and

c) in the case of the cash flow statement and statement of changes in equity, of the cash flows and the changes in equity, for the year ended on that date.

Other Matters

a) The comparative financial information of the Company for the year ended 31 March 2016 and the transition date opening balance sheet as at 1 April 2015 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by us whose report for the year ended 31 March 2016 and 31 March 2015 dated 15 July 2016 and 29 May 2015 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.

b) We did not audit the Ind AS financial statements of six branches included in the standalone Ind AS financial statements of the Company whose financial statements reflect total assets of Rs.393,636 lakhs as at 31 March 2017 and total income of Rs.337,985 lakhs for the year ended on that date, as considered in the standalone Ind AS financial statements. The financial statements of these branches have been audited by the branch auditors, appointed by Comptroller & Audit General of India, whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these Units, is based solely on the report of such branch auditors.

c) We draw attention to Note No. 30(15) regarding disclosure of segment information as required under Ind AS 108.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditor’s Report) Order, 2016, issued by the Central Government of India in terms of sub-section 11 of section 143 of the Companies Act,2013 and based on the comments in the auditors’ report of the respective branches, we give in the annexure a statement on the matters specified in paragraph 3 and 4 of the Order to the extent applicable (Annexure I).

2. As required by Section 143 (3) of the Act, we report that:

a) We have sought and 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 it appears from our examination of those books. The audit of the accounts of Bengaluru, Hyderabad and Chennai branches and Corporate Office has been carried out by us. In the case of New York and Singapore Offices and other offices not visited by us, and in respect of which the accounts are maintained at Corporate Office, the returns / records received from the said offices have been verified and found to be adequate for the purpose of our audit.

c) The reports on the accounts of the Unit’s offices of the Company audited under Section 143 (8) of the Act by Branch auditors (in respect of Ghaziabad, Panchkula, Kotdwara, Pune, Navi Mumbai and Machilipatnam Units) have been sent to us and have been properly dealt with, by us, in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account of the Company.

e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with relevant rule issued thereunder;

f) In accordance with Notification No. G.S.R 463(E), dated June 5th, 2015, the requirement of Section 164(2) of the Companies Act, 2013 is not applicable to Government Companies.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company’s financial statements and the operating effectiveness of such controls, a separate report is annexed (Annexure II).

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements as at 31 March 2017-Refer Note 30(10) to the standalone Ind AS financial statements.

ii. The Company has made requisite provisions for material foreseeable losses, for long-term contracts, including derivative contracts, if any, in the standalone Ind AS financial statements as required under the applicable laws or accounting standards - Refer Note 21 to the standalone Ind AS financial statements.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

3. As required under Section 143 (5) of the Act, which is applicable to the Company, findings on the directions issued by Comptroller and Auditor General of India is annexed (Annexure III).

4. The Company has provided requisite disclosures in its standalone Ind AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management - Refer Note 30(19) to the standalone Ind AS financial statements.

ANNEXURE I TO THE INDEPENDENT AUDITOR’S REPORT


The Annexure referred to in paragraph 1 in Report on Other Legal and Regulatory Requirements of the Independent Auditor’s Report of even date to the members of the company on the standalone Ind AS financial statements for the year ended 31 March 2017, we report that:

(i) (a) The Company has generally maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us and based on our examination of records, the Management has generally carried out the physical verification of a portion of the Fixed Assets in accordance with their phased programme of physical verification, which is considered reasonable, having regard to the size of the Company and nature of its fixed assets. In accordance with the programme, certain fixed assets were verified during the year and discrepancies, if any, were properly dealt with on such verification during the year. As informed to us, no material discrepancies have been noticed on such verification during the year.

(c) As explained to us and based on our examination of records, the title deeds of immovable properties are held in the name of the company. We draw your attention to Note No. 1 & 3 to the standalone Ind AS financial statements.

(ii) The raw materials, stores and spare parts, tools, work-in-progress, semi-finished goods and finished goods inventory (excluding stock with third parties and material in transit) have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable and adequate in relation to the size of the Company and the nature of its business.

As informed to us, no material discrepancies have been noticed on such verification. The discrepancies noticed on verification between the physical stocks and the book records have been properly dealt in the books of account.

In respect of materials with sub-contractors, confirmations have been received generally and reconciled with the book records. However, in case of such items for which no confirmations have been received, which are not significant, the company has dealt with the same by making adequate provision in the books of account.

(iii) According to the information and explanations given to us, the Company has granted unsecured loans to one subsidiary company covered in the register maintained under section 189 of the Companies Act 2013 (“Act”). The Company has not granted loans to firms or other parties covered in the register maintained under Section 189 of the Act.

(a) According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opinion that the terms and conditions of loans granted by the company to it’s subsidiary covered in the register maintained under section 189 of the Companies Act, 2013 are not, prima facie, prejudicial to the company’s interest.

(b) In case of the loans granted to the Company listed in the register maintained under section 189 of the Act, the borrower has been regular in the payment of interest and repayment of principal as stipulated.

(c) There are no overdue amounts in respect of the loan granted to the subsidiary company listed in the register maintained under section 189 of the Act.

(iv) The provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security, are not applicable.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from public in the current year as per the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

All deposits have matured and settled except for Rs.36.95 lakhs, out of which Rs.36.50 lakhs is retained as per Garnishee Order of Lokayukta, Bengaluru and the balance of Rs.0.45 lakhs though matured is unpaid due to legal issues.

In our opinion and according to the information and explanations given to us and based on our examination of records, the Company has complied with the provisions of Section 73 and other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

(vi) The Company pursuant to sub-section (1) of section 148 of the Companies Act, 2013 for the maintenance and audit of cost records prescribed by the Central Government has maintained cost records. We are of the opinion that, prima facie, the prescribed cost accounts and cost records have been made and maintained. However, we have not carried out any detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is regular in remittance of undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income-tax, Sales-tax, Service-tax, Custom Duty, Excise Duty, Cess and other applicable statutory dues. According to the information and explanation given to us, no undisputed statutory dues are outstanding as at 31 March 2017, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no disputed amounts that remain unpaid as at 31 March 2017 for a period of more than six months from the date they became payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Sales-tax, Service-tax, Custom Duty, Excise Duty, Cess and other applicable statutory dues with the exception of the following:

(Rs. in lakhs)

Name of statute

Nature of dues

Financial year to which amount relates

Amount

Forum where dispute is pending

Sales Tax Act, Bihar

Disputed Tax under Bihar Sales Tax

1995-96 to 1997-98

66.44

Commissioner of Commercial Taxes(Appeals), Chirkunda, Bihar

CST Act 1956/Karnataka VAT Act, 2003

Sales Tax

2008-09 to 2015-16

*89,812.85

Various levels of Appellate Authorities

Andhra Pradesh State VAT Act

Sales Tax

2005-06 to 2007-08, 2009-10

68.24

Various levels of Appellate Authorities

Finance Act, 1994-Service Tax

Service Tax

2007-08 to 2009-10

147.97

Various levels of Appellate Authorities

Central Excise Act

MODVAT Credit, Excise Duty, Excise Duty Interest

1991-92, 2016-17

290.8

Various levels of Appellate Authorities

Customs Act

Customs Duty

2012-13, 2015-16

148.68

Various levels of Appellate Authorities

Income Tax Act

Income Tax

2007-08 to 2016-17

134.41

TDS Circle, LTU, Bengaluru

CST

CST

2005-06 to 2007-08

1,346.14

Sales Tax Appellate Tribunal

Sales Tax Act

Sales Tax

1980-81, 2007-08 to 2009-10, 2013-14

424.07

Various levels of Appellate Authorities

Vacant Land Tax

Vacant Land Tax

1998-99 to 2003-04

10.35

Director, Directorate of Town Panchayat, Chennai

Urban Land Tax

Urban Land Tax

1984-85 to 2002-03

41.44

Principal Commissioner and Commissioner of Land Reforms, Chennai

Commercial Tax

Sales Tax

1989-90, 1991-92

4.19

Various levels of Appellate Authorities

ESI Act, 1948

Interest & damages towards late deposits, contribution

1992-93, 1998-2001

33.95

Punjab & Haryana High Court (Chandigarh) and Andhra Pradesh High Court


Income Tax Act, 1961

Disallowances as per Assessment Orders

2008-09, 2009-10, 201112 to 2013-14

2,398.66

Various levels of Appellate Authorities, Bengaluru

Labour Act

Dispute on Payment of Compensation

2010-11

2

Delhi High Court

Trade Tax

Rates of Taxes

2000-01, 2001-02

361.15

Uttarakhand High Court, Nainital

Total disputed amount

95,291.34

Total amount paid under protest pending final orders

11,223.97

* The rectified demand value is considered for the year 2008-09 and 2010-11 as per Karnataka High Court Order, however, rectified order is yet to be received from the Karnataka Commercial Tax Department.

(viii) On the basis of examination of records of the Company and information and explanations given to us, the Company has not defaulted in repayment of dues to a bank, financial institution or others.

(ix) The requirement relating to application of moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans for the purposes for which they were raised are not applicable to the Company.

(x) During the course of our examination of the books of account and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company or any fraud on the Company or by its officers or employees has been noticed or reported during the year nor have we been informed of any such case by the Management, that causes the standalone Ind AS financial statements to be materially misstated.

(xi) The provisions in relation to disbursement of managerial remuneration as mandated by section 197 read with Schedule V to the Companies Act, 2013 is not applicable.

(xii) The provisions in relation to compliance of Nidhi Company with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability maintenance of ten per cent unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability is not applicable to the Company.

(xiii) On the basis of examination of records of the Company and information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and the details have been disclosed in the standalone Ind AS Financial Statements vide Note No. 31 as required by the applicable Indian accounting standards.

(xiv) The provisions in relation to preferential allotment or private placement of shares or fully or partly convertible debentures during the year under pursuant to the requirement of section 42 of the Companies Act, 2013 are not applicable, since no such issues have been made by the Company.

(xv) According to the information and explanations given to us and on the basis of examination of records, the Company has not entered into any non-cash transactions with directors or persons connected with him and therefore, the provisions of section 192 of Companies Act, 2013 are not applicable.

(xvi) The requirement of registration under section 45-IA of the Reserve Bank of India Act, 1934 is not applicable to the Company.

For BADARI, MADHUSUDHAN & SRINIVASAN

Chartered Accountants

Firm Registration No. 005389S

(S. RAJENDIRAN)

Bengaluru Partner

29 May 2017 Membership No. 021883