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Company Information

Home » Market » Company Information

Bharti Airtel Ltd.

May 30, 12:35
373.75 +0.70 (+ 0.19 %)
 
VOLUME : 27606
Prev. Close 373.05
Open Price 373.00
TODAY'S LOW / HIGH
370.20
 
 
 
376.10
Bid PRICE (QTY.) 373.70 (335)
Offer PRICE (Qty.) 373.95 (50)
52 WK LOW / HIGH
283.95
 
 
 
400.65
May 30, 12:24
373.75 +0.65 (+ 0.17 %)
 
VOLUME : 867068
Prev. Close 373.10
Open Price 374.80
TODAY'S LOW / HIGH
370.00
 
 
 
376.50
Bid PRICE (QTY.) 373.75 (253)
Offer PRICE (Qty.) 373.80 (427)
52 WK LOW / HIGH
283.05
 
 
 
401.00
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Market Cap. ( ₹ ) 149402.83 Cr. P/BV 3.21 Book Value ( ₹ ) 116.42
52 Week High/Low ( ₹ ) 401/283 FV/ML 5/1 P/E(X) 35.23
Bookclosure 19/08/2016 EPS ( ₹ ) 10.61 Div Yield (%) 0.27
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2016-03 We have audited the accompanying standalone financial statements of Bharti Airtel Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility 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 judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone 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 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 in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the standalone 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 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 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the standalone 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, of the state of affairs of the Company as at March 31, 2016, its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note 26 (ii) (g) (vi) to the standalone financial statements which, describes the uncertainties related to the legal outcome of Department of Telecommunications' demand with respect to One Time Spectrum Charge. Our opinion is not qualified in respect of this matter

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 purpose 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;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report dated April 27, 2016 in Annexure 2 to this report;

(g) 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 financial statements - Refer Note 52(b) to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 50 to the standalone financial statements;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure 1

Annexure referred to in paragraph 1 of 'Report on other Legal and Regulatory Requirements'

Re: [BHARTI AIRTEL LIMITED] ('the Company')

(i) (a) The Company has maintained proper records showing full particulars with respect to most of its fixed assets, and is in the process of updating quantitative and situation details with respect to certain fixed assets in the records maintained by the Company.

(b) The capitalised fixed assets are physically verified by the management according to a regular programme designed to cover all the items over a period of three years. Pursuant to the planned programme during the year, a substantial portion of fixed assets and capital work in progress has been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noted on such verification.

(c) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment are held in the name of the Company.

(ii) The management has conducted physical verification of inventory (other than inventory with third parties) at reasonable intervals during the year and no material discrepancies were noticed on such physical verification.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnership firm or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provision of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us, there are no loans, investments, guarantees, and securities granted in respect of which provisions of section 185 and 186 of the Companies Act, 2013 are applicable and hence not commented upon.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to service of telecommunication and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of records with a view to determine whether they are accurate or complete.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, value added tax, cess and other material statutory dues applicable to it. The provisions relating to duty of excise are not applicable to the Company.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, value added tax, cess and other material undisputed statutory dues were outstanding, as at the year end, for a period of more than six months from the date they became payable.

(b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, duty of customs, value added tax and cess on account of any dispute, are as follows:

Name of Statutes             Nature of     Amount      Period to which
                             the Dues      Disputed    it relates
                                          (in Rs.Mn)

Andhra Pradesh VAT Act       Sales Tax          41     2005-10

Andhra Pradesh VAT Act       Sales Tax          46     2010-13

Bihar Value Added 
Sales Tax Act                Sales Tax           0     2007-08

Bihar Value Added Sales 
Tax Act                      Sales Tax          69     2006-13
  
Bihar Value Added Sales 
Tax Act                      Sales Tax          42     2005-08

Chhattisgarh VAT Act         Sales Tax           0     2005-07

Gujarat Sales Tax Act        Sales Tax           1     2006-07

J&K General Sales Tax        Sales Tax          34     2004-07

Karnataka Sales Tax Act      Sales Tax         291     2005-06

Kerala Sales Tax Act         Sales Tax           1     2011-12

Kerala Sales Tax Act         Sales Tax           1     2005-13

Kerala Sales Tax Act         Sales Tax          11     2005-06

Kerala Sales Tax Act         Sales Tax           0     2009-13

Kerala Sales Tax Act         Sales Tax           2     2002-05

Kerala Value Added Tax Act   Sales Tax           5     2005-06

Kerala Value Added Tax Act   Sales Tax          71     2006-07

Kerala Value Added Tax Act   Sales Tax          44     2007-09

Kerala Value Added Tax Act   Sales Tax           0     2015-16

Kerala Value Added Tax Act   Sales Tax           0     2015-16

Kerala Value Added Tax Act   Sales Tax           1     2009-10

Madhya Pradesh Commercial 
Sales Tax Act                Sales Tax          23     2007-11

Madhya Pradesh Commercial 
Sales Tax Act                Sales Tax           2     2005-07

Madhya Pradesh Commercial 
Sales Tax Act                Sales Tax           1     2004-08

Madhya Pradesh Commercial 
Sales Tax Act                Sales Tax           0     2004-08

Madhya Pradesh Commercial 
Sales Tax Act                Sales Tax           1     2008-13

Madhya Pradesh Commercial
Sales Tax Act                Sales Tax          22     1997-04

Maharashtra Sales Tax Act    Sales Tax           0     2003-04

Punjab Sales Tax Act         Sales Tax           1     2009-16

Punjab Sales Tax Act         Sales Tax          30     2003 04

Punjab Sales Tax Act         Sales Tax           1     2002-03

Punjab Sales Tax Act         Sales Tax           1     2008-10

UP VAT Act                   Sales Tax          20     2005-16

UP VAT Act                   Sales Tax          21     2002-05

UP VAT Act                   Sales Tax           1     2005-08

UP VAT Act                   Sales Tax           6     2008-11

UP VAT Act                   Sales Tax           3     2003-16

UP VAT Act                   Sales Tax           7     2005-06

UP VAT Act                   Sales Tax           7     2009-10

UP VAT Act                   Sales Tax           6     2003-16

Uttaranchal VAT Act          Sales Tax           0     2013-14

West Bengal Sales Tax Act    Sales Tax           0     1996-97

West Bengal Sales Tax Act    Sales Tax           0     1995-96

West Bengal Sales Tax Act    Sales Tax           9     2005-06

West Bengal Sales Tax Act    Sales Tax           3     1997-12

Sub Total (A)                                  826 

Finance Act, 1994 (Service 
tax provisions)              Service Tax       307     1995-08

Finance Act, 1994 (Service
tax provisions)              Service Tax         7     2000-07

Finance Act, 1994 (Service 
tax provisions)              Service Tax        16     2003-07

Finance Act, 1994 (Service
tax provisions)              Service Tax         7     2002-07

Finance Act, 1994 (Service 
tax provisions)              Service Tax    10,015     1995-12

Finance Act, 1994 (Service
tax provisions)              Service Tax         3     2010-11

Finance Act, 1994 (Service 
tax provisions)              Service Tax       238     2009-12

Finance Act, 1994 (Service 
tax provisions)              Service Tax         8     2009-10

Sub Total (B)                               10,601 

                                                       2001-03, 2004- 
Income Tax Act, 1961         Income Tax        128     08, 1996-97

                                                       2003-10, 
Income Tax Act, 1961         Income Tax     11,578     2003-11

                                                       2013-14, 
Income Tax Act, 1961         Income Tax     18,899     1995-2003

                                                       2004-13, 1994- 
Income Tax Act, 1961         Income Tax     17,919     95, 1996-98

Income Tax Act, 1961         Income Tax         75     2004-16

Sub Total (C)                               48,599 

Custom Act, 1962             Custom Act      4,128     2001-06

Custom Act, 1962             Custom Act          0     2009-10

Custom Act, 1962             Custom Act        126     2006-10

Sub Total (D)                                4,254 

Name of Statutes                 Forum where the dispute is pending

Andhra Pradesh VAT Act           Tribunal

Andhra Pradesh VAT Act           Deputy Commissioner, Commercial Taxes,
                                 Punjagutta 
Bihar Value Added Sales Tax Act Assistant Commissioner, Appeal

Bihar Value Added Sales Tax Act Joint Commissioner, Appeal

Bihar Value Added Sales Tax Act Tribunal

Chhattisgarh VAT Act Assistant Commissioner

Gujarat Sales Tax Act Assistant Commissioner

J & K General Sales Tax          High Court, Jammu & Kashmir
Karnataka Sales Tax Act Assistant Commissioner

Kerala Sales Tax Act             Commercial tax Officer

Kerala Sales Tax Act             Commercial tax Officer
Kerala Sales Tax Act Deputy Commissioner, Appeal

Kerala Sales Tax Act Intelligence Officer Squad

Kerala Sales Tax Act             Tribunal
Kerala Value Added Tax Act Deputy Commissioner, Appeal

Kerala Value Added Tax Act High Court of Kerala

Kerala Value Added Tax Act       Asst. Commissioner, Spl Circle
                                 III, Ernakulam

Kerala Value Added Tax Act       Intelligence Inspector, Squad
                                 No. I, Tellichery

Kerala Value Added Tax Act       Intelligence Inspector, Squad
                                 No. 3, Ernakulam
Kerala Value Added Tax Act Asst. Commissioner

Madhya Pradesh Commercial Sales
Tax Act                          Appellate authority

Madhya Pradesh Commercial Sales
Tax Act                          High Court

Madhya Pradesh Commercial Sales
Tax Act                          Tribunal

Madhya Pradesh Commercial Sales
Tax Act                          Commercial tax Officer

Madhya Pradesh Commercial Sales
Tax Act                          Deputy Commissioner

Madhya Pradesh Commercial Sales
Tax Act                          Deputy Commissioner, Appeal
Maharashtra Sales Tax Act Joint Commissioner, Appeal

Punjab Sales Tax Act             Deputy Excise and Taxation
                                 Commissioner

Punjab Sales Tax Act             High Court
Punjab Sales Tax Act Jt. Director (Enforcement)

Punjab Sales Tax Act             Tribunal                           

UP VAT Act                       Assessing Officer                 

UP VAT Act                       Assistant Commissioner                  

UP VAT Act                       Commercial tax Officer                    

UP VAT Act                       High Court                        

UP VAT Act                       Joint Commissioner, Appeal          

UP VAT Act                       Tribunal                       

UP VAT Act                       Additional Commissioner                

UP VAT Act                       Deputy Commissioner                      

Uttaranchal VAT Act              AO                                     

West Bengal Sales Tax Act        The Deputy Commisssoner of
                                 Commercial Taxes                            

West Bengal Sales Tax Act        Commercial tax Officer                    

West Bengal Sales Tax Act        Revision Board                    

West Bengal Sales Tax Act        Tribunal                          

Finance Act. 1994                Supreme Court                            

Finance Act. 1994                Commissioner Adjudication            

Finance Act. 1994                Commissioner Appeal                      

Finance Act. 1994                High court                                 

Finance Act. 1994                Tribunal                                   

Finance Act. 1994                Add. Commissioner-Delhi WHO

Finance Act. 1994                Commissioner of Service Tax Gurgaon

Finance Act. 1994                Commissioner of Service Tax

Income Tax Act, 1961             Supreme Court, High Court
Income Tax Act, 1961 Income Tax Appellate Tribunal

Income Tax Act, 1961             Commissioner of Income Tax (Appeals)       

Income Tax Act, 1961             Assessing Officer

Custom Act, 1962                 Supreme Court                              

Custom Act, 1962                 Tribunal                               

Custom Act, 1962                 Tribunal                              
The above mentioned figures represent the total disputed cases without any assessment of Probable, Possible and Remote, as done in case of contingent liabilities of the above cases, total amount deposited in respect of sales tax is Rs. 292 Mn, Service tax is Rs. 463 Mn, Income tax is Rs. 11,056 Mn and Custom Duty is Rs. 2,138 Mn.

(viii) Based on our audit procedures for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank debenture holders or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management and on an overall examination of the balance sheet, we report that, monies raised by the Company by way of debt instruments / term loans were applied for the purpose for which the loans were obtained, though idle/surplus funds which were not required for immediate utilisation have been gainfully invested in liquid investments payable on demand. The maximum amount of idle/ surplus funds invested during the year was Rs. 63,215 Mn, of which no amount was outstanding at the end of the year

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud by the Company or on the Company by the officer and employees of the Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him.

(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W

per Nilangshu Katriar

Partner

Membership Number: 58814

Place: Gurgaon

Date: April 27, 2016