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Company Information

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Bharat Electronics Ltd.

Feb 21, 03:41
77.45 +0.10 (+ 0.13 %)
 
VOLUME : 237973
Prev. Close 77.35
Open Price 76.00
TODAY'S LOW / HIGH
76.00
 
 
 
77.80
Bid PRICE (QTY.) 77.45 (250)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
72.55
 
 
 
157.95
Feb 21, 03:44
77.45 -0.05 ( -0.06 %)
 
VOLUME : 4868582
Prev. Close 77.50
Open Price 77.20
TODAY'S LOW / HIGH
76.05
 
 
 
77.95
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 77.45 (7656)
52 WK LOW / HIGH
72.50
 
 
 
157.95
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Market Cap. ( ₹ ) 18871.41 Cr. P/BV 2.35 Book Value ( ₹ ) 32.90
52 Week High/Low ( ₹ ) 158/73 FV/ML 1/1 P/E(X) 13.18
Bookclosure 11/02/2019 TTM EPS ( ₹ ) 0.00 Div Yield (%) 2.64
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

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 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows 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 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 Ind AS financial statements that give a true and fair view of the financial position, 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 Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph (1) 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, of the state of affairs of the Company as at 31 March 2018, and its profit (including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.

Other Matters

(1) 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.562,962 Lakhs as at 31 March 2018 and total revenues of Rs.431,746 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 & Auditor 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 branches, is based solely on the report of such branch auditors.

Our opinion is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor’s Report) Order 2016 Cthe 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 A, a statement on the matters specified in paragraphs 3 and 4 of the said 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 purposes of our audit;

(b) In our opinion, proper books of accounts 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 units and Corporate office were carried out by us, whilst the audit of Ghaziabad, Panchkula, Kotdwara, Pune, Navi Mumbai and Machilipatnam were audited by the respective branch auditors. The report of the branch auditors have been considered by us while preparing our report. In case of New York, Singapore and other offices, not visited by us, 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 branch 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 (including Other Comprehensive Income), Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account of the Company and with the Returns received from the offices not visited by us.

(e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

(f) The company being a government company, the Provisions of Section 164(2) of Companies Act 2013, in respect of director’s disqualification, are not applicable.

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer our separate report in Annexure B;

(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 2018 - Refer Note No.30(9) to the standalone Ind AS 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 - Refer Note No. 21 to the standalone Ind AS financial statements. The company do not have any derivative contracts -Refer Note No.30(17) 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 by Section 143(5) of the Act, we have considered the directions issued by the Comptroller and Auditor General of India, the action taken thereon and its impact on the Standalone Ind AS financial statements of the company (Annexure C).

The Annexure referred to in Independent Auditors’ Report to the members of the company on the standalone Ind AS financial statements for the year ended 31 March 2018, we report that :

(i) (a) The Company has generally maintained proper records showing full particulars including quantitative details and situations 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, except for those which are mentioned in Note No.1(xvi) (a&d) & Note No.3(xiii) to the standalone Ind AS financial statements.

(ii) The Physical verification of inventory (excluding stock with third parties and material in transit) have been conducted at reasonable intervals by the company. We were informed that, no material discrepancies have been noticed on such verification. The discrepancies noticed on such verification have been properly dealt in the books of accounts.

In respect of materials with sub-contractors, confirmation have been generally received 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 accounts.

(iii) According to the information and explanations given to us, the Company has granted unsecured loans to 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 explanation 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) According to the information and explanation given to us, the schedule of repayment of principal and payment of interest has been stipulated and repayments are regular.

(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 company being a Government company, 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. We were informed that no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

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.

(vi) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government for the maintenance of cost records under section 148 (1) (d) of the Companies Act, 2013 and we are of the opinion that prima facie, the prescribed cost accounts and 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) Based on our examination of books of account and according to the information and explanations given to us, in our opinion, the company is regular in depositing undisputed statutory dues including Provident Fund, Income tax, Goods and Services Tax, Sales tax, Service Tax, duty of customs, duty of excise, Value Added Tax, Cess and other statutory dues applicable to the appropriate authority. No undisputed statutory dues were outstanding as at 31 March 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given and records provided to us, income tax, sales tax, service tax and other taxes which have not been deposited as at 31 March 2018, on account of dispute are as under :

(Rs. in Lakhs)

Name of the Statute

Nature of dues

Financial year to which amount relates

Amount

Forum where dispute is pending

Income Tax Act

Income Tax

2007-08 to 2017-18

137.99

TDS Circle, LTU

Income Tax Act

Disallowances as per Assessment orders

2008-09, 2009-10, 2011-12 to 2013-14

2461.67

Various levels of appellate authorities, Bengaluru

Chapter V of Finance Act,1994

Service Tax

2007-08, 2009-10 to 2011-12

397.08

Customs, Excise and Service Tax Appellate Tribunal(CESTAT)

Chapter V of Finance Act, 1994

Service Tax

2010-11 to 2015-16

688.96

Commissioner of GST and Central Excise

CST

Sales Tax dues & benefit of concessional Form C, Benefit of concessional Form D not allowed

1980-81, 1989-90

12.34

Case remanded to Deputy Commissioner(Appeals)

CST

CST

2005-06 to 2007-08

1346.14

Sales Tax Appellate Tribunal

CST

Acceptance of duplicate copy of 3D(1)

1991-92

1.51

Appeal filed with DC (Appeals) for acceptance of duplicate copy of 3D(1)

CST Act 1956/ Karnataka VAT Act, 2003

Sales Tax

2008-09, 2010-11 to 2014-15

443.64

DCCT (6.1), DCCT (6.2) and DCCT (6.3)

CST Act 1956/ Karnataka VAT Act, 2003

Sales Tax

2008-09 to 2013-14 and 2015-16

85,079.37

Joint Commissioner of Commercial Taxes (Appeal 6)

Andhra Pradesh State VAT Act

Sales Tax

2009-10

21.66

Commercial Tax officer, Nampally, Hyderabad

Customs Act

Customs Duty

2009-10 to 2012-13

123.22

Assistant Commissioner of customs

Customs Act

Customs Duty

2012-13

25.45

Commissioner of Customs

ESI Act,1948

ESI contribution, Interest & Cost of Recovery

1992-93, 1998-2001

30.43

Hontile High Court of Andhra Pradesh

ESI Act,1948

Interest & Damages towards late deposit

1996-97

3.52

Hontile High Court of Punjab & Haryana (Chandigarh)

Central Excise Act

MODVAT credit, Excise Duty

1991-92

29.69

Commissioner Appeals

Central Excise Act

Interest on Excise Duty

2011-12 & 2012-13

243.87

Customs, Excise and Service Tax Appellate Tribunal(CESTAT)

Vacant Land Tax

Vacant Land Tax

1998-99 to 2003-04

10.35

Director, Directorate of Town Panchayat, Chennai

Tamil Nadu General Sales Tax Act

Sales Tax

2007-08 to 2009-10

36.52

Deputy Commercial Tax Officer

Sales Tax

Sales Tax

2008-09

58.85

Rajasthan Tax Board

Sales Tax Act, Bihar

Disputed Tax under Bihar Sales Tax

1995-96 to 1997-98

66.44

Commissioner of Commercial Taxes(Appeals), Chirkunda, Bihar for 1995-96, 1996-97

Urban Land Tax

Urban Land Tax

1984-85 to 2002-03

41.44

Principal commissioner and commissioner of land Reforms

Trade Tax Dues

Rate of Taxes

2000-01 to 2001-02

361.16

Hon’ble High Court of Uttarakhand, Nainital

Total disputed amount

91,621.30

Total amount paid under protest pending final orders

10,084.12

(viii) Based on our examination of books of account and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or Bank or Government or debenture holders.

(ix) To the best of our knowledge and according to the information and explanation given to us, term loans availed by the Company were prima facie applied by the Company during the year for the purpose for which the loans were obtained and the Company did not raise any money by way of Initial Public Offer or further public offer (including debt instruments) during the year.

(x) During the course of our examination of the books and records and according to the information and explanation given to us, we have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor we have been informed of any such case by the management.

(xi) The company being a Government company, 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 to the company.

(xii) The Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the order is not applicable.

(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 where applicable and the details of such transactions have been disclosed in the Financial Statements as required by the applicable Indian accounting standards.

(xiv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review and hence reporting under clause 3(xiv) of the Order is not applicable to the company.

(xv) According to the information and explanations given to us and based on our examination of the 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 the Companies Act, 2013 are not applicable.

(xvi) The company is not required to be registered under section 45-IA of Reserve Bank of India.

For Suri & Co.

Chartered Accountants

Firm Registration No. 004283S

Natarajan V

Bengaluru Partner

29 May 2018 Membership No.223118