Bharat Electronics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. These results have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015, as amended.
2. Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirements of Segment Reporting.
3. The audited annual results of subsidiary company viz. BEL Optronic Devices Ltd. (100% shareholding), BEL Thales Systems Ltd (74% shareholding) are included in consolidated financial results for the year 2019-20. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26 % Shareholding], The consolidated financial results have been prepared as per Lid AS 110 and Ind AS 28.
4. Adoption of Ind AS 116 : Effective April 1, 2019, the company has adopted Ind AS 116 "Leases" using the cumulative effect method. The standard is applied retrospectively and hence the comparative information is not restated. The adoption of the standard did not have any material impact on the financial statements of the company.
5. The company has assessed the impact of COVID - 19 on its financial statements based on the internal and external information available as at the date of approval of these financial statements. However, the company expects to recover the carrying amount of Inventories, Property, Plant & Equipment, Leases, Financial Instruments, Trade Receivables etc. The company will continue to monitor the future economic conditions and assess its impact on its financial statements.
6. An interim dividend of Rs. 1.40 per equity share was paid for the financial year 2019-20 in the month of February 2020.
7. A final dividend of Rs. 1.40 per equity share for the financial year 2019-20 has been recommended by the Board of Directors at the meeting held on 29th June 2020.
8. The figures of fourth quarter are the balancing figures between the audited figures for the full financial year and the published figures up to the third quarter of the respective financial years.
9. The financial results for the year ended 31 March 2020 have been audited by the statutory auditors of the company.
10. The audited results for the year ended 31 March 2020 is subject to supplementary audit by the Comptroller and Auditor General of India u/s 143 (6) of the Companies Act, 2013.
11. The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 29th June 2020.
12. The figures of fourth quarter are the balancing figures between the audited figures for the full financial year and the published figures up to the third quarter of the respective financial years.
13. The financial results for the year ended 31 March 2020 have been audited by the statutory auditors of the company.
14. The audited results for the year ended 31 March 2020 is subject to supplementary audit by the Comptroller and Auditor General of India u/s 143 (6) of the Companies Act, 2013.
15. The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 29th June 2020.