Atul Ltd 2008-09

30 Act, 1956 in respect of the subsidiary companies. However, the investors may seek the copies of the Annual Reports and related detailed information of the subsidiary companies by writing to the Company Secretary at the registered office of the Company. Directors’ Responsibility Statement Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that to the best of their knowledge and belief (i) In the preparation of the annual accounts, the applicable accounting standards were followed (ii) Such accounting policies were selected and applied consistently and such judgements and estimates were made that were reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as on March 31, 2009 and of the profit of the Company for the year ended on that date (iii) Proper and sufficient care was taken to maintain adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities (iv) The attached annual accounts for the year ended March 31, 2009 were prepared on a going concern basis. Auditors and Auditors’ Report Dalal & Shah, the Auditors of the Company, will retire at the conclusion of the ensuing Annual General Meeting. They have given their consent to continue to act as the Auditors of the Company for the current year, if reappointed. The relevant notes forming a part of the accounts are self-explanatory and give full information and explanation in respect of the observations made by the Auditors in their Report. With regard to para 4 (d) in the Auditors’ Report dated June 05, 2009 (for details please refer Note number 18(3) of Schedule 16, Notes to Accounts) the Board’s response thereon is as follows i. The Company fully complied with AS- 11 (which deals with foreign currency transactions and is mandatory) ii. The Institute of Chartered Accountants of India (ICAI) also issued another Standard, AS-30, which as far as the year to March 31, 2009 is concerned was not applicable at all whether on a recommendatory basis or otherwise. iii. As for the reference to the announcement of the ICAI dated March 29, 2008, it was, in the opinion of the Board of Directors, not relevant since it refers to the principle of ‘prudence’ which, in turn, refers to ‘known losses’; and given the intent and the actual conduct in respect of the hedge contracts, referred to by the Auditors, there will be neither any profit nor any loss since, as is implicit in a hedge contract, the difference on the settlement date will be neutralised by an equivalent amount that will be embedded in the export sale proceeds converted in rupees. Accordingly, the foregoing Announcement of the ICAI [forming the basis of Para 4 (d) in the Auditors' Report] is not applicable. Acknowledgement The Board of Directors express their sincere thanks to all the customers, employees, lenders and suppliers for their continuing support. For and on behalf of the Board of Directors Mumbai Sunil S Lalbhai June 05, 2009 Chairman and Managing Director