Atul Ltd 2008-09

Annexure to Auditors’ Report (Contd.) | Annual Report 2008-09 x. The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses, both, in the financial year under report and in the preceding financial year; xi. On the basis of the records examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks, or debenture holders; xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities; xiii. In our opinion, the Company is not a chit fund or a nidhi | mutual benefit fund | society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 are not applicable to the Company; xiv. The Company is not dealing or trading in shares, securities, debentures and other investments; xv. According to the information and explanations given to us, the company has given corporate guarantee for loans taken by other from bankers and financial institutions in connection with central ETP project at Ankleshwar, the terms and conditions whereof in our opinion, are not prima-facie prejudicial to the interest of the Company; xvi. On the basis of the records examined by us, and relying on the information compiled by the Company for co-relating the funds raised to the end use of term loans, we have to state that, the Company has, prima-facie, applied the term loans for the purposes for which they were obtained; xvii. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usages of funds, we are of the opinion that prima facie as at the close of the year no short term funds have been utilized for long terms investments; xviii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956; xix. On the basis of the records and documents examined by us, the Company has not issued any secured debentures during the year; xx. The Company has not raised any money by public issue during the year; xxi. According to the information and explanations given to us, and to the best of our knowledge and belief, no fraud on or by the Company, has been noticed or reported by the Company during the year; For and on behalf of Dalal & Shah Chartered Accountants (Ashish S Dalal) Mumbai Partner June 05, 2009 Membership No 033596 51