Atul Ltd 2011-12

99 Report of the Auditors on Consolidated Financial Statements 1. We have audited the attached consolidated Balance Sheet of Atul Ltd (the ‘Company’) and its subsidiary companies, its jointly controlled entity and associate companies; hereinafter referred to as the ‘Group’ (refer Note 27.8 to the attached consolidated financial statements) as at March 31, 2012, the related consolidated Statement of Profit and Loss and the consolidated Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These consolidated financial statements are the responsibility of the Management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the Accounting Principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We did not audit the financial statements of (i) five subsidiary companies and one jointly controlled entity included in the consolidated financial statements, which constitute total assets of ` 173.32 cr as at March 31, 2012, total revenue of ` 238.04 cr, net profit of ` 18.55 cr and net cash outflows amounting to ` 2.13 cr for the year then ended; and (ii) fourteen associate companies which constitute net loss of ` 12.38 cr for the year then ended. These financial statements and other financial information have been audited by other Auditors whose reports have been furnished to us, and our opinion on the consolidated financial statements to the extent they have been derived from such financial statements is based solely on the report of such other Auditors. 4. We report that the consolidated financial statements have been prepared by the Management of the Company in accordance with the requirements of Accounting Standard-21 Consolidated Financial Statements, Accounting Standard-23 Accounting for Investments in Associates in Consolidated Financial Statements, and Accounting Standard-27 Financial Reporting of Interests in Joint Ventures notified under sub-section 3C of Section 211 of the Companies Act, 1956. 5. Based on our audit and on consideration of reports of other Auditors on separate financial statements and on the other financial information of the components of the Group as referred to above, and to the best of our information and according to the explanations given to us, in our opinion, the attached consolidated financial statements give a true and fair view in conformity with the Accounting Principles generally accepted in India: (a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2012; (b) in the case of the consolidated Statement of Profit and Loss, of the profit of the Group for the year ended on that date: and (c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date. For and on behalf of Dalal & Shah Firm Registration No. 102020W Chartered Accountants S Venkatesh Mumbai Partner May 15, 2012 Membership No. F-037942 To the Board of Directors