Atul Ltd 2012-13

Atul Ltd | Annual Report 2012-13 Independent Auditors’ Report To the Members of Atul Ltd Report on the Financial Statements 1. We have audited the accompanying Financial Statements of Atul Ltd (the ‘Company’), which comprise the Balance Sheet as at March 31, 2013, and the Statement of 3URÀW DQG /RVV DQG &DVK )ORZ 6WDWHPHQW IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI VLJQLÀFDQW $FFRXQWLQJ Policies and other explanatory information, which we have signed under reference to this report. Responsibility of the Management for the Financial Statements 2. The Management of the Company is responsible for the preparation of these Financial Statements that give D WUXH DQG IDLU YLHZ RI WKH ÀQDQFLDO SRVLWLRQ ÀQDQFLDO SHUIRUPDQFH DQG FDVK ÁRZV RI WKH &RPSDQ\ LQ accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of ‘the Companies Act, 1956’ of India (the “Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Responsibility of the Auditors 3. Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the Financial Statements. The procedures selected depend on the judgment of the Auditors, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditors consider internal control relevant to the preparation and fair presentation of the Financial Statements by the Company in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of Accounting Policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Financial Statements. 5. We believe that the audit evidence we have obtained LV VXIÀFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU audit opinion. Opinion 6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013, E LQ WKH FDVH RI WKH 6WDWHPHQW RI 3URÀW DQG /RVV RI WKH SURÀW IRU WKH \HDU HQGHG RQ WKDW GDWH DQG (c) in the case of the Cash Flow Statement, of the FDVK ÁRZV IRU WKH \HDU HQGHG RQ WKDW GDWH Report on other legal and regulatory requirements 7. As required by ‘the Companies (Auditor’s Report) Order, 2003’, as amended by ‘the Companies (Auditor’s Report) (Amendment) Order, 2004’, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act (hereinafter referred to as the ‘Order’), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the annexure a VWDWHPHQW RQ WKH PDWWHUV VSHFLÀHG LQ SDUDJUDSKV DQG 5 of the Order. 8. As required by Section 227(3) of the Act, we report that: (a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; F 7KH %DODQFH 6KHHW 6WDWHPHQW RI 3URÀW DQG /RVV and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, Statement of 3URÀW DQG /RVV DQG &DVK )ORZ 6WDWHPHQW GHDOW with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; (e) On the basis of written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the 'LUHFWRUV LV GLVTXDOLÀHG DV RQ 0DUFK IURP being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Act. For Dalal & Shah Firm Registration Number: 102020W Chartered Accountants S. Venkatesh Mumbai Partner May 07, 2013 Membership Number: 037942