Atul Ltd 2016-17

155 respects, an adequate Internal Financial Controls system over financial reporting and such Internal Financial Controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over financial reporting issued by the Institute of Chartered Accountants of India. Other matters 09. Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the Internal Financial Controls over financial reporting in so far as it relates to 32 subsidiary companies, and 1 joint venture company, which are companies incorporated in India, is based on the corresponding reports of the Auditors of such companies incorporated in India. Our opinion is not qualified in respect of this matter. For Dalal & Shah Chartered Accountants LLP Firm Registration Number: 102020W | W-100040 S Venkatesh Mumbai Partner May 05, 2017 Membership Number: 037942