Atul Ltd 2019-20

163 are recorded as necessary to permit preparation of Financial Statements in accordance with Generally Accepted Accounting Principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of Management and Directors of the Company; and iii) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of assets of the Company that could have a material effect on the Financial Statements. Inherent limitations of internal financial controls over financial reporting 07. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion 08. In our opinion to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other Auditors referred to in the Other matters paragraph below, Parent, its subsidiary companies and joint venture company, which are companies incorporated in India, have, in all material 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, 2020, based on the internal control over financial reporting criteria established by the respective companies 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 report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial reporting insofar as it relates to, 26 subsidiary companies, which are companies incorporated in India, is based solely on the corresponding reports of the Auditors of such companies incorporated in India. Our opinion is not modified in respect of the above matters. For Deloitte Haskins & Sells LLP Chartered Accountants Firm registration number: 117366W|W-100018 Samir R. Shah Partner Mumbai Membership number: 101708 April 28, 2020 UDIN: 20101708AAAABG4323 Consolidated | Independent Auditor’s Report