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Report of the Auditors to the Members
1. We have audited the attached Balance Sheet of Atul Ltd as
at March 31, 2009 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date
annexed thereto. These 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 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 management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditors’ Report) Order,
2003 as amended by the Companies (Auditors’ Report)
(Amendment) Order, 2004 (together the ‘Order’) issued by
the Central Government of India in terms of sub-section (4A)
of Section 227 of ‘The Companies Act, 1956’ of India (the
‘Act’) 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 statement on the matters specified
in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in
paragraph 3, above:
a) We have obtained all the information and explanations,
which to the best of our knowledge and belief were
necessary for the purposes 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;
c) The Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report are in
agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account
and the Cash Flow Statement dealt with by
this report, comply with the accounting standards
referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956
except, where the Company has
not recognised the mark-to-market losses of Rs5,484.09
lacs on its derivative contracts to hedge highly probable
forecast transactions and firm commitments not covered
under AS-11, either by way of creating a Hedge Reserve
as recommended by the ICAI or by prudently charging
the same to the Profit and Loss Account as recommended
under AS-1, consequently the profit for the year and the
reserves and surplus at the close of the year, both
resulting higher by Rs5,484.09 lacs;
e) On the basis of written representations received from
the Directors, as on March 31, 2009, and taken on
record by the Board of Directors, we report that none of
the Directors is disqualified as at March 31, 2009 from
being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act,
1956;
f) In our opinion and to the best of our information and
according to the explanations given to us, the said
accounts
subject to the matter referred to in paragraph
4(d) above
and read together with other notes thereon,
give the information required by the Companies Act,
1956, in the manner so required and the said Accounts
give a true and fair view in conformity with the
accounting principles generally accepted in India;
(i) in the case of the Balance Sheet, of the state of affairs
of the Company as at March 31, 2009;
(ii) in the case of the Profit and Loss Account, of the
Profit for the year ended on that date; and
(iii) in the case of the Cash Flow Statement of the Cash
Flows for the year ended on that date;
For and on behalf of
Dalal & Shah
Chartered Accountants
(Ashish S Dalal)
Mumbai
Partner
June 05, 2009
Membership No 033596
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