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Auditors’ Certificate regarding compliance
of conditions of Corporate Governance
To the Members of Atul Ltd
We have examined the compliance of conditions of Corporate Governance by Atul Ltd for the year ended March 31, 2011, as
stipulated in Clause 49 of the Listing Agreement of the said Company with the Stock Exchanges in India.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was carried
out in accordance with the Guidance Note on Certification of Corporate Governance (as stipulated in Clause 49 of the Listing
Agreement), issued by the Institute of Chartered Accountants of India and was limited to procedures and implementation
thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit
nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreements.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the Management has conducted the affairs of the Company.
For and on behalf of
Dalal & Shah
Firm Registration No. 102020W
Chartered Accountants
S. Venkatesh
Mumbai
Partner
May 13, 2011
Membership No. F-037942