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Atul Ltd | Annual Report 2010-11

Report of the Auditors

to the Members

1. We have audited the attached Balance Sheet of Atul

Ltd as at March 31, 2011, and the related Profit and

Loss Account and the Cash Flow Statement for the

year ended on that date annexed thereto, which we

have signed under reference to this report. These

financial statements are the responsibility of the

Company’s Management. Our responsibility is to

express an opinion on these financial statements

based on our audit.

2. We conducted our audit in accordance with the

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

(Auditor’s 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, 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

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 Cash Flow Statement dealt

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, 2011 and

taken on record by the Board of Directors, none

of the directors is disqualified as on March 31,

2011 from being appointed as a director in

terms of clause (g) of sub-section (1) of Section

274 of the Act;

(f) Inour opinion and to the best of our information

and according to the explanations given to us,

the said financial statements together with the

notes thereon and attached thereto give, in the

prescribed manner, the information required

by the Act, and 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, 2011;

(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

Firm Registration No. 102020W

Chartered Accountants

S Venkatesh

Mumbai

Partner

May 13, 2011

Membership No. F-037942