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105
Report of Auditors on the Consolidated Financial Statements
To the Members
To the Board of Directors of Atul Ltd
1. We have audited the accompanying Consolidated Financial
Statements (‘the Consolidated Financial Statements’) of Atul
Ltd (‘the Company’) and its subsidiary companies, its jointly
controlled entity and associate companies; hereinafter
referred to as the ‘Group’ (refer Note 27.8, 27.9 and 27.10
to the attached Consolidated Financial Statements) which
comprise the consolidated Balance Sheet as at March 31,
2014, and the consolidated Statement of Profit and Loss
and the consolidated Cash Flow Statement for the year then
ended, and a summary of significant Accounting Policies
and other explanatory information which we have signed
under reference to this report.
Responsibility of the Management for the Consolidated
Financial Statements
2. The Management of the Company is responsible for the
preparation of these Consolidated Financial Statements
that give a true and fair view of the consolidated financial
position, consolidated financial performance and
consolidated cash flows of the Group in accordance with
accounting principles generally accepted in India. This
responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation
and presentation of the Consolidated Financial Statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Responsibility of the Auditors
3. Our responsibility is to express an opinion on these
Consolidated Financial Statements based on our
audit. We conducted our audit in accordance with the
Standards on Auditing and other applicable authoritative
pronouncements issued by The Institute of Chartered
Accountants of India. These Standards require that we
comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
the Consolidated Financial Statements are free from
material misstatement.
4. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
Consolidated Financial Statements. The procedures selected
depend on the judgement of the Auditors, including the
assessment of the risks of material misstatement of the
Consolidated Financial Statements, whether due to fraud
or error. In making those risk assessments, the Auditors
consider internal control relevant to preparation and fair
presentation of the Consolidated Financial Statements of
the Company in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating
the appropriateness of Accounting Policies used and the
reasonableness of the accounting estimates made by the
Management, as well as evaluating the overall presentation
of the Consolidated Financial Statements.
5. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
6. We report that the Consolidated Financial Statements
have been prepared by the Management of the Company
in accordance with the requirements of Accounting
Standard - 21 – Consolidated Financial Statements,
Accounting Standard - 23 – Accounting for Investments
in Associates companies in Consolidated Financial
Statements, and Accounting Standard - 27 – Financial
Reporting of Interests in Joint Ventures notified under
Section 211(3C) of the Companies Act, 1956’)|notified
under the Companies Act, 1956 read with the General
Circular 15 | 2013 dated September 13, 2013 of the
Ministry of Corporate Affairs, Government of India in
respect of Section 133 of the Companies Act, 2013.
7. Based on our audit and on consideration of reports of
other Auditors on separate Financial Statements and
on the other financial information of the components
of the Group as referred to in paragraph 9 and 10
below, and to the best of our information and according
to the explanations given to us, in our opinion, the
accompanying Consolidated Financial Statements give
a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Consolidated Balance Sheet, of the
state of affairs of the Group as at March 31, 2014;
(b) in the case of the Consolidated Statement of Profit
and Loss, of the profit for the year ended on that
date; and
(c) in the case of the Consolidated Cash Flow Statement,
of the cash flows for the year ended on that date.
Other Matters
8. The Financial Statements of (i)
fifteen subsidiary
companies and one jointly controlled entity included in
the Consolidated Financial Statements, which constitute
total assets of
`
275.70 cr and net assets of
`
200.61 cr
as at March 31, 2014, total revenue of
`
458.05 cr, net
profit of
`
9.80 cr and net cash flows amounting to
`
5.08 cr for the year then ended; and (ii) seventeen
associate companies which constitute net loss of
`
1.16 cr for the year then ended have been audited by us |
audited by other Auditors| as certified by the Management.
9. We did not audit the Financial Statements of (i)
thirteen
subsidiary companies and one jointly controlled entity
included in the Consolidated Financial Statements, which
constitute total assets of
`
225.08 cr and net assets
of
`
178.35 cr as at March 31, 2014, total revenue of
`
420.49 cr, net profit of
`
7.59 cr and net cash flows
amounting to
`
5.53 cr for the year then ended; and
(ii) seventeen associate companies which constitute
net profit of
`
1.16 cr for the year then ended. These
Consolidated Financial Statements and other financial
information have been audited by other Auditors whose
reports have been furnished to us, and our opinion on
the Consolidated Financial Statements to the extent they
have been derived from such Financial Statements is
based solely on the report of such other Auditors.
10. We did not audit the Financial Statements of two
subsidiary companies which constitute total assets of
`
2.16 cr and net assets of
`
2.12 cr as at March 31, 2014,
total revenue of
`
0.07 cr, net loss of
`
0.40 cr and net
cash flows amounting to
`
0.31 cr for the year then ended.
The unaudited financial information has been certified and
provided to us by the Management, and our opinion on
the Consolidated Financial Statements to the extent they
relate to these subsidiary companies is based solely on
such unaudited financial information furnished to us.
For Dalal & Shah
Firm Registration Number: 101020W
Chartered Accountants
Anish P Amin
Mumbai
Partner
May 02, 2014
Membership Number: 040451