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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, 2014, as
stipulated in Clause 49 of the Listing Agreements of the said Company with 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
Agreements), 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 nor the efficiency or effectiveness with which the
Management has conducted the affairs of the Company.
For Dalal & Shah
Firm Registration No. 102020W
Chartered Accountants
(Anish P Amin)
Mumbai
Partner
May 02, 2014
Membership Number: 040451
Auditors’ Certificate regarding compliance of
conditions of Corporate Governance