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Atul Ltd | Annual Report 2013-14
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Financial Statements
1. We have audited the accompanying Financial Statements
of Atul Ltd (‘the Company’), which comprise the Balance
Sheet as at March 31, 2014, and the Statement of
Profit and Loss and 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 Financial
Statements
2. The Management of the Company is responsible for the
preparation of these financial statements that give a true
and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the
Accounting Standards notified under the Companies Act,
1956 of India (‘the Act’) 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 and Accounting Standard
30, Financial Instruments: Recognition and Measurement
issued by The Institute of Chartered Accountants of India
to the extent it does not contradict any other accounting
standard referred to in sub-section (3C) of Section 211 of the
Act. This responsibility includes the design, implementation
and maintenance of internal control relevant to the
preparation and presentation of the Financial Statement
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
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. Those Standards require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
about whether the Financial Statements are free from
material misstatement.
4. An audit involves performing procedures to obtain
audit evidence, about the amounts and disclosures
in the Financial Statements. The procedures selected
depend on the judgement of the Auditors, including
the assessment of the risks of material misstatement
of the Financial Statements, whether due to fraud or
error. In making those risk assessments, the Auditors
consider internal control relevant to the preparation
and fair presentation of the Financial Statements by
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 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. In our opinion, and to the best of our information
and according to the explanations given to us, the
accompanying Financial Statements give the information
required by the Act in the manner so required and give
a true and fair view in conformity with the Accounting
Principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of
affairs of the Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of
the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the
cash flows for the year ended on that date.
Report on other legal and regulatory requirements
7. As required by ‘the Companies (Auditors’ Report)
Order, 2003’, as amended by ‘the Companies
(Auditors’ Report) (Amendment) Order, 2004’, issued
by the Central Government of India in terms of sub-
Section (4A) of Section 227 of the Act (hereinafter
referred to as ‘the Order’), 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.
8. As required by Section 227 (3) of the Act, 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 purpose 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, Statement of Profit and Loss,
and Cash Flow Statement dealt with by this report
are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Statement of
Profit and Loss, and Cash Flow Statement dealt
with by this report comply with the Accounting
Standards notified under the Act 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;
(e) On the basis of written representations received
from the Directors as on March 31, 2014, and
taken on record by the Board of Directors, none
of the Directors is disqualified as on March 31,
2014, from being appointed as a Director in
terms of Clause (g) of Sub-Section (1) of Section
274 of the Act.
For Dalal & Shah
Firm Registration Number: 102020W
Chartered Accountants
Anish P Amin
Mumbai
Partner
May 02, 2014
Membership Number: 040451