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Atul Ltd | Annual Report 2014-15
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Standalone Financial Statements
1. We have audited the accompanying Standalone
Financial Statements of Atul Ltd (Company), which
comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary
of significant Accounting Policies and other
explanatory information.
Management’s responsibility for the Standalone
Financial Statements
2. The Company’s Board of Directors (Board) is
responsible for the matters stated in Section 134
(5) of the Companies Act, 2013 (Act) with respect
to the preparation of the Standalone Financial
Statements to give a true and fair view of the
financial position, financial performance and cash
flows of the Company in accordance with the
Accounting Principles generally accepted in India,
including the Accounting Standards specified
under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014 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 specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance
of adequate accounting records in accordance
with the provisions of the Act for safeguarding
the assets of the Company and for preventing
and detecting frauds and other irregularities;
selection and application of appropriate
Accounting Policies; making judgements and
estimates that are reasonable and prudent; and
design, implementation and maintenance of
adequate internal financial controls, that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the Standalone
Financial Statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.
Auditors’ responsibility
3. Our responsibility is to express an opinion on the
Standalone Financial Statements based on our
audit.
4. We have taken into account the provisions of the
Act and the Rules made thereunder including
the Accounting Standards and matters which are
required to be included in the Audit Report.
5. We conducted our audit in accordance with
the Standards on Auditing specified under
Section 143 (10) of the Act and other applicable
authoritative pronouncements issued by The
Institute of Chartered Accountants of India. Those
Standards and pronouncements require that we
comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
about whether the Standalone Financial Statements
are free from material misstatement.
6. An audit involves performing procedures to
obtain audit evidence about the amounts and the
disclosures in the Standalone Financial Statements.
The procedures selected depend on the judgement
of the Auditors, including the assessment of the
risks of material misstatement of the Standalone
Financial Statements, whether due to fraud or
error. In making those risk assessments, the Auditor
considers internal financial control relevant to the
preparation of the Standalone Financial Statements
by the Company that give a true and fair view,
in order to design audit procedures that are
appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the
Company has in place an adequate internal financial
controls system over financial reporting and the
operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the
Accounting Policies used and the reasonableness
of the accounting estimates made by the Directors
of the Company, as well as evaluating the
overall presentation of the Standalone Financial
Statements.
7. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Standalone
Financial Statements.
Opinion
8. In our opinion, and to the best of our information
and according to the explanations given to us, the
aforesaid Standalone 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, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows
for the year ended on that date.
Report on other legal and regulatory requirements
9. As required by ‘the Companies (Auditor’s Report)
Order, 2015’, issued by the Central Government of
India in terms of sub-section (11) of Section 143 of