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Atul Ltd | Annual Report 2015-16
been audited by other Auditors whose reports have been
furnished to us by the Management, and our opinion
on the Consolidated Financial Statements in so far as it
relates to the amounts and disclosures included in respect
of these subsidiary companies, jointly controlled entity
and associate companies and our report in terms of Sub-
sections (3) and (11) of Section 143 of the Act insofar as
it relates to the aforesaid subsidiaries companies, jointly
controlled entities and associates companies, are based
solely on the reports of the other Auditors.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
9. As required by Section 143(3) of the Act, we report, to
the extent applicable, that:
a) We have sought and obtained all the information
and explanations which to the best of our knowledge
and belief were necessary for the purposes of
our audit of the aforesaid Consolidated Financial
Statements.
b) In our opinion, proper books of account as required
by law maintained by the Holding Company,
its subsidiary companies included in the Group,
associate companies and jointly controlled entity
incorporated in India including relevant records
relating to preparation of the aforesaid Consolidated
Financial Statements have been kept so far as it
appears from our examination of those books and
records of the Holding Company and the reports of
the other Auditors.
c) The Consolidated Balance Sheet, the Consolidated
Statement of Profit and Loss, and the Consolidated
Cash Flow Statement dealt with by this Report
are in agreement with the relevant books of
account maintained by the Holding Company,
its subsidiary companies included in the Group,
associate companies and jointly controlled entity
incorporated in India including relevant records
relating to the preparation of the Consolidated
Financial Statements.
d) In our opinion, the aforesaid Consolidated Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received
from the Directors of the Holding Company as on
March 31, 2016 taken on record by the Board of
Directors of the Holding Company and the reports of
the Statutory Auditors of its subsidiary companies,
associate companies and jointly controlled entity
incorporated in India, none of the Directors of
the Group companies, its associate companies
and jointly controlled entity incorporated in India
is disqualified as on March 31, 2016 from being
appointed as a Director in terms of Section 164 (2)
of the Act.
f) With respect to the adequacy of the Internal
Financial Controls over financial reporting of
the Holding Company, its subsidiary companies,
associate companies and jointly controlled entity
incorporated in India and the operating effectiveness
of such controls, refer to our separate Report in
Annexure A.
g) With respect to the Other Matters to be included in
the Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i) The Consolidated Financial Statements disclose
the impact, if any, of pending litigations as at
March 31, 2016 on the Consolidated Financial
position of the Group, its associate companies
and jointly controlled entity.
ii) Provision has been made in the Consolidated
Financial Statements, as required under the
applicable law or Accounting Standards, for
material foreseeable losses, if any, on long-
term contracts including derivative contracts
as at March 31, 2016.
iii) There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Holding Company and its subsidiary
companies, associate companies and jointly
controlled entity incorporated in India during
the year ended March 31, 2016.
For Dalal & Shah Chartered Accountants LLP
Firm Registration Number: 102020W | W-100040
S Venkatesh
Mumbai
Partner
April 29, 2016
Membership Number: 037942