84 / 172
Atul Ltd | Annual Report 2015-16
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Standalone Financial Statements
01. We have audited the accompanying Standalone
Financial Statements of Atul Ltd (‘Company’),
which comprise the Balance Sheet as at March 31,
2016, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a
summary of the significant Accounting Policies and
other explanatory information.
Management’s responsibility for the Standalone
Financial Statements
02. The Board of Directors of the Company is
responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (‘Act’) with respect
to the preparation of these 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 referred to in Section 133 of the Act
read with Rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes maintenance
of adequate accounting records in accordance
with the provisions of the Act for safeguarding
of 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 Financial
Statements that give a true and fair view and are
free from material misstatement, whether due to
fraud or error.
Auditors’ responsibility
03. Our responsibility is to express an opinion on these
Standalone Financial Statements based on our
audit.
04. 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.
05. 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. These
Standards and pronouncements 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.
06. An audit involves performing procedures to
obtain audit evidence about the amounts and
the disclosures in the Financial Statements. The
procedures selected depend on the Auditors’
judgement, 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 Auditor considers
Internal Financial Control relevant to the
preparation of the Financial Statements of the
Company that give a true and fair view, in order to
design audit procedures that are appropriate in the
circumstances. 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 Financial
Statements.
07. 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
08. 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, 2016, and its profit and its cash flows
for the year ended on that date.
Report on other legal and regulatory requirements
09. As required by ‘the Companies (Auditor’s Report)
Order, 2016’, issued by the Central Government of
India in terms of Sub-section (11) of Section 143 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 Annexure B a statement on