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Atul Ltd | Annual Report 2016-17
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Standalone Indian Accounting Standards
(Ind AS) Financial Statements
01. We have audited the accompanying Standalone Financial
Statements of Atul Ltd (the Company), which comprise
the Balance Sheet as at March 31, 2017, the Statement
of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement
of changes in equity for the year then ended, and a
summary of the significant Accounting Policies and other
explanatory information.
Management’s responsibility for the Standalone Ind AS
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 Ind AS Financial Statements to give a true and
fair view of the financial position, financial performance
(including Other Comprehensive Income), cash flows and
changes in equity of the Company in accordance with
the Accounting Principles generally accepted in India,
including the Indian Accounting Standards specified in the
Companies (Indian Accounting Standards) Rules, 2015 (as
amended) under Section 133 of the Act. 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 Standalone
Ind AS 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 Ind AS 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 and
Auditing Standards and matters which are required to be
included in the Audit report.
05. We conducted our audit of the Standalone Ind AS
Financial Statements 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 Ind AS Financial Statements are free from
material misstatement.
06. An audit involves performing procedures to obtain audit
evidence about the amount and the disclosures in the
Standalone Ind AS Financial Statements. The procedures
selected depend on the Auditors’ judgement, including
the assessment of the risks of material misstatement of
the Standalone Ind AS 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 Ind AS 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 Standalone Ind AS 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 Ind AS 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 Ind AS 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, 2017,
and its profit (including Other Comprehensive Income),
its cash flows and the changes in equity for the year
ended on that date.
Other matter
09. The financial information of the Company for the year
ended March 31, 2016 and the transition date opening
Balance Sheet as at April 01, 2015 included in these
Standalone Ind AS Financial Statements, are based on
the previously issued Statutory Financial Statements
for the years ended March 31, 2016 and March 31,
2015 prepared in accordance with the Companies
(Accounting Standards) Rules, 2006 (as amended)
which were audited by us, on which we expressed an
unmodified opinion dated April 29, 2016 and April 30,
2015. The adjustments to those Financial Statements for
the differences in Accounting Principles adopted by the
Company on transition to the Ind AS have been audited
by us.
Our opinion is not qualified in respect of these matters.
Report on other legal and regulatory requirements
10. 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 (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 B a statement on the matters
specified in paragraphs 3 and 4 of the Order.