182 / 260
Annexure A
to the Independent Auditor’s Report
Referred to in paragraph (f) under ‘Report on other legal
and regulatory requirements’ section of our report of even
date.
¤ĚƎūƑƥ ūŠ ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ
reporting under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (the Act)
ǦǧȦ TŠ ČūŠŏƭŠČƥĿūŠ DžĿƥĺ ūƭƑ îƭēĿƥ ūlj ƥĺĚ ūŠƙūŕĿēîƥĚē
Financial Statements of Atul Ltd (hereinafter referred to
as the Parent) as of and for the year ended March 31,
ǨǦǧǯȡ DžĚ ĺîDŽĚ îƭēĿƥĚē ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ
ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ūlj ƥĺĚ ¡îƑĚŠƥȡ Ŀƥƙ ƙƭċƙĿēĿîƑNj
ČūŞƎîŠĿĚƙ îŠē î ŏūĿŠƥ DŽĚŠƥƭƑĚ ČūŞƎîŠNj DžĺĿČĺ îƑĚ
companies incorporated in India, as of that date.
qîŠîijĚŞĚŠƥɄƙ ƑĚƙƎūŠƙĿċĿŕĿƥNj ljūƑ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ
controls
02. The respective Board of Directors of the Parent, its
ƙƭċƙĿēĿîƑNj ČūŞƎîŠĿĚƙ îŠē ŏūĿŠƥ DŽĚŠƥƭƑĚ ČūŞƎîŠNjȡ
which are companies incorporated in India, are
responsible for establishing and maintaining internal
ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ċîƙĚē ūŠ ƥĺĚ ĿŠƥĚƑŠîŕ ČūŠƥƑūŕ ūDŽĚƑ
ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ČƑĿƥĚƑĿî ĚƙƥîċŕĿƙĺĚē ċNj ƥĺĚ ƑĚƙƎĚČƥĿDŽĚ
companies considering the essential components
of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial
Reporting (the Guidance Note) issued by the Institute
of Chartered Accountants of India (ICAI). These
responsibilities include the design, implementation and
ŞîĿŠƥĚŠîŠČĚ ūlj îēĚƐƭîƥĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ
that were operating effectively for ensuring the
ūƑēĚƑŕNj îŠē ĚljǛČĿĚŠƥ ČūŠēƭČƥ ūlj Ŀƥƙ ċƭƙĿŠĚƙƙȡ ĿŠČŕƭēĿŠij
adherence to the respective policies of the Company,
the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and
completeness of the accounting records and the
ƥĿŞĚŕNj ƎƑĚƎîƑîƥĿūŠ ūlj ƑĚŕĿîċŕĚ ǛŠîŠČĿîŕ ĿŠljūƑŞîƥĿūŠȡ îƙ
required under the Companies Act, 2013.
Auditor’s responsibility
ǦǩȦ ~ƭƑ ƑĚƙƎūŠƙĿċĿŕĿƥNj Ŀƙ ƥū ĚNJƎƑĚƙƙ îŠūƎĿŠĿūŠūŠ ƥĺĚ ĿŠƥĚƑŠîŕ
ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ūlj ƥĺĚ ¡îƑĚŠƥȡ
Ŀƥƙ ƙƭċƙĿēĿîƑNj ČūŞƎîŠĿĚƙ îŠē Ŀƥƙ ŏūĿŠƥ DŽĚŠƥƭƑĚ ČūŞƎîŠNjȡ
which are companies incorporated in India, based on
our audit. We conducted our audit in accordance with
the Guidance Note issued by the Institute of Chartered
Accountants of India and the Standards on Auditing,
ƎƑĚƙČƑĿċĚē ƭŠēĚƑ ¬ĚČƥĿūŠ ǧǪǩȳǧǦȴ ūlj ƥĺĚ ūŞƎîŠĿĚƙ
Čƥȡ ǨǦǧǩȡ ƥū ƥĺĚ ĚNJƥĚŠƥ îƎƎŕĿČîċŕĚ ƥū îŠ îƭēĿƥ ūlj ĿŠƥĚƑŠîŕ
ǛŠîŠČĿîŕ ČūŠƥƑūŕƙȦ ¹ĺūƙĚ ¬ƥîŠēîƑēƙ îŠē ƥĺĚ HƭĿēîŠČĚ
Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable
îƙƙƭƑîŠČĚ îċūƭƥ DžĺĚƥĺĚƑ îēĚƐƭîƥĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ
ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij Džîƙ ĚƙƥîċŕĿƙĺĚē îŠē
maintained and if such controls operated effectively in
all material respects.
ǦǪȦ ~ƭƑ îƭēĿƥ ĿŠDŽūŕDŽĚƙ ƎĚƑljūƑŞĿŠij ƎƑūČĚēƭƑĚƙ ƥū ūċƥîĿŠ
audit evidence about the adequacy of the internal
ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƙNjƙƥĚŞ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij îŠē
their operating effectiveness. Our audit of internal
ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ĿŠČŕƭēĚē
ūċƥîĿŠĿŠij îŠ ƭŠēĚƑƙƥîŠēĿŠij ūlj ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ
ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠijȡ îƙƙĚƙƙĿŠij ƥĺĚ ƑĿƙŒ ƥĺîƥ
î ŞîƥĚƑĿîŕ DžĚĚƙƙ ĚNJĿƙƥƙ îŠē ƥĚƙƥĿŠij îŠē ĚDŽîŕƭîƥĿŠij
the design and operating effectiveness of internal
control based on the assessed risk. The procedures
ƙĚŕĚČƥĚē ēĚƎĚŠē ūŠ ƥĺĚ ŏƭēijĚŞĚŠƥ ūlj ƥĺĚ ƭēĿƥūƑȡ
including the assessment of the risks of material
misstatement of the Financial Statements, whether
due to fraud or error.
05. We believe that the audit evidence we have obtained
and the audit evidence obtained by the other Auditors
of the subsidiary companies, which are companies
incorporated in India, in terms of their reports referred
ƥū ĿŠ ƥĺĚ ~ƥĺĚƑ ŞîƥƥĚƑƙ ƎîƑîijƑîƎĺ ċĚŕūDžȡ Ŀƙ ƙƭljǛČĿĚŠƥ
and appropriate to provide a basis for our audit opinion
ūŠ ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƙNjƙƥĚŞ ūDŽĚƑ ǛŠîŠČĿîŕ
reporting of the Parent, its subsidiary companies
îŠē Ŀƥƙ ŏūĿŠƥ DŽĚŠƥƭƑĚ ČūŞƎîŠNjȡ DžĺĿČĺ îƑĚ ČūŞƎîŠĿĚƙ
incorporated in India.
qĚîŠĿŠij ūlj ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ
reporting
ǦǬȦ ¹ĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij
of the Company is a process designed to provide
reasonable assurance regarding the reliability of
ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij îŠē ƥĺĚ ƎƑĚƎîƑîƥĿūŠ ūlj GĿŠîŠČĿîŕ
¬ƥîƥĚŞĚŠƥƙ ljūƑ ĚNJƥĚƑŠîŕ ƎƭƑƎūƙĚƙ ĿŠ îČČūƑēîŠČĚ
with Generally Accepted Accounting Principles. The
ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ūlj
the Company includes those policies and procedures
that (1) pertain to the maintenance of records that,
ĿŠ ƑĚîƙūŠîċŕĚ ēĚƥîĿŕȡ îČČƭƑîƥĚŕNj îŠē ljîĿƑŕNj ƑĚǜĚČƥ ƥĺĚ
180
Atul Ltd | Annual Report 2018-19
Corporate Overview 01-22
Statutory Reports 23-105
Financial Statements 107-250