Atul Cover DS (Spine 20mm)

transactions and dispositions of the assets of the

company; (2) provide reasonable assurance that

transactions are recorded as necessary to permit

preparation of Financial Statements in accordance

with Generally Accepted Accounting Principles and

ƥĺîƥ ƑĚČĚĿƎƥƙ îŠē ĚǊƎĚŠēĿƥƭƑĚƙ ūlj ƥĺĚ ūŞƎîŠǋ îƑĚ

being made only in accordance with authorisations

of Management and Directors of the Company; and

(3) provide reasonable assurance regarding prevention

or timely detection of unauthorised acquisition, use, or

disposition of assets of the Company that could have a

material effect on the Financial Statements.

TŠĺĚƑĚŠƥ ŕĿŞĿƥîƥĿūŠƙ ūlj ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūǄĚƑ

ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij

07. Because of the inherent limitations of internal

ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠijȡ ĿŠČŕƭēĿŠij

the possibility of collusion or improper management

override of controls, material misstatements due to

error or fraud may occur and not be detected. Also,

ƎƑūŏĚČƥĿūŠƙ ūlj îŠǋ ĚǄîŕƭîƥĿūŠ ūlj ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ

ČūŠƥƑūŕƙ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ƥū ljƭƥƭƑĚ ƎĚƑĿūēƙ îƑĚ

ƙƭċŏĚČƥ ƥū ƥĺĚ ƑĿƙŒ ƥĺîƥ ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ

ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij Şîǋ ċĚČūŞĚ ĿŠîēĚƐƭîƥĚ

because of changes in conditions, or that the degree

of compliance with the policies or procedures may

deteriorate.

Opinion

08. In our opinion to the best of our information and

îČČūƑēĿŠij ƥū ƥĺĚ ĚǊƎŕîŠîƥĿūŠƙ ijĿǄĚŠ ƥū ƭƙ îŠē ċîƙĚē ūŠ

the consideration of the reports of the other Auditors

referred to in the Other matters paragraph below,

¡îƑĚŠƥȡ Ŀƥƙ ƙƭċƙĿēĿîƑǋ ČūŞƎîŠĿĚƙ îŠē ŏūĿŠƥ ǄĚŠƥƭƑĚ

company, which are companies incorporated in India,

have, in all material respects, an adequate internal

ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƙǋƙƥĚŞ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij îŠē

ƙƭČĺ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij

were operating effectively as at March 31, 2019, based

ūŠ ƥĺĚ ĿŠƥĚƑŠîŕ ČūŠƥƑūŕ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ČƑĿƥĚƑĿî

established by the respective companies considering

the essential components of internal control stated in

the Guidance Note issued by the Institute of Chartered

Accountants of India.

Other matters

ǦǯȦ ~ƭƑ îljūƑĚƙîĿē ƑĚƎūƑƥ ƭŠēĚƑ ¬ĚČƥĿūŠ ǧǪǩȳǩȴȳĿȴ ūlj ƥĺĚ

Act on the adequacy and operating effectiveness of

ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij

insofar as it relates to, 30 subsidiary companies and a

ŏūĿŠƥ ūƎĚƑîƥĿūŠȡ ǅĺĿČĺ îƑĚ ČūŞƎîŠĿĚƙ ĿŠČūƑƎūƑîƥĚē ĿŠ

India, is based solely on the corresponding reports of

the Auditors of such companies incorporated in India.

~ƭƑ ūƎĿŠĿūŠ Ŀƙ Šūƥ ŞūēĿǛĚē ĿŠ ƑĚƙƎĚČƥ ūlj ƥĺĚ îċūǄĚ

matters.

For Deloitte Haskins & Sells LLP

Chartered Accountants

Firm registration number: 117366W | W-100018

Mumbai,

Samir R. Shah

Partner

April 26, 2019

Membership number: 101708

Consolidated

Independent Auditor’s Report

181