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Financial Statements
1. We have audited the attached consolidated balance
sheet of Atul Ltd (the “Company”) and its subsidiaries
and its associate companies; hereinafter referred to
as the “Group” (Refer Note 2.1 in Schedule 16 to
the attached consolidated financial statements) as
at March 31, 2010, the related Consolidated Profit
and Loss Account and the Consolidated Cash Flow
Statement for the year ended on that date annexed
thereto, which we have signed under reference to
this report. These consolidated financial statements
are the responsibility of the Management of the
Company. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the
auditing standards generally accepted in India.
Those Standards require that we plan and perform
the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used
and significant estimates made by Management,
as well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. We did not audit the financial statements of:-
(i) Three foreign subsidiaries included in the
consolidated financial statements, which
constitute total assets of Rs 56.36 crores and
net assets of Rs 6.86 crores as at March 31,
2010 and total revenue of Rs 148.43 crores,
total loss of Rs 1.92 crores and net cash flows
amounting to Rs 2.12 crores for the year then
ended. These financial statements and other
financial information have been audited by other
auditors whose reports have been furnished to
us, and our opinion on the consolidated financial
statements to the extent they have been derived
from such financial statements is based solely
on the report of such other auditors.
(ii) Two subsidiaries included in the consolidated
financial statements, which constitute total
assets of Rs 15.48 crores and net assets of Rs
12.43 crores as at March 31, 2010 and total
revenue of Rs 16.33 crores, net profit of Rs 0.64
crore and net cash flows amounting to Rs 10.11
crores for the year then ended. These financial
statements and other financial information are
unaudited and have been prepared and certified
by the Management of these companies as
a result of which, any adjustments to their
balances could have a consequential effect on
the attached consolidated financial statements.
4. We report that the consolidated financial statements
have been prepared by the Company’s Management
in accordance with the requirements of Accounting
Standard (AS) 21 - Consolidated Financial Statements,
Accounting Standard (AS) 23 - Accounting for
Investments in Associates in Consolidated Financial
Statements notified under sub-section 3C of Section
211 of the Companies Act, 1956.
5. Based on our audit and on consideration of reports
of other auditors on separate financial statements
and on the other financial information of the
components of the Group as referred to above,
and to the best of our information and according
to the explanations given to us, in our opinion, the
attached consolidated financial statements give a
true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the
state of affairs of the Group as at March 31, 2010;
(b) in the case of the consolidated Profit and Loss
Account, of the profit of the Group for the year
ended on that date; and
(c) in the case of the consolidated Cash Flow
Statement, of the cash flows of the Group for
the year ended on that date.
For and on behalf of
Dalal and Shah
Firm Registration Number 102020W
Chartered Accountants
S Venkatesh
Mumbai
Partner
July 19, 2010
Membership Number 037942
Auditors’ Report
To the Board of Directors
of Atul Ltd on the Consolidated Financial Statements of Atul Ltd and its Subsidiary Companies