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99
Report of the Auditors
on Consolidated Financial Statements
1. We have audited the attached consolidated Balance
Sheet of Atul Ltd (the ‘Company’) and its subsidiary
companies, its jointly controlled entity and associate
companies; hereinafter referred to as the ‘Group’
(refer Note 27.8 to the attached consolidated
financial statements) as at March 31, 2012, the
related consolidated Statement of Profit and Loss
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 the 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) five
subsidiary companies and one jointly controlled
entity included in the consolidated financial
statements, which constitute total assets of
`
173.32
cr as at March 31, 2012, total revenue of
`
238.04
cr, net profit of
`
18.55 cr and net cash outflows
amounting to
`
2.13 cr for the year then ended; and
(ii) fourteen associate companies which constitute
net loss of
`
12.38 cr 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.
4. We report that the consolidated financial statements
have been prepared by the Management of the
Company in accordance with the requirements of
Accounting Standard-21 Consolidated Financial
Statements, Accounting Standard-23 Accounting
for Investments in Associates in Consolidated
Financial Statements, and Accounting Standard-27
Financial Reporting of Interests in Joint Ventures
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, 2012;
(b) in the case of the consolidated Statement of
Profit and Loss, 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 & Shah
Firm Registration No. 102020W
Chartered Accountants
S Venkatesh
Mumbai
Partner
May 15, 2012
Membership No. F-037942
To the Board of Directors