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Atul Ltd | Annual Report 2011-12
Report of the Auditors
1. We have audited the attached Balance Sheet of
Atul Ltd as at March 31, 2012, and the related
Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed
thereto, which we have signed under reference
to this report. These 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 theManagement,
as well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report)
Order, 2003, as amended by the Companies
(Auditor’s Report) (Amendment) Order, 2004
(together the ‘Order’), issued by the Central
Government of India in terms of sub-section (4A) of
Section 227 of ‘The Companies Act, 1956’ of India
(the ‘Act’) 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 a
statement on the matters specified in paragraphs 4
and 5 of the Order.
4. Further to our comments in the Annexure referred
to in paragraph 3 above, we report that:
(a) We have obtained all the information and
explanations which, to the best of our
knowledge and belief, were necessary for the
purposes of our audit;
(b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and
Loss and Cash Flow Statement dealt with by
this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement
of Profit and Loss and Cash Flow Statement
dealt with by this report comply with
the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Act;
(e) On the basis of written representations
received from the Directors, as on March 31,
2012 and taken on record by the Board of
Directors, none of the Director is disqualified
as on March 31, 2012 from being appointed
as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our
information and according to the explanations
given to us, the said financial statements
together with the notes thereon and attached
thereto give, in the prescribed manner, the
information required by the Act, and give
a true and fair view in conformity with the
Accounting Principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the
state of affairs of the Company as at
March 31, 2012;
(ii) in the case of the Statement of Profit and
Loss, of the profit for the year ended on
that date; and
(iii) in the case of the Cash Flow Statement, of
the cash flows 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 Members