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Atul Ltd | Annual Report 2012-13
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Financial Statements
1. We have audited the accompanying Financial Statements
of Atul Ltd (the ‘Company’), which comprise the Balance
Sheet as at March 31, 2013, and the Statement of
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Policies and other explanatory information, which we
have signed under reference to this report.
Responsibility of the Management for the Financial
Statements
2. The Management of the Company is responsible for
the preparation of these Financial Statements that give
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accordance with the Accounting Standards referred to
in sub-section (3C) of Section 211 of ‘the Companies
Act, 1956’ of India (the “Act”). This responsibility
includes the design, implementation and maintenance
of internal control relevant to the preparation and
presentation of the Financial Statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.
Responsibility of the Auditors
3. Our responsibility is to express an opinion on these
Financial Statements based on our audit. We conducted
our audit in accordance with the Standards on Auditing
issued by the Institute of CharteredAccountants of India.
Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the Financial
Statements are free from material misstatement.
4. An audit involves performing procedures to obtain
audit evidence, about the amounts and disclosures
in the Financial Statements. The procedures selected
depend on the judgment of the Auditors, including
the assessment of the risks of material misstatement
of the Financial Statements, whether due to fraud or
error. In making those risk assessments, the Auditors
consider internal control relevant to the preparation
and fair presentation of the Financial Statements by
the Company in order to design audit procedures that
are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of Accounting
Policies used and the reasonableness of the accounting
estimates made by the Management, as well as
evaluating the overall presentation of the Financial
Statements.
5. We believe that the audit evidence we have obtained
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audit opinion.
Opinion
6. In our opinion, and to the best of our information
and according to the explanations given to us, the
accompanying Financial Statements give the information
required by the Act in the manner so required and give
a true and fair view in conformity with the Accounting
Principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of
affairs of the Company as at March 31, 2013,
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(c) in the case of the Cash Flow Statement, of the
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Report on other legal and regulatory requirements
7. As required by ‘the Companies (Auditor’s Report) Order,
2003’, as amended by ‘the Companies (Auditor’s
Report) (Amendment) Order, 2004’, issued by the
Central Government of India in terms of sub-section
(4A) of Section 227 of the Act (hereinafter referred to
as the ‘Order’), 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
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5 of the Order.
8. As required by Section 227(3) of the Act, 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 purpose of our
audit;
(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as
appears from our examination of those books;
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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
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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, 2013, and taken
on record by the Board of Directors, none of the
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being appointed as a Director in terms of Clause (g)
of sub-section (1) of Section 274 of the Act.
For Dalal & Shah
Firm Registration Number: 102020W
Chartered Accountants
S. Venkatesh
Mumbai
Partner
May 07, 2013
Membership Number: 037942