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97
Report of the Auditors
on Consolidated Financial Statements
To the Members
To the Board of Directors of Atul Ltd
1. We have audited the accompanying Consolidated Financial
Statements (the ‘Consolidated Financial Statements’) 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, 27.9 and 27.10
to the attached Consolidated Financial Statements) which
comprise the Consolidated Balance Sheet as at March 31,
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and the Consolidated Cash Flow Statement for the year
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Policies and other explanatory information which we have
signed under reference to this report.
Responsibility of the Management for the Consolidated
Financial Statements
2. The Management of the Company is responsible for the
preparation of these Consolidated Financial Statements
that give a true and fair view of the Consolidated
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Accounting Principles generally accepted in India. This
responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation
and presentation of the Consolidated 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
Consolidated Financial Statements based on our audit. We
conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants
of India. These Standards require that we comply with
ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the
Consolidated Financial Statements are free from material
misstatement.
4. An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in the
Consolidated Financial Statements. The procedures selected
depend on the judgement of the Auditors’, including the
assessment of the risks of material misstatement of the
Consolidated 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 Consolidated Financial Statements
of 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 Consolidated Financial Statements.
5. We believe that the audit evidence we have obtained is
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opinion.
Opinion
6. 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
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of the Companies Act, 1956.
7. Based on our audit and on consideration of reports of
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the Group as referred to in paragraph 9 and 10 below,
and to the best of our information and according to the
explanations given to us, in our opinion, the accompanying
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, 2013;
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date; and
(c) in the case of the Consolidated Cash Flow Statement,
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Other Matters
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and one jointly controlled entity included in the
Consolidated Financial Statements, which constitute total
assets of
`
192.08 cr and net assets of
`
108.79 cr as at
March 31, 2013, total revenue of
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350.56 cr, net loss of
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0.82 cr for
the year then ended; and (ii) fourteen associate companies
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0.04 cr for the year then
ended have been audited by us | audited by other Auditors
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subsidiary companies and one jointly controlled entity
included in the Consolidated Financial Statements, which
constitute total assets of
`
143.29 cr and net assets of
`
76.44 cr as at March 31, 2013, total revenue of
`
328.71
cr, net loss of
`
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1.08 cr for the year then ended; and (ii) fourteen associate
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0.04 cr for the
year then ended. These Financial Statements and other
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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.
10. We did not audit the Financial Statements of two
subsidiary companies which constitute total assets of
`
2.68 cr and net assets of
`
2.52 cr as at March 31, 2013,
total revenue of
`
0.12 cr, net loss of
`
0.02 cr and net
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0.33 cr for the year then ended.
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provided to us by the Management, and our opinion on
the Consolidated Financial Statements to the extent they
relate to these subsidiary companies is based solely on
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For Dalal & Shah
Firm Registration Number: 102020W
Chartered Accountants
S. Venkatesh
Mumbai
Partner
May 07, 2013
Membership Number: 037942