Atul Annual report 2017-18

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09. We did not audit the Financial Statements | financial

information of 30 subsidiary companies whose Financial

Statements | financial information reflect total assets

260.27 cr as at March 31, 2018, total revenues

596.12 cr and net cash inflows amounting to

6.13 cr for the year ended on that date, as considered

in the Consolidated Ind AS Financial Statements. These

Financial Statements | financial information have been

audited by other Auditors whose reports have been

furnished to us by the Management and our opinion on

the Consolidated Ind AS Financial Statements, in so far

as it relates to the amounts and disclosures included in

respect of these subsidiary companies and our report in

terms of Sub-section (3) of Section 143 of the Act, in so

far as it relates to the aforesaid subsidiary companies is

based solely on the reports of the other Auditors.

10. We did not audit the financial information of a subsidiary

company, whose financial information reflects total

assets of

0.60 cr as at March 31, 2018, total revenue

Nil and net cash outflows amounting to

0.01 cr

for the year ended on that date, as considered in the

Consolidated Ind AS Financial Statements. This financial

information is unaudited and have been furnished to us

by the Management and our opinion on the Consolidated

Ind AS Financial Statements, in so far as it relates to

the amounts and disclosures included in respect of this

subsidiary company, is based solely on such unaudited

financial information. In our opinion and according to

the information and explanations given to us by the

Management, this financial information is not material

to the Group.

11. The Consolidated Financial Statements of the Company

for the year ended March 31 2017, were audited by

the M/s Dalal & Shah Chartered Accountants LLP, the

predecessor Auditor.

Our opinion on the Consolidated Ind AS Financial Statements

above and our report on Other legal and regulatory

requirements below, is not modified in respect of the above

matters with respect to our reliance on the work done and the

reports of other Auditors.

Report on other legal and regulatory requirements

As required by Section 143 (3) of the Act, based on our audit

and on the consideration of the reports of other Auditors on

separate Financial Statements of joint operation, subsidiary

companies and joint venture company incorporated in India,

referred in the Other matters paragraph above we report, to

the extent applicable, that:

a) We have sought and obtained all the information and

explanations, which to the best of our knowledge and

belief, were necessary for the purposes of our audit of the

aforesaid Consolidated Ind AS Financial Statements.

b) In our opinion, proper books of account as required by

law relating to preparation of the aforesaid Consolidated

Ind AS Financial Statements have been kept so far as it

appears from our examination of those books and the

reports of the other Auditors.

c) The Consolidated Balance Sheet, the Consolidated

Statement of Profit and Loss (including Other

Comprehensive Income), the Consolidated Statement of

Cash Flows and the Consolidated Statement of changes

in equity dealt with by this Report are in agreement with

the relevant books of account maintained for the purpose

of preparation of the Consolidated Ind AS Financial

Statements.

d) In our opinion, the aforesaid Consolidated Ind AS

Financial Statements comply with the Indian Accounting

Standards prescribed under Section 133 of the Act.

e) On the basis of the written representations received from

the Directors of the Parent as on March 31, 2018 taken

on record by the Board of Directors of the Parent and

the reports of the Statutory Auditors of its subsidiary

companies and joint venture company incorporated in

India, none of the Directors of the Group companies

and joint venture company incorporated in India is

disqualified as on March 31, 2018 from being appointed

as a Director in terms of Section 164 (2) of the Act.

With respect to the adequacy of the Internal Financial

Controls over financial reporting and the operating

effectiveness of such controls, refer to our separate

Report in Annexure A, which is based on the Auditor's

reports of the Parent company, subsidiary companies and

joint venture company incorporated in India. Our report

expresses an unmodified opinion on the adequacy and

operating effectiveness Internal Financial Controls over

financial reporting of those Companies, for the reasons

stated therein.

Reporting on the adequacy of Internal Financial Controls

over financial reporting of the Company and the operating

effectiveness of such controls under Section 143(3)(i) of

the Act is not applicable to the joint operation of the

Group, such joint operation being a Limited Liability

Partnership.

g) With respect to the other matters to be included in the

Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditor's) Rules, 2014, as amended,

in our opinion and to the best of our information and

according to the explanations given to us:

The Consolidated Ind AS Financial Statements

disclose the impact of pending litigations on the

consolidated financial position of the Group and its

joint venture company.

ii) The Group and its joint venture company did not

have any material foreseeable losses on long-term

contracts including derivative contracts.

iii) There has been no delay in transferring amounts

required to be transferred, to the Investor Education

and Protection Fund by the Parent, its subsidiary

companies and joint venture company incorporated

in India.

For Deloitte Haskins & Sells LLP

Chartered Accountants

Firm Registration Number: 117366W | W-100018

Samir R. Shah

Mumbai

Partner

April 27, 2018

Membership Number: 101708