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123
Independent Auditors’ Report
To the Members of Atul Ltd
Report on the Consolidated Financial Statements
1. We have audited the accompanying Consolidated
Financial
Statements
(Consolidated
Financial
Statements) of Atul Ltd (Company) and its subsidiary
companies, its jointly controlled entity and associate
companies; hereinafter referred to as the ‘Group’
(refer Note 28.6, 28.7 and 28.8 to the attached
Consolidated Financial Statements), which comprise
the consolidated Balance Sheet as at March 31, 2015,
the consolidated Statement of Profit and Loss, the
consolidated Cash Flow Statement for the year then
ended and a summary of significant Accounting Policies
and other explanatory information.
Management’s responsibility for the Consolidated
Financial Statements
2. The Company’s Board of Directors is responsible for
the matters stated in Section 134 (5) of the Companies
Act, 2013 (Act) with respect to the preparation of the
Consolidated Financial Statements to give a true and fair
view of the consolidated financial position, consolidated
financial performance and consolidated cash flows of
the Group in accordance with Accounting Principles
generally accepted in India including the Accounting
Standards specified under Section 133 of the Act read
with Rule 7 of the Companies (Accounts) Rules, 2014
and Accounting Standard 30, Financial Instruments:
Recognition and Measurement issued by The Institute of
Chartered Accountants of India to the extent it does not
contradict any other Accounting Standard referred to in
Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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.
Auditors’ responsibility
3. Our responsibility is to express an opinion on the
Consolidated Financial Statements based on our audit.
4. We conducted our audit in accordance with
the Standards on Auditing and other applicable
authoritative pronouncements issued by The Institute of
Chartered Accountants of India. Those Standards and
pronouncements 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 frommaterial misstatement.
5. 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 Auditor considers internal control
relevant to the preparation and presentation of the
Consolidated Financial Statements by the Company
that give a true and fair view, in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of internal control of the entity. An audit also
includes evaluating the appropriateness of Accounting
Policies used and the reasonableness of the accounting
estimates made by the Directors of the Company, as well
as evaluating the overall presentation of the Consolidated
Financial Statements.
6. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Consolidated Financial Statements.
Opinion
7. 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 specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014 and Accounting Standard 30, Financial
Instruments: Recognition and Measurement issued by
The Institute of Chartered Accountants of India to the
extent it does not contradict any other Accounting
Standard referred to in Section 133 of the Act read with
Rule 7 of the Companies (Accounts) Rules, 2014.
8. 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 in paragraph 9 below, and
to the best of our information and according to the
explanations given to us, in our opinion, the aforesaid
accompanying Consolidated Financial Statements give
a true and fair view in conformity with the Accounting
Principles generally accepted in India of the state of affairs
of the Group as at March 31, 2015, and its Consolidated
Profit and its Consolidated Cash Flows for the year ended
on that date.
Other matters
9. We did not audit the Financial Statements of (i) thirteen
subsidiary companies and one jointly controlled entity
included in the Consolidated Financial Statements which
constitute total assets of
`
219.08 cr and net assets
of
`
101.38 cr as at March 31, 2015, total revenue of
`
508.03 cr, net profit of
`
3.88 cr and net cash flows
amounting to
`
16.38 cr for the year then ended and
(ii) sixteen associate companies which constitute net
profit of
`
0.06 cr for the year then ended. The 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.
Our opinion is not qualified in respect of this matter.
For Dalal & Shah Chartered Accountants LLP
Firm Registration Number: 102020W | W-100040
S Venkatesh
Mumbai
Partner
April 30, 2015
Membership Number: 037942