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Atul Ltd | Annual Report 2017-18
Independent Auditor’s Report
To the Members of Atul Ltd
Report on the Standalone Ind AS Financial Statements
01. We have audited the accompanying Standalone Ind AS
Financial Statements of Atul Ltd (the Company) which
comprise the Balance Sheet as at March 31, 2018,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows
and the Statement of changes in equity for the year then
ended and a summary of the significant Accounting
Policies and other explanatory information.
Management’s responsibility for the Standalone Ind AS
Financial Statements
02. The Board of Directors of the Company is responsible for
the matters stated in Section 134(5) of the Companies Act,
2013 (the Act) with respect to the preparation of these
Standalone Ind AS Financial Statements that give a true and
fair view of the financial position, financial performance
including Other Comprehensive Income, cash flows and
changes in equity of the Company in accordance with the
Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, and
other Accounting Principles generally accepted in India.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate Accounting
Policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate Internal Financial Controls, that
were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Ind AS
Financial Statements that give a true and fair view and
are free from material misstatement, whether due to fraud
or error.
Auditor’s responsibility
03. Our responsibility is to express an opinion on these
Standalone Ind AS Financial Statements based on our
audit.
04. In conducting our audit, we have taken into account
the provisions of the Act, the Accounting and Auditing
Standards and matters which are required to be included
in the Audit Report under the provisions of the Act and
the Rules made thereunder and the Order issued under
Section 143(11) of the Act.
05. We conducted our audit of the Standalone Ind AS
Financial Statements in accordance with the Standards
on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the Standalone
Ind AS Financial Statements are free from material
misstatement.
06. An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the
Standalone Ind AS Financial Statements. The procedures
selected depend on the Auditor’s judgement, including
the assessment of the risks of material misstatement of
the Standalone Ind AS Financial Statements, whether due
to fraud or error. In making those risk assessments, the
Auditor considers Internal Financial Controls relevant to the
preparation of the Standalone Ind AS Financial Statements
that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of
the 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 Standalone Ind AS Financial Statements.
07. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit
opinion on the Standalone Ind AS Financial Statements.
Opinion
08. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Ind AS 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 Ind
AS and other Accounting Principles generally accepted in
India, of the state of affairs of the Company as at March
31, 2018, and its profit (including Other Comprehensive
Income), its cash flows and the changes in equity for the
year ended on that date.
Other matter
09. The Standalone 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 Standalone Ind AS Financial
Statements is not modified in respect of this matter.