Atul Ltd 2009-10

Corporate Identity Serving Diverse Industries Purpose and Values Overview by the Chairman Operational Highlights Financial Analysis Research and Technology Safety, HealthandEnvironment Serving the Society Directors’ Report Management Discussion andAnalysis Report on Corporate Governance Financial Statements x. The Company has no accumulated losses as at March 31, 2010 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. xi. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date. xii. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund/ societies are not applicable to the Company. xiv. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. xv. In our opinion and according to the information and explanations given to us, the terms and conditions of the corporate guarantees given by the Company, for loans taken by others from banks or financial institutions in connection with central ETP project at Ankleshwar during the year, are not prejudicial to the interest of the Company. xvi. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained. xvii. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment. xviii.The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act during the year. xix. On the basis of the records and documents examined by us, the Company has not issued any secured debentures during the year. xx. The Company has not raised any money by public issues during the year. xxi. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instances of fraud on or by the Company, noticed or reported during the year, nor we have been informed of such case by the Management. xxii. The other clauses, (iii)(b), (iii)(c), and (iii)(d) of paragraph 4 of the Companies (Auditors’ Report) Order 2003, as amended by the Companies (Auditors’ Report) (Amendment) Order, 2004,are not applicable in the case of the Company for the year, since in our opinion there is no matter which arises to be reported in the aforesaid Order. For and on behalf of Dalal and Shah Firm Registration Number 102020W Chartered Accountants S Venkatesh Mumbai Partner July 19, 2010 Membership Number 037942 Annexure to the Report of the Auditors