Atul Ltd 2014-15

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