Atul Ltd 2015-16

Atul Ltd | Annual Report 2015-16 been audited by other Auditors whose reports have been furnished to us by the Management, and our opinion on the Consolidated Financial Statements in so far as it relates to the amounts and disclosures included in respect of these subsidiary companies, jointly controlled entity and associate companies and our report in terms of Sub- sections (3) and (11) of Section 143 of the Act insofar as it relates to the aforesaid subsidiaries companies, jointly controlled entities and associates companies, are based solely on the reports of the other Auditors. Our opinion is not qualified in respect of this matter. Report on Other Legal and Regulatory Requirements 9. As required by Section 143(3) of the Act, 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 Financial Statements. b) In our opinion, proper books of account as required by law maintained by the Holding Company, its subsidiary companies included in the Group, associate companies and jointly controlled entity incorporated in India including relevant records relating to preparation of the aforesaid Consolidated Financial Statements have been kept so far as it appears from our examination of those books and records of the Holding Company and the reports of the other Auditors. c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained by the Holding Company, its subsidiary companies included in the Group, associate companies and jointly controlled entity incorporated in India including relevant records relating to the preparation of the Consolidated Financial Statements. d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e) On the basis of the written representations received from the Directors of the Holding Company as on March 31, 2016 taken on record by the Board of Directors of the Holding Company and the reports of the Statutory Auditors of its subsidiary companies, associate companies and jointly controlled entity incorporated in India, none of the Directors of the Group companies, its associate companies and jointly controlled entity incorporated in India is disqualified as on March 31, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act. f) With respect to the adequacy of the Internal Financial Controls over financial reporting of the Holding Company, its subsidiary companies, associate companies and jointly controlled entity incorporated in India and the operating effectiveness of such controls, refer to our separate Report in Annexure A. g) With respect to the Other Matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i) The Consolidated Financial Statements disclose the impact, if any, of pending litigations as at March 31, 2016 on the Consolidated Financial position of the Group, its associate companies and jointly controlled entity. ii) Provision has been made in the Consolidated Financial Statements, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long- term contracts including derivative contracts as at March 31, 2016. iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiary companies, associate companies and jointly controlled entity incorporated in India during the year ended March 31, 2016. For Dalal & Shah Chartered Accountants LLP Firm Registration Number: 102020W | W-100040 S Venkatesh Mumbai Partner April 29, 2016 Membership Number: 037942