Atul Ltd 2016-17

153 amounts and disclosures included in respect of these subsidiary companies and a joint venture company and our report in terms of Sub-section (3) of Section 143 of the Act insofar as it relates to the aforesaid subsidiary companies and a joint venture company, is based solely on the reports of the other Auditors. Our opinion on the Consolidated Ind AS Financial Statements and our report on other legal and regulatory requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other Auditors and the Financial Statements certified by the Management. 09. The comparative financial information of the Company for the year ended March 31, 2016 and the transition date opening Balance Sheet as at April 01, 2015 included in these Consolidated Ind AS Financial Statements, are based on the previously issued Statutory Financial Statements for the years ended March 31, 2016 and March 31, 2015 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by us, on which we expressed an unmodified opinion dated April 29, 2016 and April 30, 2015 respectively. The adjustments to those Financial Statements for the differences in Accounting Principles adopted by the Company on transition to the Ind AS have been audited by us. Our opinion is not qualified in respect of these matters. Report on other legal and regulatory requirements 10. 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 Ind AS 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 and a joint venture company incorporated in India including relevant records relating to preparation of the aforesaid Consolidated Ind AS 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 (including Other Comprehensive Income), Consolidated Statement of Cash Flows and the Consolidated Statement of changes in equity 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, and a joint venture company incorporated in India including relevant records relating to the preparation of the Consolidated Ind AS Financial Statements. d) In our opinion, the aforesaid Consolidated Ind AS Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act. e) On the basis of the written representations received from the Directors of the Holding Company as on March 31, 2017 taken on record by the Board of Directors of the Holding Company and the reports of the Statutory Auditors of its subsidiary companies and a joint venture company incorporated in India, none of the Directors of the Group companies and a joint venture company incorporated in India is disqualified as on March 31, 2017 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 and a joint venture company 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 Ind AS Financial Statements disclose the impact, if any, of pending litigations as at March 31, 2017 on the Consolidated Financial position of the Group and a joint venture company. ii. Provision has been made in the Consolidated Ind AS 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, 2017. 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 and its joint venture company incorporated in India during 2016-17. iv. The Company has provided requisite disclosures in the Financial Statements as to holdings as well as dealings in Specified Bank Notes during the period from November 08, 2016 to December 30, 2016. Based on audit procedures and relying on the Management representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management - refer Note 29.13. For Dalal & Shah Chartered Accountants LLP Firm Registration Number: 102020W | W-100040 S Venkatesh Mumbai Partner May 05, 2017 Membership Number: 037942