Atul Ltd 2016-17

Atul Ltd | Annual Report 2016-17 Independent Auditors’ Report To the Members of Atul Ltd Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements 01. We have audited the accompanying Standalone Financial Statements of Atul Ltd (the Company), which comprise the Balance Sheet as at March 31, 2017, 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 (Act) with respect to the preparation of these Standalone Ind AS Financial Statements to 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 Accounting Principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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. Auditors’ responsibility 03. Our responsibility is to express an opinion on these Standalone Ind AS Financial Statements based on our audit. 04. We have taken into account the provisions of the Act and the Rules made thereunder including the Accounting and Auditing Standards and matters which are required to be included in the Audit report. 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 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 Standalone Ind AS Financial Statements are free from material misstatement. 06. An audit involves performing procedures to obtain audit evidence about the amount and the disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the Auditors’ 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 Control relevant to the preparation of the Standalone Ind AS Financial Statements of the company 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 we have obtained 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 Accounting Principles generally accepted in India, of the state of affairs of the Company as at March 31, 2017, 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 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 Standalone 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. 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 the Companies (Auditor’s Report) Order, 2016, issued by the Central Government of India in terms of Sub-section (11) of Section 143 of the Act (the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.