Atul Ltd 2017-18

Atul Ltd | Annual Report 2017-18 Independent Auditor’s Report To the Members of Atul Ltd Report on the Consolidated Ind AS Financial Statements 01. We have audited the accompanying Consolidated Ind AS Financial Statements of Atul Ltd (hereinafter referred to as ‘the Parent’) and its subsidiary companies (the Parent and its subsidiary companies together referred to as ‘the Group’) and its joint venture company, comprising the Consolidated Balance Sheet as at March 31, 2018, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, the Consolidated Statement of Cash Flows, the Consolidated Statement of changes in equity, for the year then ended, and a summary of the significant Accounting Policies and other explanatory information (hereinafter referred to as ‘the Consolidated Ind AS Financial Statements’) which includes a joint operation of the Group accounted on a proportionate basis. Management's responsibility for the Consolidated Ind AS Financial Statements 02. The Board of Directors of the Parent Company is responsible for the preparation of these Consolidated Ind AS Financial Statements in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as ’the Act‘) that give a true and fair view of the consolidated financial position, consolidated financial performance including Other Comprehensive Income, Consolidated Cash Flows and Consolidated Statement of changes in equity of the Group including its Joint venture company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group and of its joint venture company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its joint venture company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate Accounting Policies; making judgements and estimates that are reasonable and prudent; and the 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 Consolidated Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Ind AS Financial Statements by the Directors of the Parent, as aforesaid. Auditor's responsibility 03. Our responsibility is to express an opinion on these Consolidated Ind AS Financial Statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made thereunder. 04. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Consolidated Ind AS Financial Statements are free from material misstatement. 05. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Consolidated Ind AS Financial Statements. The procedures selected depend on the Auditor's judgement, including the assessment of the risks of material misstatement of the Consolidated Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers Internal Financial Controls relevant to the Parent's preparation of the Consolidated Ind AS Financial Statements 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 Board of Directors of the Parent Company, as well as evaluating the overall presentation of the Consolidated Ind AS Financial Statements. 06. We believe that the audit evidence obtained by us and the audit evidence obtained by the other Auditors in terms of their reports referred to in sub-paragraphs (a) and (b) of the Other matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Ind AS Financial Statements. Opinion 07. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the other Auditors on separate Financial Statements of the joint operation and the subsidiary companies referred to below in the Other matters paragraph, the aforesaid Consolidated 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 Ind AS and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2018, and their consolidated profit, consolidated total comprehensive income, their consolidated cash flows and the Consolidated Statement of Changes in Equity for the year ended on that date. Other matters 08. We did not audit the Financial Statements of a joint operation included in the Standalone Financial Statements of a subsidiary company included in the Group whose Financial Statements reflect total assets of ` 40.20 cr as at March 31, 2018 and total revenues of ` 0.09 cr for the year ended on that date, as considered in the Standalone Financial Statements of the Company included in the Group. The Financial Statements of this joint operation have been audited by other Auditor whose report has been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of this joint operation, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid joint operation is based solely on the report of such other Auditor.