Atul Ltd 2017-18

151 09. We did not audit the Financial Statements | financial information of 30 subsidiary companies whose Financial Statements | financial information reflect total assets of ` 260.27 cr as at March 31, 2018, total revenues of ` 596.12 cr and net cash inflows amounting to ` 6.13 cr for the year ended on that date, as considered in the Consolidated Ind AS Financial Statements. These Financial Statements | financial information have been audited by other Auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Ind AS Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiary companies and our report in terms of Sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiary companies is based solely on the reports of the other Auditors. 10. We did not audit the financial information of a subsidiary company, whose financial information reflects total assets of ` 0.60 cr as at March 31, 2018, total revenue of ` Nil and net cash outflows amounting to ` 0.01 cr for the year ended on that date, as considered in the Consolidated Ind AS Financial Statements. This financial information is unaudited and have been furnished to us by the Management and our opinion on the Consolidated Ind AS Financial Statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary company, is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, this financial information is not material to the Group. 11. The Consolidated Financial Statements of the Company for the year ended March 31 2017, were audited by the M/s Dalal & Shah Chartered Accountants LLP, the predecessor Auditor. Our opinion on the Consolidated Ind AS Financial Statements above 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 other Auditors. Report on other legal and regulatory requirements As required by Section 143 (3) of the Act, based on our audit and on the consideration of the reports of other Auditors on separate Financial Statements of joint operation, subsidiary companies and joint venture company incorporated in India, referred in the Other matters paragraph above 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 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 the reports of the other Auditors. c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the 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 for the purpose of 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 prescribed under Section 133 of the Act. e) On the basis of the written representations received from the Directors of the Parent as on March 31, 2018 taken on record by the Board of Directors of the Parent and the reports of the Statutory Auditors of its subsidiary companies and joint venture company incorporated in India, none of the Directors of the Group companies and joint venture company incorporated in India is disqualified as on March 31, 2018 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 and the operating effectiveness of such controls, refer to our separate Report in Annexure A, which is based on the Auditor's reports of the Parent company, subsidiary companies and joint venture company incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness Internal Financial Controls over financial reporting of those Companies, for the reasons stated therein. Reporting on the adequacy of Internal Financial Controls over financial reporting of the Company and the operating effectiveness of such controls under Section 143(3)(i) of the Act is not applicable to the joint operation of the Group, such joint operation being a Limited Liability Partnership. g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules, 2014, as amended, 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 of pending litigations on the consolidated financial position of the Group and its joint venture company. ii) The Group and its joint venture company did not have any material foreseeable losses on long-term contracts including derivative contracts. iii) There has been no delay in transferring amounts required to be transferred, to the Investor Education and Protection Fund by the Parent, its subsidiary companies and joint venture company incorporated in India. For Deloitte Haskins & Sells LLP Chartered Accountants Firm Registration Number: 117366W | W-100018 Samir R. Shah Mumbai Partner April 27, 2018 Membership Number: 101708