Atul Ltd 2018-19

TŠĺĚƑĚŠƥ ŕĿŞĿƥîƥĿūŠƙ ūlj ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij 07. Because of the inherent limitations of internal ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠijȡ ĿŠČŕƭēĿŠij the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, ƎƑūŏĚČƥĿūŠƙ ūlj îŠNj ĚDŽîŕƭîƥĿūŠ ūlj ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ƥū ljƭƥƭƑĚ ƎĚƑĿūēƙ îƑĚ ƙƭċŏĚČƥ ƥū ƥĺĚ ƑĿƙŒ ƥĺîƥ ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ŞîNj ċĚČūŞĚ ĿŠîēĚƐƭîƥĚ because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion 08. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƙNjƙƥĚŞ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij îŠē ƙƭČĺ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij were operating effectively as at March 31, 2019, based ūŠ ƥĺĚ ĿŠƥĚƑŠîŕ ČūŠƥƑūŕ ūDŽĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ČƑĿƥĚƑĿî established by the Company considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India. For Deloitte Haskins & Sells LLP Chartered Accountants Firm registration number: 117366W | W-100018 Samir R. Shah Mumbai, Partner April 26, 2019 Membership number: 101708 113 Standalone | Independent Auditor’s Report