Atul Ltd 2018-19

transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with Generally Accepted Accounting Principles and ƥĺîƥ ƑĚČĚĿƎƥƙ îŠē ĚǊƎĚŠēĿƥƭƑĚƙ ūlj ƥĺĚ ūŞƎîŠǋ îƑĚ being made only in accordance with authorisations of Management and Directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of assets of the Company that could have a material effect on the Financial Statements. 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 ČūŠƥƑūŕƙ 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 îČČūƑēĿŠij ƥū ƥĺĚ ĚǊƎŕîŠîƥĿūŠƙ ijĿǄĚŠ ƥū ƭƙ îŠē ċîƙĚē ūŠ the consideration of the reports of the other Auditors referred to in the Other matters paragraph below, ¡îƑĚŠƥȡ Ŀƥƙ ƙƭċƙĿēĿîƑǋ ČūŞƎîŠĿĚƙ îŠē ŏūĿŠƥ ǄĚŠƥƭƑĚ company, which are companies incorporated in India, have, 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 respective companies considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India. Other matters ǦǯȦ ~ƭƑ îljūƑĚƙîĿē ƑĚƎūƑƥ ƭŠēĚƑ ¬ĚČƥĿūŠ ǧǪǩȳǩȴȳĿȴ ūlj ƥĺĚ Act on the adequacy and operating effectiveness of ƥĺĚ ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ūǄĚƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij insofar as it relates to, 30 subsidiary companies and a ŏūĿŠƥ ūƎĚƑîƥĿūŠȡ ǅĺĿČĺ îƑĚ ČūŞƎîŠĿĚƙ ĿŠČūƑƎūƑîƥĚē ĿŠ India, is based solely on the corresponding reports of the Auditors of such companies incorporated in India. ~ƭƑ ūƎĿŠĿūŠ Ŀƙ Šūƥ ŞūēĿǛĚē ĿŠ ƑĚƙƎĚČƥ ūlj ƥĺĚ îċūǄĚ matters. For Deloitte Haskins & Sells LLP Chartered Accountants Firm registration number: 117366W | W-100018 Mumbai, Samir R. Shah Partner April 26, 2019 Membership number: 101708 Consolidated | Independent Auditor’s Report 181