194 Atul Ltd | Annual Report 2022-23 Atul Ltd | Annual Report 2022-23 Atul Ltd Atul House G I Patel Marg Ahmedabad 380 014, Gujarat India Atul Ltd | Annual Report 2022-23 Reconnect | Reimagine | Regrow Corporate Overview Statutory Reports Financial Statements 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 Financial Statements. d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Ind AS specified 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, 2023, taken on record by the Board of Directors of the Parent and the reports of the Statutory Auditors of its subsidiary companies, associate companyanda joint venture company incorporated in India, none of the Directors of the Group companies, associate company and a joint venture company incorporated in India is disqualified as on March 31, 2023, 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 with reference to Consolidated Financial Statements 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, subsidiary companies, associate company and a joint venture company incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of internal financial controls with reference to Consolidated Financial Statements of those companies, for the reasons stated therein. R eporting on the adequacy of internal financial controls with reference to Consolidated Financial Statements 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 as it is a limited liability partnership. g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of Section 197(16) of the Act, as amended:In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Parent to its Directors during the year is in accordance with the provisions of Section 197 of the Act. h) 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 Financial Statements disclose the impact of pending litigations on the consolidated financial position of the Group and its associate company, joint venture company - Refer Note 30.1 to the Consolidated Financial Statements; ii. The Group and its associate company, 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 a joint venture company incorporated in India. iv. (a) The respective Managements of the Company and its subsidiary companies and associate company, which are incorporated in India, whose Financial Statements have been audited under the Act, have represented to us and to the other Auditors of such subsidiary companies and associate company respectively that, to the best of their knowledge and belief, no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company or any of such subsidiary companies and associate company to or in any other person or entity, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiary companies and associate company (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries. (b) The respective Managements of the Company and its subsidiary companies and associate company, which are incorporated in India, whose Financial Statements have been audited under the Act, have represented to us and to the
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