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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.