Atul Ltd 2010-11

02 04 06 08 Consolidation is essential to achieve sustainable growth, and we are committed to continuously improve and strengthen our processes, thus building foundations for the future. Established in 1947, our Company has survived the tests of time, and we are committed to solidly prepare it for the years ahead. Corporate Identity Serving Diverse Industries Purpose and Values Overview by the Chairman Operational Highlights Financial Analysis Research Technology Safety, Health & Environment Serving the Society Directors’ Report Management Discussion & Analysis Report on Corporate Governance Notice Ten Year Review Financial Statements 10 12 16 17 18 20 23 25 32 46 52 53 Expansion is Life, Contraction is Death. - Swami Vivekananda Contents Forward Looking Statements In this Annual Report, we have shared information and made forward looking statements to enable investors to know our product portfolio, business logic and direction and thereby comprehend our prospects. Such and other statements - written and oral - that we may periodically make are based on our assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, ‘project’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realized although we believe we have been prudent in our assumptions. The achievement of results is subject to uncertainties, risks and even inaccurate assumptions. If uncertainties or known or unknown risks materialize or if underlying assumptions prove inaccurate, actual results can vary materially from those anticipated, estimated, intended, planned or projected. We undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future events or otherwise.