Atul Ltd 2011-12

Diamond on the cover page signifies our determination to endure difficult situations, our desire to reach our full potential and our dharma to create value for all our Stakeholders.With every passing year, we will continually better our processes and portfolio of products for success calls for a constant focus on renewal.We cherish our past, but our determination to pursue our dreams remains strong at 60. Diamond cannot be polished without friction, nor man perfected without trials. – Kong Qiu Contents 02 | Corporate Identity 04 | Serving Diverse Industries 06 | Purpose and Values 08 | Milestones 12 | Letter to the Shareholders 14 | Operational Highlights 16 | Financial Charts 20 | Research 21 | Technology 22 | Safety, Health & Environment 24 | Serving the Society 27 | Directors’ Report 29 | Management Discussion & Analysis 36 | Report on Corporate Governance 50 | Notice 54 | Ten Year Review 55 | Financial Statements 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 realised 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 materialise 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.