Atul Ltd 2013-14

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’, ‘believe’, ‘estimate’, ‘intend’, ‘plan’, ‘project’ or 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 actual results may be affected because of 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, believed, 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. Contents Every morning we are born again. What we do today is what matters the most. ~ Buddha Recollecting 2013-14 Corporate Identity Serving Diverse Industries Purpose and Values Letter to the Shareholders Operational Highlights Recognitions Financial Charts Research Technology and Manufacturing 1 2 4 6 8 10 12 14 18 19 Safety, Health and Environment Serving the Society Board of Directors Directors’ Report Management Discussion and Analysis Report on Corporate Governance Notice Decadal Review Financial Statements 20 22 24 25 27 34 48 62 63 Our emphasis on continuous improvement is depicted by the ‘eye’ and our commitment to serve our customers everywhere by the ‘globe’. The blue contour signifying the sky denotes our aspiration to grow consistently and the brown contour symbolising the earth, our obligation to the planet. We in Atul are many, but we are all endeavouring to focus on achieving one common purpose: to enhance performance of our Company and thereby the value of all its stakeholders, namely, customers, employees, society and shareholders.