Atul Ltd 2014-15

We will be responsible towards nature and protect the environment (caring), build teams and expand our organisations (growing) and bring out our intrinsic goodness – to be unconditional givers – and create, in our own small way, an integrated society (sharing). This approach of Inclusiveness where growing is synonymous with caring and sharing is what our Company has stood for since its inception in 1947. The world-famous mangoes come from Valsad (the district in which our Company established its first facilities); mango trees therefore are perhaps an apt metaphor to denote our endeavour of caring, growing and sharing. You are not a drop in the ocean. You are the entire ocean in a drop. ~ Jalāl ad-Dīn Rūmī Contents 01 Reminiscing 2014-15 02 Corporate identity 04 Serving diverse industries 05 Breadth and depth 06 Purpose and Values 08 Letter to the Shareholders 10 Operational highlights 13 Recognitions 14 Financial charts 18 Serving the society 20 Board of Directors 21 Directors’ Report 25 Annexure to the Directors’ Report 47 Management Discussion and Analysis 54 Corporate Governance 70 Notice 82 Performance trend 83 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’, ‘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.