Atul Ltd 2015-16

When the root is deep, there is no need to fear the wind. ~ A Chinese Proverb Contents 01 Looking back | 2015-16 02 Corporate identity 04 Serving diverse industries 05 Footprint 06 Purpose and Values 08 Letter to the Shareholders 10 Operational highlights 13 Recognition 14 Financial charts 18 Serving the society 20 Board of Directors 21 Directors’ Report 25 Annexure to the Directors’ Report 49 Management Discussion and Analysis 56 Corporate Governance 72 Notice 80 Performance trend 81 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 statements that we 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. We have depicted a leaf on the cover page for it is worthy of emulation: as very aptly described by Mr Eric Drexler, a pioneer in Nanotechnology, ‘… a leaf is more sophisticated than a spacecraft, more finely patterned than the latest chip from Silicon Valley ...’. A leaf signifies efficiency – it does not require baking, grinding, stirring or human labour, but it gathers solar energy and with that processes carbon dioxide and water into oxygen and molecular building blocks; a leaf is eco-friendly – it does not generate heat or toxic materials; and finally a leaf symbolises interdependence — it does not exist in isolation, but instead co-exists synergistically with the rest of the tree. In many ways, a leaf emphasises the endeavour of the team Atul.