Atul Ltd 2017-18

01 In retrospect | 2017-18 02 Corporate identity 04 Serving diverse industries 05 Footprint 06 Purpose and Values 08 Letter to the Shareholders 10 Operational highlights 12 Financial charts 16 Serving the society 18 Board of Directors 19 Directors’ Report 23 Annexure to the Directors’ Report 46 Management Discussion and Analysis 53 Corporate Governance Report 68 Business Responsibility Report 74 Dividend Distribution Policy 75 Notice 90 Performance trend Standalone Financial Statements 92 – Independent Auditor’s Report 98 – Financial Statements Consolidated Financial Statements 150 – Independent Auditor’s Report 154 – Financial Statements Contents On the other side of resistance is the flow. ~ Guy Finley 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 may 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. Sea water experiences continuous resistance as it approaches land and tries to move up the coast – this is a natural phenomenon. A wave symbolises the appetite for adventure over the fondness for ease. Human life, personal or professional, too faces its own trials and tribulations. Once there is this realisation that where there is life, there is struggle, it becomes easier to prepare for it through knowledge, skill and attitude. Incorporated in 1947, Atul completed 70 years last year – each difficulty, internal or external, has made it a stronger company and given the energy to move ahead. The team Atul will work with this understanding and grow the Company in a sustainable way.