Atul Ltd 2020-21

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. The Members may send in their comments or suggestions for improvement of the annual report by e-mail to shareholders@atul.co.in Adversity is the mother of progress. - Mahatma Gandhi A difficult situation (represented by cloud) has a more hopeful aspect (represented by the brighter lining) although it may not be immediately apparent. In other words, an adversity can be a good teacher to help us choose the right path. It is therefore unwise to reject it, but instead consider it as a learning. Incorporated in 1947, the journey of Atul is closely linked to that of India. Our Company too has gone through trials and tribulations and survived the test of time. It is in uncertain times like these that our ability to stay true to our Company purpose is of utmost importance to us, and we are ready to energise, engage and emerge. Contents Reviewing 2020-21 01 Corporate identity 02 Purpose led 04 Values driven 05 Business model 06 Serving diverse industries 08 Footprint 09 Operational highlights 10 Financial charts 12 Serving the society 16 Letter to the shareholders 18 Board of Directors 20 Directors’ Report 22 Annexure to the Directors’ Report 28 Management Discussion and Analysis 41 Corporate Governance Report 48 Business Responsibility Report 68 Dividend Distribution Policy 74 Notice 75 Performance trend 86 Standalone Financial Statements Independent Auditor’s Report 89 Financial Statements 98 Consolidated Financial Statements Independent Auditor’s Report 155 Financial Statements 162 To download or read this report online, please visit www.atul.co.in 44 th Annual General Meeting Friday, July 30, 2021 10:30 am The meeting will be held through video conference.