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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.