This Code of conduct (hereinafter referred to as the “Code”) for Principal Executives and Functional Heads (hereinafter referred to as the “Officers”) helps in maintaining the standards of moral and ethical values for M/s D & H Welding Electrodes (India) Ltd. (hereinafter referred to as the “Company”) and ensures compliance with Clause 49 of the Listing Agreement with the Stock Exchange of Mumbai. The purpose of the Code is to deter wrongdoing and promote moral/ethical conduct.