Dear Esteemed Shareholders,
I am pleased to present to you the 32nd Annual
Report for the scal year 2023-24. Finally, your company?s shares
got listed on 29th September 2023 and long-expected trading started to help the minority
shareholders.
The good news is that after a gap of 10 years, your company again
started importing methanol at Calcutta port, thus saving huge transportation costs from
Kandla and Vizag. I am pleased to inform you that we have entered into a technical
collaboration agreement with a 70-year-old, speciality chemical company in USA -
Willamette Valley Corporation (WVCO). It will strength up in our price to cater to Plywood
industry. We have also entered into an MoU with Haldia Petrochemicals Limited for yearly
off-take of 1,00,000 MTPA of Phenol from their upcoming phenol project of 3,00,000 MTPA in
2026. This will be an export-oriented project based at Haldia, thus making your company
the largest Phenolic Resin manufacturer not only in India, but among top 10 in the World.
For speciality chemicals, company like yours - R&D is the backbone.
Luckily, this year we have successfully re-reinforced our R&D with an excellent new
team. Already, we have developed a few products in the construction industry and coatings
and paints. We have already got institutional approvals and expecting very bright
prospects.
Keeping pace with the growing ESG awareness and commitment your Company
is very seriously working on this front. The company?s efforts on sustainability,
safety and CSR are becoming stronger. Zero-liquid discharge project is very much in of ng,
thus solving pollution challenges in long-term basis.
Your company is spreading its wings successfully beyond traditional
plywood industry to feed, abrasives, automotive components, construction chemicals,
refractories, foundry industry, paints and agro chemicals.
Last year there was a little dip in exports due to political situations
in Europe, Africa and Middle east. Luckily, we have overcome all the challenges and hope
to do better than earlier.
Lastly, I would like to thank our shareholders, investors, lenders,
suppliers, customers, board members, as well as employees and other stakeholders for their
continued support and patronage of their company. The future looks bright for all of us
and together we will embark on a journey of continued growth and value-creation.