This being the 150th birth anniversary of Mahatma Gandhi the Father of our nation. Iwould like to quote Gandhiji
A customer is the most important visitor on our premises. He is not dependent on us. Weare dependent on him. He is not an interruption in our work. He is the purpose of it. Heis not an outsider in our business. He is part of it. We are not doing him a favor byserving him. He is doing us a favor by giving us an opportunity to do so.
- Mahatma Gandhi
He was not only an important figure in the freedom struggle but a visionary for socialjustice as well as commercial acumen. The above quote hits the bull's eye with regard tothe management of business. At Fineotex this has been our vision over the years. Due totechnology the customer does not have to physically visit our offices but we have to beconnected to him with the same warmth. The buzz words are 'be connected'. With samephilosophy we remain connected with our customers suppliers and all stake holders angenerate a sense of confidence about us. This gives them an assurance of dependence intheir relations with Fineotex.
On this path of time it gives me great pleasure to present your Company's 16th AnnualReport for the financial year April 2018 - March 2019.1 would proudly mention that 2018-19has been an excellent year with addition of new products exporting to 60 countriesranked amongst Top 1000 Companies listed on the National Stock Exchange of India Limitedbased on Market Capitalization as on March 2019 etc. This year the Company has achieved aquantum jump in volumes achieved from 10094 MT in 2017-18 to 13005 MT in 2018-19. Thiswill be translated into profit with the growth in economy-both domestic and exports.
I am also pleased to announce that we are celebrating 40 years of excellence andpassion in the business of Textile chemicals. Forty years is a long-time. Looking back atour ground breaking journey Fineotex has crafted a solid reputation in businessexcellence and will uphold the same standard to be proud of today we are working in over60 countries and growing into the company we are - with unlimited potential. As trustedpartners you are key to our overall success.
Our managers & employees could build in the internal improvements ofthe last few years and take advantage of a positive trading environment. There were somesignificant challenges but your Company managed them well. These are briefly described inthe report of your Directors. Our Subsidiary has started contributing and growing. Theimprovements of the last few years paid off in our improved performance
Steady market strength for chemicals
Indian chemical companies support a sizable and highly diversified industry thatincludes commodities specialties polymers agrochemicals and a range of other groups.Total chemical sales are expected to grow from US$139 billion in 2014 to US$214 billion by2019.5 By 2025 the Indian chemical industry is projected to reach US$403 billion. AtFineotex we have the capacity to go for greater share of the market.
Doing business in India is getting much easier
Since 2014 the government administration headed by Prime Minister Narendra Modi hassupported a number of reforms designed to encourage business growth by eliminatingunnecessary laws and regulations simplifying bureaucratic processes and making thegovernment more transparent responsive and accountable.
These reforms and other initiatives have supported a dramatic even historic rise inIndia's ranking on the World Bank's Ease of Doing Business (EoDB) Index a jump of30 places into the top 100 countries. In fact India is the first large country ever torecord such an increase in ratings over a single year.
I extend my sincere thanks to the Board of Directors for their continued support andguidance towards taking the company ahead. I would also like to place on record ourappreciation towards our bankers suppliers and customers for their continued trust in usand buildinganenrichingassociation.
Fineotex Chemicals is an Indian Multinational with manufacturing facilities in Indiaand Malaysia serving customers in india and across the world. We are keenly promoting the'Make in india' philosophy with our enriched product portfolio. We are determined tocontinue to grow in the 'next phase' of our corporate journey and emerge as an evenstronger and customer-focused company delivering performance that matters to allstakeholders.
(Chairman & Managing Director)