PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

47 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS GHS Compliance Requirements: More than 70 countries have adopted GHS (Globally Harmonized System of Classification and Labelling of Chemicals). Importers and manufacturers in these countries are required to comply with GHS SDS and Labeling provisions. Your Status: SDS of all your Company’s products are GHS compliant. Additionally, your Company provides country- specific GHS SDS & labeling support to its customers. IFRA Standards Compliance The International Fragrance Association (IFRA) is the global representative body of the fragrance industry. The IFRA Standards form the basis for the globally accepted and recognized risk management system for the safe use of fragrance ingredients and are part of the IFRA Code of Practice. This is the self-regulating system of the industry, based on risk assessments carried out by an independent expert panel. Your Company ensures that the products it supplies to its customers adhere to IFRA standards. Your Company’s supporting membership with IFRA further underpins its commitment to continuously comply with IFRA standards and adds a seal of quality and credibility to its products. Other Product and Management System Certifications Most of your Company’s manufacturing facilities are ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified, Kosher and Halal certified. The ISO certifications have been issued by a globally renowned certification body ‘Bureau Veritas’ whose certification process involves stringent audits. Outlook Your Company is expecting a robust growth in the medium term as there is demand for the aroma chemicals - the main business of your Company. Your Company plans to expand the product range in the coming years and is working on aggressive plans to offer a much larger basket of materials to its valued customers globally. Your Company is making further inroads into developing markets (Nigeria, Egypt, UAE, South Africa) by seeking more customers as well as additional market share through existing customers. Highlights Your Company has achieved a volume growth of 20% over last year which has resulted in it capturing greater market share. Owing to markets prices of raw material and finished goods which remained at a subdued level for most part of the year, the value growth over the previous year has been 4%. With the existence of your Company’s 100% subsidiary in the USA, its market share continues to keep growing year-on- year. The USA business is witnessing positive growth. Your Company has a global presence with an office in Netherlands. This is important from a strategic point of view to drive market share. Your Company continues to see its growth coming from key accounts in emerging and developing countries and its ability to provide a range of products. Your Company continues to sell value added products from backward integrated feedstocks which is contributing to its revenue. Your Company continues to establish strategic long-term business relations with global leading companies in the F&F industry such as Givaudan, Firmenich, IFF, Symrise, MANE, Robertet, Takasago etc. and with global leading FMCG producers such as P&G, Henkel, Reckitt Benckiser. Cautionary Statement Statements in the Management Discussion and Analysis may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/supply, price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and incidental factors such as Force Majeure Contributors.