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At the beginning of the month, we had a few days in Ayodhya, where I had the opportunity to meet some of you. Most of our time was spent on project-related matters. Our team provided insights on the Kavok project and gave feedback on the factory layout. With everyone’s contributions, we gained a new perspective and decided to move forward with it.

For several days, we have been facing financial issues as we are working in so many directions, and not all alliances have been completed yet. Our team was encountering many challenges with our banks, which was affecting the pace of our work. I felt that the bank was mistreating us. Although we had some shortcomings on our side, the bank’s obstruction was causing harm to the company. After meeting with the bank, we decided to part ways with State Bank. This is a tough decision since we had a 32-year journey with them, and building any relationship takes time. However, our team was well-prepared, and other banks were ready to support us. Now, we will have to establish new relationships from scratch.

Sometime this year was spent setting goals, and it became clear that we are not yet fully aligned. Our goals must be based on our team’s and company’s objectives because when we structure our tasks correctly, the organization will naturally progress. It was also felt that in many areas, individual goals will be based on team goals, but their details might need to be distinguished. We all must shape our targets correctly, as all future work and progress depend on this. Work on this will continue this month as well.

Every year, we go on a retreat with our board members to spend more time with our mentors and reflect on the future. This year, we had the opportunity to visit Kashmir with our families and discuss various aspects of the business. We also enjoyed exploring the beautiful valleys of Kashmir and felt proud of our government upon witnessing the changes there. I have been traveling to this region for trekking regularly, and this time, I observed positive transformations.

After that, every year, we participated in ‘Rethinking Materials’ in London and gained insights into the changes that lie ahead globally. Pakka makes a significant contribution to this conference, providing opportunities to meet and form alliances with numerous companies worldwide. This year’s discussions were equally exciting. Simultaneously, our team presented our upcoming flexible packaging products at the ‘Sweets & Snacks’ conference in the USA, which was well-received. Following my time in London, I joined my team in Chicago at the NRA exhibition, where we learned how to introduce our molded fiber products to the American market.

After the exhibition, we spent two days with the team, planning our business strategies in the USA. This brainstorming session brought forward many new aspects, and we were able to outline the upcoming tasks for Ted, who leads Pakka in the USA.

We have several critical initiatives in progress, and we must manage them effectively. I believe there are three essential tasks for us, and I aim to make progress on them in the coming month:

• Clarifying the organizational structure
• Ensuring the right people are in the right leadership positions
• Clearly defining responsibilities and appropriately aligning incentives

As always, your suggestions will help me make the right decisions.

Yours,

Ved