It gives me great pleasure and immense pride in placing before you the27th Annual Report of your Company for the financial year 2019-20.
The magnitude of the current COVID crisis is alarmingly different bothin its intensity and spread. The informal segment small businesses and micro enterprisesof the MSME industry have borne the brunt of the crisis and are badly hit. The recovery asit looks is going to be a long drawn process. The impact of this unprecedented crisiswould be remembered for a long time. It's a well-known fact that the real test of abusiness model is in the times of adversity. Today the world is facing an unprecedentedchallenge and the crisis is still unabated. This crisis has shaken many businesses;brought the economy to complete halt and has affected many medium and small sizedentrepreneurs. As a firm we are taking actions to support our people their families and
our clients. I am proud of how our people have reacted amidst thesecircumstances demonstrating the resilience and resolve they put forth on a daily basis onbehalf of our clients.
The significant changes in market conditions have adversely impactedmany large and small NBFCs as well and has forced many firms to revisit their businessmodels and assess their resilience. As the crisis unfolded and we went from one lockdownto another we became even more confident of our business model. Your Company has a strongframework for the appraisal and execution of credit facilities that involves a detailedevaluation of industry business financial project and management factors includingsponsor's financial strength and experience. A team of well qualified and experiencedindividual examine the proposals at various levels and evaluate all information which aregathered from relevant sources during the assessment process to facilitate creditdecisions. This process ensures that the expertise in lending operations acquired by theCompany over the period is put to best use and acts to mitigate credit risks.
We are constantly building on our existing strengths while at the sametime envisaging our business priorities to reach new horizons of growth and opportunitiesand also re-assured stability and soundness in terms of overall business performance byachieving profit before tax of ' 457.66 lakhs for the financial year ended 31st March2020.
Going forward technology and teamwork will play an ever-bigger role indriving businesses. If we have received one invaluable lesson from the COVID-19 outbreakit is that technology can help us stay together inspire each other and move forwarddespite challenges.The opportunities ahead are huge. By staying true to its mission andits values and by continually investing in building newer capabilities your Company ispositioned well to become the foremost partner of choice to all forward thinkingenterprises in their growth and transformation journeys.
At U. Y Fincorp Limited employees are an integral part of theorganization's journey isn't a trite saying. Every HR strategy that we adopt aims athelping employees contribute at the highest perform at their peak by building the rightskills eliciting the right attitude. In an increasingly competitive market for talentthe Company continues to focus on attracting and retaining right talent. It is committedto provide right opportunities to employees to realise their potential. Your Companyfocuses on widening organisational capabilities and improving organisational effectivenessby having a competent and engaged workforce. Our people are our partners in progress andemployee empowerment has been critical in driving our organisation's growth to the nextlevel.
On behalf of the Board and on my own behalf I place on record mysincere appreciation and gratitude to our Bankers RBI SEBI MCA Registrar and ShareTransfer Agents Registrar of Companies Stock Exchanges Depositories CustomersBusiness Associates & Auditors for their continued support and the confidence theyhave reposed in the Company. I record my special appreciation of the tireless efforts ofTeam U. Y. a dedicated and loyal band of people who have displayed unswerving commitmentto their work in these challenging times and helped the Company deliver strong results. Iowe my gratitude to the Company's valuable shareholders for their continued patronage& co-operation and seek their continued support and co-operation in future.
(Chairman & Managing Director)