It gives me great pleasure and immense pride in placing before you the 26th AnnualReport of your Company for the financial year 2018-19.
Non Banking Financial Companies (NBFCs) play an active role in meeting the fundingneeds of those segments of the society who mostly remain unserved by the formal modes ofinstitutional funding. NBFCs are essentially fuelling entrepreneurship by catering to thefunding needs of the micro small and medium enterprises (MSMEs). The year under reviewhas been a challenging one for the NBFC sector. Some isolated market events havesignificantly reduced the flow of funds to NBFCs from the institutional sources. RBI hastried to address the liquidity concerns of NBFCs but more steps are needed. Your Companyis continuously monitoring all these developments and is on the lookout for newopportunities. Keeping in mind the recent challenges that have surfaced in the NBFCsector your Company has stepped up its interactions with the government and theregulators.
The opportunities ahead are huge. By staying true to its mission and its values and bycontinually investing in building newer capabilities your Company is positioned well tobecome the foremost partner of choice to all forward thinking enterprises in their growthand transformation journeys.
Your Company has a strong framework for the appraisal and execution of creditfacilities that involves a detailed evaluation of industry business financial projectand management factors including sponsor's financial strength and experience. A team ofwell qualified and experienced individual examine the proposals at various levels andevaluate all information which are gathered from relevant sources during the assessmentprocess to facilitate credit decisions. This process ensures that the expertise in lendingoperations acquired by the Company over the period is put to best use and acts to mitigatecredit risks.
We are constantly building on our existing strengths while at the same time envisagingour business priorities to reach new horizons of growth and opportunities and alsore-assured stability and soundness in terms of overall business performance by achievingprofit before tax of Rs. 1254.32 lakhs for the financial year ended 31st March 2019.
For U. Y. Fincorp Limited its people are a very valuable resource. In an increasinglycompetitive market for talent the Company continues to focus on attracting and retainingright talent. It is committed to provide right opportunities to employees to realise theirpotential. Your Company focuses on widening organisational capabilities and improvingorganisational effectiveness by having a competent and engaged workforce. Our people areour partners in progress and employee empowerment has been critical in driving ourorganisation's growth to the next level.
On behalf of the Board and on my own behalf I place on record my sincere appreciationand gratitude to our Bankers RBI SEBI MCA Registrar and Share Transfer AgentsRegistrar of Companies Stock Exchanges Depositories Customers Business Associates& Auditors for their continued support and the confidence they have reposed in theCompany. I record my special appreciation of the tireless efforts of Team U. Y. adedicated and loyal band of people who have displayed unswerving commitment to their workin these challenging times and helped the Company deliver strong results. I owe mygratitude to the Company's valuable shareholders for their continued patronage &cooperation and seek their continued support and co-operation in future.
(Chairman & Managing Director)