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Ultra Wiring Connectivity Systems Ltd.

BSE: 535124 Sector: Auto
NSE: UWCSL ISIN Code: INE00F301010
BSE 05:30 | 01 Jan Ultra Wiring Connectivity Systems Ltd
NSE 05:30 | 01 Jan Ultra Wiring Connectivity Systems Ltd

Ultra Wiring Connectivity Systems Ltd. (UWCSL) - Chairman Speech

Company chairman speech

Dear Shareholders

It's my pleasure to share with you the 16th Annual Reportfor the financial year 2020-21 of the Company.

We are currently faced with one of the greatest health crises of ourgeneration one that has severely impacted human lives and ravaged every economy acrossthe globe. When India got introduced to the virus the Government took prompt action andannounced nationwide lockdown to curtail its spread. Social distancing became the need ofthe hour and economies came to a standstill. The pandemic has compelled people all overthe world to make changes in their way of working and living. The second half of the yearhowever saw an impressive recovery due to unlocking of restrictions pick-up in economicactivity favourable government reforms and mass disbursement of vaccine to halt thespread of the virus.

Performance Review

You would be pleased to know that our company - Ultra WiringConnectivity Systems Limited has been honored with "IPF Fastest Growing ManufacturingCompany Award" organized by IPF Industrial Excellence Awards 2021 under the category"Electrical and Electronics (Small SME)".

On the same line moving ahead I further wish to inform you that yourcompany is under planning to manufacture two new products under the segment of"Commercial Wipers" and "Mini Fuse".

We also bring into your kind attention that the Company has made apotential growth in the existing customer base of wiper blades.

Let me now move on your company's performance in financial year2020-21. It has been a spectacular year of all round performances and achievements. Wehave achieved record sales and profits once again and we have made significant progress onseveral initiatives and projects that we had set out to accomplish this year. Your companyhas performed admirably.

Allow me to outline the key results:

• Total turnover increased by 14.36% to Rs. 2098.01 Lacs.

• Profit before Tax (PBT) grew by 15.38% to Rs. 1.39 Lacs.

Let's move on future outlook of the Company in the light of COVID 19pandemic and the economic repercussions that we face globally there will be initialdisturbances in supply chain management and aggregate demand reaching normal levels.There is downward sentiment overall but your Company is confident of achieving similargrowth levels in the coming financial year. Our strong brand value and market presenceshould help us achieve targets.

Lastly we are looking to make our organization leaner and moreeffective and have utilized team building tools to make the organization more effectiveand result oriented. We encourage decentralization of decision making and democratizeinformation flow.

I would like to thank each and every stakeholder in the organizationmost importantly the company's staff executives and work force for their dedicatedservices. I would also like to thank all my colleagues on the Board for their valuableadvice and constant encouragement.