uv boards ltd Management discussions

INDIAN ECONOMIC OVERVIEW

India joined the global economy in an unprecedented contraction in 2020-21, dragged down by the COVID-19 pandemic. Headline inflation was elevated for most part of the year led by supply chain disruptions due to the pandemic and spikes in key food prices. The Gross Domestic Product (GDP) growth for the financial year 2020-21 was at -7.3% as compared to 4.0% in 2019-20. The COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. (Source: RBI, World Bank)

ABOUT THE COMPANY

The Company is headquartered in Chennai with a pan India distribution network of its products. The Company has two manufacturing facilities in Chennai, Tamilnadu and Gandhidham, Gujarat where it manufactures plywood, laminates and veneers. Besides there are other complementary products that the Company manufactures/ sources. However, during the year, with an idea to prune its overall costs and fixed overheads, the company has focuses on consolidating its manufacturing facilities in Gujarat. This has resulted in decreased overall business due to closed manufacturing lines which is momentary.

FINANCIAL REVIEW, 2020-21

• Income for the year was NIL compared to Rs. 52.36 crore in the previous financial year.

• Profit before tax for the year was (Rs. 255.67 crores) compared to (Rs. 2.90) crores in the previous financial year.

• Profit after tax for the year was (Rs. 251.78 crores) compared to (Rs. 4.29) crores in the previous financial year.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate system of internal control which is line with the size and nature of its operations.

HUMAN RESOURCES

The Company continues to focus on people- development by leveraging technology. During the year the Company has implemented a process to make its human work force agile, lean and competitive and has also consolidated its manufacturing facilities in Gujarat.

QUALITY MANAGEMENT SYSTEM

The Company continues to lay a keen emphasis on qualitative excellence to ensure total customer satisfaction. The Companys mission is to provide customers with products that match international standards and surpass their expectations.

CAUTIONARY NOTE

The above statements are as perceived by the Directors based on the current scenario and the input available. Any extraneous developments and force majeure conditions may have an impact on the above perceptions.

ACKNOWLEDGEMENTS

The Directors place on record their deep appreciation to employees for their hard work, dedication and commitment. The Board places on record its appreciation for the support and co-operation your Company has been receiving from its suppliers, retailers, and all its business partners. The Company will continue to build strong links with its business associates which is consistent with consumer interests. The Directors also take this opportunity to thank all investors, clients, vendors, banks, governmental agencies and regulatory authorities and stock exchanges for their continued support.

	For Uniply Decor Limited
Place: Chennai	Keshav Narayan Kantamneni
Date: 03.12.2021	Chairman

CERTIFICATE ON CORPORATE GOVERNANCE UNDER THE LISTING

REGULATIONS

To,

The Members Uniply Decor Limited

a. The Certificate issued in accordance with the terms of our engagement letter dated 23rd November, 2021.

b. We have examined the compliance of conditions of Corporate Governance by Uniply Decor Limited (the Company), for the year ended 31st March 2021, as stipulated in the Regulations 17-27, clauses (b) to (i) of Regulation 46(2) and paragraphs C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), as amended, pursuant to the Listing Agreement of the Company with the Stock Exchanges.

Management Responsibility

The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design, implementation and maintenance of internal control procedures to ensure the compliance with the conditions of Corporate Governance stipulated in the SEBI Listing Regulations.

Auditors Responsibility

Our examination is limited to review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended except to the observations made in Para No.6 [Point No. i to x] in Secretarial Audit Report for the year ended 31st March, 2021 dated 2nd December, 2021.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

	For Lakshmmi Subramanian & Associates
	P.S.Srinivasan
	Partner
Date: 03.12.2021	ACS No. 1090 C.P.No. 3122
Place: Chennai	UDIN: A001090C001637802