AFFLUENCE

The outbreak of COVID-19, the subsequent lockdown implemented by the Govt. and the disruption in conducting business on account of the Pandemic have affected adversely the Revenues of not only UDS but also on a consolidated basis.   Profits of UDS was also affected significantly on account of the weak business scenario during the year. However, on a consolidated basis, Profits rose marginally on account of some of the subsidiaries’ stellar performance. The Total Income of the Company for the year ended 31st March 2021 was Rs. 1,00,369.03 Lakhs as compared to the Previous Year of Rs. 1,09,475.14 Lakhs. Profit before Tax was Rs.2,611.89 lakhs as against Rs.3,576.64 lakhs for the previous year and the Profit after Tax considering Other Comprehensive Income/(Loss) was Rs. 2,744.25 lakhs compared to Rs. 3,102.89 lakhs during the last year. Your Directors are optimistic about company’s business prospects and hopeful of better performance with considerable increase in revenue and profits in the FY22.    

The provisions of Section 134(m) of the Companies Act, 2013 do not apply to our Company. There was no foreign exchange inflow or Outflow during the year under review.    

The provisions of Section 134(m) of the Companies Act, 2013 do not apply to our Company. There was no foreign exchange inflow or Outflow during the year under review.    

The provisions of Section 134(m) of the Companies Act, 2013 do not apply to our Company. There was no foreign exchange inflow or Outflow during the year under review.    

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement: (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period; (c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; (d) the directors had prepared the annual accounts on a going concern basis; (e) the Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013 pertaining to laying down internal financial controls is not applicable to the Company; and (f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.