Dear Stakeholders,
The Board of Directors have pleasure in presenting their 20th Annual Report
together with the Audited Accounts of the Company for the year ended 31 March, 2017.
1. FINANCIAL PERFORMANCE:
During the period under review, the Turnover of the Company on a standalone basis stood
at Rs. 247.08 Crore, as compared to Rs. 381.40 Crore during the previous year. The Company
posted a Net Loss after Tax of Rs.1113.20 Crore during the year ended 31st
March, 2017, as against a Net Loss after Tax of Rs. 540.37 Crore during the previous year
ended 31st March, 2016.
On a Consolidated basis, the Turnover of Unity Group stood at Rs. 259.12 Crore as
compared to Rs. 480 Crore for the previous year. The Group posted a Net Loss after Tax of
Rs. 1170 Crore during the year ended 31st March, 2017, as against a Net Loss
after Tax of Rs. 557 Crore during the previous year ended 31st March, 2016.
The Order book as on 31st March, 2017 stood at Rs. 608.89 Crore.
2. EROSION OF NETWORTH:
With accumulated losses of Rs. 1113.20 crores at the end of the financial year,
resulting in erosion of total net worth. The Board has reviewed the causes for such
erosion and the reasons amongst others which adversely affected the performance of the
Company were:(a) Delay in execution of Project, necessity to hire local workmen, adverse
operating and financial leverage and delay in sanction and disbursement of required
Project Loan, termination of contract and black listing, which resulted in huge over-run
and caused non achievement of performance and profitability and thereby losses.
The Board after considering the various steps implemented and/or to be undertaken for
improvement of performance of the Company is confident/optimistic that the Company would
be able to implement effective measures in normal course of business to revive the
operations of the Company. Accordingly, the financial statements for the Financial Year
2016-17 has been prepared on a going concern basis.
3. DIVIDEND:
Your Company has restructured its debt under the Scheme for Corporate Debt
Restructuring ("CDR Package") and therefore, it is necessary to conserve and
optimise use of resources to improve the health of the Company. Hence, your Directors have
not recommended any dividend for the financial year ended March 31, 2017.
4. OPERATIONS:
Moratorium period of CDR Package has expired on 31st March, 2016 and during
the said period there was no progress seen for revival of the Company. Lenders opposed for
Strategic Debt Restruucturing (SDR). The management of the Company has been trying its
level best to save Bank Guarantees by giving balance work of on going project on B2B
basis.
The financial closure of three projects were done by the Company. The documents for the
same were executed in the year 2013-14. But, subsequent to the execution of the documents,
some of the lenders of Consortium of Bank had backed out from the financial closure. No
new lender had shown interest in the project. One of the Road project has been foreclosed
by the NHAI and other one had terminated. In order to save BG given by the Company, the
management had written to the Client to replace the Concessioner.
Under the CDR Package, further funds in the form of equity/preference shares/unsecured
loan etc., had infused by the promoters and also the Company is seeking potential
investment sources.
5. CDR IMPLEMENTATION:
The Company had availed credit facilities ("Facilities") for working capital
requirement as well as for hiring construction equipments for its various projects. The
debt obligations of the Company were restructured under Corporate Debt Restructuring
("CDR") mechanism on the terms and conditions set out in the Master
Restructuring Agreement dated 26th December, 2014 executed amongst SBI (as the
Monitoring Institution), the Lenders and the Company ("CDR MRA"). The Principal
Moratorium was for 27th months from the cut-off date i.e. 1st
January, 2014.
Despite availing the restructuring of the Facilities under the CDR mechanism, the
Company was facing liquidity issues and challenges in debt
servicing due to inter alia slower than envisaged recovery in the economy and
infrastructure sector and increased interest cost for the Company due to increase in
working capital requirement and non-realization of claims/ receivables. This resulted in a
gap of cash-flow timing mismatch between claims realization (including interest) and debts
serving If such gap left unaddressed, the Company will face challenges in the execution of
its order book and also in serving of its debt. Additional working capital support
sanctioned by Lenders were not disbursed.
Accordingly, in order to bring the aforementioned cashflow timing mismatch, the lenders
deleibarated various solutions to address the aforementioned liquidity issue and
recommended the Scheme for Strategic Debt Restructuring introduced by the Reserve Bank of
India ("RBI") pursuant to circulars dated February 25, 2016.
The Lenders in their Joint Lenders Forum Meeting ("JLF") held on 28th
March, 2016 deliberated on the various options, but could not agree with the
recommendation of Monitoring Commiittee for implimentation of Strategic Debt Restructing.
The option left with the Monetoring Committee as well as the Company to explore the
opportunties for strategic investor as well as to complete the projects which were near to
completion to avoid further encashment of bank guarantees or termination of contract. The
Company and the management is hopeful that it will come over the said situation.
6. SHARE CAPITAL:
During the period under review there is no change in the Authorised Capital of the
Company. The Authorised Share Capital is Rs. 35,00,00,000/- and Paid-up Capital is Rs
24,17,53,604/-.
The equity shares have been listed and being traded on both the stock exchanges i.e.
National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).
The Company has not issued any shares with differential voting rights and hence no
information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the
Companies (Share Capital and Debenture) Rules, 2014 is furnished.
7. MANAGEMENT DISCUSSION AND ANALYSIS:
In terms of the provisions of Regulation 34 read with Shcedule V of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015, Managements Discussion and
Analysis is set out in a separate section forming part of the Annual Report as Annexure A.
8. SUBSIDIARIES AND CONSOLIDATED FINANCIAL STATEMENTS:
During the year under review, the following changes have taken place with respect to
Subsidiary Companies and Associate Companies:
As on March 10, 2017 your Company has 8 direct Subsidiaries, 8 step down Subsidiaries
and 11 Associate Companies. There has been no material change in the nature of the
business of the Company and its subsidiaries.
Chomu Mahala Toll Road Private Limited,a subsidiary company ceased to be a subsidiary
of Unity Infraproject Limited w.e.f. 17.03.2017 due to allotment of shares to Lenders
under SDR Scheme.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the
Annual Report of the Company, containing there in its standalone and the consolidated
financial statements has been placed on the website of the Company, www.unityinfra.com.
A statement containing salient features of the financial statements of these companies
as required to be provided under section129(3) of the Act, are enclosed herewith in the
specified form, as Annexure B. Accordingly, this annual report does not contain the
reports and other statements of the subsidiary companies. Any member intends to have a
certified copy of the Balance Sheet and other financial statements of these subsidiaries
may write to the Company Secretary. These documents are available for inspection during
business hours at the registered office of the Company and that of the respective
subsidiary companies.
9. DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP):
7.1 Appointments by rotation
In accordance with the provisions of the Companies Act, 2013 read with the Articles of
Association of the Company and Regulation 36(3) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 Mrs. Vidya P Avarsekar, Director of the Company
will retires by rotation at this meeting and being eligible, your Board recommends her
re-appointment.
Details of the director seeking re-appointment at this meeting has been given in the
notice of the meeting.
7.2 Key Managerial Personnel:
Mr. Kishore K Avarsekar Chairman and Managing Directors, Mr. Abhijit K. Avarsekar, Vice
Chairman and Managing Director & Chief Executive Officer (CEO), Mr. Madhav G. Nadkarni
Chief Financial Officer and Mr. Prakash B. Chavan, Group Company Secretary and Heal Legal
are Key Managerial Personnel of the Company.
10. MEETING OF THE BOARD :
Five (5) Board Meetings were held during the financial year ended 31st March, 2017. The
details of the Board Meetings with regard to their dates and attendance of each of the
Directors there at have been provided in the Corporate Governance Report.
11. INDEPENDENT DIRECTORS:
The Independent Directors of the Company have given the declaration to the Company that
they meet the criteria of independence as provided in of Section 149(6) of the Companies
Act, 2013 and Regulation 25 of SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 of the Listing Agreement with the Stock Exchanges.
An exclusive meeting of the Independent Directors of the Company was held on 10th
February, 2017 which was attended by all the Independent Directors. They have reviewed the
performance of the non-independent directors and the Board as a whole, performance of
chairperson and quality of information to the Board as provided under Schedule IV of the
Companies Act, 2013.
12. PERFORMANCE EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual
performance evaluation of the Directors individually as well as evaluation of the working
of the Board and of the Committees of the Board, by way of individual and collective
feedback from Directors.
The following were the Evaluation Criteria:
(a) For Independent Directors:
• Knowledge and Skills
• Professional conduct
• Duties, Role and functions
(b) For Executive Directors:
• Performance as Team Leader/ Members
• Evaluating Business Opportunity and analysis of Risk Reward Scenarios
• Key set Goals/KRA and achievements
• Professional Conduct and Integrity
• Sharing of Information with the Board
The Directors expressed their satisfaction with the evaluation process.
13. AUDIT COMMITTEE:
The Audit Committee consists of all Independent Directors with Mr. Dinesh Joshi as
Chairman, Mr. Girish Gokhale, Mr. Chaitanya Joshi and Mr. Abhijit K Avarsekar Vice
Chairman and Managiong Director as members. The Committee inter alia reviews the Internal
Control System, Reports of Internal Auditors and Compliance of various regulations. The
Committee also reviews at length the financial statements before they are placed before
the Board of Directors.
14. VIGIL MECHANISM:
Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Vigil
Mechanism or Whistle Blower Policy for directors, employees and other stakeholders to
report genuine concerns has been established. The same is also uploaded on the website of
the Company.
15. INTERNAL CONTROL SYSTEMS:
The Companys internal control procedures which includes internal financial controls,
ensure compliances with various policies, practices and statutes and keeping in view the
organisations pace of growth and increasing complexity of operations. The internal
auditors team carries out extensive audits throughout the year across all locations and
across all functional areas and submits its reports to the Audit Committee of the Board of
Directors.
16. CORPORATE SOCIAL RESPONSIBILITY:
Corporate Social Responsibility (CSR) is not a new term for UNITY. K K Group of
Companies has been carrying out CSR activities since 2010 and focusing on three major
areas - Education,
Healthcare and Rural Development.Pursuant to the provisions of section 135 of the
Companies Act, 2013, the Corporate Social Responsibility Committee was constituted by the
Board at its meeting held on 29th May, 2014 since the Company fulfilled the
conditions stipulated in sub- section(1) of section 135. Since financial year 2014, the
Company has been facing liquidity crunch on account of various factors viz. significant
delays in project execution due to land acqu isi tion , legal issu es a nd regula tory
bottlenecks, shortage of funds/liquidity due to delayed realization of receivables in
excess of six months, long term Investment/Advances to Real Estate/ and BOT subsidiaries
and part of inventory has become absolute on account of the projects getting unduly
delayed. During the financial year 2013-14 the Company was referred to CDR Cell and CDR
Package was approved on 26.12.2014 for revival of the Company.
In compliance with requirements of Section 135 of the Companies Act, 2013, the Company
has laid down a CSR Policy. The composition of the Committee, contents of CSR Policy and
report on CSR activities carried out during the financial year ended 31st March, 2017
(till 14th December, 2016) in the format prescribed under Rule 9 of the
Companies (Accounts) Rules, 2014 is annexed herewith as Annexure C.
Since, there are no average net profits for the Company during the previous three
financial years, there are no specific funds that are required to be set aside and spent
by the Company during the year under review. But the Company arrange funds to continued
the ongoing CSR projects undertaken by the Company. Members can access the CSR Policy on
the website.
During the Financial year 2014-15, 2015-16 and in the current financial year, due to
accumulated losses, the Company did not fulfilled any of the conditions stipulated in sub-
section (1) of section 135 and Company is not in position to continue the projects
undertaken under CSR.Therefore, the Company dissolved the Corporate Social Responsibility
Committee w.e.f 14.12.2016.
17. POLICY ON NOMINATION AND REMUNERATION:
The contents of Nomination and Remuneration Policy of the Company prepared in
accordance with the provisions of Section178 of the Companies Act, 2013 and Regulation 19
of the SEBI (Listi ng Obligations an d Disclosu re
Requirements) Regulations, 2015 are provided in the Corporate Governance Report.
18. RELATED PARTY TRANSACTIONS:
Related party transactions that were entered into during the financial year were on
arms length basis and were in ordinary course of business and were within the limits and
terms and conditions approved by the Shareholders of the Company in the Extra-ordinary
General Meeting held on 28th February, 2015. There are no materially
significant related party transactions made by the Company which may have potential
conflict with the interest of the Company. The policy on Related Party Transactions as
approved by the Board of Directors is available on the Companys website
i.e.www.unityinfra.com
Prior omnibus approval of the Audit Committee is also sought for transactions which are
of a foreseen and repetitive nature.
The related party transactions are entered into based on considerations of various
business exigencies such as synergy in operations, profitability, legal requirements,
liquidity, resources availability etc of related parties. All related party transactions
are intended to further the Companys interests.
19. CORPORATE GOVERNANCE:
The Report on Corporate Governance as stipulated under Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual
Report. The requisite certificate from M/s. Snehal Raikar & Co,. Practising Company
Secretaries confirming compliances with the conditions of corporate governance as
stipulated under the aforesaid Schedule V is attached to the Report on Corporate
Governance is annexed herewith as Annexure D
20. FIXED DEPOSITS:
In F.Y. 2016-17, the Company has not accepted/ renewed any deposits. As on 31st March,
2017, there were unclaimed deposits amounting to Rs. 2554.64 and interest on deposits
amounting to Rs. 92,253.00. The Company has repaid entire amount of public deposit as on
31st March, 2015.
21. LISTING OF SHARES:
The Equity Shares of the Company are listed on the BSE Limited (BSE) with Scrip code
No. 532746 and on the National Stock Exchange of India Limited (NSE) with Scrip ID of
UNITY. The Company confirms that the annual listing fees to both the stock exchanges for
the financial year 2016-17 have been paid.
22. LOAN, GUARANTEE OR INVESTMENTS:
Details of Loans granted, Guarantees given and Investments made during the year under
review, covered under the provisions of Section 186 of the Companies Act, 2013 are given
as Annexure E.
23. AUDITORS:
(a) (i) Statutory Auditors:
In compliance with the Companies (Audit and Auditors) Rules, 2014, M/s. C. B. Chhajed
& Co., Chartered Accountants, have been appointed as Statutory Auditors of the Company
till the conclusion of Annual General Meeting for the F. Y. 2016-17, as approved by the
members at their 17th Annual General Meeting held on 8th September, 2014.
In terms of the sub-section (2) of section 139 of the Companies Act, 2013 (effective
from 0104-2014) no Listed Company shall appoint or re-appoint an Auditing Firm as the
Auditor for more than two terms of five consecutive years. Provided that the firm is
eligible to be reappointed in the same Company for another five years from the completion
of first term.
In pursuance of the above, every listed Company shall comply with this requirement
within a transitional period of three years from the date of commencement of the Act i.e.
1st April, 2014. M/s. C.B. Chhajed & Co., the existing Auditors, have been appointed
in 1997 as the Statutory Auditors of the Company for auditing the annual financial
statements of the company from the financial year 1997-98 and have completed the
permissible period of two terms of five years each as on date.
At the Board meetings held on 29-05-2014, the Board had reappointed them for financial
years 2014-15, 2015--16 and 2016-17 This will be the last financial year, for which, their
appointment was ratified at last AGM held on 21st September, 2016 as the
Statutory Auditors within the transitional period of 3 years and the Company will appoint
a new firm of Chartered Accountants as its Statutory Auditors to comply with the
provisions of the Companies Act, 2013 as amended from time to time.
Based on the recommendations of the Committee of Creditors and subject to the approval
of the shareholders, it is proposed to appoint M/s. GMJ & Co. Chartered Accountants as
the Statutory Auditors of the Company for a period 5 years from the conclusion of 20th
Annual General meeting till the conclusion of 25th Annual General Meeting
subject to to approval of the Shareholders and ratification of their appointment every
year by the shareholders. They have confirmed that their appointment, if made, would be
within the limits prescribed under section 141 of the Companies Act, 2013.
The Notes to Accounts forming part of the financial statements are self-explanatory and
need no further explanation.
(ii) Consolidated Financial Statements:
The Consilidated Financial Statements does not include financial statement of two
associate companies which are not under control of management and five loss making joint
ventures in which there is no any activites. The major JV partner did not provided
required information and as such total assets as on 31st March, 2017 and Total
Revenue on that date could not be ascertained.
(b) Secretarial Auditors:
The Board of Directors of the Company appointed M/s. Snehal Raikar & Co.,
Practising Company Secretaries, Mumbai, to conduct Secretarial Audit for the F.Y. 2016-17
under the provisions of Section 204 of the Companies Act, 2013 and the Rules made
thereunder. The Secretarial Auditor Report of M/s. Snehal Raikar & Co., Practising
Company Secretaries in Form MR-3 for the financial year ended 31st March, 2017 is enclosed
to this report as Annexure F.
The Board in its meeting held on 15th May 2017 on the recommendations of the
Audit Committee had approved appointment of M/s. Snehal Raikar & Co., Practicing
Company Secretaries, as Secretarial Auditor of the Company for audit of the secretarial
and related records of the Company for the financial year ending 31st March 2018. The
Company has received consent letter from M/s. Snehal Raikar & Co., Practicing Company
Secretaries, for their appointment.
(c) Cost Auditors:
In compliance with the provisions of Section 148 of the Companies Act, 2013, the Board
of Directors of the Company at its meeting held on 13th September, 2016 had
re-appointed M/s Gangan & Co., Cost Accountants, as Cost Auditors of the Company for
the FY 2016-17 on the remuneration of Rs. 4,00,000/- p.a. The appointment as Cost Auditors
is till the expiry of
180 days from the closure of the financial year ending 31st March 2017 or till the
submission of the Cost Audit Report for the financial year 2016-17 in the prescribed
format to the Board, which ever is earlier.
ln terms of the provisions of Section 148(3) of the Companies Act, 2013 read with
Rule14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014, the remuneration of the
Cost Auditors has to be ratified by the members.
Acordingly, necessary resolution is proposed at the ensuing AGM for ratification of the
remuneration payable to the Cost Auditors for
2016- 17.
(d) Internal Auditors:
The Board of Directors has appointed M/s. H. Y Pancha & Associates, Chartered
Accountants as Internal Auditors of the Company for the F.Y. 2017- 18.
24. DIRECTORS EXPLANATION ON AUDITORS AND SECRETARIAL REPORTS:
Directors explanation on the Auditors comments on the financial statements (both on
Standalone and Consolidated) for the year ended 31st March, 2017 as set out in
their respective auditors reports of 15th May, 2017 is as follows:
(i) With reference to clause (a) of the "Basis of Qualified Opinion" in the
Audit Reports on the Standalone Financial Statements wherein the auditors have opined that
the Company has during the year after 1st April 2016 taken loans/advances from
ten parties is deemed as public deposit in terms of Section 73 of the Companies Act, 2013
which amounts to violation of under the Act. The Board would like to inform you that as
explained in Note 14 of the Standalone Financial Statements the loan was taken to meet the
urgent working capital requirements from four associate companies amounting to Rs. 1490.98
lakhs which is accumulated amount since financial year 2013-14. Being as associate
companies, the management is in discussion with such companies for reduction /waiver of
interest in respect of such unsecured loan and arrange for repayment in phase manner.
(ii) With reference to clause (b) of the "Basis of Qualified Opinion" in the
Audit Reports on the Standalone Financial Statements wherein the auditors have opined that
the
Company has during the year after 1st April 2016 granted unsecured loans and
given advances aggregating to Rs. 100.98 lakhs to four related parties coverd under
Section 185 of the Companies Act, 2013. The Board would like to inform you that as
explained in Note 4 of the Standalone Financial Statements, the loan was given as a
business exigency and in the ordinary course of business. The said transaction amounted to
giving of loan by the Company to the related parties in the ordinary course of business.
Being subsidiary / associate companies, the management is in discussion with such
companies for recovery of such unsecured loan.
Directors explanation on the Secretarial Auditors comments on the Secretarial record
for the year ended 31st March, 2017 as set out in their Secretarial Reports of
15th May, 2017 is as follows:
Inadvertently two Forms MGT14 were not filed during the year under review.The notice of
Postal Ballot taken during the year was not published in the newspaper, but remote
e-voting faicilities were provided to all the shareholders and the required disclosure/
filing was made on time to market regulator/stock exchanges.
The Company shall take necessary steps to update its web-site at the earliest.
25. DIRECTORS RESPONSIBILITY STATEMENT:
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, work performed by the internal, statutory, and
secretarial auditors including Audit of internal financial controls over financial
reporting by the Statutory Auditors and the reviews performed by Management and the
relevant Board Committees, including the Audit Committee, the Board is of the opinion that
the Companys internal financial controls were adequate and effective during the financial
year 2016-17
Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with
respect to the Directors Responsibilities Statement, it is hereby confirmed that;
i) in the preparation of the annual accounts for the financial year ended March 31,
2017, the applicable Accounting Standards have been followed along with proper
explanations relating to material departures;
ii) 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 as at March 31, 2017 and of the profit or
loss of the Company for the said period;
iii) that the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
ziv) the directors had prepared the annual accounts for the financial year ended March
31, 2017 on a "going concern" basis;
v) they have laid down internal financial controls in the company that are adequate and
were operating effectively and
vi) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and these are adequate and are operating effectively.
26. INDIAN ACCOUNTING STANDARD (IND-AS) IFRS CONVERGED STANDARDS:
Your Company has adopted Indian Accounting Standards (Ind AS) with effect from 1st
April, 2016 pursuant to the Companies (Indian Accounting Standard) Rules, 2015 as notified
by the Ministry of Corporate Affairs on 16th February, 2015. The implementation
of Ind AS is a major change process and the preliminary impact assessment on Companys
standalone financial statements would be prepared and presented to the Board.
27. EXTRACT OF ANNUAL RETURN:
An extract of the Annual Return for the financial year ended 31st March, 2017 as
required under Section 92(3) of the Act is enclosed herewith, in the specified format, as
Annexure G
28. PARTICULARS OF EMPLOYEES AND DISCLOSURES:
Disclosure pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rules 5(1) of the Companies (Appointment & Remuneration
of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure - H.
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014,
none of the employees are in receipt of the remuneration which is in excess of the limits
as specified in the regulation.
In terms of Section 136(1) of the said Act, the Report and Accounts are being sent to
the members and others entitled thereto, excluding the aforesaid annexure which is
available for inspection by the members at the Registered Office of the Company during
business hours on working days of the Compay upto the date of the ensuing Annual General
Meeting. If any member is interested in obtaining a copy thereof, such Members may write
to the Company Secretary in this regard.
29. TRANSFER OF AMOUNTS TO INVESTORS EDUCATION AND PROTECTION FUND:
During the year under ended 31st March, 2017, the Company has transferred
Final Dividend amounting to Rs. 52,690/- (for the year 2008-09) to Investor Education and
Protection Fund (IEPF), which was due and payable and remained unclaimed and unpaid for a
period of seven years, as provided in Section 205C(2), of the erstwhile Companies Act,
1956 and Section 125 of the Companies Act, 2013.
30. REPORTING FRAUDS:
There were no frauds reported by the Auditors under sub-section(12) of Section 143 of
the Companies (Amendment) Act, 2015 to the Audit Committee, Board of Directors or to the
Central Government and hence no information has been furnished in this regard.
31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREGN EXCHANGE EARNING AND OUT GO:
Information on conservation of Energy, Technology absorption, Foreign Exchange earnings
and outgo required to be disclosed under Section 134 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 are provided hereunder:
(A) Conservation of Energy:
(i) the steps taken or impact on conservation of energy : NA
(ii) the steps taken by the company for utilising alternate sources of energy : NA
(iii) the capital investment on energy conservation equipments; : NA
(B) Technology absorption :
(i) the efforts made towards technology absorption; : NA
(ii) the benefits derived like product improvement, cost reduction, product development
or import substitution; : Not applicable
(iii) in case of imported technology (imported during the last three years reckoned
from the beginning of the financial year) : Not applicable
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof;
(iv) the expenditure incurred on Research and Development : Not applicable
Expenditure on R& D (Rs. in lakhs)
| S.No. |
Particulars |
2016-17 |
2015-16 |
| A |
Capital |
Nil |
Nil |
| B |
Recurring |
Nil |
Nil |
| C |
Total |
Nil |
Nil |
| D |
Total R&D expenditure as a percentage of total turnover |
Nil |
Nil |
(C) Foreign exchange earnings and Outgo :
In accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013, read
with the Rule 5 of the Companies (Accounts) Rules, 2014, the information relating to
foreign exchange earnings and outgo is provided under Notes 34 to the Balance Sheet and
Profit and Loss Account.
32. DETAILS OF UNCLAIMED SUSPENSE ACCOUNT:
Disclosure pertaining to Unclaimed Suspense Account as required under Schedule V of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed
herewith as Annexure I. The voting rights on the equity shares which are transferred to
Unclaimed Suspense Account shall remain frozen till the rightful owner of such equity
shares claims the shares. The Company is in process of transferring the shares lying in
unclaimed Suspense Account.
33. ACKNOWLEDGEMENT:
The Directors of your Company thank the Government of India, various State Governments
and their concerned Department /Agencies / Regulatory Authorities for their continued
support and cooperation. The Directors also wish to place on record thesupport extended by
various Banks, Financial Institutions, CDR Cell and every stakeholder of the Company. The
Directors further wish to appreciate and value the contributions made by every employee of
the UNITY Family.
By Order of the Committee of Creditors of Unity Infraprojects Limited
Alok Saksena
Resolution Professional
Reg. No. IBBI/IPA-001/IP00056/2017-18/10134
Date : 26/09/2017
Place: Mumbai
+91-9892691696
