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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.
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.
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
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.
(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
(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)
|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.
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
Reg. No. IBBI/IPA-001/IP00056/2017-18/10134
Date : 26/09/2017