Unity Infraprojects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2017

1) (a) The Company is engaged in Engineering & Construction activities which are substantially seasonal in character. Therefore, the financial results for three months ended 31st December 2017 are not necessarily indicative of annual results.

(b) The Company's margins in the quarterly results vary based on the accrual of cost and recognition of income in different quarters due to nature of its business, receipt of awards/claims or events which lead to revision in cost to completion. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results.

2) The Company has a single primary Segment namely "Engineering and Construction". Therefore, the Company's business does not fall under different business segments as defined by IND AS-108 "Operating Segment".

3) Results for the quarter ended 31st December 2017 are in accordance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs, which are applicable to the Company for the accounting periods beginning on or after 1st April, 2016.

4) a) On 5th June, 2017, the Company, in the capacity of Corporate Debtor, had filed a petition under Insolvency and Bankruptcy Code, 2016(Code) with the National Company Law Tribunal (NCLT), Mumbai Bench for initiation of Corporate Insolvency Resolution Process (CIRP) in its respect. The case was admitted by NCLT and it had ordered for commencement of CIRP with effect from 20th June, 2017 and had appointed Mr.Arun Kapoor as the Interim Resolution Professional for the Company. Pursuant to the Order of the NCLT, a public announcement was made on 23rd June, 2017 and a Committee of Creditors (CoC) was formed under Section 21 of the Code. The CoC held its first meeting on 28th July, 2017 resolved to appoint Mr.Alok Saksena as Insolvency Resolution Professional to replace Mr.Arun Kapoor Interim Resolution Professional appointed by NCLT in the order dated 20th June,2017. The powers of the Board of Directors were suspended and such power vested with the Interim Resolution Professional in terms of the provision of the Code.

The NCLT also provided for moratorium with effect from 20th June, 2017, till the completion of the CIRP process or until it approves the resolution plan under Section 31(1) of the Code or passes an order for liquidation of the company under Section 33 of the Code, whichever is earlier, CIRP is currently under process.

b) Under the current CIRP, a resolution plan needs to be prepared and presented to CoC for approval and thereafter will need to be approved by the NCLT to keep the corporate debtor i.e. the company, as going concern. Currently, the resolution plan is under formulation and would be very shortly presented for approval of the CoC.

c) Resolution Professional has received various claims submitted by the financial creditors, operational creditors workman or employee and authorised representative of workman and employees of the Company pursuant to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation 2016, that have been considered and reconciled on 22nd Jan 2018 and no impact need to be taken in Books of Accounts.

5) The above Unaudited financial results of the Company for the quarter ended 31st December, 2017 has been approved by the Insolvency Resolution Professional for discharging the powers of the Board of Directors of the Company, which has been conferred upon him in terms of the provisions of Section 17 of the Insolvency and Bankruptcy Code, 2016. The said results have been prepared and authenticated by the Insolvency Resolution Professional and the Insolvency Resolution Professional as assumes no responsibilities of the results pertaining to the period prior to the appointment of the Insolvency Resolution Professional.

The Limited Review of these results as required under Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015, has been completed by Statutory Auditor of the Company.

6) The Company has executed the project on the basis of work orders received from the clients. The resultant additional claims which is under arbitration amounting to Rs. 315.69 Crores are recognised in the Financial Year 2013-14. Out of the said claims Rs. 21.90 Crores are realised by the company. As at 31st December, 2017, Rs. 293.79. Crores are still outstanding, which in the opinion of the management are recoverable, and no adjustments have been made in the accompanying Statement.

7) The Total balance value of work on hand as on 31st December, 2017, is Rs. 550.54 crores (31st March, 2017, Rs.865.27 crores).

8) The Company has included Rs.224.00 crores in its operating expenses. Out of which Rs.100.00 crores were incurred on certain repairs, rectification, rework, escalation and claims raised by respective contractors which will not be reimbursed by the client as per contract terms.

9) Previous period / year figures have been regrouped / recast wherever necessary.

10) The above results have been reviewed by the Statutory Auditors as per Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015.