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

1. a) The above Financial Results of the Company have been reviewed by the Audit Committee and were approved by the Board of Directors at their respective meeting held on 15th May, 2017.

b) Results of the year ended 31st March, 2016 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. Consequently, results for the corresponding periods ended 31st March, 2016, have been restated as per the requirements of the said notification to comply with Ind AS to make them comparable.

2. The Company has a single Segment namely "Engineering and Construction". Therefore, the Company's business does not fall under different business segments as defined by AS-17 "Segment Reporting" issued by ICAI.

3. Figures of the quarter ended March 31, 2017 are the balancing figure between the audited figures in respect of the full Financial Year upto March 31,2017 and the Unaudited publish year to year figures upto December 31, 2016 being the date of the third quarter of the Financial Year which were subjected to limited review.

4. The Audit Committee has reviewed these results and the Board of Directors have approved the above results at their respective meetings held on 15th May, 2017. The statutory auditors of the Company have carried out the limited review of the results for the quarter ended 31st March, 2017. The Ind AS compliant financial results, pertaining to the corresponding quarter ended 31st March 2016 has not been subjected to limited review or our audit. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs for comparison purposes.
5. Based on various developments including restructuring by lenders and proposed monetisation plan, the management is of the view that the company will remain going concern for future on the basis of existing order book, future business proposal prequalification for project bidding and previous track record

6. Reconciliation of Net Profit / (Loss) as previously reported on account of transition from the previous Indian GAAP to Ind AS for the quarter / year ended 31st March 2017.

Particulars Note Year Ended Quarter Ended

March 31, 2016 March 31, 2016

( Audited ) ( Unaudited)


Profit after tax as per previous GAAP (55,457.33) (23,378.39)

Adjustments:

Fair valuation of investments (0.48) (0.48)


Provision for expected credit losses on trade receivables (422.99) (422.99)

Borrowings – transaction cost adjustment (91.09) (22.37)

Fair Valuation of Loan to Related Parties 1,905.10 476.55

Remeasurements of post-employment benefit obligations - -

Tax effects of adjustments 29.55 7.26

Total adjustments 1,420.10 37.97

Profit after tax as per Ind AS (54,037.23) (23,340.42)

Other comprehensive income -

Total comprehensive income as per Ind AS (54,037.23) (23,340.42)


7. Reconciliation of total equity as at March 31, 2016 and April 1, 2015

Particular Note March 31, 2016 April 1, 2015

Total equity (shareholder’s funds) as per previous GAAP 7,522.88 57,374.76

Adjustments: - -

Fair valuation of investments 0.51 0.99

Provision for expected credit losses on trade receivables (1,425.46) (1,002.47) Fair Valuation of Loan to Related Parties 75.39 (1,829.72)

Borrowings – transaction cost adjustment 518.52 609.61

Tax effects of adjustments (168.23) (197.79)

Total adjustments (999.28) (2,419.38)

Total equity as per Ind AS 6,523.60 54,955.38

- -

8. The total balance value of work on hand as on 31st March, 2017, is Rs. 865.27 crores ( 31st March, 2016, Rs. 1205.46 crores).

9. The previous year figures have been re-grouped/ re-classified wherever necessary.