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Notes to Accounts of Unitech Ltd.

Mar 31, 2015

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st March, 2004

The actual receipts and installments due of Rs. 3,253,917 (previous year Rs. 65,512,192) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII (A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

b) The construction material includes mild steel, cement, sand and other construction material. During the year the Company dealt in mild steel only (refer Note No. 21 & 25).

c) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31st March' 2015

2. SEGMENT REPORTING:

Segment wise revenue, results & other information

The Company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the Company's business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the Company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the Company's business activities primarily represent a single business segment and the Company's operations in India represent a single geographical segment.

3. RELATED pARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

Wholly owned Subsidiaries:

Abohar Builders Pvt. Ltd.*

Aditya Properties Pvt. Ltd.* Agmon Builders Pvt. Ltd.* (upto 14.10.2014)

Agmon Projects Pvt. Ltd.*

Akola Properties Ltd.*

Algoa Properties Pvt. Ltd.*

Alice Builders Pvt. Ltd.*

Alkosi Ltd.

Aller Properties Pvt. Ltd.*

Alor Golf Course Pvt. Ltd.*

Alor Maintenance Pvt. Ltd.*

Alor Projects Pvt. Ltd.*

Alor Recreation Pvt. Ltd.*

Amaro Developers Pvt. Ltd. *

Amarprem Estates Pvt. Ltd.*

Amur Developers Pvt. Ltd.*

Andes Estates Pvt. Ltd.*

Angul Properties Pvt. Ltd.*

Arahan Properties Pvt. Ltd.*

Wholly owned Subsidiaries:

Arcadia Build- Tech Ltd.

Arcadia Projects Pvt. Ltd.*

Ardent Build-Tech Ltd.*

Askot Builders Pvt. Ltd.*

Avril Properties Pvt. Ltd.*

Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.

Bengal Unitech Universal Townscape Ltd.*

Bolemat Ltd.

Boracim Ltd.

Broomfield Builders Pvt. Ltd.*

Broomfield Developers Pvt. Ltd.*

Brucosa Ltd.

Burley Holdings Ltd.

Bynar Properties Pvt. Ltd. *

Cape Developers Pvt. Ltd.*

Cardus Projects Pvt. Ltd.*

Clarence Projects Pvt. Ltd.*

Clover Projects Pvt. Ltd.*

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.* (upto 14.10.2014)

Wholly owned Subsidiaries:

Colossal Projects Pvt. Ltd.*

Comegenic Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.*

Crimson Developers Pvt. Ltd.*

Croton Developers Pvt. Ltd.*

Crowbel Ltd.

Dantas Properties Pvt. Ltd.*

Deoria Properties Ltd.*

Deoria Realty Pvt. Ltd.*

Devoke Developers Pvt. Ltd*

Devon Builders Pvt. Ltd.*

Dhaulagiri Builders Pvt. Ltd. *

Dhruva Realty Projects Ltd.*

Dibang Properties Pvt. Ltd.*

Drass Projects Pvt. Ltd.*

Elbe Builders Pvt. Ltd.*

Elbrus Builders Pvt. Ltd.

Elbrus Developers Pvt. Ltd.*

Elbrus Properties Pvt. Ltd.*

Elixir Hospitality Management Ltd. (formerly known as Unitech Hospitality Ltd.)*

Empecom Corporation

Wholly owned Subsidiaries:

Erebus Projects Pvt. Ltd.

Erica Projects Pvt. Ltd.*

Erode Projects Pvt. Ltd.* (upto 15.03.2015)

Falcon Projects Pvt. Ltd. (upto 14.10.2014)

Firisa Holdings Ltd.

Flores Projects Pvt. Ltd.*

Flores Properties Ltd.*

Flores Unitech Wireless Pvt. Ltd. (upto 14.10.2014)

Girnar Infrastructures Pvt. Ltd.*

Global Perspectives Ltd.*

Gramhuge Holdings Ltd.

Grandeur Real tech Developers Pvt. Ltd.* (from 27.03.2014)

Greenwood Projects Pvt. Ltd.*

Gretemia Holdings Ltd.*

Halley Developers Pvt. Ltd.*

Halley Projects Pvt. Ltd.*

Harsil Builders Pvt. Ltd.*

Harsil Properties Pvt. Ltd.*

Hassan Properties Pvt. Ltd.*

Hatsar Estates Pvt. Ltd.*

Havelock Estates Pvt. Ltd.*

Havelock Investments Ltd.*

Havelock Realtors Ltd.*

Havelock Schools Ltd.*

High Strength Infra-Developers Pvt. Ltd. (upto 14.10.2014)

High Strength Projects Pvt. Ltd.*

High Vision Healthcare Pvt. Ltd. (upto 14.10.2014)

ILam Developers Pvt. Ltd. * (upto 14.10.2014)

Impactlan Ltd.

Insecond Ltd.

Jalore Properties Pvt Ltd.*

Jorhat Properties Pvt. Ltd.*

Kerria Projects Pvt. Ltd. *

Khatu Shyamji Infraventures Pvt. Ltd.* (from 31.03.2014)

Khatu Shyamji Infratech Pvt. Ltd.* (from 26.06.2014)

Konar Developers Pvt. Ltd.*

Kortel Ltd.

Koshi Builders Pvt. Ltd.*

Landscape Builders Ltd.*

Lavender Developers Pvt. Ltd.*

Lavender Projects Pvt. Ltd.*

Madison Builders Pvt. Ltd. *

Mahoba Builders Ltd.*

Mahoba Schools Ltd.*

Manas Realty Projects Pvt. Ltd.*

Wholly owned Subsidiaries:

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd. (upto 14.10.2014)

Mansar Properties Pvt. Ltd.*

Marine Builders Pvt. Ltd.*

Masla Builders Pvt. Ltd.*

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.*

Medwyn Builders Pvt. Ltd. *

MHW Hospitality Ltd.* (upto 30.03.2015)

Moonstone Projects Pvt. Ltd.* (from 27.03.2014)

Moore Builders Pvt. Ltd.*

Mount Everest Projects Pvt. Ltd.*

Munros Projects Pvt. Ltd.

Nectrus Ltd.

New India Construction Co. Ltd.*

Nirvana Real Estate Projects Ltd.*

Nuwell Ltd.

Ojos Developers Pvt. Ltd.* (upto 09.03.2015)

Onega Properties Pvt. Ltd.*

Panchganga Projects Ltd.

Panicum Projects Pvt. Ltd. (upto 14.10.2014)

Pinnacle Holdings Ltd.* (from 07.10.2013)

Plassey Builders Pvt. Ltd.*

Prasunder Estates Pvt. Ltd.* (upto 30.03.2015)

Primrose Developers Pvt. Ltd.*

Purus Projects Pvt. Ltd.*

Purus Properties Pvt. Ltd.*

QnS Facility Management Pvt. Ltd. (Formerly known as Unitech Property Management Pvt. Ltd.)*

Quadrangle Estates Pvt. Ltd.*

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.*

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.*

Ruhi Construction Co. Ltd.*

Sabarmati Projects Pvt. Ltd.*

Samay Properties Pvt. Ltd.*

Sandwood Builders & Developers Pvt. Ltd. *

Sangla Properties Pvt. Ltd.

Sankoo Builders Pvt. Ltd.*

Sankoo Developers Pvt. Ltd.* (upto 14.10.2014)

Sanyog Builders Ltd.*

Sanyog Properties Pvt. Ltd.*

Sarnath Realtors Ltd.*

Wholly owned Subsidiaries:

Serveia Holdings Ltd.

Seyram Ltd.

Shri Khatu Shyamji Infra Promoters Pvt. Ltd.* (from 31.03.2014)

Shrishti Buildwell Pvt. Ltd.*

Simpson Estates Pvt. Ltd.*

Sirur Developers Pvt. Ltd.* (upto 22.02.2015)

Somerville Developers Ltd.* Spanwave Services Ltd.

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.*

Supernal Corrugation India Ltd.*

Surfware Consultants Ltd.

Tabas Estates Pvt. Ltd.*

Technosolid Ltd.

Transdula Ltd.

Uni Homes Pvt. Ltd.*

Unitech Acorus Projects Pvt. Ltd. (upto 14.10.2014)

Unitech Agra Hi-Tech Township Ltd.*

Unitech Alice Projects Pvt. Ltd.*

Unitech Ardent Projects Pvt. Ltd.*

Unitech Builders & Projects Ltd.*

Unitech Builders Ltd.*

Unitech Buildwell Pvt. Ltd*

Unitech Business Parks Ltd.*

Unitech Capital Pvt. Ltd.*

Unitech Chandra Foundation* (from 20.03.2014)

Unitech Colossal Projects Pvt. Ltd.*

Unitech Commercial & Residential Projects Pvt. Ltd.

Unitech Country Club Ltd.*

Unitech Cynara Projects Pvt. Ltd.*

Unitech Developers & Hotels Pvt. Ltd.*

Unitech Global Ltd.

Unitech High Vision Projects Ltd.*

Unitech Hi-Tech Builders Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.* (upto 27.01.2015)

Unitech Holdings Ltd.*

Unitech Hotel Services Pvt. Ltd.

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Hyderabad Projects Ltd.* (from 01.07.2013)

Unitech Hyderabad Township Ltd.*

Unitech Industries & Estates Pvt. Ltd.*

Unitech Industries Ltd.*

Unitech Infra Ltd.*

Unitech Infra-Developers Ltd.*

Wholly owned Subsidiaries:

Unitech Infra-Projects Pvt. Ltd. (upto 14.10.2014)

Unitech Infra-Properties Ltd.*

Unitech International Services JLT (from 17.11.2013 to 30.03.2015)

Unitech Kochi-SEZ Ltd.*

Unitech Konar Projects Pvt. Ltd.*

Unitech Landscape Projects Pvt. Ltd. (upto 15.03.2015)

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.*

Unitech Nelson Projects Pvt. Ltd.

Unitech Overseas Ltd.

Unitech Power Distribution Pvt. Ltd. (upto 14.10.2014)

Unitech Power Projects Pvt. Ltd.* (upto 14.10.2014)

Unitech Power Pvt. Ltd. (upto 14.10.2014)

Unitech Power Transmission Ltd.*

Unitech Real Estate Builders Ltd.*

Unitech Real Estate Developers Ltd.* (upto 30.03.2015)

Unitech Real Estate Management Pvt. Ltd.*

Unitech Real-Tech Properties Ltd.*

Wholly owned Subsidiaries:

Unitech Realty Builders Pvt. Ltd.*

Unitech Realty Developers Ltd.*

Unitech Realty Estates Pvt. Ltd. (upto 08.03.2015)

Unitech Realty Pvt. Ltd.*

Unitech Realty Ventures Ltd Unitech Reliable Projects Pvt. Ltd.*

Unitech Residential Resorts Ltd.* Unitech Samus Projects Pvt. Ltd.*

Unitech Universal Developers Pvt. Ltd. (upto 14.10.2014)

Unitech Universal Hotels Pvt. Ltd. (upto 14.10.2014)

Unitech Universal Simpson Hotels Pvt. Ltd. (upto 14.10.2014)

Unitech Valdel Hotels Pvt. Ltd.*

Unitech Varanasi Hi-Tech Township Ltd. (upto 14.10.2014)

Unitech Vizag Projects Ltd.* (from 01.07.2013)

Volga Realtors Pvt Ltd.* (upto 14.10.2014)

Zanskar Builders Pvt. Ltd.*

Zanskar Projects Pvt. Ltd. (upto 14.10.2014)

Zanskar Realtors Pvt. Ltd.*

Zanskar Realty Pvt. Ltd.*

Wholly owned Subsidiaries:

Zimuret Ltd.

Other Subsidiaries :

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructures Pvt. Ltd.*

Bengal Universal Consultants Pvt. Ltd.*

Gurgaon Recreation Park Ltd.* Havelock Properties Ltd.*

Ojos Developers Pvt. Ltd.* (from 10.03.2015)

Unitech Acacia Projects Pvt. Ltd.*

Unitech Build-Con Pvt. Ltd.

Unitech Hi-Tech Developers Ltd.*

Unitech Hospitality Services Ltd.*

Unitech Hotels Pvt. Ltd.*

Unitech Pioneer Nirvana Recreation Pvt. Ltd.*

Unitech-Pioneer Recreation Ltd.* Vectex Ltd.

Unitech Infopark Ltd.*

Unitech Libya for General Contracting and Real Estate Investment

*Entities with which transactions exist

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries: in the table mentioned in (A) above with *

ii) Joint ventures:

Arihant Unitech Realty Projects S.B. Developers Ltd. Ltd.

International Recreation Parks Uni-Chand Builders Pvt. Ltd. Pvt. Ltd.

MNT Buildcon Pvt. Ltd. Unitech Developers and Projects Ltd. (upto 13.05.2014)

North Town Estates Pvt. Ltd. Unitech Hi-Tech Structures Ltd. (upto 13.05.2014)

Sarvmangalam Builders & Developers Unitech Realty Projects Ltd. Pvt. Ltd. (upto 13.05.2014)

Seaview Developers Ltd. (upto Unitech Amusement Parks Ltd. 13.05.2014)

Shantiniketan Properties Ltd. Unitech Sai Pvt. Ltd.

Shivalik Ventures Pvt. Ltd. Shivalik Ventures City Developers Pvt. Ltd.

SVS Buildcon Pvt. Ltd. Unitech Valdel Valmark Pvt. Ltd.

iii) Key Managerial Personnel (KMP) & their relatives:

Name Designation

Mr. Ramesh Chandra Chairman

Mr. Sanjay Chandra Managing Director

Mr. Ajay Chandra Managing Director

Mrs. Pushpa Chandra Relative of KMP

Mrs. Preeti Chandra Relative of KMP

Mr. Sunil Keswani Chief Financial Officer

Mr. Deepak Jain Company Secretary

iv) Enterprises owned or significantly influenced by Key Managerial Personnel:

Bodhisattva Estates Pvt. Ltd. Mayfair Investments Pvt. Ltd. (upto 28.06.2013)

Mayfair Capital Pvt. Ltd. Unitech Advisors (India) Pvt. Ltd.

In accordance with the requirement of para 26 of AS(18) 'Related Party Disclosures', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

4. Consequent to the enactment of the Companies Act 2013 ('the Act') being effective from April 1 2014, the Company has reviewed and revised the estimated useful lives of its fixed assets in accordance with the provisions of the Schedule II of the Act. In respect of the assets whose useful life is exhausted prior to April 1, 2014, depreciation of Rs. 18,606,689 (net of deferred tax Rs. 8,936,334) has been adjusted against the retained earnings as at 1st April, 2014. Had there been no change in the estimated useful life as described above, depreciation charged for the year ended March 31, 2015 would have been lower by Rs. 19,320,442 and loss would have been lower by Rs. 19,320,442 for the year.

5. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against Company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers : Rs. 1,241,610,299 (previous year Rs. 275,432,912).

b) Compensation for delayed possession to customers : Rs. 3,839,000,000 (previous year Rs. 2,732,300,000)

c) Income tax matter in dispute (financial year 2004-05) pending in appeal: Rs. 7,363,246 (previous year Rs. 7,363,246), (financial year 2006-07) pending in appeal: Rs. 222,484,964 (previous year Rs. NIL), (financial year 2011-12) pending in appeal: Rs. 824,043,190 (previous year Rs. NIL)

Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs. 8,729,809,740 (previous year Rs. 8,729,809,740). (Amount paid under protest by the Company : Rs. 237,500,000). Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2237030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs. 3,100,545,000 and 1000000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs. 10,000,000,000 held by the Company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007-08) pending in appeal: Rs. 16,219,162 (previous year Rs. 16,219,162), (financial year 2011-12) pending in appeal: Rs. 116,196,935 (previous year Rs. 115,954,908), (financial year 2012-13) pending in appeal: Rs. 168,599,180 (previous year Rs. NIL).

d) Sales tax matter in dispute: (financial year 2005-06) pending in appeal : Rs. 7,300,428 (previous year Rs. 7,300,428) (Amount paid under protest by the Company : Rs. 7,300,428); (financial year 2006-07) pending in appeal : Rs. 7,930,793 (previous year Rs. 7,930,793) (Amount paid under protest by the Company : Rs. 7,930,793); (financial year 2010-11) pending in appeal : Rs. NIL (previous year Rs. 590,403,812)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 7,260,129 (previous year Rs. 7,260,129)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,151,476,772 (previous year Rs. 2,126,506,466) - It includes guarantees of Rs. 329,767,346 (previous year Rs. 83,748,572) in respect of subsidiaries & other companies.

b) The Company has given corporate guarantees of Rs. 36,755,725,099 (previous year Rs. 33,662,030,027) for raising loans from financial institutions and banks by its subsidiaries and joint ventures.

III. Commitments

a) Capital commitments : Rs. 6,958,783 (previous year Rs. 123,968,863)

b) Investment in 1,000,000 equity shares of Rs. 10 each at a premium of Rs. 9,990 per share aggregating of Rs. 10,000,000,000 has been made in joint venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,083,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs. 15,938,003,000 (Previous year Rs. 13,277,769,000)

d) Other commitments : Rs. 72,331,335 (previous year Rs. 68,960,732)

e) The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 (Previous year USD 298,382,949.34) equivalent to Rs. 18,702,285,205 (Previous year Rs. 17,830,768,286) in Kerrush Investments Ltd. (Mauritius). The High Court of Justice, Queen's Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitral tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Kerrush Investments Ltd. (Mauritius), its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

f) Investment in shares of subsidiaries amounting to Rs. 33,270,600 (Previous year Rs. 33,270,600) are pledged as securities against loan taken by the company and its subsidiaries. Investment in shares of joint ventures amounting to Rs. 72,800,000 (Previous year Rs. 72,750,000) are pledged as securities against loan taken by the company and its joint venture. Investment of subsidiaries in the shares of joint ventures of the Company and its subsidiaries amounting to Rs. 147,925,460 (Previous year Rs. 780,737,810) pledged as securities against loan taken by the Company. Investment of subsidiaries in the shares of its associates amounting to Rs. 245,000 (Previous year Rs. 245,000) pledged as securities against loan taken by the Company.

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

7. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs. NIL (previous year Rs. NIL).

8. The Company had issued the secured non-convertible debentures on private placement basis disclosed under note 9 to the financial statement to a lending financial institution and these debentures are inter alia secured by the charge on immovable properties of the Company and its subsidiaries. However, as on 31st March 2015, part of these non-convertible debentures (including interest accrued thereon) was pending for redemption for a period of more than one year from their respective due date. The lending financial institution has initiated action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of amount pending against these debentures. The Company has been legally advised and has also obtained an opinion that default in redemption of privately placed debentures subscribed by the financial institutions which are lenders of money or default in payment of interest thereon, will not attract the provisions of Section 164(2)(b) of the Companies Act, 2013 or Section 274(1)(g) of the erstwhile Companies Act, 1956.

9. The Company had availed rupee term loan facility from a public financial institution which was inter alia secured by the land allotted to the Company's subsidiary. However, during the financial year 2013-14, the Company received a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) from the financial institution for taking notional possession of the said land provided as security, by alleging default in repayment of the said loan facility. The detail of loans and overdue amount is given in Note 52 to the financial statement. Based on the legal advice obtained by the management, the Company believes that this notice is not legally tenable in terms of the provision of SARFAESI Act and therefore, challenged the same by filing an application before the Hon'able Debt Recovery Tribunal, Lucknow (DRT). The matter is still pending before DRT for final decision.

10. During the year under review, the Company filed an application before the Hon'ble Company Law Board (CLB) under Section 74(2) of the Companies Act 2013 seeking extension of time for repayment of the deposits accepted by the Company. The CLB vide its order pronounced on 14th May 2015 granted 30 days' time period from the date of its order for repayment of the matured deposits alongwith interest thereon. The Company is fully committed to repay all the deposits along with interest thereon, within the permissible time period and it is making all efforts to arrange the necessary resources required for this purpose. The outstanding amount pertaining to such deposits is disclosed under note 9 to the financial statement. However, the management is evaluating all the recourses available to it to seek further time for payment of the deposits.

11. The Company, in 1979, was granted certain relaxations under the Employees' Provident Fund Scheme (PF Scheme). However, these relaxations have been withdrawn by the Regional Provident Fund Commissioner, Delhi (South) with effect from 31st October 2014 vide an order dated 1st December 2014, with a direction to transfer the entire past accumulation with the PF Trust of the Company, viz. United Technical Consultants Provident Fund, to the Office of the Employees' Provident Fund Organisation (EPFO). As on 31st March 2015, an amount of Rs. 109.78 crores, which represents the assets of the PF Trust on that date, was required to be transferred to the EPFO Office. The PF Trust has initiated the process of transferring the said amount (including investments of past accumulation in the government and other securities) to the EPFO Office and shortfall, if any, in this regard shall be met in accordance with the trust deed.

12. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for which money has been advanced by the holding Company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which application has been filed under section 9 of The Arbitration and Conciliation Act 1996 in The court of the Hon'ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the letter. The Company and UVPL have already invoked the arbitration clause and filed an application u/s 11 of The Arbitration and Conciliation Act 1996 in April 2014 for appointment of arbitrator before Hon'ble High Court of Hyderabad and the same is pending for adjudication. APIIC has yet to file its reply. The Company also filed an interlocutory application in continuation to pending Section 9 application before City Civil Court, Hyderabad to restrain the APIIC from creating any third party rights with regard to project or project land. After considering the circumstances and legal advice obtained by the management, the Company is confident that this will not adversely affect the Company's investment and accordingly no provision has been considered necessary.

(b) The Company was awarded a project for development of amusement cum theme park in chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The Company filed a writ petition before Hon'ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The Company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

13. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs. 7,242,711,244 (previous year - Rs. 7,718,890,401) included under the head "short term loans and advances" in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs. 476,179,157 (previous year Rs. 1,529,898,595) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere effort to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

14. The Company has non-current investments (long term investments) in, and loans and advances given to, some subsidiaries which have accumulated losses. These subsidiaries have incurred loss during the current and previous year(s) and that current liabilities of these subsidiaries also exceed their current assets as at the respective balance sheet dates. Management has evaluated this matter and is of the firm view that the diminution, if any, even if it exists is only temporary and that sufficient efforts are being undertaken to revive the said subsidiaries in the foreseeable future so as to recover carrying value of the investment. Further, management believes that the loans and advances given to these companies are considered good and recoverable based on the future projects in these subsidiaries and accordingly no provision other than those already accounted for, has been considered necessary.

15. (a) The Company has certain outstanding delays as at balance sheet date with respect of long term loans from banks and term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. 195,699,439 (previous year - Rs. 187,500,000) and Rs. 44,863,343 (previous year - Rs. 62,475,098). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. 610,378,395 (previous year - Rs. 353,009,814) and Rs. 443,075,909 (previous year - Rs. 311,307,525) for 1-90 days, Rs. 130,068,520 (previous year - Rs. 231,250,000) and Rs. 127,266,588 (previous year - Rs. 295,633,937) for 91-180 days, Rs. 218,550,158 (previous year - Rs. 146,000,000) and Rs. 180,635,802 (previous year - Rs. 21,086,430) for the period 181-364 days and for 365 days and above being Rs. 949,000,000 (previous year - Rs. 657,000,000) and Rs. 90,842,840 (previous year - Rs. NIL).

(b) The Company has certain outstanding delays as at balance sheet date with respect of short term loans from banks & short term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 101,415,565 (previous year - Rs. 83,055,107). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. NIL (previous year - Rs. NIL) and Rs. 49,817,002 (previous year - Rs. 46,758,083) for 1-90 days, Rs. NIL (previous year - Rs. NIL) and Rs. 48,284,877 (previous year - Rs. 46,150,578) for 91-180 days, Rs. NIL (previous year - Rs. NIL) and Rs. 94,380,288 (previous year - Rs. NIL) for 181-364 days and for 365 days and above being Rs. NIL (previous year - Rs. NIL) and Rs. 47,892,576 (previous year - Rs. NIL).

16. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified wherever considered necessary.


Mar 31, 2014

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st march, 2004

The actual receipts and installments due of Rs. 65,512,192 (previous year Rs. 211,346,698) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

BENEFITS TO THE EMLOYEES

As per Accounting Standard (AS)15 revised, ''employee benefits'', the disclosures of employee benefits are as given below:

a) Defined contribution plans

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31st March'' 2014 The estimates of future salary growth rates have taken into account the inflation, seniority, promotion and other relevant factors on long term basis.

Provident fund contributions are made to a trust administered by the company. Pursuant to the Guidance Note issued by the Institute of Actuaries of India, estimated obligation at year end based on actuarial valuation has indicated that there is no deficit in this regard as at balance sheet date.

3. SEGMENT REPORTING:

Segment wise revenue, results & other information The company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the company''s business activities primarily represent a single business segment and the company''s operations in India represent a single geographical segment.

4. RELATED PARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries : As per * in the table mentioned in (A) above

ii) Joint ventures :

iii) Key management personnel (KMP) & their relatives :

iv) Enterprises owned or significantly influenced by Key Management Personnel:

*Refer explanatory note under Note 2.

In accordance with the requirement of para 26 of AS(18) ''related party disclosures'', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

5. Pursuant to clause 32 of the Listing Agreement of the disclosures of amounts at the year end and the maximum amount of loans/ advances/ investments outstanding during the year are as follows:

6. LEASED ASSETS:

a) Operating lease taken:

Operating lease obligations: The company has taken cars/ office equipments on operating lease basis. The lease rentals are payable by the company on a monthly basis. Future minimum lease rentals payable as at 31st March, 2014 as per the lease agreements are as under:

b) Operating lease given:

c) Finance lease :

The company has acquired plant and machinery and vehicles under finance lease with the respective underlying assets as security. Minimum lease payments (MLP) outstanding in respect of these assets are as follows :

7. INTEREST IN JOINT VENTURE

8. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT pROVIDED FOR)

I. Claims against Company not acknowledged as debt:

a) Liquidated damages and other claims by clients / customers : Rs. 275,432,912 (previous year - Rs. 296,224,221).

b) Income tax matter in dispute (financial year 2004-05) pending in appeal: Rs. 7,363,246 (previous year - Rs. 7,363,246).

Income tax matter in dispute (financial year 2007-08) pending in appeal: '' NIL (previous year - Rs. 210,069,833) Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs. 8,729,809,740 (previous year - Rs. 10,305,410,334). (Amount paid under protest by the company: Rs. 200,000,000). Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs. 3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs. 10,000,000,000 held by the company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007-08) pending in appeal: Rs. 16,219,162 (previous year NIL), (financial year 2011-12) pending in appeal: Rs. 115,954,908 (previous year - '' NIL).

c) Sales tax matter in dispute: (financial year 2005-06) pending in appeal: Rs. 7,300,428 (previous year - Rs. 7,300,428) (Amount paid under protest by the company: Rs. 7,300,428); (financial year 2006-07) pending in appeal : Rs. 7,930,793 (previous year - Rs. 7,930,793) (Amount paid under protest by the company: Rs. 7,930,793); (financial year 2010-11) pending in appeal: Rs. 590,403,812 (previous year - '' NIL)

d) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 8,554,085 (previous year - Rs. 8,554,085)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,126,506,466 (previous year - Rs. 2,248,402,349) - It includes guarantees of Rs. 83,748,572 (previous year - Rs. 26,157,842) in respect of subsidiary companies.

b) The company has given corporate guarantees of Rs. 33,662,030,027 (previous year - Rs. 29,362,310,649) for raising loans from financial institutions and banks by its subsidiaries and joint ventures.

III. Commitments

a) Capital commitments : Rs. 123,968,863 (previous year - Rs. 29,547,274)

b) Investment in 1,000,000 equity shares of '' 10 each at a premium of Rs. 9,990 per share aggregating of Rs. 10,000,000,000 has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,083,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs. 13,277,769,000 (Previous year - Rs. 11,773,681,000)

d) Other commitments : Rs. 68,960,732 (previous year - Rs. 62,725,670)

IV. The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 (Previous year - USD 298,382,949.34) equivalent to Rs. 17,830,768,286 (Previous year - Rs. 16,218,605,211) in Burley Holdings Ltd. (Mauritius) so as to enable it to purchase the investments of Cruz City 1 Mauritius Holdings (Mauritius) in the joint-venture company, Kerrush Investments Ltd (Mauritius). The High Court of Justice, Queen''s Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitral tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Burley Holdings Limited, its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

V. Investment in shares of subsidiaries amounting to Rs. 33,270,600 (Previous year - Rs. 33,270,600) are pledged as securities against loan taken by the company and its subsidiary. Investment in shares of joint ventures amounting to Rs. 72,750,000 (Previous year - Rs. 72,750,000) are pledged as securities against loan taken by the Company and its joint venture. Investment of subsidiaries in the shares of joint ventures of the Company and its subsidiary amounting to Rs. 780,737,810 (Previous year - Rs. 780,737,810) pledged as securities against loan taken by the company. Investment of subsidiaries in the shares of its associates amounting to Rs. 245,000 (Previous year - Rs. 245,000) pledged as securities against loan taken by the company.

9. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

10. (a) ExpENDITURE IN FOREIGN CURRENCY

12. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs. NIL (previous year Rs. 207,338,600).

13. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for which money has been advanced by the holding company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which petition has been filed under Section 9 of The Arbitration and Conciliation Act, 1996 in the Court of the Hon’ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the said letter and restraining the APIIC from creating any third party rights with regard to project or project land. The Company and UVPL have already invoked the arbitration clause and appointed an arbitrator by their letters dated 27th May, 2011. APIIC is yet to nominate its arbitrator. After considering the circumstances and legal advice obtained by the management, the company is confident that this will not adversely affect the company’s investment and accordingly no provision has been considered necessary.

(b) The company was awarded a project for development of amusement cum theme park in chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The company filed a writ petition before Hon’ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

14. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs. 7,718,890,401 (previous year - Rs. 9,248,788,996) included under the head ''short term loans and advances'' in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs. 1,529,898,595 (previous year Rs. 6,825,516,966) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere efforts to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

15.(a) The company has certain outstanding delays as at balance sheet date with respect of long term loans from banks and term loans from financial institutions which are as follows: The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. 187,500,000 (previous year - Rs. 288,587,688) and Rs. 62,475,098 (previous year - Rs. 37,109,131). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. 353,009,814 (previous year - Rs. 440,495,819) and Rs. 311,307,525 (previous year - Rs. 330,022,148) for 1-90 days, Rs. 231,250,000 (previous year - Rs. 125,073,170) and Rs. 295,633,937 (previous year - Rs. 45,175,108) for 91-180 days, Rs. 146,000,000 (previous year - Rs. 146,000,000) and Rs. 21,086,430 (previous year - Rs. 95,929,579) for the period 181-364 days and for 365 days and above being Rs. 657,000,000 (previous year - Rs. 365,000,000) and Rs.NIL(previous year - Rs. 122,023,463).

(b) The company has certain outstanding delays as at balance sheet date with respect of short term loans from banks which are as follows: The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 83,055,107 (previous year - Rs. 21,502,154). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. NIL (previous year - Rs. NIL) and Rs. 46,758,083 (previous year - Rs. NIL) for 1-90 days and Rs. NIL (previous year - Rs. NIL) and Rs. 46,150,578 (previous year - Rs. NIL) for 91-180 days.

16. PREVIOUS YEAR FIGURES Prior year figures have been regrouped, rearranged and reclassified wherever considered necessary.


Mar 31, 2013

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st MARCH, 2004

The actual receipts and installments due of Rs.211,346,698 (previous year Rs.216,348,823) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

b) CONSTRUCTION CONTRACTS

2. BENEFITS TO EMPLOYEES

As per Accounting Standard (AS)15 revised, ''Employee Benefits'', the disclosures of employee benefits are as given below:

a) Defined contribution plans

Contributions recognized as expense for the year are as under:

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the Statement of Profit and Loss and Balance Sheet as per actuarial valuation as on 31st March, 2013

3. SEGMENT REPORTING

Segment wise revenue, results & other information

The Company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the Company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the Company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the Company''s business activities primarily represent a single business segment and the Company''s operations in India represent a single geographical segment.

4. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against Company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers : Rs. 296,224,221 (previous year Rs.294,081,303).

b) Following cancellation of 122 UAS licenses granted to the private companies [including 22 UAS licenses issued to Unitech Wireless (Tamilnadu) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd., Unitech Wireless (Delhi) Pvt. Ltd., Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (East) Pvt. Ltd. and Unitech Wireless (West) Pvt. Ltd. ("Unitech Wireless Companies")] on or after 10th January 2008 by the Hon''ble Supreme Court of India vide its judgment dated 2nd February 2012, Telenor Asia Pte Ltd and Telenor Mobile Communications AS (collectively referred as "Telenor") issued a notice of misrepresentation and fraud by the Company, Cestos Unitech Wireless Pvt. Ltd., Simpson Unitech Wireless Pvt. Ltd., Acorus Unitech Wireless Pvt. Ltd. and Unitech Wireless (Tamilnadu) Pvt. Ltd. and sought indemnification of its equity investment in Unitech Wireless Companies amounting to Rs.61,356,253,283 (previous year Rs.61,356,253,283) along with interest of 18% p.a. which is equal to Rs.38,745,814,0 66 (previous year Rs.27,701,688,475) as on 31st March 2013. Telenor has filed its claim with the Singapore International Arbitration Centre. The Hon''ble Supreme Court cancelled the UAS licenses issued to all the companies in 2008 by questioning the government policy and Telenor also did a detailed due diligence prior to investment in Unitech Wireless Companies. Based on the legal advice obtained by the management, the Company is confident that the indemnity claims of Telenor are not maintainable.

Further post cancellation of telecom licences issued to Unitech Wireless companies, the Company has executed the settlement and mutual release agreement with Telenor on 10th October, 2012 which provides for transfer of entire 32.75% stake in Unitech Wireless Companies to Telenor nominated entity for a nominal amount and withdrawal of all disputes between the parties, on fulfillment of certain conditions which are yet to be fulfilled on the reporting date. Accordingly, Telenor will withdraw the aforesaid indemnity claim on fulfillment of these conditions, and in case these conditions are not met, the settlement and mutual release agreement will get terminated and all rights & obligations of the parties will be restored to the situation before the said agreement.

c) Income tax matter in dispute (Financial year 2004-05) pending in appeal: Rs.7,363,246 (previous year Rs.7,363,246).

Income tax matter in dispute (financial year 2007-08) pending in appeal: Rs. 210,069,833 (previous year Rs. 210,069,833) (Amount paid under protest by the Company : Rs. 70,000,000).

Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs.10,305,410,334 (previous year Rs. NIL). (Amount paid under protest by the Company : Rs.430,000,000). Vide notice u/s 226(3) of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs.3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs.10,000,000,000 held by the Company are attached.

d) Sales tax matter in dispute: (financial year 2006-07) pending in appeal : Rs. 7,300,428 (previous year Rs. 7,300,428) (Amount paid under protest by the Company : Rs.7,300,428); (financial year 2007-08) pending in appeal : Rs.7,930,793 (previous year Rs.7,930,793) (Amount paid under protest by the Company : Rs. 7,930,793); (financial year 2009-10): Rs. 2,446,904 (previous year Rs.NIL)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 8,554,085 (previous year Rs. 8,554,085)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,248,402,349 (previous year Rs.2,249,212,017) - It includes guarantees of Rs.26,157,842 (previous year Rs.33,122,510) in respect of subsidiary companies.

b) The Company has given corporate guarantees of Rs.29,362,310,649 (previous year Rs.22,178,737,135) for raising loans from financial institutions and banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

III. Commitments

a) Capital commitments : Rs.29,547,274 (previous year Rs.27,551,749)

b) Investment in 1,000,000 equity shares of Rs.10 each at a premium of Rs.9,990 per share aggregating of Rs.10,000,000,000 has been made in joint venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs.4,910,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,089,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs.11,773,681,000 (Previous year Rs.8,443,707,000)

d) The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 equivalent to Rs.16,218,605,211 in Burley Holdings Ltd. (Mauritius) so as to enable it to purchase the investments of Cruz City 1 Mauritius Holdings (Mauritius) in the joint-venture Company, Kerrush Investments Ltd ("Mauritius"). The High Court of Justice, Queen''s Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitration tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Burley Holdings Limited, its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

e) Other commitments : Rs.62,725,670 (previous year Rs. 64,397,700)

5. Investment in shares of subsidiaries amounting to Rs.33,270,600 (Previous year Rs.33,270,600 ) are pledged as securities against loan taken by the Company and its subsidiary. Investment in shares of joint ventures amounting to Rs.72,750,000 (Previous year Rs.72,750,000) are pledged as securities against loan taken by the Company and its joint venture.

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

7. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs.207,338,600 (previous year Rs.45,981,188).

8. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for

which money has been advanced by the holding Company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which petition has been filed under section 9 of The Arbitration and Conciliation Act, 1996 in The Court of the Hon''ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the said letter and restraining the APIIC from creating any third party rights with regard to project or project land. The Company and UVPL have already invoked the arbitration clause and appointed an arbitrator by their letters dated 27th May''2011. APIIC is yet to nominate its arbitrator. After considering the circumstances and legal advice obtained by the management, the Company is confident that this will not adversely affect the Company''s investment and accordingly no provision has been considered necessary.

(b) The Company was awarded a project for development of amusement cum theme park in Chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The Company filed a writ petition before Hon''ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The Company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

9. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs.9,248,788,996 (previous year-Rs. 16,074,30 5,96 2) included under the head "short term loans and advances" in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. The management of the Company based on the internal assessment and evaluations considers that these advances, which are in the normal course of business recoverable/ adjustable and that no provision is necessary as at Balance Sheet date. Further significant portion has been adjusted/ recovered during the current financial year and the management is confident of recovering/ appropriately adjusting the balance.

10. The Company and its affiliates have invested Rs. 6,382,586,848 for 32.75% equity stake in Unitech Wireless Companies (i.e. direct equity holding of 6.76% and indirect equity holding through economic interest of 25.99% financed by way of compulsorily convertible debentures which entitles right to acquire the equity shares of affiliate companies) by undertaking the long-term debts/obligations. Further, the Company (including its subsidiaries/ affiliates/nominees) has a contractual investment obligation in future of Rs.9,239,467,835 in an affiliate Company holding stake in Unitech Wireless Companies.

As on the reporting date, Unitech Wireless Companies are not carrying any telecom operation business pursuant to the cancellation of their telecom licenses by the Hon''ble Supreme Court of India and non-participation by these companies in the recent spectrum auctions of the Department of Telecommunications (DoT). Further, post cancellation of telecom licences issued to Unitech Wireless companies, the Company has executed the settlement and mutual release agreement with Telenor Asia Pte Ltd. on 10th October, 2012 which provides for transfer of entire 32.75% stake in Unitech Wireless Companies to Telenor nominated entity for a nominal amount and withdrawal of all disputes between the parties, on fulfillment of certain conditions which are yet to be fulfilled on the reporting date. Accordingly, Telenor will withdraw the aforesaid indemnity claim on fulfillment of these conditions, and in case these conditions are not met, the settlement and mutual release agreement will get terminated and all rights & obligations of the parties will be restored to the situation before the said agreement.

In view of the above fact, the Company has accounted for Rs.345,000,000 with respect to diminution in the value of its investments in Unitech Wireless Companies and related losses on account of cessation of telecom operations of Unitech Wireless Companies post-cancellation of their telecom licenses and non-participation in recent spectrum auctions of DoT.

The management is not currently in a position to ascertain how and in which group Company the aforesaid obligation if at all, is likely to devolve.

11. (a) The Company has certain outstanding delays as at Balance Sheet date with respect to long term loans from banks and term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs.288,587,688 (previous year- Rs. 1,063,721,408) and Rs.37,109,131(previous year-Rs. 218,117,923). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs.440,495,819 (previous year-Rs. 515,894,201)and Rs.330,022,148 (previous year-Rs.104,270,982) for 1-90 days, Rs. 125,073,170 (previous year-Rs.303,000,000)and Rs.45,175,108 (previous year-Rs. 140,028,329) for 91-180 days, Rs.146,000,000 (previous year-Rs. 146,000,000)and Rs.95,929,579 (previous year-Rs. 91,003,756) for the period 181-364 days and for 365 to 756 days being Rs.365,000,000 (previous year-Rs. NIL) and Rs. 122,023,463 (previous year-Rs. NIL).

(b) The Company has certain outstanding delays as at Balance Sheet date with respect to short term loans from banks which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 21,502,154 (previous year - Rs. NIL).

12. PREVIOUS YEAR FIGURES

Prior year figures have been regrouped, rearranged and reclassified wherever considered necessary.


Mar 31, 2011

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

1. In respect of Bank Guarantees Rs. 356.78 Crores (Rs. 347.61Crores)

It includes guarantees of Rs. 6.63 Crores (Rs. 11.00 Crores) in respect of following Subsidiary Companies:

a. Unitech Business Parks Ltd.

b. Unitech Developers & Hotels Pvt. Ltd.

c. Unitech Realty Pvt. Ltd.

d. Unitech Reliable Projects Pvt. Ltd.

e. Unitech Real Estate Builders Ltd.

II. The company has given Corporate Guarantees of Rs. 1,281.36 Crores (Rs. 1,649.94 Crores) for raising loans from Financial Institutions and Banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

III. In respect of liquidated damages and other claims by clients/customers not acknowledged as debts Rs. 50.74 Crores (Rs. 17.28 Crores).

IV. Capital Commitment -

a. Investment in 1,000,000 equity shares of Rs. 10 each at a premium of Rs. 9,990/- per share aggregating to Rs. 1,000 Crores has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An Amount of Rs. 483.52 Crores has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 516.48 Crores will be accounted for on payment.

b. Other Commitments: Rs. 7.84 Crores

2. OVERSEAS OPERATIONS

During the year under review, Company had to abandon its branch situated in Libya due to civil war and on-going internal conflicts. All employees of the Company were safely evacuated on or before 28.02.2011 and therefore, the returns remained unaudited as on 31.03.2011. We have been officially informed by our contractors situated in Europe that they have activated the due procedure under International Trade Law for "Force Majeure" and any compensation/ estimation of amounts due by the Libyan government would materialize in due course of time.

In view therefore, no provision has been considered towards assets belonging to the Company lying unattended at the branch in Libya. The Management is of the view that it is premature to ascertain or quantify loss, if any, at this stage. The Net Investment of Rs. 46.00 Crore at the branch in Libya is unaudited and unconfirmed.

3. AMALGAMATION AND DEMERGER

(i) A Scheme of arrangement under Section 391-394 of the Companies Act, 1956 for the amalgamation of two wholly owned subsidiaries of the Company i.e. Aditya Properties Private Limited and Unitech Holdings Limited with the Company and for the demerger of infrastructure undertaking (post-merger) of Unitech Limited into its wholly owned subsidiary viz. Unitech Infra Limited, filed with Hon'ble High Court of Delhi is pending for its approval. Hence, no effect thereto has been given in the financial statements.

(ii) Unitech Wireless Companies have entered into a scheme of amalgamation pursuant to which Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd., Unitech Wireless (Delhi) Pvt. Ltd., Unitech Wireless (East) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd., Unitech Wireless (West) Pvt. Ltd. and Unitech Long Distance Communication Services Pvt. Ltd. have merged with Unitech Wireless (Tamilnadu) Pvt. Ltd. The said Scheme of Amalgamation has been approved by Hon'ble High Court of Delhi vide order dated 27th September, 2010 and has also been filed with the Registrar of Companies on 1st October, 2010. Accordingly, there is now only one entity i.e Unitech Wireless (Tamilnadu) Private Limited.

4. SHARE CAPITAL & SHARE WARRANTS

(i) Out of the total share capital, 1,581,587,500 fully paid Equity Shares of Rs. 2/- each had been issued as Bonus Shares by capitalization of securities premium account, general reserve and Profit & Loss Account.

(ii) During the year, 177,500,000 Warrants were converted into equal number of equity shares of Rs 2/- each at a premium of Rs. 48.75 per share in compliance with the SEBI (Issue of Capital and Disclosure) Regulations, 2009 which resulted in increase in paid up capital of the Company by Rs. 35.50 Crores. Hence, at the end of the year, the Company had no warrants outstanding for conversion.

5. SECURED LOANS

Nature of Security I. Debentures

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th December, 2010 (Partly redeemed and balance outstanding is Rs.4.76 Crores)

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th December, 2010.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th March, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th June, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th February, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 16th May, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/-each are redeemable, at par on 16th November, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th September, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th December, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th March, 2012.

- 72, 14% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 4th April, 2011.

- 74, 14% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on or before 30th April, 2011.

The aforesaid Debentures are secured by equitable mortgage on certain lands of the company, its subsidiaries and promoter group companies and personal guarantee of Managing Director.

II. Advances against Construction Contracts of Rs. 10,085,343/- (Rs. 10,085,343/-) are secured by Hypothecation/Mortgage of vehicles, machineries, material at sites and bank guarantees

III. Term Loan of Rs. 2,057,916,665/- (Rs. 2,496,666,666/-) from LIC Housing Finance Ltd. and Rs. 1,957,014,402/- (Rs. 2,574,369,976/-) from Housing Development Finance Corporation Ltd. is secured by equitable mortgage of certain lands of the Company and its subsidiaries & further secured by pledge of shares of the Company held by promoters.

IV. Term Loan of Rs. 300,000,000/- (Rs. NIL) from PNB Housing Finance Limited is secured by equitable mortgage of certain lands of the subsidiaries of the Company.

V. Term Loan of Rs. NIL (Rs. 604,451,033/-) from HDFC Asset Management Company Ltd. is secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VI. Term Loan of Rs. 500,000,000/- (Rs. NIL) and other facilities in the form of Bill Discounting of Rs. 239,687,724/- (Rs. NIL) from SICOM Limited are secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VII. Term Loan of Rs. 744,868,000/- (Rs. 1,730,000,000/-) from Infrastructure Development Finance Company Limited is secured by equitable mortgage of certain lands of the company and its subsidiaries and pledge of Shares of the Company held by Prakusali Investment India Pvt. Ltd, R. V. Techno Investments Pvt Ltd and Indus Counter trade Pvt. Ltd. (Promoter Companies) and Rs. 1,364,119,878/- (Rs.1,527,000,000/-) from Life Insurance Corporation of India is secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VIII. Term Loan of Rs. 953,407,107/- (Rs. 1,000,000,000) from Industrial Finance Corporation Limited is secured by equitable mortgage of certain lands of the company.

IX. Term Loan of Rs. 492,896,788/- (Rs. NIL) from Religare Finvest Limited is secured by first charge on certain lands of the subsidiaries of the Company.

X. Loans from Banks are secured by hypothecation of all present and future book debts and equitable mortgage of certain lands of the company and its subsidiaries.

The aforesaid loans are further secured by personal guarantees of Executive Chairman and/or the Managing Directors.

XI. Deferred Liability against land of Rs. 1,108.66 Crores (Rs. 903.27 Crores) represents the amount payable against land acquired from Government Development Authorities on installment basis and is secured by way of first charge on the related project land.

6. ADVANCES TO SUBSIDIARY COMPANIES FOR PURCHASE OF LAND

In pursuance of real estate activities undertaken, the company has given advances to its wholly owned subsidiaries for purchase of land. The said lands are being developed by the company as per Memorandum of Understanding executed between the parties.

7. ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st MARCH, 2004

The actual receipts and installments due of Rs. 179,150,564/- (Rs. 231,148,045/-) for the year from booking of plots/constructed properties in real estate on projects has been credited to revenue as sales. Against this after ascertaining profits on estimate basis as per accounting policy No. 10(a)(i) the balance of 80% is adjusted in revenue accounts. The final adjustment of Profit/ Loss is being made on completion of respective project(s).

8. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

9. PAYMENT TO AUDITORS

Statutory audit fee includes payment of Rs. 432,720/- (Rs. 370,920/-) to Foreign Branch Auditors.

10. INVESTMENTS

a) In line with Accounting Policy No.7, no provision has been made towards diminution in value of long term investments where the decline is temporary in nature.

c) Investments in Shares of subsidiary companies amounting to Rs. 4,418,460,051/- (Rs. 5,335,000,000/-) have been pledged as collateral security for raising loans by the Company, subsidiaries and its joint ventures.

11. PROJECT IN PROGRESS

Advances against projects pending commencement amounting to Rs. 724.00 Crores (Rs. 494.47 Crores) under the head project in progress includes advances for land though unsecured are considered good as the advances have been given based on arrangements/ memorandum of understanding executed by the Company with the seller or intermediary for obtaining clear and marketable title.

12. ADVANCES RECOVERABLE

Balances grouped under Advances Recoverable in cash or in kind or value to be received Rs 1,586.07 Crores (Rs.1,721.95 Crores) are subject to confirmation from respective parties, though unsecured are considered good by the management.

13. SUNDRY CREDITORS (DUE TO MICRO, SMALL AND MEDIUM SCALE ENTERPRISES)

As per information available with the company, the sundry creditors do not include any amount due to Micro, Small and Medium Enterprises registered under 'The Micro, Small and Medium Enterprises Development Act' as at 31st March, 2011.

c) In accordance with "Accounting Standard 22", the Company has recognised in its Profit & Loss Account a sum of Rs. 19,080,238/- as Deferred Tax Assets (Net) for the Year.

(ii) The Company had entered in earlier years into a Joint Venture with L. G. Construction Co. Limited for executing the World Bank aided project in the State of Haryana in terms of a Joint Venture Agreement of 8th December, 1994 sharing profit/loss in the ratio of 51:49. The Income & expenditure of 51% of the Joint Venture has been taken in the accounts of the Company.

14. LEASED ASSETS:

(a) The Company has taken cars/ office equipments on operating lease basis. The lease rentals are payable by the Company on a monthly basis.

15. BENEFITS TO EMPLOYEES:

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

B. Deferred Benefit Plans

The Cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of Actuarial valuation techniques.

The following tables summarize the component of net benefit expense in respect of gratuity recognized in the Profit and Loss Account as per actuarial valuation as on 31st March, 2011.

16. RELATED PARTY DISCLOSURES

(i) Related parties are classified as:

Wholly owned Subsidiaries:

Abohar Builders Pvt. Ltd.

Aditya Properties Pvt. Ltd.

Agmon Builders Pvt. Ltd.

Agmon Projects Pvt. Ltd.

Akola Properties Ltd.

Algoa Properties Pvt. Ltd.

Alice Builders Pvt. Ltd.

Alkosi Ltd.

Aller Properties Pvt. Ltd.

Alor Golf Course Pvt. Ltd.

Alor Maintenance Pvt. Ltd.

Alor Projects Pvt. Ltd.

Alor Recreation Pvt. Ltd.

Amarprem Estates Pvt. Ltd.

Amur Developers Pvt. Ltd.

Andes Estates Pvt. Ltd.

Andros Properties Pvt. Ltd.

Angers Properties Ltd.

Angul Properties Pvt. Ltd.

Arahan Properties Pvt. Ltd.

Arcadia Build- Tech Limited

Arcadia Projects Pvt. Ltd.

Ardent Build-Tech Limited

Askot Builders Pvt. Ltd.

Avens Properties Pvt. Ltd.

Avril Properties Pvt. Ltd.

Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.

Bengal Unitech Universal Townscape Ltd.

Bolemat Ltd.

Boracim Limited

Broomfield Builders Pvt. Ltd.

Broomfield Developers Pvt. Ltd.

Brucosa Ltd.

Burley Holding Ltd.

Cape Developers Pvt. Ltd.

Cardus Projects Pvt. Ltd.

Cardus Properties Pvt. Ltd.

Clarence Projects Pvt. Ltd.

Clover Projects Pvt. Ltd.

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.

Colossal Projects Pvt. Ltd.

Comegenic Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.

Crimson Developers Pvt. Ltd.

Croton Developers Pvt. ltd.

Crowbel Limited

Cynara Airlines Pvt. Ltd.

Dantas Properties Pvt. Ltd.

Deoria Estates Pvt. Ltd.

Deoria Properties Limited

Deoria Realty Pvt. Ltd.

Devoke Developers Pvt. Ltd

Dhauladhar Projects Pvt. Ltd.

Dhauladhar Properties Pvt. Ltd.

Dhruva Realty Projects Ltd.

Dibang Properties Pvt. Ltd.

Drass Projects Pvt. Ltd.

Edward Developers Pvt Ltd.

Edward Properties Pvt. Ltd.

Elbe Builders Pvt. Ltd.

Elbrus Developers Pvt. Ltd.

Elbrus Properties Pvt. Ltd.

Empecom Corporation

Erebus Projects Pvt. Ltd.

Erica Projects Pvt. Ltd.

Erode Projects Pvt. Ltd.

Falcon Projects Pvt. Ltd.

Fastnet Holdings Ltd.

Ficus Projects Pvt. Ltd.

Firisa Holdings Ltd.

Flores Projects Pvt. Ltd.

Flores Properties Ltd.

Gibson Developers Pvt. Ltd.

Girnar Infrastructures Pvt. Ltd.

Global Perspectives Ltd.

Gordon Developers Pvt. Ltd.

Gordon Projects Pvt. Ltd.

Gramhuge Holdings Ltd.

Greenwood Projects Pvt. Ltd.

Gretemia Holdings Ltd.

Halley Developers Pvt. Ltd.

Halley Projects Pvt. Ltd.

Hanak Developers Pvt Ltd

Harsil Builders Pvt. Ltd.

Harsil Properties Pvt. Ltd.

Hassan Properties Pvt. Ltd.

Hatsar Estates Pvt. Ltd.

Havelock Estates Pvt. Ltd.

Havelock Investments Ltd.

Havelock Realtors Ltd.

Havelock Schools Ltd.

Helmand Projects Pvt. Ltd.

High Strength Infra-Developers Pvt. Ltd.

High Strength Projects Pvt. Ltd.

High Vision Healthcare Pvt. Ltd.

Impactlan Ltd.

Insecond Limited

Jalore Properties Pvt Ltd

Jorhat Properties Pvt. Ltd.

Konar Developers Pvt. Ltd.

Kortel Ltd.

Koshi Builders Pvt. Ltd.

Landscape Builders Ltd.

Lavender Builders Pvt. Ltd.

Lavender Developers Pvt. Ltd.

Lavender Infra-Developers Pvt. Ltd.

Lavender Projects Pvt. Ltd.

Mahoba Builders Pvt. Ltd.

Mahoba Schools Ltd.

Malva Realtors Pvt. Ltd.

Manas Realty Projects Pvt. Ltd.

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd.

Mangrove Projects Private Limited

Mansar Properties Pvt. Ltd.

Marine Builders Pvt. Ltd.

Masla Builders Pvt. Ltd.

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.

MHW Hospitality Limited

Miraj Builders Pvt Ltd

Moore Builders Pvt. Ltd.

Moore Developers Pvt. Ltd.

Mount Everest Projects Pvt. Ltd.

Munros Projects Pvt. Ltd.

Nectrus Ltd.

Neil Schools Ltd.

Nene Properties Pvt. Ltd.

New India Construction Co. Ltd.

Niger Projects Pvt. Ltd.

Nirvana Real Estate Projects Ltd.

Nuwell Ltd.

Ojos Developers Pvt. Ltd.

Onega Properties Pvt. Ltd.

Panchganga Projects Ltd.

Panicum Projects Pvt. Ltd.

Parsley Developers Pvt. Ltd.

Plassey Builders Pvt. Ltd.

Plassey Developers Pvt. Ltd.

Prasunder Estates Pvt. Ltd.

Primrose Developers Pvt. Ltd.

Privet Developers Pvt. Ltd.

Puma Developers Pvt. Ltd.

Purus Projects Pvt. Ltd.

Purus Properties Pvt. Ltd.

Quadrangle Estates Pvt. Ltd.

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.

Richmond Infrastructures Pvt. Ltd.

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.

Ruhi Construction Co. Ltd.

Sabarmati Projects Pvt. Ltd.

Samay Properties Pvt. Ltd.

Samus Properties Pvt. Ltd.

Sangla Properties Pvt. Ltd.

Sankoo Builders Pvt. Ltd.

Sankoo Developers Pvt. Ltd.

Sanyog Builders Ltd.

Sanyog Properties Pvt. Ltd.

Sarnath Realtors Ltd.

Serveia Holdings Ltd.

Seyram Ltd.

Shrishti Buildwell Pvt. Ltd.

Sibia Builders Pvt. Ltd.

Simpson Estates Pvt. Ltd.

Sironi Properties Pvt. Ltd.

Sirur Developers Pvt. Ltd.

Somerville Developers Ltd.

Spanwave Services Ltd.

Speciality Builders & Exporters Pvt. Ltd.

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.

Supernal Corrugation (India) Ltd.

Surfware Consultants Ltd.

Suru Properties Pvt. Ltd.

Tabas Estates Pvt. Ltd.

Technosolid Limited

Transdula Limited

Uni Homes Pvt. Ltd.

Unitech Acorus Projects Pvt. Ltd.

Unitech Agra Hi-Tech Township Ltd.

Unitech Alice Projects Pvt. Ltd.

Unitech Ardent Projects Pvt. Ltd.

Unitech Broadband Ltd.

Unitech Broadcast Ltd.

Unitech Build-Con Pvt. Ltd.

Unitech Builders & Projects Limited

Unitech Builders Ltd.

Unitech Buildwell Pvt. Ltd

Unitech Business Parks Ltd.

Unitech Capital Pvt. Ltd.

Unitech Colossal Projects Pvt. Ltd.

Unitech Commercial & Residential

Developers Pvt. Ltd.

Unitech Commercial & Residential

Projects Pvt. Ltd.

Unitech Country Club Ltd.

Unitech Cynara Projects Pvt. Ltd.

Unitech Developers & Hotels Pvt. Ltd.

Unitech Entertainment Pvt. Ltd.

Unitech Global Ltd.

Unitech Haryana SEZ Ltd.

Unitech Hi- Tech Builders Pvt. Ltd.

Unitech Hi-Tech Infrastructures Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.

Unitech Hi-Tech Realtors Pvt. Ltd.

Unitech High Vision Projects Ltd.

Unitech Holdings Ltd.

Unitech Hospitality Ltd.

Unitech Hotel Services Pvt. Ltd.

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Industries & Estates Pvt. Ltd.

Unitech Industries Ltd.

Unitech Infra Ltd.

Unitech Infra-Developers Ltd.

Unitech Infra-Projects Pvt. Ltd.

Unitech Infra-Properties Ltd.

Unitech Karma Hotels Pvt Ltd

Unitech Kochi SEZ Ltd.

Unitech Konar Projects Pvt. Ltd.

Unitech Landmark Builders Pvt. Ltd.

Unitech Landscape Projects Pvt. Ltd.

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.

Unitech Nelson Projects Pvt. Ltd.

Unitech Office Fund Trustee Pte. Ltd.

Unitech Overseas Ltd.

Unitech Overseas Projects Ltd.

Unitech Power Distribution Pvt. Ltd.

Unitech Power Projects Private Limited

Unitech Power Pvt. Ltd.

Unitech Power Transmission Ltd.

Unitech Property Management Pvt. Ltd.

Unitech Real Estate Builders Ltd.

Unitech Real Estate Developers Limited

Unitech Real Estate Management Pvt. Ltd.

Unitech Real Tech Developers Pvt. Ltd.

Unitech Real-Tech Properties Ltd.

Unitech Realty Builders Pvt. Ltd.

Unitech Realty Constructions Pvt. Ltd.

Unitech Realty Developers Ltd.

Unitech Realty Estates Pvt. Ltd.

Unitech Realty Pvt. Ltd.

Unitech Realty Solutions Pvt. Ltd.

Unitech Realty Ventures Ltd

Unitech Reliable Projects Pvt. Ltd

Unitech Residential Resorts Ltd.

Unitech Samus Projects Pvt. Ltd.

Unitech Scotia Realtors Pvt. Ltd.

Unitech Simpson Projects Pvt. Ltd.

Unitech Telecom Holdings Ltd.

Unitech Universal Developers Pvt. Ltd.

Unitech Universal Falcon Hotels Pvt. Ltd.

Unitech Universal Hotels Pvt. Ltd.

Unitech Universal Simpson Hotels Pvt. Ltd.

Unitech Valdel Hotels Pvt. Ltd.

Unitech Varanasi Hi-Tech Township Ltd.

Unitech Wireless Ltd.

United Techno-Con Pvt. Ltd.

Vitex Properties Pvt. Ltd.

Volga Realtors Pvt. Ltd.

Vostok Builders Pvt. Ltd.

Zanskar Builders Pvt. Ltd.

Zanskar Estates Pvt. Ltd.

Zanskar Projects Pvt. Ltd.

Zanskar Realtors Pvt. Ltd.

Zanskar Realty Pvt. Ltd.

Zimuret Ltd.

Other Subsidiaries :

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructure Pvt. Ltd.

Bengal Universal Consultants Pvt. Ltd.

Elbrus Builders Pvt. Ltd.

Gurgaon Recreations Park Ltd.

Havelock Properties Ltd.

ILam Developers Pvt. Ltd.

Kolkata International Convention Centre Ltd.

Unitech Acacia Projects Pvt. Ltd.

Unitech Hi-Tech Developers Ltd.

Unitech Hospitality Services Ltd.

Unitech Hotels Pvt. Ltd.

Unitech Hyderabad Projects Ltd.

Unitech Hyderabad Township Ltd.

Unitech Infopark Ltd.

Unitech Libya for General Contracting and Real Estate Investment

Unitech Pioneer Nirvana Recreation Pvt. Ltd.

Unitech Pioneer Recreation Ltd.

Unitech Vizag Projects Ltd.

Vectex Limited

Joint Ventures :

Arihant Unitech Realty Projects Ltd.

Arsanovia Ltd.

Elmvale Holdings Ltd.

International Recreation Parks Pvt. Ltd.

Kerrush Investments Ltd.

MNT Buildcon Private Limited

North Town Estates Pvt. Ltd.

S. B. Developers Ltd.

Sarvmangalam Builders & Developers Pvt. Ltd.

Seaview Developers Ltd.

Shantiniketan Properties Ltd.

Shivalik Ventures Pvt. Ltd.

SVS Buildcon Pvt. Ltd.

Uni-Chand Builders Pvt. Ltd.

Unitech Amusement Parks Ltd.

Unitech Developers and Projects Ltd.

Unitech Hi-Tech Structures Ltd.

Unitech Infra-Con Ltd.

Unitech LG Construction Co. Ltd. (AOP)

Unitech Realty Projects Ltd.

Unitech SAI Private Limited

Unitech Valdel Valmark Pvt. Ltd.

Unival Estates India LLP

Unival Willows Estate Pvt. Ltd.

Associates :

Millennium Plaza Ltd.

New Kolkata International Development Pvt. Ltd.

Rainview Properties Pvt. Ltd.

Simpson Unitech Wireless Pvt. Ltd.

Unitech Shivalik Realty Ltd.

Viviana Infra Developers Pvt. Ltd.

Key Management Personnel & their relatives

Name Designation Relatives Relation

Mr. Ramesh Chandra Chairman Dr. (Mrs.) Pushpa Chandra Wife

Mr. Sanjay Chandra Managing Director Mrs. Preeti Chandra Wife

Mr. Ajay Chandra Managing Director Mrs. Upma Chandra Wife

Group of individuals having control or significant influence over the Company & relatives of such individual(s)

Name Designation Relatives Relation

Mrs. Varsha Bahri Mother

Ms. Minoti Bahri Non-Executive Director

Mr. Rahul Bahri Brother

Enterprises owned or significantly influenced by Key Management Personnel or their relatives

Acorus Unitech Wireless Pvt. Ltd.

Anshil Estates Pvt. Ltd.

Cestos Unitech Wireless Pvt. Ltd.

Colossal Properties Pvt. Ltd.

Girnar Asthetics Exports Pvt. Ltd.

Harsil Projects Pvt. Ltd.

Mayfair Capital Pvt. Ltd.

Mayfair Investments Pvt. Ltd.

Prakusali Investments (India) Pvt. Ltd.

Simpson Unitech Wireless Pvt. Ltd.

Tulip Investments Ltd.

Unitech Advisors (India) Pvt. Ltd.

Unitech Energy Ventures Pvt. Ltd.

Unitech Power Ventures Private Limited

Enterprises owned or significantly influenced by Group of individuals or their relatives who have control or significance influence over the Company

Indrus Countertrade Pvt. Ltd.

R. V. Techno Investments Pvt. Ltd.

a. BUSINESS SEGMENTS : The business operations of the company comprise of Construction, Development of Real Estate, Consultancy and Management Fee.

(i) The construction activities include construction of Highways, Roads, Powerhouses, Transmission Lines, Refineries, Hotels, Hospitals and various types of other buildings/ structures, in India and abroad.

(ii) Real Estate development includes development of Mini Cities/ Townships, construction of residential and commercial complexes including shopping malls and various types of dwelling units.

(iii) Consultancy and Management Fee include overseeing of project execution, marketing of real estate Ventures for Associate and Joint Ventures.

b. GEOGRAPHICAL SEGMENTS : For the purposes of geographical segmentation the consolidated sales and other figures are divided into two segments - India & Overseas (Libya). Since the conditions prevailing in India are uniform, the Company's business does not fall under different geographical segments as defined by AS-17 "Segment Reporting".

17. UNCLAIMED DIVIDEND:

No amount is due and outstanding as unclaimed dividend for more than seven year to be transferred to Investor Education & Protection Fund.

18. QUANTITATIVE INFORMATION

As per the legal opinion obtained by the management, the provisions of clause 3(ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and as such no quantitative details are given.

19. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs.51,570,732/- (Rs. 253,431,083/-).

Note: The figures in serial no. 28 and 29 do not include the transactions/ expenses incurred at foreign Sites/Branch.

20. PREVIOUS YEAR FIGURES

Figures in brackets are in respect of the previous year, which have been regrouped and rearranged wherever considered necessary.

21. SCHEDULES TO ACCOUNTS

Schedules 1 to 16 forms an integral part of the Balance Sheet and Profit and Loss Account and are duly authenticated.



 
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