Unity Infraprojects

The Directors have pleasure in presenting their Eleventh Report for the
 year ended 31st March 2008.
 
 1.  Financial Results for the year ended 31st March 2008
 
 
                                           Year ended       Year ended
 Particulars                            March 31,2008    March 31,2007
                                        Rs. (In Lacs)    Rs. (In Lacs)
 
 CONSTRUCTION INCOME                         84954.87        54.286.25
 Add: Share of profit from Joint 
 ventures and other Income                    1283.33         1,069.67
 GROSS INCOME                                86238.21        55,355.92
 PROFIT BEFORE TAXATION AND 
 EXCEPTIONAL ITEMS                            9110.16         6,189.88
 Less: Provision for Taxation                 3113.20         1,956.14
 Less: Prior Years Tax                        -----              2.77
 NET PROFIT AFTER TAX                         5996.96         4,230.97
 Add: Balance brought forward 
 from the previous year                       6478.21         3,545.46
 Amount available for appropriation          12482.76         7,776.43
 
 APPROPRIATIONS :
 
                                               600.00           425.60
 Equity Dividend (Proposed)                    534.72           401.04
 Distribution Tax on Dividend                   90.90            68.18
 Balance carried forward                     11257.14         6,882.21
 
 2.  Dividend
 
 The Directors are pleased to recommend an increased dividend of Rs. 4/-
 per equity share i. e. 40% for the year (previous year Rs. 3.00 per
 Equity Share i.e. 30%). If approved by the Shareholders at the ensuing
 Annual General Meeting, the dividend will absorb Rs. 534.72 lacs.  The
 Dividend Distribution Tax to be borne by the Company will amount to Rs.
 90.90 Lacs.
 
 3.  Operations
 
 The turnover achieved by the Company was at Rs.84,954.87 lacs and has
 shown an increase of 56.50% as compared to Rs. 54,286.25 lacs in the
 previous year. The Profit before tax rose by 47% to Rs. 9,110.16 lacs
 as compared to Rs.6,189 88 lacs in the previous year. The Profit after
 tax rose by 57% to Rs.6,004.54 lacs as compared to Rs. 3,826.97 lacs in
 the previous year. The Earnings per share stood at Rs. 44.86 as
 compared to Rs. 31.67 in the previous year.
 
 Your Directors are pleased to inform that, the total balance value of
 work on hand as on March 31, 2008 was Rs. 2410 Crores.
 
 4.  Directors
 
 As per the provisions of the Companies Act, 1956 read with Articles of
 Association of the Company, Smt. Pushpa K. Avarsekar, Shri Chaitanya
 Joshi and Shri Anil G Joshi are liable to retire by rotation and being
 eligible offer themselves for re-appointment.
 
 Mr. Girish Gokhale was appointed as an Additional Director at the
 meeting of Board of Directors of the Company held on 27th October, 2007
 and who holds office upto the ensuing Annual General Meeting.  The
 company has received the request from a Member proposing candidature of
 Mr. Girish Gokhale along with the prescribed deposit in accordance with
 section 257 of the Companies Act, 1956. Accordingly, it is proposed to
 appoint Mr. Girish Gokhale as the Director of the company liable to
 retire by rotation.
 
 Your directors recommend appointment/ reappointments of aforesaid
 directors.
 
 5.  Directors Responsibility Statement
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, with regard to the Directors responsibility statement, the
 Board of Directors confirms:
 
 (a) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (b) that the Directors have 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 at the end of the financial year ended 31s
 March 2008 and of the profit of the Company for that year;
 
 (c) That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (d) that the directors have prepared the annual accounts on a going
 concern basis.
 
 6.  Corporate Governance
 
 Your Company conforms to norms of Corporate Governance as laid down in
 Clause 49 of the Listing Agreements signed with the Stock Exchanges. A
 report on Corporate Governance, along with a certificate of compliance
 from the Auditors and Chief Executive Officer/Chief Financial Officer,
 is given by way of Annexure, which forms a part of this Report.
 
 7.  Fixed Deposits
 
 Your Company has not accepted any deposits from the Public under
 Section 58A of the Companies Act, 1956.
 
 8.  Auditors
 
 Members are requested to re-appoint M/s. C. B. Chhajed & Co., Chartered
 Accountants, as the Statutory Auditors of the Company. The Audit
 Committee has been authorized to fix their remuneration in discussion
 with them.
 
 9.  Management Discussion And Analysis
 
 A detailed Management Discussion and Analysis is provided in the
 separate section of the Annual Report.
 
 10.  General
 
 The particulars relating to conservation of energy, technology
 absorption and foreign exchange earnings and outgo is given by way of
 Annexure, which forms a part of this Report. The particulars of
 employees required to be furnished under Section 217(2A) of the
 Companies Act, 1956, read with the rules there under, is given by way
 of Annexure and forms part of this report,
 
 11.  Acknowledgement
 
 Your directors express their appreciation for assistance and
 co-operation received from Financial Institutions, Banks, Government
 authorities, customers, vendors and members during the year under
 review.
 
 Your directors also wish to place on record their deep sense of
 appreciation for the committed services by the executives, staff and
 workers of the company.
 
 
                          For and on behalf of the Board of Directors,
 
 Registered Office:
 1252, Pushpanjali,                              Kishore k. Avarsekar
 Old Prabhadevi Road,
                                                           Prabhadevi
                                         Chairman & Managing Director
 Mumbai 400025
                                                 Abhijit K. Avarsekar
 Place: Mumbai                      Vice Chairman & Managing Director
 Dated: 28th June, 2008