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Univastu India Ltd.

BSE: 538442 Sector: Infrastructure
NSE: UNIVASTU ISIN Code: INE562X01013
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Univastu India Ltd. (UNIVASTU) - Director Report

Company director report

Dear Members

The Directors of your Company are pleased to present the Ninth (9th) AnnualReport of your Company together with the Audited Financial Statements for the year 2017-18ended on 31st March 2018.

FINANCIAL RESULTS OF OUR OPERATIONS:

Your Company's Financial Statements are prepared on the basis of the Significant byManagement the Board of Directors. These Accounting policies are reviewed from time totime.

(Rs. In Lakhs)
PARTICULARS 31st March 2018 31st March 2017
Total Revenue 8169.79 4178.35
Total Expenditure 7779.87 3987.96
Profit/(loss) before Tax 466.00 190.40
Tax Expenses: Current Tax 111.26 64.29
Deferred Tax-C.Y. 22.03 (1.00)
Deferred Tax- L.Y. - (9.38)
Net Profit/(Loss) 332.71 136.48

Your Company continues with its rigorous cost restructuring exercises and efficiencyimprovements which have resulted in significant savings through continued focus on costcontrols and process efficiencies thereby enabling the profitable growth in the currenteconomic scenario.

CONSOLIDATED FINANCIAL RESULTS OF THE COMPANY:

The Consolidated Financial Statements of the Company and its Associates companiesprepared in accordance with the Companies Act 2013 and applicable Accounting Standardsalong with all relevant documents and the Auditors' Report form part of this AnnualReport. The Consolidated Financial Statements presented by the Company include thefinancial results of its associates Companies:

(Rs. In Lakhs)
PARTICULARS 31st March 2018 31st March 2017
Total Revenue 8169.79 4178.35
Total Expenditure 7779.87 3987.96
Profit/(loss) before Tax 466.00 190.40
Tax Expenses: Current Tax 111.26 64.29
Deferred Tax-C.Y. 22.03 (1.00)
Deferred Tax- L.Y. - (9.38)
Net Profit/(Loss) 332.71 136.48

WeB ADDRess oF tHe CoMPAnY: www.univastu.com stAte oF CoMPAnY's AFFAIRs AnD oVeRVIeW:

Our Company is an ISO 9001:2015 certifiedconstruction company and we provide integratedengineering procurement and construction services (EPC) for civil & Structuralconstruction and infrastructure sector projects. Our Company was incorporated on April 292009 and we started construction activities in the same year. The Registered Office of ourCompany is situated at Pune and currently Project Sites are mainly located in Maharashtraand Goa. Currently the construction activity being undertaken by us includes civil &Structural construction and infrastructure contracts which have been sub contracted to usby main contractors. We are also engaged in trading of construction materials. Our maintrading products include steel cement and electrical material.

Our focus area includes: Civil construction projects which include structures such asSports Complex Projects (Indoor and

Outdoor Sport Stadiums) multi-purpose hall commercial structures industrialstructures Hospitals Cold Storages Educational Institution mass housing projects ;

Water Supply and Drainage Projects;

Road and Bridges Projects

Major and Minor Irrigation Projects

Metro Rail Projects

DIVIDEND:-

Considering the future growth plans of the Company the Board of Directors do notrecommend any dividend for the financial year ended on 31st March 2018.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:-

Management Discussion and Analysis Report for the year under review as requiredpursuant to the provisions of Regulation

34(2)(e) read with Schedule V(B) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is annexed herewith vide Annexure I and forms anintegral part of this Annual Report.

PARTICULARS OF SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES:-

During the financial year the board reviewed the affairs of its associate companiesand pursuant to provisions of Section 129(3) of the Companies Act 2013 details ofassociate companies in prescribed Form AoC-1 is enclosed as Annexure II as apart of this Board's Report.

There were no Subsidiary and Joint Ventures to the Company.

PARTICULARS OF CONTRACTS OR AGREEMENTS WITH RELATED PARTIES (SECTION 188):-

The transactions with the related parties are governed by prevailing regulatoryrequirements and company's policy on dealing with such transactions.

All contracts / arrangements / transactions entered by the Company during the financialyear with related party's were in its ordinary course of business and on an arms' lengthbasis.

Particulars of contracts or arrangements with related parties within the meaning ofSection 188 (1) of the Companies Act 2013 in Form AoC–2 of the Companies(Accounts) Rules 2014 are enclosed as Annexure-III to this report.

RISK MANAGEMENT POLICY:

The Board adopted Risk Management Policy and initiated necessary steps for framingimplementing and monitoring the risk management plan for the Company.

The main objective of this policy is to ensure sustainable business growth and topromote a pro-active approach in identifying reporting evaluating and mitigating risksassociated with the business.

The policy establishes a structured and disciplined approach to Risk Management inorder to guide decisions on risk related issues.

As a matter of policy these risks are assessed and appropriate steps are taken tomitigate the same.

AMOUNT TRANSFERRED TO RESERVES:-

During the year company has received premium on allotment of Equity Shares Rs.44910000/- and the same had been transferred to share premium account besides no otheramount has been transferred to general Reserves.

DIRECTORS AND THEIR MEETING:-

In accordance with the requirements of the Companies Act 2013 and Articles ofAssociation of the Company Mrs. Rajashri Khandagale Director of the Companyretire at the forthcoming Annual General Meeting and being eligible offer herself forreappointment as Director liable to retire by rotation. The Board Consist of:

Sr. no. Name Designation Director Identification number (DIn) Appointment date
01. Mr. Pradeep Kisan Khandagale Managing Director 01124220 29/04/2009
02. Mrs. Rajashri Pradeep Khandagale Non-Executive Director 02545231 10/02/2015
03. Maj. Gen. Dr. Vijay Pandurang Pawar (retd.) Independent Director 07135572 01/04/2017
04. CA. Ravindra Manohar Savant Independent Director 00569661 01/04/2017
05. Ar. Ganeshkumar Changdeo Wable Independent Director 02085379 01/04/2017

NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR:-

The Board met 12 times during the Financial Year the details of which are given in theCorporate Governance Report that forms part of this Annual Report. The intervening gapbetween any two meetings was within the period prescribed by the Companies Act 2013 andthe SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.

SECRETARIAL STANDARDS:-

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Directors' and ‘General Meetings' respectivelyhave been duly followed by the Company.

EXTRACT OF ANNUAL RETURN:-

The extract of annual return in Form MGT-9 as required under Section 92(3) and Rule 12of the Companies (Management and

Administration) Rules 2014 is enclosed as an Annexure IV to this Report.

DISCLOSURES UNDER SECTION 197 (12) OF THE COMPANIES ACT 2013 AND RULE 5 OF THECOMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014:-

In accordance with the provisions of Sec. 197(12) of the Companies Act 2013 read withrule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 as amended is not applicable to the Company as there was no employee drawingremuneration of Rs. One Crore and 2 lakh per annum or Rs. 8 lakh and 50 thousand per monthduring the year ended March 31 2018.

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Act read with rule 5(1) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 isprovided in a separate annexure forming part of this report. Further the report and theaccounts are being sent to the members excluding the aforesaid annexure. In terms ofSection 136(1) of the Act the said annexure is open for inspection at the RegisteredOffice of the Company. Any shareholder interested in obtaining a copy of the same maywrite to the Company Secretary.

AUDITORS:-

a) Statutory Auditors

At the annual general meeting of the company held on 30thseptember 2015M/s P. V. PAGe & Co. Chartered Accountants

Mumbai were appointed as statutory auditors of the company for a term of fiveconsecutive years (i.e. from the FY 2015-16 to FY 2019-20) to hold office upto theconclusion of the annual general meeting of the Company to be held in the year FY2020-21.They have confirmed that they are not disqualified from continuing asAuditors ofthe Company

The company is not required to appoint cost auditor of the Company.

b) Secretarial Auditors

Section 204 of the Companies Act 2013 inter-alia requires every listed company toannex with its Board's report a

Secretarial Audit Report given by a Company Secretary in practice in the prescribedform.

The Board of Directors appointed M/s MV & Associates Practicing CompanySecretaries Pune as the Secretarial Auditor to conduct Secretarial Audit of the Companyfor Financial Year 2017-18 and their report is annexed to this Board report as AnnexureV. The Board has also re-appointed M/s MV & Associates Company Secretaries asSecretarial Auditor to conduct Secretarial Audit of the Company for Financial Year2018-19. The Secretarial Auditor's Report in the prescribed format for the period endedMarch 31 2018 is annexed to this Directors' Report and forms part of the Annual Report. c)Internal Auditors M/s. K H S & Associates Chartered Accountant Mumbai (FRNW131893) appointed as internal auditors of the Company for the Financial Year 2018-9 toperform the duties of internal auditors and their report is reviewed by the auditcommittee from time to time.

AUDITORS REPORT:-

The Statutory Auditors' Report does not contain any qualification reservation oradverse mark.

FRAUD REPORTING BY AUDITORS:-

The Auditor of the company in the course of the performance of his duties as auditorhas not found any fraud committed by its officersor employees duringthefinancialyear2017-18.However no fraud reporting made by the Auditor to the Board of Directors of thecompany under section 143(12) of the Companies Act 2013.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS (SECTION 186):-

The Company has not granted any loan given guarantee or made an investment undersection 186 of the Companies Act 2013 during the year ending on 31st March2018.

EXPLANATION OR COMMENTS ON REMARKS MADE BY THE STATUTORY AUDITORS AND THE SECRETARIAL

AUDITORS IN THEIR REPORTS:-

There were no qualifications reservations or adverse remarks made by theStatutoryAuditors in their report.

Remarks by secretarial Auditor of the Company:

Sr. no Remarks Explanation to Remarks:
1 During the year under review Company paid remuneration to its Managing Director Directors of the company exceeding the limits 5 years w.e.f 01st April 2017 with a remuneration of Rs.300000 prescribed under section 197 and Section 198 of pm. On 01st April 2017 being a private Company the provisions of the Companies Act 2013 and rules made there section 197 and Section 198 of the Companies Act 2013 and rules under without taking requisite approvals. During the Year 2017-18 Company has Fixed the term of Mr. and Pradeep Khandagale as Managing Director of the company for made there under were not applicable.
The Company has disclosed the details of appointment and remuneration of Mr. Pradeep Khandagale Managing Director in the Prospectus filed with the relevant authorities.
2 Company has not appointed internal auditor section 138 of the companies 2013 from the date of its listing for the financial designated CA. Chetan Bhutada Accounts-Manager (Employee) year 2017-18 The company could not find suitable firm to be appointed as internal pursuant to Act auditor post listing for F.Y 2017-18 however the company has to look into Internal accounts and audits of the company. During the current financial year the company has appointed M/s. K H S & Associates Chartered Accountant Mumbai (FRN W131893) as internal auditor of our company and intimation of such appointment had been made to registrar of companies.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION FROM THE END OF THEFINANCIAL YEAR TO THE DATE OF THIS REPORT:-

There have no material changes and commitments affecting the financial position of thecompany from the end of the year 2018 upto the date of this report Further there has beenno change in the nature of business carried on by the Company.

IMPORTANT EVENTS DURING FINANCIAL YEAR 2017-18:-

Following are the important events held during the year 2017-18

i) Appointment of Independent Directors:-

Maj. Gen. (Dr.) Vijay Pawar (retd.) CA. Ravindra Savant and Ar. Ganeshkumar Wable wereappointed as Independent

Directors of the company for the term of five years with effect from 1stApril 2017 unto 31st March 2022.

ii) Key Managerial Personnel:-

Name of the KMP Designation Date of Appointment Date of Resignation
Mr. Pradeep Khandagale Managing Director 29.04.2009 -
Mr. Pravin Patil CFO 01.04.2017 -
Mr. Dhaval Parekh Company Secretary 19.05.2017 25/10/2017
Ms. Neelam Prajapati Company Secretary 25.10.2017 -

C.A. Pravin Patil was appointed as Chief Financial Officer of the Company with effectfrom 1st April 2017.

CS Dhaval Parekh who had been appointed as the Company Secretary as well as KMP as perthe provisions of Section 203 of the Companies Act 2013 and who had also been designatedas the Compliance Officer of the company in terms of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 resigned on 25th October 2017.

Following Mr. Parekh's resignation CS Neelam Prajapati was appointed as the CompanySecretary as well as KMP as per the provisions of Section 203 of the Companies Act 2013and who had also been designated as the Compliance Officer of the company in terms of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 with effect from25th October 2017.

iii) Change in Designation of Director: Designation of Mrs. Rajashri Khandagalehas been changed from Executive to Non-Executive Director of the Company with effect from25th October 2017.

iv) Committees of the Board (a) Audit Committee:-

The audit committee is constituted on 22nd May 2017 and the members ofthe committees are:-

Name of Member Category Designation
CA. Ravindra Savant Independent Director Chairman
Mr. Pradeep Khandagale Managing Director Member
Maj. Gen. (Dr.) Vijay Pawar (retd.) Independent Director Member

(b) Nomination And Remuneration Committee:-

The Nomination and remuneration committee is constituted on 22nd May2017 and the committee members are:

Name of Member Category Designation
Maj. Gen. (Dr.) Vijay Pawar (retd.) Independent Director Chairman
Ar. Ganeshkumar Wable Independent Director Member
CA. Ravindra Savant Independent Director Member

(c) Stakeholders Relationship Committee:-

The Stakeholders Relationship Committee is constituted on 22nd May 2017.The Company Secretary act as a Secretary to the Committee and the committee members are:

Name of Member Category Designation
Ar. Ganeshkumar Wable Independent Director Chairman
Mrs. Rajashri Khandagale Non-Executive Director Member
CA. Ravindra Savant Independent Director Member

v) Change in Address of Registered Office of Company:-

The Registered office of the Company is shifted from A-13 RUTUJA RESIDENCY PLOTNO.17+18 S.NO. 120 MODERN

COLONY SHIVTIRTH NAGAR KOTHRUD PUNE-411038 to BUNGLOW NO 36/B C.T.S. NO 994 &945 (S.NO.117 & 118) MADHAV BAUG SHIVTIRTH NAGAR KOTHRUD PUNE-411038 with effectfrom April 1 2017.

vi) Conversion of the Company:- The Management proposed to go for initial publicoffer through SME stock exchange and accordingly Board decided to convert the Company intothe Public Limited Company Consequent to conversion of the company from private limitedto public the name of the company Univastu India Private Limited has been changed to UNIVASTUINDIA LTD with effect from 18th May 2017.

vii) Initial Public Offer (IPO) & Listing at NSE (E- Merge) :-

During the year under review your company came up with an IPO of 1497000 Equityshares of Rs.40/- each at a premium of Rs. 30/- per share with Total Issue size of Rs.598.80 Lacs. Your Board is really thankful for the trust posed in the Company.Subsequently the shares of the company have been listed on SME Platform of NSE since July2017.

At present the Company has only one class of share – Equity shares of per valueRs. 10 each. The authorized share capital of the company is Rs. 60000000/- divided into6000000 equity shares of Rs. 10 each. The paid up share capital of the company is Rs.56823000/- divided into 5682300 equity shares of Rs. 10 each. The Company has raisedthe fund through Public Issue of shares and the equity shares of the Company got listed onSME platform of NSE Limited.

IPo Fund Utilisation:-

The Company has raised the fund to meet the working capital requirement and issueexpenses purpose. As the Company has raised the fund in the month of July 2017 duringthe year 2017- 18 these funds were utilized for the said purpose only.

DECLARATION UNDER SECTION 149(6) OF THE COMPANIES ACT 2013 FROM THE INDEPENDENTDIRECTORS:-

The Company has received declaration from all the Independent Directors of the Companyconfirmingthat they meet the criteria of the Independence as provided in Section 149(6) ofthe Companies Act 2013 and rules made thereunder.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FORDETERMINING QUALIFICATIONS POSITIVE ATTRIBUTES INDEPENDENCE OF A DIRECTOR AND OTHERMATTERS:-

Company has adopted the Policy on directors' appointment and remuneration includingcriteria for determining qualifications positive attributes independence of a directorand other matters provided under sub-section (3) of section 178 which is Placed onCompanies Web address : https://www.univastu.com/policies.html.

UNSECURED LOANS ACCEPTED FROM DIRECTORS OR THEIR RELATIVES:

During the financial year 2017-18 company has accepted unsecured loans from directors:

(Rs. In Lakh)
Sr. no. Particulars Amount outstanding as on 31/03/2018
a) From Directors : 171.14
b) From Relatives of Directors: 0.00
c) Inter-corporate Borrowings 0.00

The outstanding balance of the same as on 31st March 2018 is Rs.17113717 (Rupees One Crore Seventy one Lakhs Thirteen Thousand Seven Hundred andSeventeen only).

REMUNERATION POLICY FOR DIRECTORS AND KMP:-

The Company's remuneration policy for Directors/ KMP is directed towards rewardingperformance based on review of achievements periodically. The remuneration policy is inconsonance with the existing industry practice.

The said policy is available on Company's website i.e. www.univastu.com.

DIRECTOR'S RESPONSIBILITY STATEMENT:-

Pursuant to the provisions contained in Section 134(5) of the Companies Act 2013 yourDirectors confirm that:

(i) in the preparation of the annual accounts for the year ended 31st March2018 the applicable accounting standards have been followed along with proper explanationrelating to material departures.

(ii) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year andProfit of the company for that period.

(iii) the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities.

(iv) the directors have prepared the annual accounts on a going concern basis. thedirectors had laid down internal financial controls to be followed by the company and thatsuch internal financial controls are adequate and were operating effectively.

(v) the Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

PERFORMANCE EVALUATION:-

Regulation 4 (2) (f) (ii) (9) of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 mandates that the Board shall monitor and review the Boardevaluation framework. Also the Companies Act 2013 states that a formal annual evaluationneeds to be made by the Board of its own performance and that of its Committees andindividual Directors. In addition Schedule IV to the Companies Act 2013 states that theperformance evaluation of Independent Directors shall be done by the entire Board ofDirectors excluding the Director being evaluated. The Board works with the Nomination& Remuneration Committee to lay down the evaluation criteria for the performance ofExecutive / Non-Executive / Independent Directors.

Independent Directors have three key roles — governance control and guidance.Some of the performance indicators based on which the Independent Directors are evaluatedinclude: a) Ability to contribute to and monitor the Company's Corporate Governancepractices. b) Ability to contribute by introducing international best practices to addresstop-management issues. c) Active participation in long-term strategic planning. d)Commitment to the fulfillmentof a Directors' obligations and fiduciary responsibilities;these include participation in the Board and the Committee Meetings.

In pursuance of above the Company has devised a policy for performance evaluation ofIndependent Directors Board Committees and other individual Directors.

The evaluation of all the Directors Committees and the Board as a whole was conductedbased on the criteria and framework adopted by the Board. The Board approved theevaluation results as collated by the Nomination & Remuneration Committee.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:-

The management of your company would like to share the highlights of its performancereview on the conservation of energy technology absorption foreign exchange earnings andoutgo as below:

A. CONSERVATION OF ENERGY:-

(i) Steps taken or impact on conservation of energy: Energy conservation dictates howefficiently a Company can conduct its business operations. And the Company has understoodthe value of energy conservation in decreasing the deleterious effects of global warmingand climate change. Whereas the Company is running its business by optimal use of energywhich providing the Company and its management the new challenging task to perform.

(ii) Steps taken by the company for utilizing alternate sources of energy: The Companymakes every possible effort to save the energy. It makes timely maintenance of accessoriesused in providing services to make optimum utilization of electricity. As a result theelectricity bill of the Company is stabilized and controlled.

(iii) Capital investment on energy conservation equipment's: The Company found enoughsystem and equipment; hence it was not required to make additional investment on energyconservation related equipment's.

B. TECHNOLOGY ABSORPTION:-

(i) The Company has started its business operations effectively whereas no such newtechnology was absorbed. (ii) The Company was not required to import any technologyrelated equipment during the period under review.

(iii) The Company is running its business operations effectively and in this regardsthe management has also hired a good team of technical professionals into its businessprofile who always work for an improvement of Company's business objectives. The Companywas not required to have separate department of research and development activities as ofnow.

C. FOREIGN EXCHANGE EARNINGS & OUTGO:-

Foreign exchange earned in terms of actual inflows during the year and the foreignexchange outgo during the year in terms of actual outflows is given below:

Particulars Amount in Rs.
Foreign exchange earnings NIL
Foreign exchange expenditure NIL

DEPOSITS:-

The Company has not accepted any deposits within the meaning of section 73 of theCompanies Act 2013 during the year ending on 31st March 2018.

SIGNIFICANT OR MATERIAL ORDERS:-

During the year ending on 31stMarch 2018 no regulator or court or tribunalhas passed any order impacting the going concern status of the company and its operationsin future.

CORPORATE SOCIAL RESPONSIBILITY (CSR):-

The Company was not required to constitute Corporate Social Responsibility (CSR)committee and comply with requirements of section 135 of the Companies Act 2013 and therules made thereunder.

VIGIL MECHANISM:-

In pursuant to the provisions of Section 177 of the Companies Act 2013 read with Rule7 of the Companies (Meetings of Board and its Powers) Rules 2014 the Company hasestablished a vigil mechanism that enable the directors and Employees to report genuineconcerns. The vigil mechanism provides for: (a) Adequate safeguard against victimizationof person who use the mechanism.

(b) Direct access to the chairman of Audit Committee of the Board of the Directors ofthe Company in appropriate cases.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013:-

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this Policy. The Policy is gender neutral.

During the year under review no complaints received regarding harassment by thecompany from its employees (permanent contractual temporary trainees).

INTERNAL FINANCIAL CONTROLS:-

The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weaknesses in the design or operation were observed.

The internal financial controls with reference to the Financial Statements arecommensurate with the size and nature of business of the Company.

CORPORATE GOVERNANCE:-

Your Company is committed to achieve the highest standards of Corporate Governance andadheres to the Corporate Governance requirements set by the Regulators/ applicable laws.Our focus on corporate governance where investor and public confidence in companies is nolonger based strictly on financial performance or products Directors its policies andguidelines its culture and the behavior of not only its officers and directors but alsoall of its employees.

A separate section on Corporate Governance standards followed by the Company asstipulated under regulation 34(3) read with schedule V of SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015 is enclosed as an Annexure to this report. Thereport on Corporate Governance also contains certain disclosures required under theCompanies Act 2013. Report on Corporate Governance is enclosed as an Annexure VIto this Report.

ACKNOWLEDGEMENT:-

The directors wish to convey their gratitude and place on record their appreciation forall the employees at all levels for their hard work valuable contribution and dedicationduring the year.

The Directors also wish express their deep sense of appreciation to CustomersShareholders Vendors Bankers Business

Associates Regulatory and Government Authorities for their consistent support.

BY ORDER OF BOARD OF DIRECTORS
UNIVASTU INDIA LTD
sd/-
PRADEEP KHANDAGALE
PLACE: PUNE MANAGING DIRECTOR
DATE: 07/08/2018 DIN-01124220