index [] report- ut… · phase-ii, gurgaon-122002 india ernst & young llp chartered...

1AnnuAl RepoRt 2018-19

Index

S. no. particulars page no.

1. The Board of Directors 2

2. Board Committees and Key Managerial Personnel 2

3. Other Information 3

4. Notice of Annual General Meeting 4-15

5. Board’s Report 16-23

6. • Board and Committee Meetings (Annexure “A”) 24

7. • NominationandRemunerationPolicy(Annexure “B”) 25-28

8. • ExtractofAnnualReturn(MGT-9)(Annexure “C”) 29-35

9. • SecretarialAuditReport(MR-3)(Annexure “d”) 36-38

10. • Disclosureundersection197oftheCompaniesAct,2013(Annexure “e”) 39

11. • AOC-2(Annexure “F”) 40

12. Independent Auditors’ Report 41-50

13. BalanceSheetasat31stMarch,2019 51

14. StatementofProfitandLossfortheyearended31stMarch,2019 52

15. CashFlowStatementfortheyearended31stMarch,2019 53-54

16. NotestoFinancialStatements 55-79

17. Ballot Paper 80-81

18. ProxyForm 82-83

19. AttendanceSlip 84

20. Map to Annual General Meeting Venue 85

21. InstructionforE-voting 86

2 AnnuAl RepoRt 2018-19

utC Fire & Security India limitedCIN:U29193MH1981FLC024364

the Board of directors: Mr. Rabindra nath Ghosh(DIN:00194250)Independent Director

Mr. Srinivas Kotni(DIN:01085277)Independent Director

Mr. Farokh phiroz Madan(DIN:07412324)Non-ExecutiveDirector

Mr. Vikram Arthur Fernandes prabhu(DIN:06421340)Non-ExecutiveDirector

Ms. Vasanthi narayana(DIN:08319835)Whole-time Director

Mr. Muthalagappan Karuppiah(DIN:08539111)Whole Time Director

Board Committees:nomination and Remuneration Committee

Mr. Farokh phiroz Madan(DIN:07412324)Chairman

Mr. Rabindra nath Ghosh(DIN:00194250)Member

Mr. Srinivas Kotni(DIN:01085277)Member

Mr. Vikram Arthur Fernandes prabhu(DIN:06421340)Member

Audit Committee:Mr. Rabindra nath Ghosh(DIN:00194250)Chairman


Mr. Farokh phiroz Madan(DIN:07412324)Member

Stakeholder Relationship Committee:Mr. Vikram Arthur Fernandes prabhu(DIN:06421340)Chairman


Ms. Vasanthi narayana(DIN:08319835)Member

Corporate Social Responsibility Committee:Ms. Vasanthi narayana(DIN:08319835)Chairman



Key Managerial personnel:

Ms. uma VaradarajanChief Financial Officer(PAN:AAIPU0657M)


Auditors:B S R & Associates llp Chartered Accountants (ICAIFirmRegistrationNumber:116231W/W-100024)StatutoryAuditorsBuildingNo.10,8thFloor,Tower-B,DLFCyberCity,Phase-II,Gurgaon-122002India

ernst & Young llpChartered Accountants Internal Auditors OvalOffice,18,iLabsCenter,HitechCityMadhapur,Hyderabad-500081,TelanganaState,India

dMK AssociatesCompanySecretariesSecretarialAuditors31/36,Basement,OldRajinderNagar,New Delhi - 110060

Bankers:Hongkong&ShanghaiBankingCorporationCitibank N.A.Bank of America

Registrar & Share transfer Agent:Adroit Corporate Services private limitedRegistration Number: INR00000222717-20,JafferbhoyIndustrialEstate,1stFloor,MakwanaRoad,MarolNaka,Andheri(E),Mumbai400059,India

Registered office:

utC Fire & Security India limitedUnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaCIN:U29193MH1981FLC024364Tel: 022 -022-61700700Email:[email protected]:http://www.carrierindia.com/investors.html


notICe isherebygiventhatthe37th Annual General Meeting of members of utC Fire & Security India limited (the“company”)willbeheldonMonday, 23rd September 2019 at 12.30 p.M.atunit4B,Level-2,TheCentrium,PhoenixMarketCity,15LBSMarg,Kamani,KurlaWest,Mumbai-400070totransactthefollowingbusiness(es):

ordinary Business:

1. To consider andadopt auditedfinancial statementsof the company for thefinancial year endedon31st

March,2019andthereportofBoardofDirectorsandauditorsthereonandinthisregardtoconsiderandifthoughtfittopassthefollowingresolutionasanordinaryresolution:

“Resolved thattheauditedfinancialstatementsofthecompanyforthefinancialyearendedon31stMarch,2019 together with the report of Board of Directors and auditors thereon be and are hereby considered and adopted.”

2. To re-appoint Mr. Vikram Arthur Fernandes Prabhu (dIn:06421340) who retires by rotation and being eligible,offershimselfforre-appointmentasadirectorofthecompanyandinthisregardtoconsiderandifthoughtfittopassthefollowingresolutionasanordinaryresolution:

“Resolved that Mr. Vikram Arthur Fernandes Prabhu (dIn:06421340) who retires by rotation and being eligible,offershimselfforre-appointment,beandisherebyre-appointedasadirectorofthecompanyliabletoretirebyrotation.”

Special Business:

3. To appoint Mr. Farokh Phiroz Madan (dIn: 07412324) as a director of the company and in this regard to considerandifthoughtfittopassthefollowingresolutionasanordinaryresolution:

“Resolved that pursuant to the provisions of section 152 and any other applicable provisions of theCompaniesAct,2013andtheCompanies(AppointmentandQualificationofDirectors)Rules,2014includinganystatutorymodificationsand/orre-enactmentsthereofforthetimebeinginforceMr.FarokhPhirozMadan(dIn: 07412324) whowasappointedasanadditionaldirectorofthecompany,ontherecommendationofnominationandremunerationcommittee,bytheBoardofDirectorswitheffectfrom12thMarch,2019andwho hold such office up to the date of 37th annual general meeting or the last date on which the 37th annual generalmeetingshouldhavebeenheldwhicheverisearlier,beandisherebyappointedasadirectorliabletoretirebyrotationinthecategoryofnon-executivedirectorofthecompany.

Resolved further thatanydirectororchieffinancialofficerorcompanysecretaryofthecompanybeandareherebyseverallyauthorizedtodoallsuchacts,deedsandthingsasmayberequiredtogiveeffecttothisresolutionincludingbutnotlimitedtoe-filingofnecessaryformswithofficeofregistrarofcompaniesandissuecertifiedtruecopyofthisresolutionasandwhenrequired.”

4. ToapprovetheappointmentandremunerationofMs.VasanthiNarayana(dIn: 08319835) as whole-time directorofthecompanyandinthisregardtoconsiderandifthoughtfittopassthefollowingresolutionasspecial resolution:

utC FIRe & SeCuRItY IndIA lIMItedCIN:U29193MH1981FLC024364

Registered office: UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaWebsite:http://www.carrierindia.com/investors.htmlEmail:[email protected]

Tel:022-022-61700700Fax:+91-124-2372230

notICe oF tHe 37th AnnuAl GeneRAl MeetInG


“Resolved thatpursuanttotherecommendationofnominationandremunerationcommitteeandapprovalof BoardofDirectors of the company andpursuant to theprovisions of section 196 and 203 andotherapplicableprovisionsoftheCompaniesAct,2013andtheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014andanyotherapplicablerulesincludinganystatutorymodificationsand/orre-enactmentthereofforthetimebeinginforceandsubjecttosuchotherapprovalsasmayberequiredfromthestatutoryauthorities,approvalofmembersofthecompanybeandisherebyaccordedbywayofspecial resolution for the appointment of Ms. Vasanthi Narayana (dIn: 08319835) as whole-time director of thecompanyforaperiodof5(five)yearswitheffectfrom12thMarch,2019to11thMarch,2024(“tenure”).

Resolved further thatpursuanttoapplicableprovisionsofCompaniesAct,2013approvalofmembersofthe company be and is hereby accorded by way of special resolution to pay remuneration to Ms. Vasanthi Narayana (dIn: 08319835) uptomaximumofRs.1,00,00,000/-(RupeesOneCroreonly)perannumduringhertenurewiththecompanyasmaybeapprovedbytheBoardofDirectorsandacceptabletoMs.VasanthiNarayana (dIn: 08319835) fromtimetotimeincompliancewithapplicableprovisionsoftheCompaniesAct,2013.

Resolved further that in eventofnoprofitor inadequateprofit in anyfinancial yearduringher tenureabsolute authority/liberty is hereby given to the Board of Directors of the company by this resolutionto approve/ratify the remuneration and/or any other term of appointment of Ms. Vasanthi Narayana (dIn: 08319835) as may be agreed between the Board of Directors and Ms. Vasanthi Narayana (dIn: 08319835) from time to time subject to ceiling of remunerationmentioned in above said resolution incompliancewithapplicableprovisionsoftheCompaniesAct,2013.

Resolved further that Ms. Vasanthi Narayana (dIn: 08319835) shall perform such duties and functions asmaybedelegatedtoherfromtimetotimesubjecttothecontrolandsuperintendenceoftheBoardofDirectors of the company.

Resolved further thatforpurposeofgivingeffecttotheabovesaidresolutiontheBoardofDirectorsofthecompanybeandareherebyauthorizedtodoallsuchacts,deeds,things,mattersasitmayinitsabsolutediscretiondeemnecessary,properordesirableandtosettleanyquestion,difficultyordoubtthatmayarisein this regard.

Resolved further that anydirectororcompanysecretaryorchieffinancialofficerofthecompanybeandareherebyseverallyauthorizedtodoallsuchacts,deedsandthingsincludinge-filingofnecessaryforms,papers,documentswithstatutoryauthoritiesincludingtotheregistrarofcompaniesasmaybenecessaryandtoapplyandseekapprovalofappropriatestatutoryauthoritiesifanyrequiredunderlawtogiveeffecttotheabovesaidresolution.”

5. Tore-appointMr.SrinivasKotni(dIn: 01085277) as an independent director on the Board of Directors of thecompanyandinthisregardtoconsiderandifthoughtfittopassthefollowingresolutionasaspecialresolution:

“Resolved that pursuant to the recommendation of nomination and remuneration committee of the companyandpursuanttotheprovisionsofsection149and152readwithscheduleIVandotherapplicableprovisionsof theCompaniesAct, 2013and theCompanies (Appointment andQualificationofDirectors)Rules,2014includinganystatutorymodificationsand/orre-enactmentthereofforthetimebeinginforce Mr.SrinivasKotni(dIn: 01085277) who has been appointed as an independent director and who holds officeasanindependentdirectoronBoardofDirectorsofthecompanyforaperiodoffiveyearswitheffectfrom 25thMarch, 2015 to24thMarch, 2020 (“first term”) andbeingeligible for re-appointment,beand ishereby re-appointed as an independent director on the Board of Directors of the company not liable to retire byrotationandtoholdofficeofindependentdirectorforasecondtermof5(five)consecutiveyearswitheffectfrom25thMarch,2020to24thMarch,2025.


Resolved further that forpurposeofgivingeffecttotheabovesaidresolutiontheBoardofDirectorsofthecompanybeandisherebyauthorizedtodoallsuchacts,deeds,things,mattersasitmayinitsabsolutediscretiondeemnecessary,properordesirableandtosettleanyquestion,difficultyordoubtthatmayariseinthisregardtogiveeffecttheabovesaidresolution.”

6. To approve the appointment and remuneration of Mr. Muthalagappan Karuppiah (dIn: 08539111) as whole-timedirectorofthecompanyandinthisregardtoconsiderandifthoughtfittopassthefollowingresolution as special resolution:

“Resolved thatpursuanttotherecommendationofnominationandremunerationcommitteeandapprovalofBoardofDirectorsofthecompanyandpursuanttoprovisionsofsection196and203andotherapplicableprovisionsoftheCompaniesAct,2013andtheCompanies(AppointmentandRemunerationofManagerialPersonnel) Rules, 2014 and any other applicable rules including any statutory modifications and/or re-enactmentthereofforthetimebeinginforceandsubjecttosuchotherapprovalsasmayberequiredfromthestatutoryauthorities,approvalofmembersofthecompanybeandisherebyaccordedbywayofspecialresolution for appointment of Mr. Muthalagappan Karuppiah (dIn: 08539111) as whole-time director of the companyforaperiodof5(five)yearswitheffectfrom20thAugust,2019to19thAugust,2024(“tenure”).

Resolved further thatpursuanttoapplicableprovisionsofCompaniesAct,2013approvalofmembersofthecompany be and is hereby accorded by way of special resolution to pay remuneration to Mr. Muthalagappan Karuppiah (dIn: 08539111) uptomaximumofRs.47,00,000/-(RupeesFortySevenLakhonly)perannumduringhistenurewiththecompanyasmaybeapprovedbytheBoardofDirectorsandacceptabletoMr.Muthalagappan Karuppiah (dIn: 08539111) fromtimetotimeincompliancewithapplicableprovisionsoftheCompaniesAct,2013.

Resolved further that ineventofnoprofitor inadequateprofits inanyfinancial yearduringhis tenureabsoluteauthority/liberty isherebygiven to theBoardofDirectorsof thecompanyby this resolution toapprove/ratifytheremunerationand/oranyothertermofappointmentofMr.MuthalagappanKaruppiah(dIn: 08539111) as may be agreed between the Board of Directors and Mr. Muthalagappan Karuppiah (dIn: 08539111) fromtimetotimesubjecttoceilingofremunerationmentionedinabovesaidresolutionincompliancewithapplicableprovisionsoftheCompaniesAct,2013.

Resolved further that Mr. Muthalagappan Karuppiah (dIn: 08539111) shall perform such duties and functionsasmaybedelegatedtohimfromtimetotimesubjecttothecontrolandsuperintendenceoftheBoard of Directors of the company.

Resolved further thatforpurposeofgivingeffecttotheabovesaidresolutiontheBoardofDirectorsofthecompanybeandareherebyauthorizedtodoallsuchacts,deeds,things,mattersasitmayinitsabsolutediscretiondeemnecessary,properordesirableandtosettleanyquestion,difficultyordoubtthatmayarisein this regard.

Resolved further thatanydirectororcompanysecretaryorchieffinancialofficerofthecompanybeandis/areherebyauthorizedtodoallsuchacts,deedsandthingsincludinge-filingofnecessaryforms,papers,documents with statutory authorities including to the registrar of companies as may be necessary and to applyandseekapprovalofappropriatestatutoryauthoritiesifanyrequiredunderlawtogiveeffecttotheabovesaidresolution.”

7. To approve waive-off recovery of excess managerial remuneration received by Mr. Devendra Mehta(dIn:01533089) erstwhile whole-time director of the company:

“Resolved thatpursuanttoprovisionsofsection197andanyotherapplicableprovisionsoftheCompaniesAct,2013andrulesmadethereunderincludinganystatutorymodificationsand/orre-enactmentthereofforthe time being in force consent of members of the company be and is hereby accorded by way of special resolutiontowaive-offrecoveryofexcessremunerationofRs.7,86,430/-(RupeesSevenLakhandEightySix


Registered office: utC Fire & Security India limited UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaCIN:U29193MH1981FLC024364EmailId::[email protected]

Date: 20thAugust,2019Place: Gurugram

By order of the BoardFor utC Fire & Security India limited

Sd/-Farokh phiroz Madan

Director DIN: 07412324

noteS:1. Amemberentitledtoattendandvoteatannualgeneralmeeting(AGM/meeting) isentitledtoappointa

proxytoattendandvoteinsteadofhimself/herselfandtheproxyneednotbeamemberofthecompany.Theinstrumentappointingtheproxy(enclosedherewith)inordertobeeffectivemustbedepositedatthecompany’sregisteredofficedulycompleted,signedanddepositednotlessthanfortyeighthoursbeforethemeeting.Proxiessubmittedonbehalfoflimitedcompanies,societiesetc.mustbesupportedbyappropriateresolutions/authorityasapplicable.Apersoncanactasproxyonbehalfofmembersnotexceedingfifty(50)andholdingintheaggregatenotmorethan10%ofthetotalsharecapitalofthecompany.Incaseaproxyis proposed to be appointed by a member holding more than 10% of the total share capital of the company carryingvotingrights,thensuchproxyshallnotactasaproxyforanyotherpersonormember.Proxyholdershallprovehis/heridentityatthetimeofattendingthemeeting.Whenamemberappointsaproxyandboththememberandproxyattendtheannualgeneralmeeting,theproxyshallstandautomaticallyrevoked.

2. Theexplanatorystatementpursuanttosection102(1)oftheCompaniesAct,2013withrespecttothespecialbusinessofthenoticeisannexedheretoandformspartofthisnotice.

3. Corporatemembersintendingtosendtheirauthorizedrepresentativesarerequestedtosendadulycertifiedcopyof theboard resolution authorizing their representatives to attend and vote at the annual generalmeeting.

4. RequisitionforinspectionofproxiesshallbereceivedbythecompanyinwritingfromamemberentitledtovoteonanyresolutionatleastthreedaysbeforethecommencementoftheAGM.

5. ProxiesshallbemadeavailableforinspectionduringtheperiodbeginningtwentyfourhoursbeforethetimefixedforthecommencementoftheAGMandendingwiththeconclusionoftheAGM.

6. Membersholdingshares indematerializedformarerequestedto intimateallchangespertainingtotheirbank details, National Electronic Clearing Service (NECS), Electronic Clearing Service (ECS), mandates,nominations,powerofattorney,changeofaddress,changeofname,e-mailaddress,contactnumbersetc.totheirDepositoryParticipant(DP).ChangesintimatedtotheDPwillthenbeautomaticallyreflectedinthecompany’s records which will help the company and the company’s registrars and transfer agents i.e. Adroit CorporateServicesPvt.Ltd. (“Adroit”) toprovideefficientandbetterservices.Membersholdingshares in

ThousandFourHundredandThirtyonly)withreferencetotheperiodfrom8thNovember2008to31stMarch,2009andRs.9,76,845/-(RupeesNineLakhandSeventySixThousandEightHundredandFortyFiveonly)with reference to the period from 1stApril,2009to30thSeptember,2009thanprescribedlimitsofCompaniesActreceivedbyMr.DevendraMehta(dIn:01533089) erstwhile whole-time director of the company.

Resolved further that pursuant to applicable provisions of Companies Act absolute authority/liberty isherebygiventotheBoardofDirectorsofthecompanybythisspecialresolutiontoapprove/ratifyallsuchnecessaryacts,deedsasmayberequiredtogiveeffecttothisresolutionand/ordoinge-filingswithofficeofregistrarofcompaniesandissuecertifiedtruecopyofthisresolutionasandwhenrequired.”


physicalformarerequestedtointimatesuchchangestoAdroit.Foranygrievances,pleasewritetoAdroitat17-20,JafferbhoyInd.Estate,1stFloor,MakwanaRoad,MarolNaka,Andheri(E),Mumbai400059,India.

7. PursuanttonotificationnumberG.S.R.853(E)issuedbytheministryofcorporateaffairsdated10thSeptember2018whichincludesanymodificationsthereofmembersholdingsharesinphysicalformarerequestedtoconverttheirholdingtodematerializedformtoeliminateall risksassociatedwithphysicalsharesandforease of portfolio management. Members can contact the company or Adroit for assistance in this regard and company shall facilitate dematerialization of physical shareholding.

8. Attendanceslip,proxyformandtheroutemapofthevenueoftheAnnualGeneralMeetingareannexedhereto.

9. MembersarerequestedtoproducetheenclosedattendanceslipdulysignedasperthespecimensignaturerecordedwithAdroitandhandoverthesameattheentranceforattendingthemeeting.Memberswhoholdsharesinthede-matformarerequestedtobringtheirclient-IDandDP-IDnumbersforeasieridentificationof attendance at the meeting.

10. Membersholdingsharesinphysicalforminidenticalorderofnamesinmorethanonefolioarerequestedtosendtothecompany,thedetailsofsuchfoliostogetherwiththesharecertificatesforconsolidatingtheirholdinginonefolio.Aconsolidatedsharecertificatewillbereturnedtosuchmembersaftermakingrequisitechanges thereon.

11. Incaseofjointholdersattendingthemeeting,thememberwhosenameappearsasthefirstholderintheorderofnamesaspertheregisterofmembersofthecompanywillbeentitledtovote.

12. Queriesproposed tobe raisedat theannualgeneralmeetingmaypleasebe sent to thecompanyat itsregistered office at least 7 days prior to the date of annual general meeting to enable the company to compile the information and answer them in the meeting.

13. TheregisterofmembersandsharetransferregisterwillremainclosedfromTuesday,17thSeptember,2019toMonday,23rdSeptember,2019(bothdaysinclusive)forthepurposeof37th annual general meeting.

14. Membersseekingany informationwithregardtotheaccountsarerequestedtowritetothecompanyatleastsevendaybeforethedateof37th annual general meeting so as to enable the management to keep the information ready at the meeting.

15. Members desirous of making a nomination in respect of their shareholding in the company as permitted undersection72oftheActarerequestedtosubmitdetailstothecompanyintheprescribedformSH-13forthis purpose.

16. Incompliancewiththeprovisionofsection108oftheCompaniesActreadwithrule20oftheCompanies(Management and Administration) Rules, 2014 and amendments thereof the company is providing itsmemberswith the facility forprovidingvotingbyelectronicmeansand thebusinessmaybe transactedthroughsuchvoting.

17. Thenoticeoftheannualgeneralmeetingalongwiththeannualreportforfinancialyear2018-19isbeingsent through the permitted mode.

18. Pursuanttosection107oftheActreadwithrule20oftheCompanies(ManagementandAdministration)Rules,2014andamendmentthereofandaspersecretarialstandards-2onGeneralMeetings,issuedbytheInstituteofCompanySecretariesofIndiatherewillnotbevotingbyshowofhandsonanyoftheagendaitemsatthemeetingandpollwillbeconductedin lieuthereof. IncompliancewithprovisionsofSection108of theCompaniesAct,2013, readwithRule20of theCompanies (ManagementandAdministration)Rules,2014asamendedbytheCompanies(ManagementandAdministration)AmendmentRules,2015,theCompanyispleasedtoprovidemembersfacilitytoexercisetheirrighttovoteonresolutionsproposedtobe


consideredattheAGMbyelectronicmeansandthebusinessmaybetransactedthroughe-VotingServices.ThefacilityofcastingthevotesbythemembersusinganelectronicvotingsystemfromaplaceotherthanvenueoftheAGM(“remotee-voting”)willbeprovidedbyCentralDepositoryServices(India)Limited(CDSL).

19. Thememberscanoptforonlyonemodeofvotingi.e.remotee-votingorphysicalpollingatthemeeting.Incaseofvotingbyboththemodes,votecastedthroughremotee-votingwillbeconsideredfinalandvotingthroughphysicalballotwillnotbeconsidered.Thememberswhowillcasttheirvotebyremotee-votingmayalso attend the meeting.

20. Thecompanyhasengagedtheservicesofcentraldepositoryserviceslimited(CDSL)astheagencytoprovidee-votingfacility.

21. Detailedinstructiontoexercisee-votingaregivenonpageno.86ofthisannualreportandalsoaseparatesheet dispatched with annual report forms an integral part of notice.

22. Incaseofanyquerypertainingtoe-votingpleasevisitHelp&FAQ’ssectionavailableonwww.cdslindia.com.

23. TheboardhasappointedDMKAssociates(Mr.DeepakKukreja,Partner)CompanySecretarieshavingofficeat31/36,Basement,OldRajinderNagar,NewDelhi-110060asscrutinizertoscrutinizethephysicalvotingandremotee-votingprocessinafairandtransparentmannerandhehascommunicatedhiswillingnesstobeappointedandwillbeavailableforsamepurpose.

24. Thevotingrightsofmembersfore-votingandforphysicalvotingatthemeetingshallbeinproportiontothepaidupvalueoftheirsharesintheequitysharecapitalofthecompanyasoncut-offdatei.e.Monday,16thSeptember,2019.

25. Apersonwhosenameisrecordedintheregisterofmembersorintheregisterofbeneficialownersmaintainedbythedepositoriesasonthecut-offdatei.e.Monday,16thSeptember,2019shallonlybeentitledtoavailthefacilityofremotee-voting/physicalvoting.

26. The scrutinizer, after scrutinizing the votes casted at themeeting (physical voting) and through remotee-voting,willnotexceeding3daysofconclusionofthemeeting,makeaconsolidatedscrutinizer’sreportofthevotescastinfavouroragainst,ifany,andsubmitthesametothechairmanofthemeeting.Theresultsdeclaredshallbeavailableonthewebsiteofthecompanyhttps://www.carrier.com/building-solutions/en/in/investorandonthewebsiteofCDSL.TheresolutionswillbedeemedtobepassedonthedateofAGMsubjecttoreceiptoftherequisitenumberofvotesinfavouroftheresolutions.

27. Anypersonwhoacquiressharesofthecompanyandbecomememberofthecompanyafterdispatchofthenoticeandholdingsharesasonthecut-offdatei.e.Monday,16thSeptember,2019mayobtaintheiruserIDandpasswordforremotee-votingbysendingarequesttoAdroitatinfo@adroitcorporate.com.

28. ThelandmarkplacetoreachthevenueofannualgeneralMeetingisPhoenixMarketCity,KurlaWest,Mumbaiandmaptoreachatthevenueofannualgeneralmeetingisattachedherewith.

29. Thecompany’sISINnumberisINE226D01017.

30. Non-residentIndianmembersarerequestedtoinformthecompany’sregistrar&sharetransferagentMCSShare Transfer Agent Ltd. immediately: (i) the particulars of the bank accountmaintained in India withcompletename,branch,accounttype,accountnumberandaddressofthebankifnotfurnishedearlier;and(ii)anychangeintheirresidentialstatusonreturntoIndiaforpermanentsettlement.

31. Theministryofcompanyaffairshastakena‘GreeninitiativeinCorporateGovernance’byallowingpaperlesscompliancesbythecompaniesandhasissuedcircularsstatingthatserviceofnotice/documentsincludingannualreportcanbesentbye-mailtoitsmembers.Tosupportthisgreeninitiativeofthegovernmentinfullmeasure,memberswhohavenotregisteredtheire-mailaddressessofararerequestedtoregistertheir


e-mail addresses in respect of electronic holdings with the depository through their concerned depository participants.Memberswhoholdsharesinphysicalformarerequestedtoregistertheire-mailaddresseswiththe company.

32. The requirement to place thematter relating to appointment of auditors for ratificationbymembers atevery annual generalmeeting is done awaywith vide notification datedMay 7,2018 issued byMinistryofCorporateAffairs,NewDelhi.Accordinglyno resolution isproposed for ratificationof appointmentofstatutoryauditorsi.e.BSR&AssociatesLLP(116231W/W-100024)whohasbeenappointedasstatutoryauditorsof thecompany in theAnnualGeneralMeetingof thecompanyheldonDecember14,2017foraperiodoffiveyearsfromconclusionof35th annual general meeting to conclusion of 40th annual general meeting.

33. Relevantdocumentsreferredtointhenoticeareopenforinspectionbymembersattheregisteredofficeofthecompanyonallworkingdays(i.e.exceptSaturday,SundayandPublicHolidays)duringbusinesshoursuptodateofannualgeneralmeeting.Theaforesaiddocumentswillbealsoavailableforinspectionbymembersat the annual general meeting.

the following is explanatory statement pursuant to section 102 of the Companies Act, 2013 (Act) set out all the material facts relating to the business mentioned in item number 4 to 7 of the accompanying notice of annual general meeting:

Item no.3: to appoint Mr. Farokh phiroz Madan (dIn: 07412324) as a director of the company:

The Board of Directors of the company in their meeting held on 12th March 2019 on the recommendation of nomination and remuneration committee appointed Mr. Farokh Phiroz Madan (dIn: 07412324) as an additionalnon-executivedirectorofthecompanywitheffectfrom12th March 2019. Mr. Farokh Phiroz Madan (dIn: 07412324) hold office up to date of 37th annual general meeting or the last date on which the 37th annualgeneralmeetingshouldhavebeenheldwhicheverisearlier.

It is proposed to seekmembers’ approval for resolutiongiven in itemnumber 3 for appointment ofMr.Farokh Phiroz Madan (dIn: 07412324) asadirectorofthecompanyintermsofapplicableprovisionsoftheCompaniesAct,2013.

Additional information in respect of Mr. Farokh Phiroz Madan (dIn: 07412324)asrequiredinthesecretarialstandard-2isgivenhereinbelow.Noticeinwritingundersection160oftheCompaniesAct,2013hasbeenreceivedfromMr.FarokhPhirozMadan(dIn: 07412324) signifying his candidature for the office of director of the company. Mr. Farokh Phiroz Madan (dIn: 07412324) is interested in the resolution set out at item number3ofthenotice.Saveandexcepttheabovenoneoftheotherdirectorsandkeymanagerialpersonnelof thecompanyandtheir relativesare inanywayconcernedor interestedfinanciallyorotherwise intheresolution.

TheBoardofDirectorsrecommendtheordinaryresolutionsetoutatitemnumber3ofthenoticeforapprovalofmembersandrelevantdocuments related toabovesaid resolutioncanbe inspectedat the registeredofficeofthecompanyduringbusinesshoursuptothedateofpassingofaboveresolutionandalsoattheannual general meeting.

Item no.4: to approve appointment and remuneration of Ms. Vasanthi narayana (dIn: 08319835) as whole-time director of the company:

The Board of Directors of the company in their meeting held on 12thMarch,2019ontherecommendationof nomination and remuneration committee had appointed Ms. Vasanthi Narayana (dIn: 08319835) as an additional director of the company. The Board of Directors also appointed her as whole-time director of thecompanyforaperiodof5(five)yearswitheffectfrom12thMarch,2019onthetermsandconditions


includingremunerationasrecommendedbynominationandremunerationcommitteeandapprovedbytheBoardofDirectorsofthecompanywhichwassubjecttoapprovalofmembersofthecompany.

It is proposed to seek members’ approval for the aforesaid appointment and remuneration payable to Ms. Vasanthi Narayana (dIn: 08319835) as whole-time director of the company in terms of applicable provisions of the Companies Act.Ms.VasanthiNarayana (dIn: 08319835) shall get remuneration up to maximumofRs.1,00,00,000/-(RupeesOneCroreOnly)perannumasmaybeagreedbetweenMs.VasanthiNarayana (dIn: 08319835) and Board of Directors of the company from time to time in compliance with applicableprovisionsofCompaniesAct,2013.

Ms. Vasanthi Narayana (dIn: 08319835)satisfiesallotherconditionssetoutinpart-IofscheduleV,section196 (3) of the Companies Act and eligible for her appointment aswhole-time director of the company.Sheisnotdisqualifiedfrombeingappointedasdirectorintermsofsection164oftheCompaniesAct.Thecompanyhasalsoreceivednotice inwriting fromMs.VasanthiNarayana (dIn: 08319835) under section 160 of the Companies Act signifying her candidature for office of whole-time director of the company. The above may also be treated as a written memorandum setting out the terms of appointment of Ms. Vasanthi Narayana (dIn: 08319835) under section 190 of the Companies Act.

Additional information in respect of Ms. Vasanthi Narayana (dIn: 08319835)asrequiredinthesecretarialstandard-2 isgivenbelow.Ms.VasanthiNarayana (dIn: 08319835) is interested in the resolution set out atitemnumber4ofthenotice.Saveandexcepttheabovenoneoftheotherdirectorsandkeymanagerialpersonnelofthecompanyandtheirrelativesareinanywayconcernedorinterestedfinanciallyorotherwisein the resolution.

TheBoardofDirectorsrecommendthespecialresolutionsetoutatitemnumber4ofthenoticeforapprovalbymembersandrelevantdocumentsrelatedtoabovesaidresolutioncanbe inspectedattheregisteredofficeofthecompanyduringbusinesshoursuptothedateofpassingofaboveresolutionandalsoattheannual general meeting.

Item no.5: to re-appoint Mr. Srinivas Kotni (dIn: 01085277) as an independent director on the Board of directors of the company:

Mr.SrinivasKotni(dIn: 01085277) was appointed as an independent director on the Board of Directors of thecompanyforaperiodoffiveyearsandheholdsofficeasanindependentdirectorofthecompanywitheffectfrom25thMarch,2015to24thMarch,2020(“firstterm”).

Aspersection149(10)oftheCompaniesAct2013,anindependentdirectorcanbere-appointedforanothertermofuptofiveconsecutiveyearsbypassingspecialresolutionbythecompany.

The nomination and remuneration committee of the Board of Directors has recommended re-appointment ofMr.SrinivasKotni(dIn: 01085277)asan independentdirector forsecondtermof5 (five)consecutiveyearsontheexpiryofhisfirst term i.e.witheffect from25th March,2020to24thMarch,2025.TheBoardofDirectorsbasedon theperformanceevaluationandasper the recommendationof thenomination&remunerationcommitteeconsideredthatgivenhisbackgroundandexperienceandcontributionsmadebyhimduringhisfirsttermthecontinuedassociationofMr.SrinivasKotni(dIn: 01085277) wouldbebeneficialto the company.

Accordinglyitisproposedtoseekmembers’approvalforresolutiongiveninitemnumber5ofthenoticeforthere-appointmentofMr.SrinivasKotni(dIn: 01085277)asanindependentdirectorofthecompany,notliabletoretirebyrotation,forasecondtermof5(five)consecutiveyearsontheBoardofDirectorsofthecompany.witheffectfrom25thMarch,2020to24thMarch,2025.Noticeinwritingundersection160oftheCompaniesAct,2013hasbeenreceivedfromMr.SrinivasKotni(dIn: 01085277) signifying his candidature fortheofficeofindependentdirectorofthecompany.Mr.SrinivasKotni(dIn: 01085277)isnotdisqualifiedfrombeingappointedasadirector intermsofsection164oftheCompaniesAct2013andhasgivenhis


consenttoactasanindependentdirectorofthecompany.ThecompanyhasalsoreceiveddeclarationfromMr.SrinivasKotni(dIn: 01085277) that he meets the criteria of independence as prescribed under section 149(6)oftheAct.

In theopinionof theBoardofDirectorsMr. Srinivas Kotni (dIn: 01085277) fulfils the conditions for re-appointmentasanindependentdirectorasperCompaniesAct2013.Mr.SrinivasKotni(dIn: 01085277) is independent of the management of the company. He shall be paid remuneration by way of sitting fee for attending meetings of the Board of Directors and committees thereof within limits prescribed in Companies Act,2013.Copyof letterofappointmentofMr.SrinivasKotni (DIN:01085277) settingout the termsandconditionsofappointmentisavailableforinspectionbythemembersattheregisteredofficeofthecompany.

AdditionalinformationinrespectMr.SrinivasKotni(dIn: 01085277)asrequiredinthesecretarialstandard-2isgivenbelow.Mr.SrinivasKotni(dIn: 01085277) is interested in the resolution set out at item number 5 ofthenotice.Saveandexcepttheabovenoneoftheotherdirectorsandkeymanagerialpersonnelofthecompanyandtheirrelativesareinanywayconcernedorinterestedfinanciallyorotherwiseintheresolution.Thisstatementmayalsoberegardedasanappropriatedisclosureundertheapplicableprovisionsof theCompanies Act 2013.


Item no. 6. to approve the appointment and remuneration of Mr. Muthalagappan Karuppiah (dIn: 08539111) as whole-time director of the company:

The Board of Directors of the company in their meeting held on 20thAugust,2019ontherecommendationof the nomination & remuneration committee appointed Mr. Muthalagappan Karuppiah (dIn: 08539111) asanadditionaldirectorof thecompanywitheffect from20thAugust, 2019.TheBoardofDirectorsalsoappointedhimaswhole-timedirectorof thecompany foraperiodof5 (five)yearswitheffect from20th August,2019andon termsandconditionsofappointment including remunerationas recommendedbynominationandremunerationcommitteeandapprovedbytheBoardofDirectorsofthecompanywhichwassubjecttoapprovalbymembersofthecompany.

Itisproposedtoseekmember’sapprovalforresolutiongiveninitemnumber6abovefortheappointmentand remuneration of Mr. Muthalagappan Karuppiah (dIn: 08539111) as whole-time director of the company. Mr. Muthalagappan Karuppiah (dIn: 08539111) shallgetremunerationuptomaximumofRs.47,00,000/-(RupeesFortySevenLakhonly)perannumasmaybeapprovedbytheBoardofDirectorsandacceptabletoMr. Muthalagappan Karuppiah (dIn: 08539111) incompliancewithapplicableprovisionsofCompaniesAct,2013 during his tenure with the company.

Mr. Muthalagappan Karuppiah (dIn: 08539111)satisfiesallotherconditionssetoutinpart-IofscheduleV,section196(3)oftheCompaniesAct2013andeligibleforhisappointmentaswhole-timedirectorofthecompany.Heisnotdisqualifiedfrombeingappointedaswhole-timedirectorintermsofsection164oftheCompaniesAct2013.Notice inwritingundersection160of theCompaniesAct,2013hasbeenreceivedfrom Mr. Muthalagappan Karuppiah (dIn: 08539111) signifying his candidature for the office of whole-time directorofthecompany.TheabovemayalsobetreatedasawrittenmemorandumsettingoutthetermsofappointmentofMr.MuthalagappanKaruppiah(DIN:08539111)undersection190oftheCompaniesAct2013.

Additional information in respect of Mr. Muthalagappan Karuppiah (dIn: 08539111) as required in thesecretarialstandard-2isgivenbelow.Mr.MuthalagappanKaruppiah(dIn: 08539111) is interested in the resolutionsetoutatitemnumber6ofthenotice.Saveandexcepttheabovenoneoftheotherdirectors


andkeymanagerialpersonnelofthecompanyandtheirrelativesareinanywayconcernedor interestedfinanciallyorotherwiseintheresolution.

TheBoardofDirectorsrecommendthespecialresolutionsetoutatitemnumber6ofthenoticeforapprovalbymembersandrelevantdocumentsrelatedtoabovesaidresolutioncanbe inspectedattheregisteredofficeofthecompanyduringbusinesshoursuptothedateofpassingofaboveresolution.

Item no. 7. to approve waive-off recovery of excess remuneration managerial received by Mr. devendra Mehta (dIn: 01533089) erstwhile whole-time director of the company.

Mr. Devendra Mehta (dIn: 01533089) has been appointed as whole-time director of the company for a period of three years with effect from 8.11.2006. The Central Government has been pleased toapprove under section 269 of the Companies Act 1956 the appointment of Mr. DevendraMehta (dIn: 01533089) aswhole-timedirector of the companywith effect from8.11.2006.TheCentral Governmentin its approval dated 03.02.2009 approved that the remuneration payable to Mr. Devendra Mehta (dIn: 01533089) fromthedateofhisappointmentshallnotexceedofRs.4,85,699/-(Rs.FourLakhEightyfiveThousandSixhundredandNinetyNineonly)permonthforaperiodoftwoyearswitheffectfrom08.11.2006.

After08.11.2008Mr.DevendraMehta(dIn: 01533089)receivedremunerationofRs.10,48,573/-forperiod08.11.2008to31.03.2009andRs.13,02,460/-during01.04.2009to30.09.2009inexcessofthelimitsprescribedintheCompaniesAct1956withoutpriorsanctionoftheCentralGovernment.

Thereafter the company filed an application seeking permission from Central Government to waive-offrecoveryofexcessmanagerialremunerationreceivedbyMr.DevendraMehta(dIn: 01533089) during the aforesaidperiod.TheCentralGovernmentvideitsorderdated01.12.2017pleasedtopermitthepaymentofremunerationofRs.2,62,143/-(RupeesTwoLakhSixtyTwoThousandOneHundredandFortyThreeonly)againstatotalremunerationofRs.10,48,573/-paidduringtheperiodfrom08.11.2008to31.03.2009andpaymentofremunerationofRs.3,25,615/-(RupeesThreeLacTwentyFiveThousandSixHundredandFifteenonly)againstatotalremunerationofRs.13,02,460/-paidduringtheperiodfrom01.04.2009to30.09.2009toMr.DevendraMehta(dIn: 01533089).AccordinglyRs.7,86,430/-(RupeesSevenLacandEightySixThousandFourHundredandThirtyonly)withreferencetotheperiodfrom08.11.2008to31.03.2009andRs.9,76,845/-(RupeesNineLacandSeventySixThousandEightHundredandFortyFiveonly)withreferencetotheperiodfrom01.04.2009to30.09.2009isrefundablebyMr.DevendraMehta(dIn: 01533089) to the company.

In viewof aboveand in termsof applicableprovisionsofCompaniesAct, 2013as amendedapprovalofmembersofthecompanyissoughtbywayofspecialresolutiontowaive-offrecoveryofexcessmanagerialremuneration receivedbyMr.DevendraMehta (dIn: 01533089) i.e. Rs. 7,86,430/-with reference to theperiodfrom08.11.2008to31.03.2009andRs.9,76,845/- withreferencetotheperiodfrom01.04.2009to30.09.2009 asMrDevendraMehta (dIn: 01533089) was functioning in a professional capacity and not havinganyinterestinthecapitalofthecompanyandnothavinganydirectorindirectinterestorrelatedto thedirectorsorpromotersof the companyandalsohaving requisitequalificationwithexpertise andspecialisedknowledgeinthefieldinwhichcompanyoperates.

Noneoftheotherdirectorsandkeymanagerialpersonnelofthecompanyandtheirrelativesareinanywayconcernedorinterestedfinanciallyorotherwiseintheresolution.


Informationofdirectorsseekingappointment/re-appointmentattheforthcomingannualgeneralmeeting(pursuant to secretarial standard 2 issued by The Institute Company Secretaries of India):


S. no.

name and designation of the director

Ms. Vasanthi narayana Whole-time director

Mr. Srinivas KotniIndependent director

Mr. Vikram Arthur Fernandes prabhu,

non-executive director

1. Director IdentificationNumber

08319835 01085277 06421340

2. Date of Birth (Ageinyears)

24thNovember,1976(42Years)

24thSeptember,1973(46Years)

24thMay,1970(47Years)

3. Original date of appointment

12thMarch,2019 25thMarch,2015 6thNovember,2012

4. Qualifications MBAAdvancedManagementProgram from IIMB

CS,LL.B,PostGraduateDiploma in IR and Information Technology & Management

B.Tech,PGDM-IIMLucknow

5. Experience&expertiseinspecificfunctional area

Experience:20yearsExpertise:HumanResource Management

Experience:26yearsExpertise:CorporateLaws

Experience:17yearsExpertise:EthicsandCompliance,ProjectHandling,Operationsetc.

6. ShareholdinginUTCFire&SecurityIndiaLimited

Nil Nil Nil

7. Remuneration sought to be paid

UnderMaximumLimitofRupees.10,000,000/-per annum

SittingfeesofRs.30,000/-perboardmeeting and per committee meeting

Nil

8. Remuneration last drawn from UTC Fire&SecurityIndiaLimited

Rupees65.99Lac Rs.30,000/-perboardmeeting and per committee meeting

Nil

9. Number of board meetings attended during the year

Nil 4 1

10. Terms & conditions ofappointment/re-appointment and remuneration

Appointed as a Whole-time Director liable to retire by rotation

-As per Nomination & Remuneration Policy forming part of Director’s Report

Appointed as Independent Director not liable to retire by rotation


Appointed as a Non-ExecutiveDirectorliable to retire by rotation


11. Relationship with otherdirector/KMP

No Relationship with otherDirector/KMP



12. Directorships held in other companies

Nil -LextrackerIndiaPvt.Ltd.-LotusSutraIndiaServicesPvtLtd.

Nil

13. Members/chairmanship of committees in public limited companies in India

UTCFire&SecurityIndiaLimited

Chairman - Corporate SocialResponsibilitycommittee


Member-Audit Committee and Nomination & Remuneration Committee and CorporateSocialResponsibility committee


Chairman-StakeholderRelationship Committee & Member Nomination & Remuneration Committee


S. no.

name and designation of the director

Mr. Farokh phiroz Madan non-executive director

Mr. Muthalagappan Karuppiah Whole-time director

1. DirectorIdentificationNumber 07412324 085391112. DateofBirth(Ageinyears) 17thApril,1971(48Years) 15thJuly,1984(35Years)3. Original date of appointment 12thMarch,2019 20thAugust,20194. Qualifications Master of Management

Science,Marketing,BEMechanicalEngineering

BE-MechanicalEngineering

5. Experience&expertiseinspecificfunctionalarea

Experience:23years

Expertise:Sales,Marketing&Strategy

Experience:14years

Expertise:Sales,Marketing&Technical knowledge of products

6. ShareholdinginUTCFire&SecurityIndiaLimited

Nil Nil

7. Remuneration sought to be paid

Nil UnderMaximumLimitofRupees.47,00,000/-perannum

8. Remuneration last drawn fromUTCFire&SecurityIndiaLimited

Nil 30,37,266/-

9. Number of board meetings attended during the year

Nil

He has been appointed as additional director with effectfrom12thMarch,2019

Nil

He has been appointed as whole-timedirectorwitheffectfrom 20thAugust,2019

10. Terms & conditions of appointment/re-appointmentand remuneration

Appointed as Non-ExecutiveDirector


Appointed as whole-time director


11. Relationship with other director/KMP

No Relationship with other Director/KMP

No Relationship with other Director/KMP

12. Directorships held in other companies

Nil Nil

13. Members/chairmanshipofcommittees in public limited companies in India


Member- Audit Committee andStakeholderRelationship Committee andCorporateSocialResponsibility committee

Nil

Registered office: utC Fire & Security India limited UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaCIN:U29193MH1981FLC024364EmailId::[email protected]

Date: 20thAugust,2019Place: Gurugram

By order of the BoardFor utC Fire & Security India limited

Sd/-Farokh phiroz MadanDirector DIN: 07412324


Board’s report

DearMembers,

Your directors have immense pleasure in presenting the 37th annual report on the business and operations togetherwith the company’s auditedfinancial statements andauditors’ report thereon for thefinancial year2018-19.Thefinancialhighlightsfortheyearunderreviewaregivenbelow:

1. Financial Summary of the Company:(Rs. In Lakhs)

S. no. particulars 2018-19 2017-18

1. Revenuefromoperations 28,727 20,415

2. Other Income 1,689 1,187

3. TotalRevenue 30,416 21,602

4. TotalExpenses 25,338 22,040

5. Profit/(Loss)beforetax 5,078 (438)

6. Taxexpenses 97 -

7. Profit(Loss)fortheyear 4,981 (438)

8. Profit (Loss) per equity share (Nominal valueperEquityShareRs.10) 1.62 (0.27)

2. State of affairs of the company and outlook:

Yourcompanycontinuestoaddressthecompletesuiteofsecurityneedsfromdetectiontoprotectionandtimelycommunicationthroughourtrainedandauthorizedchannelpartnersvideitskeybrandsnamely,FireDetectionandAlarm:Edwards&GST,CCTV&VideoSurveillance:Interlogix&Lenel,AccessControl:Lenel&Interlogix,GasSuppression:Kidde.Someofthekeyproducts/solutionsthatwerelaunched/upgradedare:

a. Kiddegas-suppressionnowhasthemostcompleterangeofULapprovedofferingsandthecompanyhascompleted the range with 34 liters in addition to larger capacities of 120 and 140 liters during the year. The companyhasalsointroducedtheKiddeFM200systemsandKiddeNovecSystemsof42barpressuresfordatacenters,serverroomsandothercommercialapplications.KidderangeofAlarmlineLHDcablesarealsointroducedforPower,Oil&Gassectors.ApartfromtheULlistedandVdSapproved25barand42barsystemsofHFC227andNovec1230agents,thecompanyhasnowincreaseditsproductportfoliowithMarioffHighPressureWaterMistWHDRKitchenhoodsystemsfromKiddeDataSafeCabinetProtectionsystems(forprotectionofServerracks).Thisnowprovidesawiderangeofapplicationtovariousmarketsegments including the hospitality market.

b. Edwards’SIGADseriesdetectorsofferasuitablesolutionforthemidsegmentmarkets.Tocatertothecommercial segment, the company launched the iO and EST 3X panels and the fireworks softwareversion1.7,whichredefinesthenatureoflifesafetyandmassnotification.Forearlydetectionincriticalareaslikecontrolrooms,electricalpanels,serverroomsanddatacenters,weintroducedtheAirsenserange.Toenablecustomerstoinvestastheygrow,weenabledanetworkingfeatureinourGSTM-200firealarm and detection products.

c. InterlogixanalograngeofcamerasandTruVisiondigitalvideorecorders(DVRs)tothelatesttechnologywith enhanced features to meet the demanding requirements in the mid-segment industry. Thecompanyintroducedopenprotocolinternetprotocol(IP)camerasfortheenterprisesegmentandallof


thesecamerasarenowintegratedwithourflagshipproductOnGuardandPrismvideomanagementsoftware.TheseIPcamerasarealsointegratedwiththird-partyvideomanagementsystemslikeOnSSI,Omnicastandmilestone.Yourcompanyisplanningreleaseitsenterprisevideomanagementsoftware,Prismtocatertotheenterprisestand-aloneorintegratedvideosoftwareofferings.WiththisreleasewewillcompleteourentireofferingsintheIPvideosegment.ByinterfacingtheirsystemswithOnGuard,customerswillhaveaseamlesslyintegratedplatform,offeringintegrationwithaccesscontrol,closed-circuittelevision,buildingmanagementsystemsandotherutilities.

All these products have been supplied to number of key customers in different verticals protectingpeople,propertyandassetsagainsttheriskoffireandsecurity.

YourCompanyhasenteredintoaMasterSub-contractingAgreementdated8thMay,2014withAgniceFireProtectionPrivateLimited(“Agnice”)whereinfieldoperationbusinesswasdivestedonanexclusivebasistocarryoutthebalanceworksandservicesonaturnkeybasisundereachproject.Therearetotal19projectsidentifiedforthesub-contractingarrangement.ThetotalvalueinvolvedisRs.50Crores(RupeesFiftyCroresOnly).Agniceshallexecutetheprojectandprovidesupport intheirtechnicalclosure,ARcollectionetc.asperthecontractualclauses.Furtheroutof19projects,6projectshavebeenfinanciallyclosed which includes account reconciliation with customer(s) and return of Bank Guarantees etc.9projectshavebeentechnicallyclosed&balance4contractsareinadvancedstageofcompletion.

Your company’s Hyderabad Research & Development Centre undertakes the product design anddevelopmentactivitiesforUTCFire&Security,CCS&OtisentitiesforIndianandGlobalMarket.

3. Change in the nature of business, if any:

Therearenochangesinthenatureofbusinessofcompanyduringtheyearunderreview.

4. dividend and Reserves:

Inordertocaterworkingcapitalrequirementsofthecompany,theboardofdirectorsdidnotrecommendanydividendontheequitysharesofthecompany.

5. Reserves:

Noamountistransferredtothegeneralreserveduringthefinancialyearunderreview.

6. details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future:

Nosignificantandmaterialordershadbeenpassedbytheregulatorsorcourtsortribunalsimpactingthegoing concern status and company’s operations in future.

7. the names of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during the year:

Nocompanyhasbecomeorceasedtobesubsidiary,jointventureorassociateofyourcompanyduringtheyearunderreview.

8. details of directors or key managerial personnel who were appointed or have resigned during the year:

Mr.SrinivasanRavisankarJagan(dIn: 06841272) resignedfromdirectorshipofcompanywitheffectfrom29thAugust,2018.Ms.VasanthiNarayana(dIn: 08319835) hasjoinedaswhole-timedirectorofthecompanywitheffectfrom12thMarch,2019.Mr.FarokhPhirozMadan(dIn: 07412324) hasjoinedasnon-executivedirectorofthecompanyeffectivefrom12th March 2019. Ms. Piyali Ghosh (dIn: 07124622) resigned from directorshipofthecompanywitheffectfrom13th March 2019.


Mr.PremNivasa (pAn: AIRpS7942Q)resignedfrompositionofchieffinancialofficerofcompanywitheffectfrom 1stApril,2019andthereafterMs.UmaVaradarajan(pAn: AAIpu0657M)hasbeenappointedaschieffinancialofficerofthecompanywitheffectfrom24thApril,2019.

Mr. Balasubramaniam Prasad (dIn: 07916810)resignedfromdirectorshipofthecompanywitheffectfrom1stJune,2019.Mr.SurajArora(pAn: AZKpS4573p) has resigned from position of company secretary of the companywitheffectfrom30thJune2019.

The Board of Directors acknowledges the outstanding contribution, support and guidance provided byaforesaid directors and key managerial personnels of the company during their tenure with the company.

Furtherinaccordancewiththearticlesofassociationofthecompanyandrelevantprovisionsofsection152oftheCompaniesAct,2013directorsofthecompanywhowereliabletoretirebyrotationatthe36th annual generalmeetingofthecompanyhavebeenre-appointed.

9. Board and committee meetings:

DuringthefinancialyearunderreviewthecompanyhadfourmeetingsofBoardofDirectorsandvariouscommitteemeetingsaspersection173ofCompaniesAct,2013whicharesummarized inAnnexure “A” andformsanintegralpartofthereport.TheprovisionsofCompaniesAct,2013andsecretarialstandardsformeetingsofBoardofDirectorshavebeenadheredtowhileconsideringthetimegapbetweentwomeetings.

10. directors’ responsibility statement:

Pursuanttosection134(5)oftheCompaniesAct,2013theBoardofDirectorsofthecompanyconfirmsthat:

a. Inthepreparationoftheannualaccounts,theapplicableaccountingstandardshadbeenfollowedalongwithproperexplanationrelatingtomaterialdepartures;

b. Thedirectorshadselectedsuchaccountingpoliciesandappliedthemconsistentlyandmadejudgmentsandestimatesthatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyearandoftheprofitofthecompanyforthatperiod;

c. ThedirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsofthisActforsafeguardingtheassetsofthecompanyandforpreventinganddetectingfraudandotherirregularities;

d. Thedirectorshadpreparedtheannualaccountsonagoingconcernbasis;

e. Thedirectorsherebyconfirmthatproperinternalfinancialcontrolswerefollowedbythecompanyandthatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively;and

f. Thedirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.

11. declaration of independence by directors:

Declarationsgivenbyindependentdirectorsmeetingthecriteriaof independenceasprovidedinsection149oftheCompaniesAct,2013andtherelevantrulesarereceivedandtakenonrecordbyboardofthecompany.

12. Board evaluation:

IncompliancewiththeCompaniesAct,2013theboardhascarriedoutanannualperformanceevaluationof itsownperformanceandthatof itscommitteesandindividual includingindependentdirectorsofthecompanyforthefinancialyearunderreview.Theindependentdirectorsassessedtheperformanceofnon-independent directors and the whole-time director of the company as well as the board as a whole for


theyear.Themannerofperformanceevaluationswasbasedonparameters includingbutnot limited toknowledgeofbusiness/operationsof thecompany,effectiveparticipation inboard/committeemeetings,independence,theirvalueaddition/contributiontocompany’sobjectivesandplans,efficientdischargeoftheirresponsibilities,governance,trust&confidentialityandotherrelevantparameters.

Itwasfurtheracknowledgedthatboard,everyindividualdirectorandcommitteeoftheboardcontributesitsbestintheoverallgrowthoftheorganization.

13. nomination and Remuneration policy:

Theboardhasontherecommendationofthenominationandremunerationcommittee, framedapolicyfor selection and appointment of directors, key managerial personnel, senior management and theirremuneration including criterion for determining qualifications, positive attributes, independence ofa director and other matters provided under section 178(3). The policy formulated by nomination andremunerationcommitteeunderSection178(3)isattachedasAnnexure “B” and forms an integral part of the reportandisalsoavailableonhttps://www.carrier.com/building-solutions/en/in/investor.

14. Corporate social responsibility:

Yourdirectorsarepleasedto informthatyourcompanyearnednetprofitmore than5crore for theyearended 31stMarch2019thereforetheprovisionsofcorporatesocialresponsibilitybecomeapplicableonthecompany. The Board of Directors in their meeting held on 20thAugust,2019constitutedcorporatesocialresponsibility(CSR)committeeofthecompany.CSRcommitteeshallformulateandrecommendtotheBoardaCSRpolicyandrecommendtheamountofexpendituretobeincurredonCSRprojectsandmonitortheCSRpolicyoftheCompany.

15. extract of the annual return:

As per the requirements of section 92(3) of the Companies Act 2013 and rules framed thereunderthe extract of the annual return for financial year ended 31st March, 2019 is given in Annexure “C” inthe prescribed Form No MGT-9 which forms an integral part of this report. The same is available on https://www.carrier.com/building-solutions/en/in/investor

16. Audit Committee:

The composition of audit committee of the Board of Directors is as follows:

Mr. Rabindra Nath Ghosh (dIn: 00194250) Independent Director as ChairmanMr.SrinivasKotni(dIn: 01085277) Independent Director

Mr. Farokh Phiroz Madan (dIn: 07412324)Non-ExecutiveDirector

OnaccountofresignationofMr.SrinivasanRavisankarJagar(dIn: 6841272), the Board of Directors appointed Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340) as member of the audit committee. Thereafter again the Board of Directors re-constituted the audit committee with aforementioned directors as members with effectfrom12th March 2019. Now the audit committed consist of two independent directors and one Non-Executivedirector.

17. nomination and Remuneration Committee:

The composition of nomination and remuneration committee of the Board of Directors is as follows:Mr. Farokh Phiroz Madan (dIn: 07412324)Non-ExecutiveDirectorasChairmanMr.SrinivasKotni (dIn: 01085277) Independent Director Mr. Rabindra Nath Ghosh (dIn: 00194250) Independent Director Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340)Non-ExecutiveDirector


Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340) has been appointed as member of nomination and remunerationcommitteeofthecompanywitheffectfrom20thAugust,2019.

18. Stakeholder Relationship Committee:

The composition of stakeholder’s relationship committee of the Board of Directors is as follows:

Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340)Non-ExecutiveDirectorasChairman

Mr. Farokh Phiroz Madan (dIn: 07412324)Non-ExecutiveDirector

Ms. Vasanthi Narayana (dIn: 08319835) Whole Time Director

Mr. Balasubramaniam Prasad (dIn: 07916810) was member of stakeholder relationship committee. He has resigned from directorship and membership of stakeholder relationship committee of the company witheffectfrom1stJune2019andthereafterMs.VasanthiNarayana(dIn: 08319835)joinedasmemberofstakeholderrelationshipcommitteeofthecompanywitheffectfrom20thAugust,2019.

19. Corporate Social Responsibility Committee:

The Board of Directors of the company in their meeting held on 20th August 2019 constituted corporate social responsibility(CSR)committeeofthecompanywithfollowingdirectorsasmembersofCSRcommittee::

Ms.VasanthiNarayana(DIN:08319835)WholeTimeDirectorasChairman

Mr.SrinivasKotni (dIn: 01085277) Independent Director

Mr. Farokh Phiroz Madan (dIn: 07412324) Non-ExecutiveDirector

20. Changes in share capital:

There is no change in the share capital of the company.

21. Statutory Auditors:

The members of the company in their 35th annual general meeting held on 14th December, 2017 haveappointedBSR&AssociatesLLP(116231W/W-100024)charteredaccountantsasstatutoryauditorsofthecompany for a period of 5 years i.e. up to conclusion of 40thannualgeneralmeetingofthecompanysubjecttoratificationofsuchappointmentbymembersofthecompanyateachensuinggeneralmeetingasmayrequireunderapplicablelaw.

TheministriesofcorporateaffairsvideCompanies(Amendment)Act2017dated7th May 2018 omitted the requirementofratificationofappointmentofstatutoryauditorsateveryannualgeneralmeeting.AccordinglynoresolutionisproposedforratificationofappointmentofstatutoryauditorsBSR&AssociatesLLP(116231W/W-100024)intheensuingannualgeneralmeeting.

22. explanation to emphasis on matters in Auditors’ Report:

Theexplanationsbytheboardontheemphasisonmattermadebytheauditorsintheirreportaresubmittedas follows:

Managerial remuneration amounting to Rs. 24 lakhs paid to an erstwhile director of the company during the period 8thNovember2008to30thSeptember2009,whichwas inexcessof the limitsspecified in theScheduleXIII to theCompaniesAct,1956.Thecompany’sapplications forwaiverofexcess remunerationpaidwererejectedbythecentralgovernment.Thecompanyhadresubmittedtheapplicationtothecentralgovernmentand thecompanyhasbeengrantedpartialwaiverofapprox.Rs.6 lakhswithadirection torecover the remainingapprox. Rs.18 lakhs from the respectivedirector.TheBoardofDirectorsbasedonindependentlegalopinionseeksapprovalofmembersofthecompanybywayofspecialresolutiontowaive-offrecoveryofamountrefundablebyMr.DevendraMehta(dIn: 01533089) videresolutionnumber7of


notice of 37thannualgeneralmeetingof thecompanyandnecessary information isalsoprovided in theexplanatorystatementgivenundersection102oftheCompaniesActwhichformsanintegralpartofthenotice calling 37th annual general meeting.

Auditors emphasis on matter regarding non-settlement of foreign currency of payables amounting to Rs. 654 lakhs as at 31stMarch2019dueformorethansixmonthsfromthedateofimportsandnon-realisationof foreign currency receivables amounting toRs, 50 lakhs as at 31st March 2019 due for more than nine monthsfromthedateofexportsisfactual.TheCompanyisevaluatingvariousoptionsincludingpossibleactions forsettlementof these foreigncurrencyreceivablesandpayables,applying forextensionof timefromtherelevantauthoritiesetc.

23. Auditors’ Report:

The auditors’ report does not contain any qualification, reservation or adverse remark and the same isself-explanatory.Therehavebeenno instancesof fraudreportedbythestatutoryauditorsunderSection143(12)ofCompaniesAct,2013readwithrulesframedthereundereithertothecompanyortothecentralgovernment.

24. Secretarial Auditor:

Incompliancewiththeprovisionsofsection204oftheCompaniesAct,2013andtheCompanies(Appointmentand Remuneration ofManagerial Personnel) Rules, 2014 DMK Associates company secretary in practicehaving office at 31/36, Basement, Old Rajinder Nagar, New Delhi-110060 was appointed as secretarialauditorofthecompanyforfinancialyear2018-19.Thereportofthesecretarialauditordonotcontainanyqualifications,reservations,oradverseremarksordisclaimerandisattachedherewithasAnnexure “d” and forms an integral part of this report.

25. Cost records:

Maintenanceofcostrecordsasspecifiedbythecentralgovernmentundersub-section(1)ofsection148oftheCompaniesAct,2013arenotrequiredtobemadeandmaintainedbythecompany.

26. deposits:

Thecompanyhasnotacceptedanydepositswithinthemeaningofsection73oftheCompaniesAct,2013and no amount of principal or interest was remained unpaid or unclaimed as at the end of the year under review.Therehasnotbeenanydefaultinrepaymentofdepositsorpaymentofinterestthereonduringtheyearunderreview.

27. details in respect of adequacy of internal financial controls with reference to the financial statements:

Astronginternalcontrolcultureisprevalentinthecompany.TheauditormonitorsthecompliancewiththeobjectiveofprovidingtotheBoardofDirectorsanindependentandreasonableassuranceontheadequacyandeffectivenessoftheorganization’sgovernanceprocesses.IntheopinionoftheBoardofDirectorstheexistinginternalcontrolframeworkisadequateandcommensuratetothesizeandnatureofthebusinessofthe company.

28. particulars of loans, guarantees or investments under Section 186:

Therewerenoloans,guaranteesorinvestmentsmadebythecompanyundersection186oftheCompaniesAct,2013duringtheyearunderreviewandhencethesaidprovisionisnotapplicable.

29. particulars of employees:

Pursuanttosection197oftheCompaniesAct,2013readwithRule5(2)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014andamendmentsmadetheretoastatementshowing


thenamesandotherparticularsoftheemployeesdrawingremunerationisprovidedintheAnnexure “e” and forms an integral part of this report.

30. particulars of contracts or arrangements with related parties:

Allrelatedpartytransactionsareintheordinarycourseofbusiness,repetitiveinnatureandareenteredonarm’s lengthbasisandare incompliancewith theapplicableprovisionsof theCompaniesAct.Omnibusapproval isbeingobtained forall relatedparty transactions.Disclosuresas requiredunder relevant rulesmadeundersection188oftheCompaniesActaregiveninformno.AOC-2attachedasAnnexure “F” and forms part of this report.

31. Risk Management policy:

Periodic assessment to identify the risk areas are carried out and management is briefed on the risks in advancetoenablethecompanytocontrolriskthroughaproperlydefinedplan.Therisksareclassifiedasfinancialrisks,operationalrisksandmarketrisks.Therisksaretakenintoaccountwhilepreparingtheannualbusiness plan for the year. The board is also periodically informed of the business risks and the actions taken to manage them. The company has adopted the group’s risk management policy.

32. disclosure as required under Section 22 of Sexual Harassment of Women at Workplace (prevention, prohibition and Redressal) Act, 2013 and as per rule 8 (5) of Companies (Accounts) Amendment Rules 2018:

Thecompanyhas compliedwithprovisions relating to theconstitutionof internal complaint committeeunder SexualHarassmentofwomenatworkplace (Prevention, Prohibition andRedressal)Act, 2013.Thecompanyhasananti-sexualharassmentpolicy in linewith the requirementof theSexualHarassmentofwomenatworkplace (Prevention,ProhibitionandRedressal)Act,2013.During theyearunder reviewnomatterhasbeenreportedtotheinternalcomplaintcommitteerelatedtosexualharassment.

33. Conservation of energy, technology Absorption and Foreign exchange earnings and outgo:

Thedetailsofconservationofenergy,technologyabsorption,foreignexchangeearningsandoutgoareasfollows:

1. Conservation of energy: Operations of the company involved low energy consumption. Adequatemeasureshavebeentakentoreduceenergyconsumptionwhereverpossible.

2. technology Absorption:(a)ParticularsofResearchandDevelopments:Yourcompanyemploysateamofqualifiedengineersand is constantlyworkingat improvementsanddevelopmentof technologiesand processes deployed (b) Particulars of Technology Absorption, Adoption and Innovation: (I) Thecompanygets informationon latest technologyonequipment/process,marketing, etc., and thishasbeencontinuouslyabsorbedandadoptedtosuittocompany’soperations;and(ii)Benefitsderivedasaresultoftheefforts:Availabilityofproductsoflatestdesignandtechnology,improvedproductqualityandproductivity;and(c)DetailsofTechnology–NotApplicable.

3. Foreign exchange earnings and outgo:Theforeignexchangeearnedintermsofactualinflowsandtheforeignexchangeoutgoduringthefinancialyearintermsofactualoutflowsaregivenbelow:

S. no Foreign exchange earnings and outgo 2018-19 2017-18

1. Earningsinforeignexchange 24,763 16,902

2. Expenditureinforeigncurrency 609 163

3. CIFvalueofimport 2,644 2,263


34. Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report:

Nomaterialchangesandcommitmentsaffectingthefinancialpositionofthecompanyoccurredbetweentheendofthefinancialyeartowhichthisfinancialstatementsrelateandthedateofthisreport.

35. environment:

The company is committed to theprotectionof environment and isnot involved in any typeof activityhazardous to environment. It strictly adheres to the provisions of environment laws.There are no tradeeffluents generated by the company which may cause pollution.

36. Secretarial Standards:

TheSecretarialStandards issuedby the InstituteofCompanySecretariesof India relating tomeetingsofBoardofDirectors(SS-1)andGeneralMeetings(SS-2),respectivelyhavebeendulyfollowedbythecompany.

37. Acknowledgements:

Your directors wish to express their gratitude to the company’s suppliers, bankers, auditors, customers,centralandstategovernmentdepartmentsandlocalauthoritiesfortheircontinuedguidance,support,helpandencouragementtheyextendtothecompany.

Yourdirectorsalsoliketoplaceonrecordtheirsincereappreciationtobusinessassociatesandemployeesatalllevelsfortheirunstintingeffortsinensuringallroundoperationalperformance.Lastbutnottheleastyour directorswould also like to thank valuablemembers and other stakeholders for their support andcontribution and look forward to your continued support in the future as well.

For and on behalf of the Board of Directors

utC Fire & Security India limited

Sd/- Sd/- Vasanthi narayana Farokh phiroz Madan Whole Time Director Director (DIN:08319835) (DIN:07412324)

date: 20thAugust,2019 place: Gurugram


annexure to directors’ reportAnnexure “A”

S. no.

nature of Meeting date of Meeting Strength directors’/ name of directors’/Members

present

1. Board Meeting

28.05.2018 6 4

Mr. Balasubramaniam PrasadMr. Rabindra Nath GhoshMr.SrinivasanRavisankarJaganMr.SrinivasKotni

31.08.2018 6 4

Mr. Balasubramaniam PrasadMr. Rabindra Nath Ghosh Mr.SrinivasKotniMr. Vikram Arthur Fernandes Prabhu

05.12.2018 5 3Mr. Balasubramaniam PrasadMr. Rabindra Nath Ghosh Mr.SrinivasKotni

12.03.2019 6 3Mr. Balasubramaniam PrasadMr. Rabindra Nath Ghosh Mr.SrinivasKotni

2.. Audit Committee31.08.2018 3 3

Mr. Rabindra Nath GhoshMr.SrinivasKotniMr. Vikram Arthur Fernandes Prabhu

12.03.2019 3 2 Mr. Rabindra Nath GhoshMr.SrinivasKotni

3. Nomination & Remuneration Committee

28.05.2018 3 2 Mr. Rabindra Nath Ghosh Mr.SrinivasKotni

12.03.2019 3 2 Mr. Rabindra Nath Ghosh Mr.SrinivasKotni

4. StakeholderRelationship Committee

31.08.2018 3 2 Mr. Balasubramaniam PrasadMr. Vikram Arthur Fernandes Prabhu

5. Independent Directors Committee 12.03.2019 2 2 Mr. Rabindra Nath Ghosh

Mr.SrinivasKotni



Sd/- Sd/-Vasanthi narayana Farokh phiroz MadanWhole Time Director Director(DIN:08319835) (DIN:07412324)

date: 20thAugust,2019place: Gurugram


Annexure “B”noMInAtIon And ReMuneRAtIon polICY

TheBoardofDirectorsofUTCFire&SecurityIndiaLimited,the(“Company”)constitutedthe“NominationandRemunerationCommittee”atitsMeetingheldonMarch31,2015withimmediateeffect,consistingofthreeNon-ExecutiveDirectorsofwhichnotlessthanone-halfareIndependentDirectors.

1. oBJeCtIVe

TheNominationandRemunerationCommittee (“Committee”)and thisPolicy shallbe incompliancewithSection178oftheCompaniesAct,2013andotherapplicableprovisions,ifany,oftheCompaniesAct,2013andRulesframedthereunder.TheKeyObjectivesoftheCommitteewouldbeasunder:

i. To formulate the criteria for determining qualifications, positive attributes and independence of adirector.

ii. ToidentifypersonswhoarequalifiedtobecomeDirectorandpersonswhomaybeappointedinKeyManagerialandSeniorManagementpositionsinaccordancewiththecriterialaiddowninthispolicy.

iii. To recommend to the Board, appointment and removal of Director, KMP and Senior ManagementPersonnel.

2. deFInItIonS

i. Act meanstheCompaniesAct,2013andRulesframedthereunder,asamendedfromtimetotime.

ii. Board means Board of Directors of the Company.

iii. directors mean Directors of the Company.

iv. Key Managerial personnel means

ChiefExecutiveOfficerortheManagingDirectorortheManager;

Whole-timedirector;

ChiefFinancialOfficer;

CompanySecretary;and

Suchotherofficerasmaybeprescribed.

v. SeniorManagementmeanspersonneloftheCompanywhoaremembersofitscoremanagementteamexcludingBoardofDirectorscomprisingallmembersofmanagementone levelbelowtheExecutiveDirectors,includingtheFunctionalHeads.

3. Role oF tHe CoMMIttee

i. Matters to be dealt with pursued and recommended to the Board by the nomination and Remuneration Committee

a. the Committee shall:- Formulate the criteria for determining qualifications, positive attributes and independence of a

director. - IdentifypersonswhoarequalifiedtobecomeDirectorandpersonswhomaybeappointedinKey

Managerial and SeniorManagement positions in accordancewith the criteria laid down in thispolicy.

- Recommend to the Board, appointment and removal of Director, KMP and SeniorManagementPersonnel.


ii. policy for appointment and removal of directors, KMps and Senior Management personnel

a. Appointment criteria and qualifications

i. TheCommitteeshallidentifyandascertaintheintegrity,qualification,expertiseandexperienceofthepersonforappointmentasDirector,KMPoratSeniorManagementlevelandrecommendtotheBoardhis/herappointment.Apersonshouldpossessadequatequalification,expertiseandexperienceforthepositionhe/sheisconsideredforappointment.

b. term / tenure

i. Managing /Whole-time director: The Company shall appoint or re-appoint any person as its ManagingDirectororWhole-timeDirectorforatermnotexceedingfiveyearsatatime.Nore-appointmentshallbemadeearlierthanoneyearbeforetheexpiryofterm.

ii. Independent director: AnIndependentDirectorshallholdofficeforatermuptofiveconsecutiveyears on the Board of the Company and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such appointment in the Board’s report. No Independent Director shall hold office for more than two consecutive terms, but suchIndependentDirector shallbeeligible forappointmentafterexpiryof threeyearsofceasingtobecomeanIndependentDirector.ProvidedthatanIndependentDirectorshallnot,duringthesaidperiodofthreeyears,beappointedinorbeassociatedwiththeCompanyinanyothercapacity,eitherdirectlyorindirectly.

c. evaluation: TheCommitteeshallcarryoutevaluationofperformanceof theDirectorsat regularintervals(yearly).

d. Removal: Duetoreasons,foranydisqualificationmentionedintheActorunderanyotherapplicableAct,rulesandregulationsthereunder,theCommitteemayrecommend,totheBoardwithreasonsrecorded inwriting, removalof aDirector, KMPor SeniorManagementPersonnel subject to theprovisionsandcomplianceofthesaidAct,rulesandregulations.

e. Retirement:TheDirector,KMPandSeniorManagementPersonnelshallretireaspertheapplicableprovisionsoftheActandtheprevailingpolicyoftheCompany.

iii. policy relating to the Remuneration for the Managing/ Whole-time director, KMp and Senior Management personnel

a. General:

i. Theremuneration/compensation/commissionetc. to theManaging/Whole-timeDirector,KMPandSeniorManagementPersonnelwillbeaspertheCompanyPolicies.TheCommitteeshall recommend the same to the Board for approval. The remuneration / compensation /commissionetc.shallbesubjecttotheprior/postapprovaloftheshareholdersoftheCompanyandCentralGovernment,whereverrequired.

ii. TheremunerationandcommissiontobepaidtotheManaging/Whole-timeDirectorshallbeinaccordancewiththepercentage/slabs/conditionslaiddownintheArticlesofAssociationoftheCompanyandaspertheprovisionsoftheAct.

iii. Incrementstotheexistingremuneration/compensationstructuremayberecommendedbytheCommitteetotheBoardwhichshouldbewithinthelimitsapprovedbytheShareholdersinthecaseofManaging/Whole-timeDirector.

iv. WhereanyinsuranceistakenbytheCompanyonbehalfofitsManagingDirector/Whole-timeDirector,ChiefExecutiveOfficer,ChiefFinancialOfficer,theCompanySecretaryandanyotheremployees for indemnifying themagainst any liability, thepremiumpaidon such insuranceshallnotbetreatedaspartoftheremunerationpayabletoanysuchpersonnel.Providedthatifsuchpersonisprovedtobeguilty,thepremiumpaidonsuchinsuranceshallbetreatedaspartof the remuneration.


b. Remuneration to Managing/Whole-time director, KMp and Senior Management personnel:

i. Remuneration:

TheManaging/Whole-timeDirector,KMPandSeniorManagementPersonnelshallbeeligibleforamonthlyremunerationaspertheCompanyPolicies,asmaybeapprovedbytheBoardontherecommendationoftheCommitteeandsubjecttomembersapprovalandcentralgovernmentapproval,totheextentrequired.

Thebreak-upofthepayscaleandquantumofperquisitesincluding,employer’scontributiontoP.F,pensionscheme,medicalexpenses,clubfeesetc.shallbeaspertheCompanyPolicies.

ii. Minimum Remuneration:

If,inanyfinancialyear,theCompanyhasnoprofitsoritsprofitsareinadequate,theCompanyshallpayremunerationtoitsManaging/Whole-timeDirectorsinaccordancewiththeprovisionsofScheduleVoftheActandifitisnotabletocomplywithsuchprovisions,withthepreviousapprovaloftheCentralGovernment.

iii. provisions for excess remuneration:

If any Managing /Whole-time Director draws or receives, directly or indirectly by way ofremunerationany suchsums inexcessof the limitsprescribedunder theActorwithout thepriorsanctionoftheCentralGovernment,whererequired,he/sheshallrefundsuchsumstotheCompanyanduntilsuchsumisrefunded,holditintrustfortheCompany.TheCompanyshallnotwaiverecoveryofsuchsumrefundabletoitunlesspermittedbytheCentralGovernment.

c. Remuneration to non- executive / Independent director:

i. SittingFees:TheIndependentDirectormayreceiveremunerationbywayoffeesforattendingmeetingsofBoardorCommitteethereof.ProvidedthattheamountofsuchfeesshallnotexceedRupeesOneLacpermeetingoftheBoardorCommitteeorsuchamountasmaybeprescribedbytheCentralGovernmentfromtimetotime.

4. MeMBeRSHIp

i. TheCommitteeshallconsistofaminimum3non-executivedirectors,not less thanone-halfof thembeing independent.

ii. Minimum(2)members(inpersonorthroughanyaudiovisualmeans)shallconstituteaquorumfortheCommittee meeting.

iii. Term of the Committee shall be continued unless terminated by the Board of Directors.

5. CHAIRpeRSon

i. Chairperson of the Committee shall be appointed by the Board.

ii. IntheabsenceoftheChairperson,themembersoftheCommitteepresentatthemeetingshallchooseone amongst them to act as Chairperson.

iii. Chairman of the Nomination and Remuneration Committee meeting could be present at the Annual GeneralMeetingormaynominatesomeothermembertoanswertheshareholders’queries.

6. FReQuenCY oF MeetInGS

ThemeetingoftheCommitteeshallbeheldatsuchregularintervalsasmayberequired.

7. CoMMIttee MeMBeRS’ InteReStS

i. A member of the Committee is not entitled to be present when his or her own remuneration is discussed atameetingorwhenhisorherperformanceisbeingevaluated.


ii. TheCommitteemayinvitesuchexecutives,asitconsidersappropriate,tobepresentatthemeetingsofthe Committee.

8. SeCRetARY

TheCompanySecretaryoftheCompanyshallactasSecretaryoftheCommittee.

9. MInuteS oF CoMMIttee MeetInG

Proceedings of all meetings must be recorded in minutes and signed by the Chairman of the Committee at thesubsequentmeeting.MinutesoftheCommitteeMeetingswillbetabledatthesubsequentBoardandCommittee meeting.

10. ModIFICAtIon oF polICY

TheCommitteemaymodifythisPolicyunilaterallyatanytime.Modificationmaybenecessary,amongotherreasons,tomaintaincompliancewiththerulesandregulationsimposedbytheRegulatoryauthorities.



Sd/- Sd/- Vasanthi narayana Farokh phiroz Madan Whole Time Director Director (DIN:08319835) (DIN:07412324)

date: 20thAugust,2019 place: Gurugram


Annexure “C”Form no. MGt-9

extRACt oF AnnuAl RetuRnas on the financial year ended on 31st March, 2019

[Pursuanttosection92(3)oftheCompaniesAct,2013andrule12(1)oftheCompanies(ManagementandAdministration)Rules,2014]

I. ReGIStRAtIon And otHeR detAIlS:

S. no. particulars details

1. CIN U29193MH1981FLC024364

2. Registration Date 6th May,1981

3. Name of the Company UTCFire&SecurityIndiaLimited

4. Category/SubCategoryoftheCompany CompanyLimitedbyShares/SubsidiaryofForeignCompany

5. Address of the registered office and contact details UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaTel: 022-6679 5151Email:[email protected]

6. WhetherListedcompany(Yes/No) No

7. Name and Address of Registrar & Transfer Agents (Fulladdressandcontactdetailstobegiven)

AdroitCorporateServicesPvt.Ltd.(FirmRegistrationNo:INR000002227)17-20JafferbhoyInd.Estate,1stfloor,MakwanaRoad,Marol,Andheri(E),Mumbai–400059.INDIA.+91-22-42270400/28596060/28594060

II. pRInCIpAl BuSIneSS ACtIVItIeS oF tHe CoMpAnY:

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:

S. no. name and description of main products / services

nIC Code of the product/ service % to total turnover of the Company

1 Research&DevelopmentActivities 62011 82%

2 Fire&Securityproducts&Others 46909 18%

III. pARtICulARS oF HoldInG, SuBSIdIARY And ASSoCIAte CoMpAnIeS

S. no. name and Address of the company CIn/Gln Holding/ Subsidiary/

Associate

% of shares

held

Applicable Section

1. KiddeInternationalLimited,1stFloor,AshHouse,LittletonRoad,Ashford,Middlesex,TW151TZ,EnglandUK

04132076 Holding 99.83 Section2(46)&2(87)ofCompaniesAct,2013

IV. SHARe HoldInG pAtteRn (equity Share Capital Breakup as % of total equity)

(i) Shareholding pattern of top Shareholders (Category wise shareholding):

Category of Shareholders

no. of Shares held at the beginning of the year no. of Shares held at the end of the year % Change during

the year

demat physical total % of total

Shares


Shares

A. promoters

(1) Indian

a)Individual/HUF 0 0 0 0.00 0 0 0 0.00 0.00

b)CentralGovt. 0 0 0 0.00 0 0 0 0.00 0.00

c)StateGovt. 0 0 0 0.00 0 0 0 0.00 0.00




the year


Shares


Shares

d)BodiesCorporates 0 0 0 0.00 0 0 0 0.00 0.00

e)Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00

Sub total : A(1) 0 0 0 0.00 0 0 0 0.00 0.00

(2) Foreign

a)NRI-Individuals 0 0 0 0.00 0 0 0 0.00 0.00

b)Other-Individuals 0 0 0 0.00 0 0 0 0.00 0.00

c)BodiesCorporates 14593183 291720423 306313606 99.83 14593183 291720423 306313606 99.83 0.00

d)Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00

Sub total : A(2) 14593183 291720423 306313606 99.83 14593183 291720423 306313606 99.83 0.00

total Shareholding of promoters (A)=(A)(1) + (A)(2)

14593183 291720423 306313606 99.83 14593183 291720423 306313606 99.83 0.00

B. public Shareholding

(1) Institutions

a)MutualFunds 0 1700 1700 0.00 0 1700 1700 0.00 0.00

b)Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00

c)CentralGovt. 0 0 0 0.00 0 0 0 0.00 0.00

d)StateGovt. 0 0 0 0.00 0 0 0 0.00 0.00

e)VentureCapitalFunds 0 0 0 0.00 0 0 0 0.00 0.00

f )InsuranceCompanies 0 0 0 0.00 0 0 0 0.00 0.00

g)FIIs 0 0 0 0.00 0 0 0 0.00 0.00

h)ForeignVentureCapitalFunds

0 0 0 0.00 0 0 0 0.00 0.00

i)AnyOther(Specify)

Sub total : B(1) 0 1700 1700 0.00 0 1700 1700 0.00 0.00

(2) non - Institutions

a)BodiesCorporates

ai)Indian 2873 28460 31333 0.01 1112 28460 29572 0.01 0.00

aii)Overseas 0 0 0 0.00 0 0 0 0.00 0.00

b)Individuals

bi)IndividualShareholdersholdingnominal share capital uptoRs.1Lakh

112739 262589 375328 0.12 115240 261849 377089 0.12 0.00

bii)IndividualShareholdersholdingnominal share capital inexcessofRs.1Lakh

70784 0 70784 0.02 70784 0 70784 0.02 0.00

c)AnyOther(Specify)

c-1)NonResidentIndians(Individuals)

8477 41140 49617 0.02 8537 41080 49617 0.02 0.00

Sub total : B(2) 194873 332189 527062 0.17 195673 331389 527062 0.17 0.00

total public Shareholding (B)=(B)(1) + (B)(2)

194873 333889 528762 0.17 195673 333089 528762 0.17 0.00




the year


Shares


Shares

C. Shares held by Custodian for GdRs & AdRs

a) Promoter & PromoterGroup

0 0 0 0.00 0 0 0 0.00 0.00

b)Public 0 0 0 0.00 0 0 0 0.00 0.00

Sub total : (C)(1) 0 0 0 0.00 0 0 0 0.00 0.00

total Shareholding of Shares held by Custodian for GdRs & AdRs (C)=(C)(1)

0 0 0 0.00 0 0 0 0.00 0.00

Grand total (A + B + C) 14788056 292054312 306842368 100.00 14788856 292053512 306842368 100.00 0.00

ii. Shareholding of promoters:

S. no.

Shareholder’s name no.of Shares held at the beginning of the year no.of Shares held at the end of the year % Change during

the year

no. of Shares % of total Shares of the

company

%of Shares pledged / encumbered to

total shares

no. of Shares % of total Shares of the

company

%of Shares pledged /

encumbered to total shares

1. KIDDEINTERNATIONALLTD 103692638 33.79 0.00 103692638 33.79 0.00 0.00

2. KIDDEINTERNATIONALLIMITED 202620968 66.03 0.00 202620968 66.03 0.00 0.00

totAl 306313606 99.83 0.00 306313606 99.83 0.00 0.00

iii. Change in promoters’ Shareholding (please specify, if there is no change):

S. no.

top Shareholders no. of Shares held at the beginning of the year

Cumulative Shareholding during the year

name of promoter's As on date no. of Shares

% of total shares of the

company

no. of shares


company

1 At the beginning of the year KIdde InteRnAtIonAl ltd

01-04-2018 103692638 33.79 103692638 33.79

DatewiseIncrease/DecreaseinPromotersShareholdingduringthe year

NIL NIL

At the end of the year 31-03-2019 0 0.00 103692638 33.792. At the beginning of the year KIdde InteRnAtIonAl

lIMIted01-04-2018 202620968 66.03 202620968 66.03

DatewiseIncrease/DecreaseinPromotersShareholdingduringthe year

NIL NIL

At the end of the year 31-03-2019 0 0.00 202620968 66.03

SHARe HoldInG pAtteRn (equity Share Capital Breakup as % of total equity) Shareholding (IV) pattern of top Shareholders (Category wise shareholding):

S. no.

top Shareholders no. of Shares held at the beginning of the

year

Cumulative Shareholding during

the yearFor each of the top ten

Shareholders name of Shareholder's As on

dateno. of Shares


company

no. of shares


company1. At the beginning of the year ZAVERCHANDMAVJICHHEDA 01-04-2018 42476 0.01 42476 0.01

AttheEndoftheyear 31-03-2019 0 0.00 42476 0.01


S. no.

top Shareholders no. of Shares held at the beginning of the

year


the yearFor each of the top ten

Shareholders name of Shareholder's As on

dateno. of Shares


company

no. of shares


company2. At the beginning of the year PATHEJAFORGINGS&AUTOPARTS

MFTRSLTD01-04-2018 27400 0.01 27400 0.01

DatewiseIncrease/DecreaseinShareholdingduringtheyear

NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 27400 0.013. At the beginning of the year HITESHRAMJIJAVERI 01-04-2018 18266 0.01 18266 0.01


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 18266 0.014. At the beginning of the year KAMLESHNAVINCHANDRASHAH 01-04-2018 10042 0.00 10042 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 10042 0.005. At the beginning of the year PRITTYDEVISARAWAGI 01-04-2018 2745 0.00 2745 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 2745 0.006. At the beginning of the year SHIVHARBABURAOBADGARE 01-04-2018 2550 0.00 2550 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 2550 0.007. At the beginning of the year KRISHNAKUMARDHARAMSHI

SOMAIYA01-04-2018 2300 0.00 2300 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 2300 0.008. At the beginning of the year KISHORBHAIVALLABHBHAI

RADADIA01-04-2018 2250 0.00 2250 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 2250 0.009. At the beginning of the year NEEPASHAH 01-04-2018 2077 0.00 2077 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 2077 0.0010. At the beginning of the year DIPTIKSOMAIYA 01-04-2018 1880 0.00 1880 0.00


NIL NIL

AttheEndoftheyear 31-03-2019 0 0.00 1880 0.00

(v) Shareholding of directors and Key Managerial personal

S. no.

For each of the top ten Shareholders

name of director and Key Managerial personal

As on date

Share holding at the beginning of the

year


the yearno. of Shares


company

no. of shares


company1. At the beginning of the year Mr. Balasubramaniam Prasad

Whole Time Director1-4-2018 Nil Nil Nil Nil


0 0 0 0

AttheEndoftheyear 31-03-2019 Nil Nil Nil Nil


S. no.

For each of the top ten Shareholders

name of director and Key Managerial personal

As on date

Share holding at the beginning of the

year


the yearno. of Shares


company

no. of shares


company2. At the beginning of the year Mr. Rabindra Nath Ghosh

Independent Director1-4-2018 Nil Nil Nil Nil


0 0 0 0

AttheEndoftheyear 31-03-2019 Nil Nil Nil Nil3. At the beginning of the year Mr.SrinivasKotni

Independent Director1-4-2018 Nil Nil Nil Nil


0 0 0 0

AttheEndoftheyear 31-03-2019 Nil Nil Nil Nil4. At the beginning of the year Mr. Vikram Arthur Fernandes

Prabhu Non-ExecutiveDirector

1-4-2018 Nil Nil Nil Nil


0 0 0 0


5. At the beginning of the year Ms. Vasanthi Narayana whole-timeDirector



0 0 0 0


6. At the beginning of the year Mr. Farokh Phiroz Madan Non-ExecutiveDirector



0 0 0 0


7. At the beginning of the year SurajArora CompanySecretary



0 0 0 0


8. At the beginning of the year PremNivasaChief Financial Officer



0 0 0 0


V) IndeBtedneSS: Indebtedness of the company including interest outstanding/accrued but not due for payment

S. no.

Secured loansexcluding deposits

unsecuredloans

deposits totalIndebtedness

Indebtedness at the beginning of the financial year

i. Principal Amount - - - -

ii. Interest due but not paid - - - -

iii. Interest accrued but not due - - - -

total (i+ ii+ iii) - - - -

Change in Indebtedness during the financial year

i. Addition - - - -

ii. Reduction - - - -

net Change - - - -

Indebtedness at the end of the financial year

i. Principal Amount - - - -


S. no.

Secured loansexcluding deposits

unsecuredloans

deposits totalIndebtedness

ii. Interest due but not paid - - - -

iii. Interest accrued but not due - - - -

total (i+ ii+ iii) - - - -

VI) ReMuneRAtIon oF dIReCtoRS And KeY MAnAGeRIAl peRSonnelA. Remuneration to Managing director, Whole-time directors and/or Manager:

S. no.

particulars of Remuneration name of Whole time director

name of Whole time director

total Amount

Balasubramaniam prasad

(dIn: 07916810)

*Vasanthi narayana

(dIn: 08319835)1. Gross salary

(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

60,51,439/- 2,50,915/- 63,02,354/-

2. StockOption --- --- ---

3. SweatEquity --- --- ---

4. Commission(Incentive)--as%ofprofit--others,specify…

5. Others,pleasespecify(PF) 1,65,169/- 11,405/- 1,76,574/-

Others,pleasespecify(LeaveEncashment)

total 6,216,608/- 2,62,321/- 6,478,929/-

Ceiling as per the Act 10%ofnetprofit forall ExecutiveDirectors-Managing&Whole-time Directors5% of net profit to any one Managing or Whole-timeDirector

*From 12.03.2019 to 31.03.2019

B. Remuneration to other directors:

S. no.

particulars of Remuneration

name of directorsMr. Vikram Arthur Fernandes prabhu

(dIn: 06421340)(Amount in Rs.)

Mr. Farokh phiroz Madan (dIn: 07412324)

(Amount in Rs.)

Ms. piyali Ghosh(dIn:07124622)

(Amount in Rs.)

I. NA Nil Nil Nil

total nil nil nil

S. no.

particulars of Remuneration name of directors total Amount(AmountinRs.)Mr. Rabindra nath Ghosh

(dIn:00194250)(Amount in Rs.)

Mr. Srinivas Kotni(dIn:01085277)

(Amount in Rs.)

I. Independent Directors•Feeforattendingboard/committeemeetings

2,40,000/- 2,40,000/- 4,80,000/-

total 2,40,000/- 2,40,000/- 4,80,000/-


C. Remuneration to Key Managerial personnel other than Md/Manager/Wtd:

S. no.

particulars of Remuneration Chief Financial officerprem nivasa

28.05.2018 to 31.03.2019

Company SecretaryMr. Suraj Arora

01.04.2018 to 31.03.2019

total

1. Gross salary(a)Salaryasperprovisionscontainedinsection

17(1)oftheIncome-taxAct,1961(b) Value of perquisites u/s 17(2) Income-tax

Act,1961(c)Profits in lieuof salaryunder section17(3)

IncometaxAct,1961

49,72,646/-

23,458/-

15,87,533/-

16,500/-

65,60,179/-

39,958/-

2. StockOption

3. SweatEquity

4. Commission(Incentive)--as%ofprofit--others,specif(JoiningBonus/Others)

4,00,000 57,151/- 4,57,151/-

5. others, please specify (pF) 2,04,738/- 75,527/- 2,80,265/-

total 56,00,842/- 17,36,711/- 73,37,553/-

VII) penAltIeS / punISHMent/ CoMpoundInG oF oFFenCeS:

type Section ofthe Companies Act

Brief description details of penalty /punishment/

Compoundingfees imposed

Authority[Rd / nClt/ CouRt]

Appeal made, if

any (give details)

A. CoMpAnY

Penalty

no penalties or punishment during the F.Y. 2018-19

Punishment

Compounding

Penalty

PunishmentCompounding

B. dIReCtoRS

Penalty

no penalties or punishment during the F.Y. 2018-19Punishment

Compounding

C. otHeR oFFICeRS In deFAult

Penalty

no penalties or punishment during the F.Y. 2018-19PunishmentCompounding

For and on behalf of the Board of DirectorsutC Fire & Security India limited




Annexure “d”FoRM no. MR-3

SeCRetARIAl AudIt RepoRtFoR tHe FInAnCIAl YeAR ended 31.03.2019

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,The MembersutC Fire & Security India limited(CIn: u29193MH1981FlC024364)UnitNo.8,1stFloor,TheCentrium,LalBhadurShashtriMarg,Kurlawest,Mumbai-400070

Wehaveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherenceto good corporate practices by utC Fire & Security India limited (hereinaftercalledtheCompany).SecretarialAuditwasconducted inamanner thatprovidedusa reasonablebasis forevaluatingthecorporateconduct/statutorycompliancesandexpressingouropinionthereon.

Based on our verification of the Company’s books, papers,minute books, forms and returns filed and otherrecordsmaintainedby theCompanyandalso the informationprovidedby theCompany, itsofficers, agentsandauthorizedrepresentativesduringtheconductofSecretarialAudit,weherebyreportthatinouropinion,theCompanyhas,duringtheauditperiodcoveringthefinancialyearendedonMarch31,2019(AuditPeriod)compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedonMarch31,2019accordingtotheprovisionsof:

(i) TheCompaniesAct,2013(theAct)andtherulesmadethereunder;(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;(not applicable

to the Company during the Audit period);(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the

extentof ForeignDirect Investment (FDI),OverseasDirect Investment(ODI) andExternalCommercialBorrowings(ECB);(no FdI, odI and eCB was taken by the company during the Audit period);

(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations,2011;(not applicable to the Company during the Audit period); b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;(not


applicable to the Company during the Audit period);c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations,2009;(not applicable to the Company during the Audit period);d) TheSecuritiesandExchangeBoardofIndia(ShareBasedEmployeeBenefits)Regulations,2014;(not

applicable to the Company during the Audit period);e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;f ) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations, 1993 regarding theCompaniesAct anddealingwith client; (not applicable as the Company is not registered as Registrars to an Issue and Share transfer Agent);

g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;and(not applicable to the Company during the Audit period);

h) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;(not applicable to the Company during the Audit period);

(vi) otHeR ACtS SpeCIFICAllY ApplICABle to tHe CoMpAnY AS IdentIFIed BY tHe MAnAGeMent

I. SpecialEconomicZoneAct,2005andrulesandordersmadethereunder.Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:(i) SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndia(SS-1andSS-2).(ii) TheSEBI(ListingObligationsandDisclosureRequirements)Regulation,2015andListingAgreements

enteredintobytheCompanywithStockExchange(s),ifapplicable;(not applicable to the Company during the Audit period);

DuringtheperiodunderreviewtheCompanyhascompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabove.

Basedontheinformationreceivedandrecordsmaintained,wefurtherreportthat:1. TheBoardofDirectorsof theCompany is duly constitutedwithproperbalanceof Executive,

Non-ExecutiveDirectors,WomenandIndependentDirectors.Thechangesinthecompositionof theBoardofDirectors that tookplaceduringtheperiodunder reviewwerecarriedout incompliancewiththeprovisionsoftheAct.

2. AdequatenoticeofatleastsevendayswasgiventoalldirectorstoscheduletheBoardMeetingsalongwithagendaanddetailednotesonagendaandasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipation at the meeting in compliance of the Act.

3. Majoritydecision is carried throughand recorded in theminutesof themeetings. Further asinformed and verified fromminutes, no dissentwas given by any director in respect of theresolutions passed in the board and the committee meetings.

WefurtherreportthatthereareadequatesystemsandprocessesintheCompanycommensuratewiththesizeandoperationsoftheCompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.

Wefurtherreportthatduringtheauditperiodthecompanyhasnotincurredanyspecificevent/actionthatcanhavemajorbearingonthecompany’saffairsinpursuanceofabovereferredlaws,rules,regulations;guidelines,standards etc.

For dMK ASSoCIAteS Company Secretaries

Sd/-(deepAK KuKReJA)FCS, ll.B, ACIS (uK)PARTNERCp no.8265 Date: July 18, 2019FCS no. 4140 place: New Delhi


Annexure 1To,The MembersutC Fire & Security India limited(CIn: u29193MH1981FlC024364)UnitNo.8,1stFloor,TheCentrium,LalBhadurShashtriMarg,Kurlawest,Mumbai-400070

Sub: our Secretarial Audit for the Financial Year ended March 31, 2019 of even date is to be read along with this letter.

Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is toexpressanopiniononthesesecretarialrecordsbasedonourAudit.

1. Wehavefollowedtheauditpracticesandprocessesaswereappropriatetoobtainreasonableassuranceabout the correctness of the contents of the secretarial records.We believe that the processes andpractices,wefollowedprovideareasonablebasisofouropinion.

2. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsofthe Company.

3. Whereverrequired,wehaveobtainedtheManagementrepresentationaboutthecomplianceoflaws,rules,andregulationsandhappeningofeventsetc.

4. TheComplianceoftheprovisionsofCorporateandotherapplicablelaws,rules,regulations,standardsistheresponsibilityofthemanagement.Ourexaminationwaslimitedtotheverificationoftheprocedureson test basis.

5. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

6. Asper the informationprovidedbytheCompany, therearenopendingcasesfiledbyoragainst thecompanywhichwillhavemajorimpactonthecompany.

For dMK ASSoCIAteS Company Secretaries

Sd/-(deepAK KuKReJA)FCS, ll.B, ACIS (uK)PARTNERCp no.8265 Date: July 18, 2019FCS no. 4140 place: New Delhi


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Annexure “F”FoRM no. AoC-2

(Pursuanttoclause(h)ofsub-section(3)ofsection134oftheActandRule8(2)oftheCompanies(Accounts)Rules,2014

Formfordisclosureofparticularsofcontracts/arrangementsenteredintobythecompanywithrelatedpartiesreferredtoinsubsection(1)ofsection188oftheCompaniesAct,2013includingcertainarm’slengthtransactionunderthirdprovisothereto.

1. Details of contracts or arrangements or transactions not at arm’s length basis.

S. no.

particulars details

A Name(s)oftherelatedparty&natureofrelationship N/AB Natureofcontracts/arrangements/transaction N/AC Durationofthecontracts/arrangements/transaction N/AD Salienttermsofthecontractsorarrangementsortransactionincludingthevalue,ifany N/AE Justificationforenteringintosuchcontractsorarrangementsortransactions N/A

Justificationforenteringintosuchcontractsorarrangementsortransactions N/AF DateofapprovalbytheBoard N/AG Amountpaidasadvances,ifany N/A

H DateonwhichthespecialresolutionwaspassedinGeneralmeetingasrequiredunderfirstprovisotosection188

N/A

2. Details of contracts or arrangements or transactions at arm’s length basis(As defined under Rule 15 ofCompanies(MeetingsofBoardanditsPowers)Rules,2014):

S. no.

particulars details

A Name(s)oftherelatedparty&natureofrelationship N/A

B Natureofcontracts/arrangements/transaction N/A

C Durationofthecontracts/arrangements/transaction N/A

D Salienttermsofthecontractsorarrangementsortransactionincludingthevalue,ifany N/A

E Dateofapprovalbytheboard N/A

F Amountpaidasadvances,ifany N/A

For and on behalf of the Board of DirectorsutC Fire & Security India limited




independent auditors’ reportTOTHEMEMBERSOFUTCFire&SecurityIndiaLimited

Report on the Audit of the Financial Statements opinion

WehaveauditedthefinancialstatementsofUTCFire&SecurityIndiaLimited(“theCompany”),whichcomprise thebalance sheet as at31March2019, the statementofprofit and loss, and statementofcashflowsfortheyearthenended,andnotestothefinancialstatements,includingasummaryofthesignificantaccountingpoliciesandotherexplanatoryinformation.

Inouropinionandtothebestofour informationandaccordingtotheexplanationsgiventous, theaforesaidfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013(“Act”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasat31March2019,andprofitanditscashflowsfor the year ended on that date.

Basis for opinion Weconductedouraudit inaccordancewith theStandardsonAuditing (SAs)specifiedundersection

143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionsoftheActandtheRulesthereunder,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

emphasis of matter1. AttentionisinvitedtoNote42tothefinancialstatementsregardingmanagerialremunerationamounting

toRs.24lakhspaidtoanerstwhiledirectoroftheCompanyduringtheperiod8November2008to30September2009,whichwasinexcessofthelimitsspecifiedintheScheduleXIIItotheCompaniesAct,1956.TheCompany’sapplicationsinthisregardwererejectedbytheCentralGovernment.TheCompanyhad resubmitted theapplication to theCentralGovernment. In thepreviousyear, theCompanywasgrantedpartialwaiverofRs.6lakhswithadirectiontorecovertheremainingRs.18lakhsfromthedirector.TheCompanyisintheprocessofrecoveringtheamountfromthedirector.Thisamountwillberecordedinthebooksofaccounts,asandwhenrecoveredfromthedirector.

2. AttentionisinvitedtoNote43tothefinancialstatementsregardingnonsettlementofforeigncurrencypayablesamountingtoRs.654lakhsasat31March2019dueformorethansixmonthsfromthedateofimportsandnon-realisationofforeigncurrencyreceivablesamountingtoRs.50lakhsasat31March2019dueformorethanninemonthsfromthedateofexports.Asinformedtous,TheCompanyisevaluatingvarious options including possible actions for settlement of these foreign currency receivables andpayables,applyingforextensionoftimefromtherelevantauthoritiesetc.

Ouropinionisnotmodifiedinrespectofabovematters.

BSR&Associates(apartnershipfirmwithRegistrationNo.BA69226)ConvertedintoBSR&AssociatesLLP(ALimitedLiabilityPartnershipwithLLPRegistrationNo.AAB-8182)witheffectfromOctober14,2013

Registered office:5thFloor,LodhaExcelus,ApolloMillsCompoundN.M.JoshiMargMahalaxmi,Mumbai-400011

B S R & Associates LLP Chartered AccountantsBuildingNo.108thFloor, Telephone:+911242358610DLFCyberCity,Phase-II Gurgaon-122002,India


other Information The Company’s management and Board of Directors are responsible for the other information. The other

informationcomprises the information included in theCompany’sAnnualReport, including thefinancialstatements and our auditors’ report thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyform of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in doing so, consider whether the other information is materially inconsistent with the financialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

Management’s Responsibility for the Financial Statements

TheCompany’sManagementandBoardofDirectorsareresponsibleforthemattersstatedinsection134(5)of theActwith respect to thepreparationof thesefinancial statements thatgivea trueand fair viewofthe state of affairs, profit and cash flows of the Company in accordancewith the accounting principlesgenerallyacceptedinIndia,includingtheAccountingStandardsspecifiedundersection133oftheAct.Thisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsof theAct, for safeguarding of the assets of the Company and for preventing anddetecting frauds andother irregularities; selectionandapplicationof appropriate accountingpolicies;making judgments andestimates that are reasonable and prudent; and design, implementation andmaintenance of adequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparing thefinancial statements,Management andBoardofDirectors are responsible for assessingtheCompany’sability tocontinueasagoingconcern,disclosing,asapplicable,matters related togoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.

BoardofDirectorsisalsoresponsibleforoverseeingtheCompany’sfinancialreportingprocess.

Auditor’s Responsibilities for the Audit of the Financial Statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditors’reportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

Aspartofanaudit inaccordancewithSAs,weexerciseprofessional judgmentandmaintainprofessionalskepticism throughout the audit. We also:

• Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor error, design and perform audit procedures responsive to those risks, and obtain audit evidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatement resulting from fraud is higher than for one resulting from error, as fraudmay involvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

Independent AudItoRS’ RepoRtTotheMembersofUTCFire&SecurityIndiaLimitedReportontheFinancialStatements


• Obtainanunderstandingofinternalcontrolrelevanttotheaudit inordertodesignauditproceduresthatareappropriateinthecircumstances.Undersection143(3)(i)oftheAct,wearealsoresponsibleforexpressingouropiniononwhethertheCompanyhasadequateinternalfinancialcontrolswithreferencetofinancialstatementsinplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.

• Conclude on the appropriateness of management’s use of the going concern basis of accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditors’report.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.

• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthat we identify during our audit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.

Report on other legal and Regulatory Requirements

1. AsrequiredbytheCompanies(Auditors’Report)Order,2016(“theOrder”)issuedbytheCentralGovernmentintermsofsection143(11)oftheAct,wegiveinthe“AnnexureA”astatementonthemattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

2. (A)AsrequiredbySection143(3)oftheAct,wereportthat:

a) We have sought and obtained all the information and explanations which to the best of ourknowledgeandbeliefwerenecessaryforthepurposesofouraudit;

b) Inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks;

c) Thebalancesheet,thestatementofprofitandloss,andstatementofcashflowsdealtwithbythisReportareinagreementwiththebooksofaccount;

d) Inouropinion,theaforesaidfinancialstatementscomplywiththeAccountingStandardsspecifiedundersection133oftheAct;

e) Onthebasisofthewrittenrepresentationsreceivedfromthedirectorsason31March2019takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31March2019frombeingappointedasadirectorintermsofSection164(2)oftheAct;

f ) Withrespecttotheadequacyoftheinternalfinancialcontrolswithreferencetofinancialstatementsof theCompanyandtheoperatingeffectivenessofsuchcontrols, refer toourseparateReport in“AnnexureB”;and



(B) WithrespecttotheothermatterstobeincludedintheAuditors’ReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:i. TheCompanyhasdisclosedtheimpactofpendinglitigationsasat31March2019onitsfinancial

positioninitsfinancialstatements-ReferNote9&25Atothefinancialstatements;ii. TheCompanydidnothaveanylongtermcontractsincludingderivativecontractsforwhichthere

werenomaterialforeseeablelosses;iii. There were no amounts which were required to be transferred to the Investor Education and

ProtectionFundbytheCompany;andiv. Thedisclosures regardingholdingsaswellasdealings inspecifiedbanknotesduring theperiod

from8November2016to30December2016havenotbeenmade in thesefinancial statementssincetheydonotpertaintothefinancialyearended31March2019.

(C) WithrespecttothemattertobeincludedintheAuditors’Reportundersection197(16):Inouropinionandaccordingtotheinformationandexplanationsgiventous,theremunerationpaidbythecompanytoitsdirectorsduringthecurrentyearisinaccordancewiththeprovisionsofSection197oftheAct.TheremunerationpaidtoanydirectorisnotinexcessofthelimitlaiddownunderSection197oftheAct.TheMinistryofCorporateAffairshasnotprescribedotherdetailsunderSection197(16)whicharerequiredto be commented upon by us.

For B S R & Associates llp Chartered Accountants ICAIFirm’sRegistrationNo.:116231W/W-100024 Sd/- Manish Gupta Partnerplace: Gurugram Membership No.: 095037 date: 20 August 2019 ICAIUDIN:19095037AAAACZ1554



Annexure A to the Independent Auditors’ ReportAnnexureAtotheIndependentAuditor’sReportofevendateonthefinancialstatementsofUTCFire&SecurityIndiaLimitedfortheyearended31March2019

(i)(a)Accordingtotheinformationandexplanationsgiventous,theCompanyhasmaintainedproperrecordsshowingfullparticulars,includingquantitativedetailsandsituationoffixedassets.

(b) Accordingtotheinformationandexplanationsgiventous,theCompanyhasaregularprogrammeofphysicalverificationofitsfixedassetsbywhichallfixedassetsareverifiedinaphasedmanneroveraperiodoftwoyears.Inouropinion,thisperiodicityofphysicalverificationisreasonablehavingregardtothesizeoftheCompanyandthenatureofitsassets.Asinformedtous,nomaterialdiscrepancieswerenoticedonsuchverificationduringtheyear.Also,refertonote10(b)ofthefinancialstatements,whichexplainsthefactofincorrectcapitalizationbetweenvariouscategoriesofassetsandtheirreclassificationtotheirrespectivecategories.

(c) Accordingtotheinformationandexplanationgiventous,theCompanyisnotholdinganyimmovableproperty.Accordingly,paragraph3(i)(c)oftheOrderisnotapplicable.

(ii)Theinventory,exceptgoodsintransit,hasbeenphysicallyverifiedbythemanagementduringtheyearandnomaterialdiscrepancieswerenoticedonsuchverification.Inouropinion,thefrequencyofsuchverificationis reasonable.

(iii) Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotgrantedanyloans,securedorunsecured,toCompaniesorotherpartiescoveredintheregistermaintainedundersection189oftheAct.Accordingtotheinformationandexplanationsgiventous,weareoftheopinionthattherearenofirmsorlimitedliabilitypartnershipscoveredintheregistermaintainedunderSection189oftheAct.

(iv) Accordingtotheinformationandexplanationsgiventousandonthebasisofourexaminationoftherecordsof the the Company, the Company has not entered into any transactions related to loans, investments,guaranteesandsecuritieswhicharecoveredunderSection185andSection186oftheCompaniesAct,2013.Accordingly,provisionsofparagraph3(iv)oftheOrderisnotapplicabletotheCompany.

(v) Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotacceptedanydepositsasmentionedinthedirectivesissuedbytheReserveBankofIndiaandtheprovisionsofSection73to76oranyotherrelevantprovisionsoftheActandtherulesframedthereunder.

(vi) Accordingtotheinformationandexplanationsgiventous,theCentralGovernmenthasnotprescribedthemaintenanceofcostrecordsundersection148(1)oftheAct,foranyofthebusinessactivitiescarriedoutbythe Company.

(vii)(a)Accordingtotheinformationandexplanationsgiventousandonthebasisofourexaminationoftherecords of the Company, amounts deducted/accrued in the books of account in respect of undisputedstatutorydues includingDutyofCustoms,ProvidentFund, Income-tax,GoodsandServicestax,CessandothermaterialstatutorydueshavegenerallybeenregularlydepositedduringtheyearbytheCompanywiththeappropriateauthoritiesthoughtherehavebeenslightdelaysinfewcasesrelatedtopaymentofIncome-tax,ProvidentfundandProfessionaltax.Asexplainedtous,theCompanydidnothaveanyduesonaccountofSalestax,Servicetax,DutyofExcise,ValueAddedtaxandEmployees’StateInsuranceduringtheyear.

According to the information and explanations given to us, except as disclosed below, no undisputedamountspayableinrespectofProvidentFund,Employees’StateInsurance,Income-tax,GoodsandServicesTax,DutyofExcise,DutyofCustomsandCessandothermaterial statutorydueswere inarrearsasat31March2019foraperiodofmorethansixmonthsfromthedatetheybecamepayable


name of the statute nature of dues Amount payable

(In Rs. lakhs)

period to which the amount relates

due date date of payment

FinanceAct,1994 Servicetax 58 February2007toJune2011 Various dates Not yet paid

(b)Accordingtotheinformationandexplanationsgiventous,therearenoduesinrespectofincome-tax,salestax,servicetax,DutyofExcise,DutyofCustomsandvalueaddedtaxthathavenotbeendepositedwith the appropriate authorities on account of any dispute:

name of the Statute nature of the dues Amount (Rs. in lakhs)

Amount paid (Rs. in

lakhs)

period to which amount relates

Forum where dispute is pending

Income tax

IncometaxAct,1961 Disallowance on account of arm’s length price and disallowance of certainexpenses

21 - Assessment year

2009-10

Commissioner ofIncometax(Appeals)

IncometaxAct,1961 Disallowance on account of arm’s lengthpriceandcertainexpensesleading to reduction in business losses/ unabsorbed depreciationby Rs. 378 lakhs

- - Assessment year

2010-11



301 45 Assessment year

2011-12


IncometaxAct,1961 Disallowance on account of arm’s lengthpriceandcertainexpensesleading to reduction in business losses/ unabsorbed depreciationbyRs.1,952lakhs

- - Assessment year

2012-13



5 - Assessment year

2013-14


IncometaxAct,1961 Disallowance on account of arm’s lengthpriceandcertainexpensesleading to reduction in business losses/ unabsorbed depreciationbyRs.1,463lakhs

- - Assessment year

2014-15


Sales tax

CentralSalestaxAct,1961

Demand against non-submission ofvariousForms

35 10 2003-05 Deputy com-missionerSalestax,

Vapi(Gu-jarat)

Salestax/Valueadd-edtaxActofBihar


100 151 2005-06 to 2009-10

Commisioner of CommercialTaxes

,Bihar

Salestax/Valueadd-edtaxActofOrissa


2 - 1993-94 OrissasalestaxAppellatetri-bunal,

Cuttack

Salestax/Valueadd-edtaxActofAndhraPradesh


21 5 2007-08 and 2008-09

SalestaxAp-pellelatetribu-nal,

Visakha-patnam



Sales tax/ Value add-ed tax Act of Maha-rashtra


55 22 2010-11 and 2011-12

MaharashtraSalesTaxTri-bunal

BPMC (cess on entryofgoods)Rules,1996


255 61 2007-08 and 2008-09

Commissioner (Appeals)

Sales tax/ Value add-ed tax Act of Maha-rashtra


855 112 2010-11,2011-12 and

2012-13

JointCommis-sionerofSalestax

(Appeals)

Central excise

CentralEx-ciseAct,1994

Excisedutyliability 206 55 1986-87 to 1998-89 and

2008-09

CESTAT,Ah-medabad


Excisedutyliability 9 - March 1995 to February 1997

Assistant Commissioner CentralExcise&Customs,Daman


Excisedutyliability 3 - August 1997 to December

1997

Assistant Commissioner CentralExcise&Customs,Daman


Excisedutyliability 2 - 2006-07 Assistant Commissioner CentralExcise&Customs,Daman


Excisedutyliability 25 6 January,1998toMarch,2001

CESTAT,Mumbai


Excisedutyliability 1 - January1999to March 1999

OfficeroftheSupd.OfCen-tralExcise,

Umbergaon


Excisedutyliability 26 - January-December 1998 and September

1999 to January2000

Assistant Commissioner CentralExcise&Customs,Surat


Excisedutyliability 1 - January1999to March 1999

Deputy Com-missioner of

CentralExcise,Vapi

note: TheaboveexcludescaseswhichhavebeenremandedbacktotheAssessingofficer.ThetotaldemandinrespectofthesecasesamountstoRs.411lakhsagainstwhichRs.118lakhshavebeendepositedunderprotest.

(viii)Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCompanydidnothaveanyloansorborrowingsfromanyfinancialinstitution,governmentorduestodebentureholdersduringtheyear.Accordingly,paragraph3(ix)oftheorderisnotapplicable.

(ix) According to the information and explanations given to us and our examination of the records of theCompany,theCompanydidnotraiseanymoneybywayofinitialpublicofferorfurtherpublicoffer(includingdebtinstruments)andtermloansduringtheyear.Accordingly,paragraph3(ix)oftheOrderisnotapplicable.

(x) Accordingto the informationandexplanationsgiventous,nomaterial fraudbytheCompanyorontheCompany by its officers or employees has been noticed or reported during the course of our audit.



(xi) Accordingtotheinformationandexplanationsgiventousandbasedonourexaminationoftherecords,theCompanyhaspaid/providedformanagerialremunerationinaccordancewiththeprovisionsofsection197readwithScheduleVtotheAct.

(xii)Accordingtothe informationandexplanationsgiventous, theCompany isnotaNidhiCompany,henceparagraph3(xii)oftheOrderisnotapplicable.

(xiii)AccordingtoinformationandexplanationsgiventousandbasedonourexaminationoftherecordsoftheCompany,transactionswiththerelatedpartiesareincompliancewithsections177and188oftheAct,whereapplicable.Thedetailsofsuchrelatedpartytransactionshavebeendisclosedinthefinancialstatementsasrequiredbyapplicableaccountingstandards.

(xiv)According to the informationandexplanationgiven tous, theCompanyhasnotmadeanypreferentialallotmentorprivateplacementof sharesor fullyorpartly convertibledebenturesduring theyearunderaudit.

(xv)AccordingtotheinformationandexplanationsgiventousandbasedonourexaminationoftherecordsoftheCompany,theCompanyhasnotenteredintonon-cashtransactionswithdirectorsorpersonsconnectedwithhim.Accordingly,paragraph3(xv)oftheOrderisnotapplicable.

(xvi)Accordingtotheinformationandexplanationsgiventous,theCompanyisnotrequiredtoberegisteredunderSection45-1AoftheReserveBankofIndiaAct,1934.

For B S R & Associates llp Chartered Accountants ICAIFirm’sRegistrationNo.:116231W/W-100024

Sd/- Manish Gupta Partner Membership No.: 095037 ICAIUDIN:19095037AAAACZ1554


place: Gurugramdate: 20August,2019


opinion

WehaveauditedtheinternalfinancialcontrolswithreferencetofinancialstatementsofUTCFire&SecurityIndiaLimited(“theCompany”)asof31March2019inconjunctionwithourauditofthefinancialstatementsof the Company for the year ended on that date.

Inouropinion,theCompanyhas,inallmaterialrespects,adequateinternalfinancialcontrolswithreferencetofinancialstatementsandsuchinternalfinancialcontrolswereoperatingeffectivelyasat31March2019,basedon the internalfinancial controlswith reference tofinancial statements criteriaestablishedby theCompany considering the essential components of internal control stated in the Guidance Note on Audit of InternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia(the“GuidanceNote”).

Management’s Responsibility for Internal Financial Controls

The Company’s Management and Board of Directors and responsible for establishing and maintaining internal financialcontrolsbasedontheinternalfinancialcontrolscriteriaestablishedbytheCompanyconsideringthe essential components of internal control stated in the Guidance Note. These responsibilities include thedesign, implementationandmaintenanceofadequate internalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompleteness of the accounting records, and the timely preparation of reliable financial information, asrequiredundertheCompaniesAct,2013(hereinafterreferredtoas“theAct”).

Auditors’ Responsibility

Our responsibility is toexpressanopinionontheCompany’s internalfinancialcontrolswith referencetofinancial statementsbasedonouraudit.Weconductedouraudit inaccordancewith theGuidanceNoteandtheStandardsonAuditing,prescribedundersection143(10)oftheAct,totheextentapplicabletoanauditofinternalfinancialcontrolswithreferencetofinancialstatements.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolswithreferencetofinancialstatementswereestablishedandmaintainedandwhethersuchcontrolsoperatedeffectivelyinallmaterialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls with reference to financial statements and their operating effectiveness. Our audit ofinternalfinancial controlswith reference tofinancial statements includedobtaininganunderstandingofsuchinternalfinancialcontrols,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthestandalonefinancialstatements,whetherduetofraudorerror.

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolswithreferencetofinancialstatements.

Annexure B to the Independent Auditors’ report of even date on the financial statements of utC Fire & Security India limited for the year ended 31 March 2019

Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013

(Referred to in paragraph 2(A)(f) under ‘Report on other legal and Regulatory Requirements’ section of our report of even date)


Meaning of Internal Financial controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalfinancialcontrolswithreferencetofinancialstatementsincludethosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsand dispositions of the assets of the company; (2) provide reasonable assurance that transactions arerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsof thecompany;and (3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent limitations of Internal Financial controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsdue toerroror fraudmayoccur andnotbedetected.Also,projectionsof anyevaluationof the internalfinancial controlswith reference tofinancial statements to futureperiodsare subject to the risk that theinternalfinancialcontrolswithreferencetofinancialstatementsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

For B S R & Associates llp Chartered Accountants ICAIFirm’sRegistrationNo.:116231W/W-100024 Sd/- Manish Gupta Partner Membership No.: 095037 ICAIUDIN:19095037AAAACZ1554

place: Gurugramdate:20August,2019


utC FIRe & SeCuRItY IndIA lIMItedBalance Sheet as at March 31, 2019

(All amounts in Rs. Lakhs, unless otherwise stated)

particulars note no.

As at March 31, 2019


I. equity and liabilities

(1) Shareholders' funds 3 30,684 30,684(a) ShareCapital 4 (12,627) (17,725)(b) ReservesandSurplus 18,057 12,959

(2) non Current liabilities(a) LongTermProvisions 5 838 768 (b)OtherLongtermLiabilities 6 158 102

996 871 (3) Current liabilities

(a)TradePayables 7TotaloutstandingduesofMicro,SmallandMediumEnterprises - -

TotaloutstandingduesofcreditorsotherthanMicro,SmallandMediumEnterprises 3,132 2,957

(b)OtherCurrentLiabilities 8 3,366 3,227(c)ShortTermProvisions 9 1,477 1,786

7,975 7,970

total 27,028 21,798 II. Assets

(1) non Current Assets(a)Property,PlantandEquipment 10(i)TangibleAssets 2,326 2,902(ii)IntangibleAssets 95 118 (b)LongTermLoansandAdvances 11 1,765 1,624

4,186 4,644 (2) Current Assets

(a)Inventories 12 857 698 (b)TradeReceivables 13 6,684 5,654(c)CashandBankBalances 14 12,241 8,040(d)ShortTermLoansandAdvances 15 891 780 (e)OtherCurrentAssets 16 2,169 1,982

22,842 17,154

total 27,028 21,798 Thenotesreferredaboveformanintegralpartofthesefinancialstatements.Asperourreportofevendateattached.

For B S R & Associates llpChartered Accountants For and on behalf of the Board of DirectorsFirmRegistrationNo.:116231W/W-100024 of utC Fire and Security India limited

Sd/-Manish GuptaPartnerMembership No: 095037Place : GurugramDate: 20 August 2019ICAIUDINNo:19095037AAAACZ1554

Sd/- Vasanthi narayana Director (dIn: 08319835) Place : Gurugram Date: 20 August 2019

Sd/- Farokh phiroz MadanDirector(dIn: 07412324)Place : GurugramDate: 20 August 2019

Sd/- uma Varadarajan Chief Financial OfficerPlace : GurugramDate: 20 August 2019


utC FIRe & SeCuRItY IndIA lIMItedStatement of profit and loss for the year ended March 31, 2019


particulars note no.

Year ended March 31, 2019


I. Revenue from operations 17 28,727 20,415

II. other Income 18 1,689 1,187

III. total Revenue (I + II) 30,416 21,602

IV. expenses

SubcontractandSiteexpenses 191 167

PurchasesofStock-in-trade 19 3,170 2,514

ChangesininventoriesofStock-in-trade 20 (282) (152)

Employeebenefitsexpense 21 15,247 11,111

Finance costs 22 37 1,612

Depreciation and amortization 10 667 672

Otherexpenses 23 6,308 6,115

V. total expenses 25,338 22,040

VI. profit/(loss) before tax ( III-V ) 5,078 (438)

VII. tax expenses

(1) CurrentTax 97 -

(2) DeferredTax 38 - -

VIII. profit / (loss) for the year ( VI-VII) 4,981 (438)

Ix. profit / (loss) per equity share [nominal value per equity Share Rs. 10 (previous Year Rs. 10)] 36

(1) Basic 1.62 (0.27)

(2) Diluted 1.62 (0.27)

Thenotesreferredaboveformanintegralpartofthesefinancialstatements.Asperourreportofevendateattached.







utC FIRe & SeCuRItY IndIA lIMItedCash Flow Statement for the year ended March 31, 2019


particulars Year ended March 31, 2019


A. Cash flow from operating activities:

profit/(loss) before tax & exceptional item 5,078 (438)

Adjustments for:

Depreciation & Amortization 667 672

Bad Debts 1 -

Sharebasedpayments 118 212

Provisionfordoubtfuldebts 64 104

(Reversal)/Provisionforslow/Nonmovinginventory 123 (6)

(Reversal)/Provisionfordoubtfuladvances - (1)

(Reversal)/Provisionforwarranty - 72

(Reversal)/Provisionforforeseeablelossonprojects (19) (135)

(Reversal)/ProvisionforLiquidatedDamages - 14

Liabilities/Provisionsnolongerrequiredwrittenback (397) (41)

Provisionforlitigationnolongerrequiredwrittenback (114) (359)

Interestexpense 37 1,612

Interest income (448) (75)

UnrealisedForeignExchangeGain(Net) (143) (24)

Advanceswrittenoff 518 -

Forward contract Discount (56) (3)

Provisionforlitigation - 94

operating Gain before working capital changes before exceptional item 5,430 1,698

(Decrease)/Increaseintradepayables 477 (205)

(Decrease)/Increaseinprovisions 95 211

(Decrease)/Increaseinotherliabilities 196 364

Decrease/(Increase)intradereceivables (1,039) (1,266)

Decrease/(Increase)inInventory (282) (152)

Decrease/(Increase)inloansandadvancesandothercurrentassets (913) 138

Cash generated from operations 3,964 788

Taxespaid (105) (62)

net cash generated from operations 3,859 726

B. Cash flow from financing activities :PurchaseofProperty,Plant&Equipmentincludingcapitalworkinprogress(Netofcapitalcreditors)

(69) (391)

Interestreceivedondeposits 412 74 net cash generated from/(used in) investing activities 343 (317)




C. Cash flow from financing activities :Repayment of loans from related parties - (17,080)ProceedsfromIssueofEquityshares(includingsharepremium) - 25,125Interest paid - (3,259)net cash generated from financing activities - 4,786

net increase in cash and cash equivalents (A + B + C) 4,202 5,195

Add:Cashandcashequivalentsatthebeginningoftheyear 8,019 2,824

Cash and cash equivalents at the end of the year 12,220 8,019

Cash and Bank Balances (as per schedule : 14) 12,241 8,040Less:DepositsheldasMarginMoneywithBanks 21 21

Cash and Cash equivalents as at the end of the year 12,220 8,019 As at

March 31, 2019As at

March 31, 2018Cash Flow Statement for the year ended March 31, 2019

Balances with Banks in Current Account 5,520 2,819DemandDeposits(lessthan3monthsmaturity) 6,700 5,200

12,220 8,019

Notes:1. TheaboveCashFlowStatementhasbeenpreparedunder the‘IndirectMethod’ as setout in theAccountingStandard–3onCashFlow

Statementsasspecifiedundersection133oftheAct.

2. Figuresinbracketsindicateoutflowofcashandcashequivalents.

Thenotesreferredaboveformanintegralpartofthesefinancialstatements.

Asperourreportofevendateattached.







utC FIRe & SeCuRItY IndIA lIMIted

notes to the Financial Statements for the year ended March 31, 2019

1. General Information UTC Fire& Security India Limited (“theCompany”) is a public Company incorporatedon 6th June 1981,

primarilyengagedinthebusinessoferection,installationandmaintenanceoffireprotectionandsecuritysystems,tradingofproductsinrelationtoFireandSecurityandresearchanddevelopmentservicestoitsgroupcompanies intheareaof informationtechnologyrelatedsupportservicesfortheFireandSecuritybusiness.

2. Summary of significant accounting policies

a) Basis of preparation

Thesefinancial statementshavebeenpreparedandpresentedon theaccrualbasisof accounting inaccordancewiththeGenerallyAcceptedAccountingPrinciples(GAAP)inIndia.IndianGAAPcomprisesmandatoryAccountingStandardsasspecifiedunderthesection133oftheCompaniesAct,2013readwithRule7ofCompanies(Accounts)Rules,2014andotheraccountingpronouncementsoftheInstituteof Chartered Accountants India.

Allassetsandliabilitieshavebeenclassifiedascurrentornon-currentaspertheCompany’soperatingcycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature ofproductsandthetimebetweentheacquisitionofassetsforprocessingandtheirrealizationincashandcashequivalents,theCompanyhasascertaineditsoperatingcycleaslessthanoneyearforthepurposeofcurrentandnon-currentclassificationofassetsand liabilities,except forcertainprojectsbusiness.Theproject(supplyandconstructionoffireprotectionsystems)businesscompriseslongtermcontractswhich have an operating cycle exceeding one year. For classification of current assets and liabilitiesrelatedtoprojectsbusiness,theCompanyusesthedurationoftheindividuallifecycleofthecontractasits operating cycle.

b) property, plant and equipment

Property, plant and equipment are stated at cost of acquisition/ construction less accumulateddepreciationandaccumulated impairment loss, ifany.Costofacquisitioncomprisesof thepurchasepriceincludingimportdutiesandnon-refundabletaxes,anddirectlyattributableexpensesincurredtobring the asset to the location and condition necessary for it to be capable of being operated in a manner intendedbymanagement.Elementsofcostalsoincludestheinitialestimateofthecostofdismantling,removing the item and restoring the site on which it is located, referred to as “decommissioning,restorationandsimilarliabilities”,theobligationforwhichanenterpriseincurseitherwhentheitemisacquiredorasaconsequenceofhavingusedtheitemduringaparticularperiodforpurposesotherthantoproduceinventoriesduringthatperiod.

Subsequentexpendituresrelatedtoan itemofproperty,plantandequipmentareaddedto itsbookvalueonly if they increase the futurebenefits fromtheexistingassetbeyond itspreviouslyassessedstandard of performance.

Itemsofproperty,plantandequipmentthathavebeenretiredfromactiveuseandareheldfordisposalarestatedattheloweroftheirnetbookvalueandnetrealisablevalueandareshownseparatelyinthefinancialstatements.AnyexpectedlossisrecognisedimmediatelyintheStatementofProfitandLoss.

Lossesarisingfromtheretirement/discardingof,andgainsorlossesarisingfromdisposalofproperty,plantandequipmentwhicharecarriedatcostarerecognisedintheStatementofProfitandLoss.


depreciation

Depreciationisprovidedonpro-ratabasisonthestraight-linemethodovertheestimatedusefullivesoftheproperty,plantandequipmentwhicharespecifiedunderScheduleIItotheCompaniesAct,2013,except incaseofcertainofficeequipmentwhicharedepreciatedoveraperiodof5yearsandassetsindividuallycostingINR5,000orless,whicharedepreciated100%intheyearofacquisition.

Leasehold Improvements are amortized on a straight-line basis at the lower of period of lease andestimated useful life.

Depreciationiscalculatedonapro-ratabasisforassetspurchased/soldduringtheyear.

The appropriateness of useful lives and depreciationmethod is reviewed by themanagement eachfinancialyear.

c) Intangible Assets and Amortization

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulatedimpairmentlosses,ifany.

Amortizationof Intangibleasset (software) isbasedon themanagement’sestimateofuseful livesofrespectiveIntangibleasset,whichis5years.

The appropriateness of useful lives and amortizationmethod is reviewedby themanagement eachfinancialyear.

d) Impairment of Assets

AssessmentisdoneateachBalanceSheetdateastowhetherthereisanyindicationthatanasset(tangibleand intangible)maybe impaired. For thepurposeof assessing impairment, the smallest identifiablegroupofassets thatgeneratescash inflows fromcontinuinguse thatare largely independentof thecashinflowsfromotherassetsorgroupsofassets,isconsideredasacashgeneratingunit.Ifanysuchindicationexists,anestimateoftherecoverableamountoftheasset/cashgeneratingunitismade.Assetswhosecarryingvalueexceedstheirrecoverableamountarewrittendowntotherecoverableamount.Recoverableamountishigherofanasset’sorcashgeneratingunit’snetsellingpriceanditsvalueinuse.Valueinuseisthepresentvalueofestimatedfuturecashflowsexpectedtoarisefromthecontinuinguse of an asset and from its disposal at the end of its useful life. Assessment is also done at each Balance Sheetdateastowhetherthereisanyindicationthatanimpairmentlossrecognisedforanassetinprioraccountingperiodsmaynolongerexistormayhavedecreased.

e) Borrowing Cost

Generalandspecificborrowingcostsdirectlyattributabletotheacquisition,constructionorproductionof qualifying assets,which are assets that necessarily take a substantial period of time to get readyfor their intendeduseorsale,areaddedtothecostof thoseassets,until suchtimeas theassetsaresubstantiallyreadyfortheirintendeduseorsale.AllotherborrowingcostsarerecognisedinStatementofProfitandLossintheperiodinwhichtheyareincurred.

f) Foreign Currency transactions

Initial Recognition

Oninitialrecognition,allforeigncurrencytransactionsarerecordedbyapplyingtotheforeigncurrencyamount theexchange ratebetween the reportingcurrencyand the foreigncurrencyat themonthlyaverageratewhichcloselyapproximatesthetransactionrate.

Subsequent Recognition

Monetaryassetsand liabilitiesarerestatedattheyear-endexchangeratesandtheresultantgainsorlossesarerecognizedinStatementofProfitandLoss.


g) Inventories

CostofStock-in-tradeiscomputedonweightedaveragebasis.Costincludecostofpurchaseandothercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.

Inventories are statedat lowerof cost andnet realisable value.Net realisable value is theestimatedselling price in the ordinary course of business less the estimated costs necessary to make the sale.

Provision for excess inventory and inventory obsolescence is determined based on management’sestimate.

h) Revenue Recognition

Sale of goods are recognisedwhen the significant risks and rewards of ownership in the goods aretransferredtothebuyerasperthetermsofthecontractandnosignificantuncertaintyexistsregardingtheamountofconsiderationthatisderivedfromsaleofgoods.

Revenue in respect of Supply and Construction of Fire Protection Systems are recognized based onthepercentageofcompletionmethod.However,provisionsaremadeforanticipatedlosses(ifany)forcontracts to be completed in future. The percentage completion is determined based on the actual costs vis-a-visthetotalestimatedcostofacontract.Costinthenatureoftaxesanddutiesareconsideredonactual basis as it is not considered feasible by the management to estimate the same.

RevenuefromResearchandDevelopmentservicesisrecognisedastherelatedservicesarerenderedinaccordance with the terms of contract.

Commissionincomeisrecognisedonaccrualbasisasandwhentherelatedservicesarerendered.

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Servicechargesfromrelatedpartiesarerecognisedonthebasisofmutuallyagreedtermsforsharedservicesusedbytherelatedparties.

i) employee Benefits

a) DefinedContributionPlans

TheCompanyhasDefinedContributionplansforpostemploymentbenefitsnamelyProvidentFundwhichisadministeredthroughappropriateauthorities.TheCompanycontributestoaGovernmentadministered Provident Fund, Employees’ Deposit Linked Insurance Scheme and Family PensionFund on behalf of its employees and has no further obligation beyond making its contribution. The CompanymakescontributionstoStateplansnamelyEmployees’StateInsuranceFundandhasnofurtherobligationbeyondmakingthepaymenttothem.TheCompany’scontributionstotheabovefundsarechargedtotheStatementofProfitandLosseveryyear.

b) DefinedBenefitPlans

TheCompanyhasaDefinedBenefitplannamelyGratuitycoveringallofitsemployees.Thegratuityscheme is funded through Employees’ Group Gratuity Scheme which is administered by LifeInsuranceCorporationofIndia(‘LIC’).

The liability for the defined benefit plan of Gratuity is determined on the basis of an actuarialvaluation, carried out by an independent actuary, at the year-end using projected unit creditmethod.ActuarialgainsandlossescompriseexperienceadjustmentsandtheeffectsofchangesinactuarialassumptionsandarerecognisedimmediatelyintheStatementofProfitandLossasincomeorexpense.

c) TerminationbenefitsarerecognisedasanexpenseintheStatementofProfitandLossasandwhenincurred.


d) OtherEmployeeBenefits

TheemployeesoftheCompanyareentitledtocompensateabsencesaspertheleavepolicyoftheCompany.

Accumulated compensated absences, which are expected to be availed or encashed within 12monthsfromtheendoftheyearendaretreatedasshorttermemployeebenefits.Theobligationtowardsthesameismeasuredattheexpectedcostofaccumulatingcompensatedabsencesastheadditionalamountexpectedtobepaidasaresultoftheunusedentitlementasattheyearend.

Accumulated compensated absences, which are expected to be availed or encashed beyond12months from theendof the year endare treatedasother long termemployeebenefits.TheCompany’s liability isactuariallydetermined(usingtheProjectedUnitCreditmethod)at theendofeachyear.Actuariallosses/gainsarerecognisedintheStatementofProfitandLossintheyearinwhich they arise.

e) Share based payment transactions Thegrantdate fairvalueofequitysettledshare-basedpaymentawardsgrantedtoemployees is

recognizedasanemployeeexpense,withacorrespondingincreaseinreservesandsurplus,overtheperiod that the employees unconditionally become entitled to the awards. The amount recognized asexpenseisbasedontheestimateofthenumberofawardsforwhichtherelatedserviceandnon-marketvestingconditionsareexpectedtobemet,suchthattheamountultimatelyrecognizedasanexpenseisbasedonthenumberofawardsthatdomeettherelatedserviceandnon-marketvestingconditionsatthevestingdate.Forshare-basedpaymentawardswithnon-vestingconditions,thegrantdatefairvalueoftheshare-basedpaymentismeasuredtoreflectsuchconditionsandthereisnotrue-upfordifferencesbetweenexpectedandactualoutcome

j) lease

Assets acquired as leaseswhere a significant portion of the risks and rewards of the ownership areretainedbythelessorareclassifiedasOperatingLeases.OperatingleasepaymentsarerecognisedasanexpenseintheStatementofProfitandLossonastraight-linebasisovertheperiodoflease.

k) Current and deferred tax

Taxexpensefortheperiod,comprisingcurrenttaxanddeferredtax,areincludedinthedeterminationofthenetprofitorlossfortheperiod.Currenttaxismeasuredattheamountexpectedtobepaidtothetaxauthoritiesinaccordancewiththetaxationlawsprevailingintherespectivejurisdictions.

Deferred tax is recognised for all the timingdifferences, subject to the considerationofprudence inrespectofdeferredtaxassets.Deferredtaxassetsarerecognisedandcarriedforwardonlytotheextentthatthereisareasonablecertaintythatsufficientfuturetaxableincomewillbeavailableagainstwhichsuchdeferredtaxassetscanberealised.DeferredtaxassetsandliabilitiesaremeasuredusingthetaxratesandtaxlawsthathavebeenenactedorsubstantivelyenactedbytheBalanceSheetdate.AteachBalanceSheetdate,thecompanyreassessesunrecogniseddeferredtaxassets,ifany.

MinimumAlternativeTax (‘MAT’) under the provisions of the Income-tax Act, 1961 is recognised ascurrenttaxintheStatementofProfitandLoss.ThecreditavailableundertheActinrespectofMATpaidisrecognisedasanassetonlywhenandtotheextentthereisconvincingevidencethatthecompanywillpaynormalincometaxduringtheperiodforwhichtheMATcreditcanbecarriedforwardforset-offagainstthenormaltaxliability.MATcreditrecognisedasanassetisreviewedateachbalancesheetdateandwrittendowntotheextenttheaforesaidconvincingevidencenolongerexists.

Insituations,wherethecompanyhasunabsorbeddepreciationorcarryforwardlossesundertaxlaws,MAT credit and deferred tax assets are recognized only to the extent that there is virtual certaintysupportedbyconvincingevidencethattheycanberealisedagainstfuturetaxableprofits.


Current taxassetsandcurrent tax liabilitiesareoffsetwhenthere isa legallyenforceableright tosetofftherecognisedamountsandthereisanintentiontosettletheassetandtheliabilityonanetbasis.Deferredtaxassetsanddeferredtaxliabilitiesareoffsetwhenthereisalegallyenforceablerighttosetoffassetsagainstliabilitiesrepresentingcurrenttaxandwherethedeferredtaxassetsandthedeferredtaxliabilitiesrelatetotaxesonincomeleviedbythesamegoverningtaxationlaws.

l) provision and Contingent liabilities

provisions:Provisionsarerecognisedwhenthereisapresentobligationasaresultofapastevent,itisprobable thatanoutflowof resourcesembodyingeconomicbenefitswillbe required tosettle theobligationandthereisareliableestimateoftheamountoftheobligation.ProvisionsaremeasuredatthebestestimateoftheexpenditurerequiredtosettlethepresentobligationattheBalanceSheetdateandarenotdiscountedtoitspresentvalue.

Contingent liabilities: Contingent liabilities are disclosed when there is a possible obligation arising frompastevents,theexistenceofwhichwillbeconfirmedonlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontroloftheCompanyorapresentobligationthatarisesfrompasteventswhereitiseithernotprobablethatanoutflowofresourceswillberequiredto settle or a reliable estimate of the amount cannot be made.

m) Warranty

Provision for liabilities towards warranty cost is made based on Management estimates, technicalevaluationandpastexperience.

n) Segment Reporting

The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for the Company.

Revenueandexpenseshavebeenaccountedforbasedontheirrelationshiptotheoperatingactivitiesofthesegment.RevenuewhichrelatestotheCompanyasawholeandisnotallocabletosegmentsonareasonablebasishasbeenincludedunder“InterestIncome”and“RentalIncome”.ExpenseswhichrelatetotheCompanyasawholeandarenotallocabletosegmentsonareasonablebasishavebeenincludedunder“InterestExpense”

o) Cash and Cash equivalents

Cashandcashequivalentsincludecashinhand,demanddepositswithbanks,othershort-termhighlyliquidinvestmentswithoriginalmaturitiesofthreemonthsorless.

p) earnings per Share

Basicearningspershareiscalculatedbydividingthenetprofitorlossfortheperiodattributabletoequityshareholders by theweighted average number of equity shares outstandingduring the period.Theweightedaveragenumberofequitysharesoutstandingduringtheperiodandforallperiodspresentedisadjustedforevents,suchasissueofshared,bonusshares,otherthantheconversionofpotentialequityshares,whichhavechangedthenumberofequitysharesoutstanding,withoutacorrespondingchangeinresources.Forthepurposeofcalculatingdilutedearningspershare,thenetprofitorlossfortheyearattributabletoequityshareholdersandtheweightedaveragenumberofsharesoutstandingduringtheperiodisadjustedfortheeffectsofalldilutivepotentialequityshares.

q) derivatives and Hedging activities

Thepremiumordiscountarisingattheinceptionofforwardexchangecontractsenteredintotohedgean existing asset/liability, is amortized as expense or incomeover the life of the contract. ExchangedifferencesonsuchacontractarerecognizedintheStatementofProfitandLossinthereportingperiodinwhichtheexchangerateschange.Anyprofitor lossesarisingoncancellationorrenewalofsuchaforwardexchangecontractarerecognizedasincomeorasexpensefortheperiod.



particulars As at March 31, 2019


3. Share Capital

Authorised :308,000,000(Previousyear:308,000,000)EquitySharesofRs.10each. 30,800 30,800

30,800 30,800 Issued, Subscribed and paid up :306,842,368(Previousyear:306,842,368)EquitySharesofRs.10eachfullypaidup. 30,684 30,684

30,684 30,684

a. Reconciliation of number of equity Shares outstanding as at the beginning and at the end of the year is as under: particulars numbers Amount

As at

March 31, 2019 As at

March 31, 2018As at

March 31, 2019As at

March 31, 2018

Number of shares outstanding as at the beginning of the year 306,842,368 104,221,400 30,684 10,422

Add:Sharesissuedduringtheyear - 202,620,968 - 20,262

Number of shares outstanding as at the end of the year 306,842,368 306,842,368 30,684 30,684

b. Rights, preferences and restrictions attached to shares

Thecompanyhasoneclassof shares referred toas‘EquityShares’havingaparvalueofRs.10each.Eachholderofequitysharesisentitledtoonevotepershareandhasequalrights.Intheeventofliquidation,theequityshareholdersareeligibletoreceivetheremainingassetsoftheCompanyafterdistributionofallpreferentialamounts,inproportiontotheirshareholding.

percentage numbers Amount Holding As at

March 31, 2019 As at

March 31, 2018As at

March 31, 2019As at

March 31, 2018

c. Shareholder holding more than 5% of entire Share Capital

KiddeInternationalLtd,U.K.-HoldingCompany 99.83% 306,313,606 306,313,606 30,631 30,631

4. Reserves And Surplus

Capital Redemption ReserveBalance at the beginning and at the end of the year 5 5

Securities premium Account Balance as at the beginning of the year 8,927 4,064Add: Addition during the year - 4,863Balance as at the end of the year 8,927 8,927

General ReserveBalance at the beginning and at the end of the year 454 454

deficit in Statement of profit and lossBalance as at the beginning of the year (27,324) (26,886)Add:Profit/(Loss)fortheyear 4,981 (438)Balance as at the end of the year (22,343) (27,324)

Share options outstanding accountBalance as at the beginning of the year 212 - Add: Addition during the year 118 212 Balance as at the end of the year 330 212

(12,627) (17,725)

utC FIRe & SeCuRItY IndIA lIMItednotes to the Financial Statements for the year ended March 31, 2019




5. long term provisionsProvisionforemployeebenefits:-Gratuity(ReferNote31) 260 221 - Compensated Absences 244 250 ProvisionforDe-commissioningcost 334 297

838 768

6. other long term liabilitiesLeaseEqualisationReserve 158 102 158 102

7. trade payablesTrade Payables 3,132 2,957*ForduestoMSME,refernote40 3,132 2,957

8. other Current liabilitiesAdvancefromCustomers 222 468 UnearnedRevenue 738 862 Employeeliabilities 73 66 Statutoryliabilities 581 450 Unamortized Premium on Forward Contract 56 4 Forward Contract Payable 1,696 1,376Others - 1

3,366 3,227

9. Short term provisionsProvisionforEmployeebenefits: - Compensated Absences 62 227 -Gratuity(Refernote31) 100 100 ProvisionforWarranty(ReferNote39) 21 37 ProvisionforforeseeableLossesonProjects(ReferNote39) 299 319 ProvisionforLitigation/disputes(ReferNote39) 971 1,079ProvisionforLiquidatedDamages(ReferNote39) 24 24

1,477 1,786




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11. long term loans and AdvancesUnsecured,consideredgood:SecurityDeposits 662 645 AdvanceincometaxandTaxDeductedatSource 495 487 Deposit under protest 608 492

1,765 1,624

Unsecured,considereddoubtful:BalancewithGovernmentAuthorities - 196

- 196 Less:Provisionfordoubtfulloans,advancesanddeposits - (196)

- - 1,765 1,624

12. Inventories (At lower of cost and net realisable value) Stock-in-trade(includesGoods-in-transitRs.348lakhs(PreviousYearRs.312lakhs)) 1,194 912 Less:ProvisionforSlowandNonmovingstock (337) (214)

857 698

13. trade ReceivablesUnsecured considered good :Outstandingforperiodexceeding6monthsfromthedatetheyaredueforpayment 124 524 Others 6,560 5,130

6,684 5,654Unsecured considered doubtful :Outstandingforperiodexceeding6monthsfromthedatetheyaredueforpayment 1,794 2,166

Less:Provisionfordoubtfuldebts (1,794) (2,166) - -

6,684 5,654 14. Cash and Bank Balances

CashandCashEquivalents:Balances with Banks in Current Account 5,520 2,819DemandDeposits(lessthan3monthsmaturity) 6,700 5,200

12,220 8,019 Other Bank Balances :DepositswithBanksheldasMarginMoney(maturitymorethan3monthsbutlessthan12months) 21 21

12,241 8,040

15. Short term loans and AdvancesUnsecuredconsideredgood,unlessotherwisestated:SecurityDeposits 1 1 Advancetoemployees 9 19 Prepaidexpenses 25 323 Advancetosuppliers 511 185 BalancewithGovernmentAuthorities 308 235 Others 37 17 Unsecured considered Doubtful:Advancetosuppliers 67 104 BalancewithGovernmentAuthorities 22 - Less:Provisionfordoubtfuldebts (89) (104)

- -891 780






16. other current assetsInterest accrued but not due 39 4 ForwardContractReceivable 1,756 1,384Unbilledrevenue 374 594

2,169 1,982



17. Revenue From operationsSale of products and spares 3,715 3,364RevenuefromSupplyandInstallationofFireProtectionSystems(ReferNote30) 124 68 Sale of Services:RevenuefromInstallationandMaintenanceServices 125 81 Commission income 1,096 1,019ResearchandDevelopmentServices* 23,667 15,883

28,727 20,415 *IncludespriorperiodincomeofRs.1,417lakhs(PreviousyearRs.Nil)details of Sales (products and Spares) :Detectors 1,678 1,580Devices 729 593 Panels 510 428 Accessories and Others 798 764

3,715 3,365 18. other Income

Interest Income from Bank 448 75 Rent Income 216 213 ReversalofProvisionforslowmovingandnonmovinginventories - 6 Provisions/Liabilitiesnolongerrequiredwrittenback# 397 41 Provisionforlitigationnolongerrequiredwrittenback(Refernote39)@ 114 359 GainonForeignExchangeFluctuation(Net) 199 27 ServiceCharges 286 266 ReversalofprovisionforForeseeableLossesonProjects 19 135 Reversalofprovisionfordoubtfulloans,advancesanddeposits - 1 Miscellaneous income 10 64

1,689 1,187 #includespriorperiodofRs.112lakhs(previousyearRs.Nil)@includespriorperiodofRs.101lakhs(previousyearRs.Nil)

19. purchase of stock in trade*Detectors 1,145 1,082Devices 511 553 Panels 392 289 Accessories and Others 1,122 589

3,170 2,514 *PreviousyearamountincludesRs.12.27lakhsforFY16-17






20. Changes In Inventories of Stock-in-tradeOpeningInventories 912 760

Less:ClosingInventories 1,194 912

(282) (152)

21. employee Benefits expenseSalaries,wagesandbonus 14,091 10,112Contributiontoprovidentfundandotherfunds[ReferNote31(A)] 602 477 GratuityExpenses[ReferNote31(B)(vi)] 255 244 Staffwelfareexpenses 181 169 Sharebasedpayments(ReferNote34) 118 212

15,247 11,214

22. Finance CostsInterest on short term borrowings - 1,579Interest - Others 37 33

37 1,612

23. other expensesConsumption of stores and spare parts 197 73 CostofService 73 122 Power and fuel 150 163 Rent(ReferNote35)* 1,297 1,304Ratesandtaxes 70 463 Repairs and Maintenance 417 630 Insurance 364 217 AuditorsRemuneration(ReferNote29) 22 22 Travellingandconveyance 1,041 703 Communication costs 43 35 Legalandprofessionalfees 402 486 Bad debts 1 - Provisionfordoubtfuldebts** 64 104 Provisionforwarranty - 72 Provisionforslow/non-movingInventory 123 - OfficeExpenses 120 181 BusinessSupportServices 74 95 Advanceswrittenoff 518 - ITSupportChargesandSoftwareexpenses 984 824 ProvisionforLitigation(ReferNote39) - 94 ProvisionforLiquidatedDamages(ReferNote39) - 14 Miscellaneous 348 410

6,308 6,012

*IncludespriorperiodexpenditureofRs.Nil(PreviousyearRs.35lakhs)**NetofreversalofprovisionforretentiondebtorsamountingtoRs.Nil(PreviousyearRs.90lakhs)

24. Thedisclosuresregardingdetailsofspecifiedbanknotesheldandtransactedduring8November2016to30December2016hasnotbeenmadeinthesefinancialstatementssincetherequirementdoesnotpertaintofinancialyearended31March2019.






25. A. Contingent liabilities to the extent not provided for(a)Demands/ShowCausenoticeraisedbyexciseauthoritieswhicharecontested

by the Company 232 232

(b)Demands raisedby SalesTax authorities againstwhich theCompanyhas filedappeals 855 126

(c)DemandsraisedbyIncomeTaxauthoritiesagainstwhichtheCompanyhasfiledappeals 327 327

(d)Claimsagainstthecompanynotacknowledgedasdebt 84 84 (e)LiquidatedDamages* 814 997

2,312 1,766 Theamountshownintheitems(a)to(d)representthebestpossibleestimatesarrivedatonthebasisofavailableinformation.TheuncertaintiesandpossiblereimbursementsaredependentonoutcomeofthedifferentlegalprocesseswhichhavebeeninvokedbytheCompanyortheclaimantsasthecasemaybeandthereforecannotbepredictedaccurately.TheCompanyengagescompetentadvisorstoprotectitsinterestandhasbeenadvisedthatithasstronglegalpositionsagainstsuchdisputes.

*InrespectofthecontractsenteredbytheCompany,iftheCompanyfailstocompletethecommitmentsunderthecontract,penaltyintheformofliquidateddamagesmaybechargedbytheCustomer.However,consideringongoingtransactionswiththecustomersthemanagementdoesnotconsiderallleviableamountsunderthecustomercontractsasprobable.

InFebruary2019,theSupremeCourtofIndiainitsjudgment,clarifiedtheapplicabilityofallowancesthatshouldbeconsideredtomeasureobligationsunderEmployeesProvidentFundAct,2019.TheCompanyisoftheviewtherearemanyinterpretativechallengesontheapplicationofjudgmentretrospectivelyandassuchtheCompanydoesnotconsideranyprobableobligationsforpastperiods.Accordingly,theCompanyhasmadeprovisionforprovidentfundcontributionfromthedateofSupremeCourtjudgment.

25. B. other Commitments :(a)Valueofcustomduty inrespectofexportobligation(againstadvance licenses)remaining to be met at year end 8 8

26. CIF Value of ImportsPurchase of traded goods and components 2,644 2,263

2,644 2,263

27. expenditure in foreign currencyTravelling 393 6 ITSupportchargesandSoftwareexpenses 211 150 Otherexpenses 5 8

609 163

28. earnings in foreign exchangeCommission 1,096 1,019ResearchandDevelopmentservices 23,667 15,883

24,763 16,902

29. Auditors’ Remuneration (exclusive of applicable taxes)As Auditors- Audit Fees 18 18 -Out-of-PocketExpenses 3 3 -Otherservices 1 1

22 22




30. disclosures pursuant to Accounting Standard (AS) 7 (Revised)



i. Contractrevenuerecognisedfortheyear 124 68

ii. Aggregate amounts of costs incurred and recognised profits (less recognisedlosses)uptothereportingdate 13,367 14,320

iii. Amountof customeradvancesoutstanding for contracts-work-in-progressas atthe year end 89 115

iv. Amount of retentions not due from customers for contracts- work-in-progress as at the year end 1,063 1,194

v. Amount due from customersAmountsduefromcustomersoncontractsaccountedunderPercentageofCompletion(PoC)isarrivedatasbelow[forallcontracts-work-in-progressforwhichcostsincurredplusrecognisedprofits(lessrecognisedlosses)exceedsprogressbillings]

a) Aggregate amounts of costs incurred and recognised profits (less recognisedlosses)uptothereportingdate 2,524 2,524

b) Less:Aggregateamountofprogressbillings 2,520 2,5204 4

vi. Amount due to customersAmountsduetocustomersoncontractsaccountedunderPoCisarrivedatasbelow[forallcontracts-work-in-progressforwhichprogressbillingsexceedscostsincurredplusrecognisedprofits(lessrecognisedlosses)]

a) Aggregate of progress billings 11,679 12,827

b) Less:Aggregateamountsofcostsincurredandrecognisedprofits(lessrecognisedlosses)uptothereportingdate. 10,842 11,796

837 1,031

31. employees BenefitsThedisclosuresasrequiredaspertherevisedAS-15(Revised2005)areasunder:(A) defined Contribution plansTheCompanyhasrecognisedthefollowingamountsintheStatementofProfitandLossfortheyearbasedonemployer’scontribution:



ContributiontoProvidentFund 206 164 Contribution to Family Pension Fund 396 313 total* 602 477 *IncludedinNote21-‘Employeebenefitsexpense’(B) defined Benefit plansGratuity:InaccordancewithAccountingStandard15(Revised2005),actuarialvaluationwasdoneinrespectofdefinedbenefitplanofgratuitybased on the following assumptions:



DiscountRate(perannum) 7.40% 7.80%RateofincreaseinCompensationLevels 7.50% 7.50%RateofReturnonPlanAssets(Perannum) 8.00% 8.00%

Theestimatesof future salary increases, considered inactuarialvaluation takeaccountof inflation, seniority,promotionandotherrelevantfactorsuchassupplyanddemandfactorsintheemployeemarket.

(i) Changes in the present Value of obligation Year ended

March 31, 2019 Year ended

March 31, 2018Presentvalueofobligationasatthebeginningoftheyear 581 412 Interest cost 55 37 CurrentServicecost 152 107 Pastservicecost - 81 BenefitsPaid (71) (91)ActuarialLoss 54 35 present Value of obligation as at the end of year 771 581




(ii) Changes in the Fair value of plan Assets Year ended


March 31, 2018Fair Value of Plan Assets as at beginning of the year 258 269 ExpectedReturnonPlanAssets 22 22 Contributions by employer 206 65 Actuarial(Gain) (6) (7)BenefitsPaid (71) (91)Fair Value of plan Assets as at the end of year 409 258

(iii) percentage of each Category of plan Assets to total Fair Value of plan Assets as at the year end.ThePlanAssetforgratuityisadministeredbyLifeInsuranceCorporationofIndia(‘LIC’)asperInvestmentPatternstipulatedforPensionandGroupSchemesFundbyInsuranceRegulatoryandDevelopmentAuthorityRegulations.

(iv) Reconciliation of present Value of obligation and Fair Value of plan Assets Year ended


March 31, 2018Present Value of Obligation as at the end of the year 771 581 Fair Value of Plan Assets as at the end of the year (409) (258)UnfundedLiability 362 323 AmountpaidbytheCompanydirectly[ReferNote(a)below] - - NetUnfundedLiabilityrecognisedintheBalanceSheet 362 323

(v) Amount recognised in the Balance Sheet Year ended


March 31, 2018Present Value of Obligation as at the end of the year 771 581 Fair Value of Plan Assets as at the end of the year (409) (258)Net Balance 362 323 NetLiabilityrecognisedasattheendoftheyear 362 323

(vi) expense recognised in the Statement of profit and loss



CurrentServiceCost 152 107 Pastservicecost - 81 Interest Cost 55 37 ExpectedReturnonPlanAssets (22) (22)Netactuarial(Gain)/Loss 60 41 total expense recognised in the Statement of profit and loss * 246 244 *IncludedinEmployeebenefitsexpense“Gratuity"(ReferNote"21").

(vii) expected employer contribution for next year 100 100

(viii) other disclosuresYear ended

March 31, 2019Year ended




March 31, 2015

Presentvalueofobligationattheendoftheyear 771 581 412 283 202

FairvalueofplanAssetsattheendoftheyear (409) (258) (269) (210) (193)

(Surplus)/Deficit 362 323 143 73 9

ExperienceAdjustments:

OnPlanLiabilities-(Gain)/Loss 43 (72) 11 9 (46)

OnPlanAssets-Gain/(Loss) (6) (7) (2) (2) (1)




32. Segment Reporting

primary Segment

Business segment has been considered as primary segment for disclosure. In accordance with the requirements of AccountingStandard–17“SegmentReporting”,theCompanyhasdetermineditsbusinesssegmentas“FireProtectionandSecurity”and“ResearchandDevelopment”. FireProtectionandSecuritybusinesssegmentconsistsofsupplying, installationandcommissioningofFireandProtection systems and selling products of group Company in relation to Fire and Security. Research and Development businesssegmentconsistsofinformationtechnologyrelatedsupportservicesinrelationtoFireandSecuritybusiness.

Assets/Liabilitieshavebeenaccountedforbasedonthebasisoftheirrelationshiptotheoperatingactivitiesofthesegment.AssetsandLiabilitieswhichrelatetotheCompanyasawholeandarenotallocabletosegmentsonareasonablebasishavebeenincludedunder“UnallocatedAssets”and“UnallocatedLiability”. Revenueandexpenseshavebeenaccountedforbasedontheirrelationshiptotheoperatingactivitiesofthesegment.RevenuewhichrelatestotheCompanyasawholeandisnotallocabletosegmentsonareasonablebasishasbeenincludedunder“InterestIncome”and“RentalIncome”.ExpenseswhichrelatetotheCompanyasawholeandarenotallocabletosegmentsonareasonablebasishavebeenincludedunder“InterestExpense”.

particularsYear ended March 31, 2019 Year ended March 31, 2018

Fire protection and Security

Research and development total Fire protection

and SecurityResearch and development total

1.NetSalesandServices 5,059 23,667 28,727 4,532 15,883 20,415

2.SegmentResult[Loss/(Profit)] 348 (4,703) (4,355) 318 (1,203) (885)

Less:InterestIncome - - 448 - 75

Less:RentalIncome - - 216 - - 213

Add:InterestExpense - - 37 - - 1,612

Lossaftertaxation(AfterExceptionalitem) - - (4,981) - - 438

3.CapitalEmployed

SegmentAssets 6,126 8,165 14,291 5,724 7,738 13,462

Add : Unallocated Assets - - 12,737 - - 8,527

Total Assets - - 27,028 - - 21,989

SegmentLiabilities 6,664 2,308 8,972 7,984 1,916 9,901

Add:UnallocatedLiabilities - - - - - -

TotalLiabilities - - 8,972 7,984 - 9,901

CapitalExpenditure - 69 69 - 391 391

4.Depreciationexpense 3 664 667 3 669 672

5.NonCashExpenditure - - (541) - - (373)

Secondary Segment

TheCompanyhasidentifieditssecondarysegmentasthegeographicalsegment,basedonthelocationofthecustomer.Customersareclassifiedaseither“WithinIndia”or“OutsideIndia”.

particularsYear ended March 31, 2019 Year ended March 31, 2018

Within India outside India total Within India outside India total

Revenuefromexternalcustomers 3,964 24,763 28,727 3,513 16,902 20,415

CarryingamountofSegmentAssets 22,486 4,543 27,028 18,521 3,468 21,989

CapitalExpenditureduringtheyear 69 - 69 391 - 391

33. Related party disclosure

RelatedPartyDisclosureasrequiredbyAccountingStandard18,“RelatedPartyDisclosure”aregivenbelow:

I ultimate Holding Company

UnitedTechnologiesCorporationInc.,U.S.A.

II Holding Company

KiddeInternationalLimited,U.K.




III enterprises under common control *AutomatedLogicCorporation

AutronicaFireandSecurityAs,Norway

BISSystems&ControllerEngineering

CarrierAirconditioning&RefrigerationLtd

Carrier Airconditioning & Refrigeration China

CarrierAsiaLimited

Carrier Corporation

CarrierRaceIndiaPvtLtd

Carrier Transicold

ChemtronFireSystems

Chubb AlbaControlSystemsLimited

DetectorElectronicsCorporation

Fireye,Inc.

FSProdDistPolska

GulfSecurityTechnologyCorpLtd

KiddeDanmarkA/S

Kidde Fenwal Inc.

KiddeFireProtectionLtd.

Walterkiddeportableequipment

LenelSystemsInternational,Inc

OTISElevatorCo.USA

OtisElevatorcompany

Onity Inc

Sensitech

UTElectronicControls

UTCFire&SecurityAmericasCorpInc.Bradenton

UTCFire&SecurityB.V

UtcFire&SecurityManagement,China

UTCFire&SecuritySingaporePteLtd.

UTCFire&Security-Spain

UTCFire&Security,Finland

UTCFire&Security-Mec-Australia

UTCFIRE&SECURITYTRADINGCOLTD

Walter Kidde

IV Key Management personnel

Mr Anand Bagalwadi Whole time Director From: 01.04.2017 to 21.04.2017

Mr.M.N.Sudheendra CFO & Director From: 01.04.2017 to 31.10.2017

Mr. Balasubramaniam Prasad Whole time Director 08.09.2017 onwards

Mrs.Vasanthi Narayana Whole time Director 12.03.2019 onwards

Thelistofpartiesabovehavebeenlimitedtotheentitieswithwhomtransactionshavetakenplaceduringtheyear/previousyearorbalancesareoutstandingasattheyearend/previousyear.



nature of transaction/ name of the Related partyultimate Holding

Company

enterprises under common

control

Key Management

personneltotal

Sales and Services CarrierAirconditioning&RefrigerationLimited,India - 6 - 6

(-) (8) (-) (8)ChubbAlbaControlSystemsLimited,India - 13 - 13

(-) (22) (-) (22)Others - 1 - 1

(-) (2) (-) (2)total- Current Year - 20 - 20 previous Year (-) (32) (-) (32)

Research And development IncomeUTCFire&SecurityAmericasCorpInc.Bradenton - 4,335 - 4,335

(-) (3,618) (-) (3,618)CarrierCorporation,U.S.A - 8,497 - 8,497

(-) (4,779) (-) (4,779)BISSystems&ControllerEngineering - 3,722 - 3,722

(-) (2,080) (-) (2,080)Others - 6,821 - 6,821

(-) (5,284) (-) (5,284)total- Current Year - 23,375 - 23,375 previous Year (-) (15,761) (-) (15,761)

unbilled RevenueUTCFire&SecurityAmericasCorpInc.Bradenton - 205 - 205

(-) (17) (-) (17)BISSystems&ControllerEngineering - 71 - 71

(-) (-) (-) (-)Carrier Corporation - 21 - 21

(-) (93) (-) (93)others - 78 - 78


purchases of Stock in tradeGulfSecurityTechnologyCorpLtd,China - 1,903 - 1,903

(-) (1,654) (-) (1,654)KiddeFireProtectionLimited - 377 - 377

(-) (306) (-) (306)Others - 317 - 317

(-) (187) (-) (187)total- Current Year - 2,597 - 2,597 previous Year (-) (2,147) (-) (2,147)

other expensesCarrierAirconditioning&RefrigerationLimited,India - 168 - 168

(-) (101) (-) (101)CarrierCorporation,U.S.A - 212 - 212

(-) (159) (-) (159)Others - 1 - 1






(All amounts in Rs. Lakhs, unless otherwise stated) Commission Income

UTCFire&SecuritySingaporePteLtd. - 1,096 - 1,096(-) (1,019) (-) (1,019)

total- Current Year - 1,096 - 1,096 previous Year (-) (1,019) (-) (1,019)

Rent expenseCarrierAirconditioning&RefrigerationLimited,India - 44 - 44


Interest expense

CarrierAirconditioning&RefrigerationLimited,India - - - - (-) (154) (-) (154)

OtisElevatorCompany(India)Limited,India - - - - (-) (1,425) (-) (1,425)

total- Current Year - - - - previous Year (-) (1,579) (-) (1,579)

Reimbursement of expenses from Group Companies

DetectorElectronicsCorporation,Singapore - 22 - 22 (-) (16) (-) (16)

CarrierAirconditioning&RefrigerationLimited,India - 331 - 331 (-) (338) (-) (338)

CarrierCorporation,U.S.A. - 55 - 55 (-) (39) (-) (39)

Others - 90 - 90 (-) (81) (-) (81)

total- Current Year - 498 - 498 previous Year (-) (474) (-) (474)

Rent Income


ChubbAlbaControlSystemsLimited,India - 83 - 83 (-) (113) (-) (113)

CarrierRaceTechnologiesPrivateLimited,India - 37 - 37 (-) (28) (-) (28)


training expenses

CarrierCorporation,U.S.A - - - - (-) (6) (-) (6)

total- Current Year - - - - previous Year (-) (6) (-) (6)


Reimbursements of expenses to group companies


Others - 5 - 5 (-) (10) (-) (10)


loan Received

OtisElevatorCompany(India)Limited,India - - - - (-) (2,100) (-) (2,100)


loan Repaid

CarrierAirconditioning&RefrigerationLimited,India - - - - (-) (1,650) (-) (1,650)

OtisElevatorCompany(India)Limited - - - - (-) (17,530) (-) (17,530)


Accounts Receivables

BISSystems&ControllerEngineering - 685 - 685 (-) (464) (-) (464)

UTCFire&SecurityAmericasCorp.Inc.,Bradenton. - 567 - 567 (-) (819) (-) (819)

CarrierCorporation,U.S.A - 1,683 - 1,683(-) (824) (-) (824)

Others - 1,658 - 1,658(-) (1,618) (-) (1,618)


Accounts payables


GulfSecurityTechnologyCorpLtd - 480 - 480 (-) (224) (-) (224)

Carrier Corporation - 507 - 507 (-) (27) (-) (27)

Others - 415 - 415 (-) (579) (-) (579)


Guarantee ReceivedUnitedTechnologiesCorporationInc.,U.S.A. 19,716 - - 19,716

(19,314) (-) (-) (19,314)total- Current Year 19,716 - - 19,716 previous Year (19,314) (-) (-) (19,314)




Remuneration

Mr Anand Bagalwadi - - - - (-) (-) (5) (5)

Mr.M.N.Sudheendra - - - - (-) (-) (36) (36)

Mr. Balasubramaniam Prasad - - 61 61 (-) (-) (33) (33)

Mrs. Vasanthi Narayana - - 3 3 (-) (-) (-) (-)

total- Current Year - - 64 64 previous Year (-) (-) (74) (74)

34. Share based payments

A. Description of share based payment arrangements

The Company employees are entitled to various stock options under United Technologies Corporation (UTC), the UltimateParent Company’s Long-Term Incentive Plan (LTIP), as amended and restated effective February 5, 2016 (the “LTIP”). The stockoptionsprovidedtoemployeesof theCompany issubject to the termsandconditionsof theLTIP.Under theLTIPandpredecessorlong-term incentive plans, the exercise price of awards is set on the grant date andmay not be less than the fairmarket valueper shareon thatdate.Generally, stockappreciation rights and stockoptionshavea termof tenyears andaminimum three-yearvesting period. In the event of retirement, awards held for more than one year may become vested and exercisable subjectto certain terms and conditions. LTIP awards with performance based vesting generally have a minimum three-year vestingperiod and vest based on performance against pre-established metrics. In the event of retirement, vesting for awards heldmore than one year does not accelerate but may vest as scheduled based on actual performance relative to target metrics. The Companymeasure the cost of all share-based payments, including stock options, at fair value on grant date, on the basis of

ThekeytermsandconditionsrelatedtovariousstockoptionsunderLTIPisasfollows:-

type of options granted Vesting condition Contractual life Settlement

Restricted stock units (RSU's)

3yearsservicecondition Equal to vestingperiod

Settlement to be done by delivery of one commonstock of UTC

Performance stock units (PSU's)

3yearsservicecondition 10 years SettlementisdonebydeliverycommonstockofUTC.

Stock Appreciation Rights(SAR's)

3yearsservicecondition 10 years SettlementisdonebydeliverycommonstockofUTCand no cash is being paid to employees. The number of common stock issued represents the amount of appreciation in options granted to employee

B. Measurement of fair values

The parent company estimatesthefairvalueofRSUoptionaward,PSUoptionawardandSARoptionawardonthedateofgrantusingabinomiallatticemodel.ThefollowingtableindicatestheassumptionsusedinestimatingfairvaluefortheyearsendedMarch31,2019and2018.Lattice-basedoptionmodelsincorporaterangesofassumptionsforinputs;thoserangesareasfollows:

31-Mar-19 31-Mar-18

Expectedvolatility 17.5% - 21.1% 19%

Weighted-averagevolatility 18% 19%

Expectedterm(inyears) 6.5-6.6 6.5

Expecteddividendyield 2.20% 2.40%

Risk-free rate 1.3% - 2.7% 0.5% - 2.5%




ExpectedvolatilitiesarebasedonthereturnsofUTC’sstock, including impliedvolatilities fromtradedoptionsonUTC’sstock forthebinomiallatticemodel.Historicaldataisusedtoestimateequityawardexerciseandemployeeterminationbehaviorwithinthevaluationmodel.Therisk-freerateisbasedonthetermstructureofinterestratesatthetimeofequityawardgrant.

Theweightedaveragegrantdatefairvalueofstockoptionsgrantedduring2018-19asestimatedbyparentcompanyisasfollows:

RSU’s-Rs.8,401USDequivalent-$120.09PSU’s-Rs.8,222USDequivalent-$117.53SAR’s-Rs.1,424USDequivalent-$20.36

C. Reconciliation of outstanding share options

Asummaryofthetransactionsunderalllong-termincentiveplansfortheyearendedMarch31,2019isasfollows:-

RSu’s stock options 31-Mar-19 31-Mar-18number of

optionsWeighted average

exercise pricenumber of

optionsWeighted average

exercise priceOutstanding at the beginning of the year 1,950 - 1,616 - Granted during the year 1,263 - 679 - Exercisedduringtheyear 615 - 345 - Forfeited/cancelledduringtheyear - - - - Outstanding at the end of the year 2,598 - 1,950 - Exercisableattheendoftheyear - - - -

Theoptionsoutstandingasat31March2019haveaweightedaverageremainingcontractuallifeof5.36years(31March2018:1.79years) Theweightedaveragesharepriceatthedateofexerciseforsharesoptionsexercisedin2018-19wasRs.7,487USDequivalent-$107.02(2017-18:Rs.7,873USDequivalent-$122.12)

pSu’s stock options 31-Mar-19 31-Mar-18

number of options

Weighted average exercise price

number of options


Outstanding at the beginning of the year 740 - 680 -

Granted during the year 460 - 260 -

Exercisedduringtheyear 240 - 56 -

Forefieted/cancelledduringtheyear - - 144 -

Outstanding at the end of the year 960 - 740 -

Exercisableattheendoftheyear - - - -

Theoptionsoutstandingasat31March2019haveaweightedaverageremainingcontractuallifeof5.39years(31March2018:1.79years) Theweightedaveragesharepriceatthedateofexerciseforsharesoptionsexercisedin2018-19wasRs.8,585,USDequivalent-$122.72(2017-18:Rs.8,212,USDequivalent-$127.38)

SAR’s 31-Mar-19 31-Mar-18

number of options


number of options


Outstanding at the beginning of the year 11,932 103.96 11,571 97.82

Granted during the year 2,600 120.77 1,700 19.66

Exercisedduringtheyear 2,800 121.31 1,339 81.66

Forefieted/cancelledduringtheyear - - - -

Outstanding at the end of the year 11,732 111.21 11,932 103.96

Theoptionsoutstandingasat31March2019haveaweightedaverageremainingcontractuallifeof2.38years(31March2018:4.17years)




Theweightedaveragesharepriceatthedateofexerciseforsharesoptionsexercisedin2018-19wasRs.8,487USDequivalent-$121.31(2017-18:Rs.7,732,USDequivalent-$118.14)

d. Expenserecognisedinstatementofprofitandloss

Fordetailsontheemployeebenefitsexpense,seeNote21

35. leasesThe Company has operating leases for office premisesandmotorvehicle.Theseleasearrangementsrangeforaperiodbetween11monthsto60months,whichincludebothcancellableandnon-cancellableleases.Mostoftheleasesarerenewableforfurtherperiodon mutually agreeable terms and also include escalation clauses. TheaggregateleaserentalspayablearechargedasRentinNote23aggregatingRs.1,297lakhs(PreviousYearRs1,304lakhs).Withrespecttonon-cancellableoperatingleases,the future minimum lease payments are as follows:



not later than one year 1,326 1,172laterthanoneyearbutnotlaterthanfiveyears 1,493 2,765laterthanfiveyears - -

36. earnings/loss per share (epS/lpS)



Netearnings/lossforcalculationofBasicandDilutedEPS/LPS(Rs.inlakhs) 4,981 (438)

No. of shares outstanding at the beginning of the year 30,68,42,368 10,42,21,400

No. of shares outstanding at the end of the year 30,68,42,368 30,68,42,368

WeightedaveragenumberofequitysharesforcalculatingbasicEPS/LPS 30,68,42,368 16,13,99,372

WeightedaveragenumberofequitysharesforcalculatingdilutedEPS/LPS 30,68,42,368 16,13,99,372

NominalValueofeachEquityShare(Rs.) 10 10

BasicEarnings/LossPerShare(Rs.) 1.62 (0.27)

DilutedEarnings/LossPerShare(Rs.) 1.62 (0.27)

37. TheCompanyhasestablishedacomprehensivesystemonmaintenanceof informationanddocumentsrequiredbythetransferpricing legislationunder section92-92Fof the IncomeTaxAct,1961. Since the law requiresexistenceof such informationanddocumentationtobecontemporaneousinnature,theCompanyisintheprocessofupdatingthedocumentationfortransactionsenteredintowiththeassociatedenterprisesduringthefinancialyearandexpectssuchrecordstobeinexistencelatestbytheduedateasrequiredunderlaw.TheManagementisoftheopinionthatitstransactionsareatarm’slengthsothattheaforesaidlegislationwillnothaveany impactonthefinancialstatementsparticularlyontheamountof incometaxexpenseandthatofprovisionoftaxation.

38. deferred tax Ontheconsiderationofprudenceandintheabsenceofvirtualcertaintyofsufficientfuturetaxableincome,thenetdeferredtaxassetasatMarch31,2019hasnotbeenrecognised. Majorcomponentsofdeferredtaxarisingonaccountoftimingdifferenceare:



deferred tax assets :

Unabsorbed Business loss & Depreciation 3,208 4,063

Provisionfordoubtfuldebts 627 640

Provisionfordoubtfuladvances 31 81

ProvisionforLitigation/disputes 339 303




ProvisionforLiquidatedDamages 8 125

Provisionforwarranty 8 13

ProvisionforDe-commissioningcost 117 104

LeaseEqualisationreserve 55 36

Provisionforforceablelosses 105 111

ProvisionforEmployeebenefits 233 112

Provisionfordoubtfullslow/nonmovingstock 118 -

Depreciation 227 167

Other Disallowances - 75

5,075 5,830

deferred tax liability :

Depreciation - -

DeferredTaxAssets(net)* 5,075 5,830

DeferredTaxassetrecognized(Refernote(a)below) - -

*DeferredTaxAssetsandDeferredTaxLiabilitieshavebeenoffsetastheyrelatetothesamegoverningtaxationlaws. (a)Attheyearend,theCompanyhassignificantunabsorbeddepreciation/carryforwardlossesasperIncometaxAct,1961.Intheabsenceofvirtualcertaintyofsufficienttaxableprofits,deferredtaxassethasbeenrecognizedonlytotheextentofdeferredtaxliability.

39. In accordance with Accounting Standard 29 “provisions, Contingent liabilities and Contingent Assets”, the movement ofprovisions is detailed below:

particulars Balance as on March 31, 2018

Addition during the year

Reversed during the year

utilised during the

year

Balance as on March 31, 2019

Litigation/disputes(Refernote(a)below)1,079 - 108 - 971

(1,344) (94) (359) - (1,079)

LiquidatedDamages(Refernote(b)below) 24 - - - 24

(38) (14) - - (24)

Warranty(Refernote(c)below) 38 - - 17 21

(6) (72) - (40) (38)

Provision for Foreseeable Losses on Projects(Refernote(d)below)

319 - 19 - 299

(454) - (135) - (319)

total 1,460 - 126 17 1,314

(1,937) (180) (494) (40) (1,583)

note : Figuresinbracketsrepresentcorrespondingpreviousyearfigures.

notes :

a) ProvisionforLitigations/disputesinrespectofDirectandIndirectTaxmattersrepresentsestimatesmadeforprobableliabilitiesarisingoutofpendingdisputes/litigations/claimswithvariousauthorities.ThetimingoftheoutflowwithregardtothesaidmattersdependsonexhaustionofremediesavailabletotheCompanyunderthelawandhencetheCompanyisnotabletoreasonablyascertainthetimingofcashoutflow.

b) ProvisionforliquidateddamagesrepresentsestimatesmadeforpenaltyintheformofliquidateddamageschargedbythecustomeranddisputedbytheCompany.ThetimingoftheoutflowwithregardtothesaidmattersdependsonresolutionofdisputebytheCompanyandexhaustionofremediesavailabletotheCompanyunderthelawandhencetheCompanyisnotabletoreasonablyascertainthetimingofcashoutflow.


c) WarrantycoverstheexpensesrelatedtorepairingandmaintenanceactivitiesofsecurityproductssoldasperthetermsofthecontractenteredintobytheCompanywithitsCustomers.FutureCashFlowsinrespectofthesameisexpectedtooccurovertheperiodofwarranty.

d) Provisionforforeseeablelossesiscreatedfortheprojectswhereforeseeableestimatedcostexceedscontractprice.40. TheMinistryofMicro,SmallandMediumEnterpriseshasissuedanOfficeMemorandumdated26August2008whichrecommendsthat

theMicroEnterprisesandSmallEnterprisesshouldmentionintheircorrespondencewithitscustomerstheEntrepreneursMemorandumNumberasallocatedafterfilingoftheMemorandum.BasedontheinformationavailablewiththeManagement,amountsoutstandingtoMicroandSmallSuppliersasdefinedunderMicro,SmallandMediumEnterprisesDevelopmentAct,2006arepresentedbelow.Further,theCompanyhasnotreceivedanyclaimforinterestfromanysupplierunderthesaidAct.



a) The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year. 17 13

b) Theamountofinterestpaidbythebuyerintermsofsection16oftheMSMEDAct 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year.

- 31

c) The amount of interest due and payable for the period of delay in making payment(whichhavebeenpaidbutbeyondtheappointeddayduringtheyear)butwithoutaddingtheinterestspecifiedundertheMSMEDAct2006.

- -

d) The amount of interest accrued and remaining unpaid at the end of each accounting year. 16 13

e) Theamountoffurtherinterestremainingdueandpayableeveninsucceedingyears,untilsuchdatewhentheinterestduesasaboveareactuallypaidtothesmall enterprise for thepurposeofdisallowanceasadeductibleexpenditureundersection23oftheMSMEDAct,2006.

16 13

41. derivatives instruments and unhedged foreign currency exposure

a. derivatives outstanding as at the reporting date

particulars purpose As at March 31, 2019


ForwardcontractstosellUSD

(USDinlakhs)

Hedge of company commitment and highly probable forecast transaction

USD24.52lakhs (Rs.1,756lakhs)

USD21.20lakhs

(Rs.1,384lakhs)

b. particulars of unhedged foreign currency exposure as at the reporting date

particularsAs at March 31, 2019 As at March 31, 2018

Foreign Currency denomination

Foreign Currency Amount (in lakhs)

Amount (In Rupees)

Foreign Currency Amount (in lakhs)

Amount (In Rupees)

Assets uSd 40 2,787 32 2,084

Liabilities dKK 5 49 5 50

GBp 3 237 3 295

uSd 20 1,358 18 1,181

42. Remuneration to directorsTheCompanyhadpaidexcessremunerationaggregatingtoRs24lakhsrelatedtoperiodNovember8,2008toSeptember30,2009toMrDevendraMehta(sinceresigned).TheapplicationforwaiverofexcessremunerationwasrejectedbytheCentralGovernmentvideletterdatedJuly28,2015duetocertaintechnicalgrounds.TheCompanyhadresubmittedtheirapplicationonAugust25,2015andreceivedmaildatedSeptember30,2015fromtheCentralGovernmentwhichrequiredtheCompanytosubmitcertaininformation/documents/clarificationonthematter.However,thesaidapplicationwasrejectedbytheCentralGovernmentvidemaildatedMarch15,2016andtheCompanyhasresubmittedtheapplicationtotheCentralGovernmentonOctober24,2016.TheCentralGovernmentvideletterdatedDecember1,2017waived25%ofsuchamount.TheCompanyisintheprocessofrecoveringtheamountfromMrDevendraMehtaandsentalettertohimdatedApril29,2019demandingexcessmanagerialremunerationpaidtohim.Theresponseis awaited.


43. TheCompanyhasforeigncurrencyreceivablesaggregatingtoRs.50lakhs(PreviousYear164lakhs)whichareoutstandingformorethanninemonthsasofMarch31,2019andforeigncurrencypayablesaggregatingtoRs.654lakhs(PreviousYear738lakhs)whichareoutstandingformorethansixmonthsasofMarch31,2019.TheCompanyisevaluatingvariousoptionsincludingpossibleactionsforsettlementoftheseforeigncurrencyreceivablesandpayables,applyingforextensionoftimefromtherelevantauthoritiesetc.

44. TheofficeofCompanysecretaryiscurrentlyvacantduetoresignationoftheCompanysecretaryon30June2019.TheCompanyisintheprocessofappointingofnewCompanySecretary.

45. Thepreviousperiodfigureshavebeenregrouped/reclassifiedwherenecessarytoconformtocurrentyear’sclassification.Thefollowingtableshowstheamountreported inbalancesheetas31March2018andthemannertheseamountswouldhaveappeared inthefinancialstatementforpreviousperiodifclassificationasdoneinthecurrentyearhavebeenfollowed.

Balance Sheet Schedule Caption name

31-Mar-19 31-Mar-18

(As per Current year

classification)

(As per audited accounts

of previous period)

LongtermLoansandadvances Deposit under protest 212

Shorttermprovisions ProvisionforLitigation/disputes 212

TradeReceivables TradeReceivables 335

ShortTermProvisions ProvisionforLiquidatedDamages 335

ShortTermLoansandAdvances AdvancetoSuppliers 67

Trade Payables Trade Payables 67

EmployeeBenefitsExpense Salaries,wagesandbonus 103

OtherExpenses Travellingandconveyance 103

OtherExpenses Repairs and Maintenance 210

OtherExpenses Rent 210


OtherExpenses Miscellaneous 7

OtherExpenses ITSupportChargesandSoftwareexpenses 652


OtherExpenses Legalandprofessionalfees 1

OtherExpenses Auditors Remuneration 1

OtherExpenses BusinessSupportServices 80

OtherExpenses Miscellaneous 80

Asperourreportofevendateattached.







utC FIRe & SeCuRItY IndIA lIMIted(CIn: u29193MH1981FlC024364)

RegisteredOffice:UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaWebsite: https://www.carrier.com/building-solutions/en/in/investor

Email:[email protected]:022-61700700Fax:+91-124-2372230

Form no. MGt- 12polling paper

[Pursuanttosection109(5)oftheCompaniesAct,2013andrule21(1)(c)oftheCompanies(ManagementandAdministration)Rules,2014]

BAllot pApeR

1. Name(s)oftheSole/FirstNamedMember(InBlockLetters)

:

2. RegisteredAddressofSole/FirstnamedMember

:

3. Name(s)oftheJointholder(s),ifany :

4. RegisteredFolioNumber/DPIDNo./*ClientIDNo.(*applicabletoinvestorsHolding Shares in dematerialized form)

:

5. Number&ClassofOrdinaryShare(s)held :

I/Weherebyexercisemy/ourvote(s)inrespectoftheordinary/specialresolutionsetoutinthenoticeofthe37th annualgeneralmeeting(AGM)ofthecompanytobeheldonMondayon23rdSeptember,2019at12:30P.M.atunit4B,Level-2,TheCentrium,PhoenixMarketCity,15LBSMarg,Kamani,KurlaWest,Mumbai-400070bygivingmy/ourassentordissenttothesaidresolutionsbyplacingthetick(4)markattheappropriateboxbelow:

Item no. description of Resolution no. of Shares

held by meI/We assent to the Resolution

I/We dissent to the Resolution

1Toconsiderandadoptauditedfinancialstatementsofthecompanyforthefinancialyearendedon31stMarch,2019andthereportofBoardofDirectors and auditors thereon.

2To re-appoint Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340) who retires by rotation and being eligible, offers himself for re-appointment.

3 To appoint Mr. Farokh Phiroz Madan (dIn: 07412324) as director of the company.

4 ToapproveappointmentandremunerationofMs.VasanthiNarayana(dIn: 08319835) as whole- time director of the company.

5 To re-appoint Mr. Srinivas Kotni (dIn: 01085277) as an independent director on the Board of Directors of the company.

6 To approve the appointment and remuneration of Mr. MuthalagappanKaruppiah(dIn: 08539111) as whole-time director of the company.

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7.Toapprovewaive-offrecoveryofexcessmanagerialremunerationreceivedbyMr.DevendraMehta(dIn: 01533089) erstwhile whole-time director of the company.

Place:Date: __________________________ SignatureoftheMember(*as per Company records)Notes:Pleasereadtheinstructionsprintedbelowcarefullybeforeexercisingyourvote

InStRuCtIonS

1. Pleasecompleteandsigntheballotform(nootherformorphotocopythereofispermitted).

2. Theballotformshouldbesignedbythememberasperthespecimensignatureregisteredwiththecompany/depositories.Incaseofjointholding,theballotformshouldbecompletedandsignedbythefirstnamedmemberandinhis/herabsencebythenextnamedjointholder.

3. Votesshouldbecastincaseofeachresolution,eitherinfavouroragainstbyputtingthetick(4)markinthecolumnprovidedintheballotform.

4. Thevotingrightsofmembersshallbeinproportionofthesharesheldbytheminthepaidupequitysharecapitalofthecompanyasoncut-offdatei.e.Monday,16thSeptember,2019aspertheregisterofmembersof the company.

5. Dulycompletedballotformshouldbehandedovertothescrutinizerwithin30minutesofdistributionofballot forms.

6. Unsigned, incomplete, improperly or incorrectly tickmarkedballot formswill be rejected. A ballot formwillalsoberejectedifitisreceivedtorn,defaced,ormutilatedtoanextentwhichmakesitdifficultforthescrutinizertoidentifyeitherthememberorastowhetherthevotesareinfavouroragainstorifthesignaturecannotbeverified.

7. Thedecisionofthescrutinizeronthevalidityoftheballotformandanyotherrelatedmattershallbefinal.

8. The results will be declared by the chairman of the meeting immediately after counting.



RegisteredOffice:UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaWebsite:https://www.carrier.com/building-solutions/en/in/investor


FoRM no. MGt -11proxy form

[Pursuant to Section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014

NameoftheMember(s): Details

Registered address:

Emailid:

FolioNo./ClientId:

DP ID:

I/We,beingthemember(s)of___________________sharesoftheabovenamedCompany,herebyappoint:

1 Name:

Address:

Emailid:

Signature: or failing him

2 Name:

Address:

Emailid:


3 Name:

Address:

Emailid:


As my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 37th annual general meeting of the company, to be held on Monday on 23rd September, 2019 at 12:30 P.M. at unit 4B, Level -2, The Centrium, Phoenix Market City, 15 LBS Marg, Kamani, Kurla West, Mumbai-400070 and at any adjournment thereof in respect of the proposed resolutions as are indicated below:

Resolution number

Resolution Vote (optional, see note 3)

For Against

ordinary Business

1 Toconsiderandadoptauditedfinancialstatementsofthecompanyforthefinancialyearendedon31stMarch,2019and the report of Board of Directors and auditors thereon.

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Resolution number

Resolution Vote (optional, see note 3)

For Against

2 To re-appoint Mr. Vikram Arthur Fernandes Prabhu (dIn: 06421340) who retires by rotation and being eligible,offershimselfforre-appointment.

Special Business

3. To appoint Mr. Farokh Phiroz Madan (dIn: 07412324) as director of the company.

4. To approve appointment and remuneration ofMs.Vasanthi Narayana (dIn: 08319835) as whole- time director of the company.

5. Tore-appointMr.SrinivasKotni(dIn: 01085277) as an independent director on the Board of Directors of the company.

6. To approve the appointment and remuneration ofMr. Muthalagappan Karuppiah (dIn: 08539111) as whole-time director of the company.

7. Toapprovewaive-offrecoveryofexcessmanagerialremunerationreceivedbyMr.DevendraMehta(dIn: 01533089) erstwhile whole-time director of the company.

Signed this ______ day of ________, 2019

Signature of Member

Signature of the first proxy holder Signature of the second proxy holder Signature of the third proxy holder

notes:

1. This proxy form, in order to be effective, should be duly stamped, completed, signed and deposited at the registered office of the company, not less than 48 hours before the commencement of the meeting.

2. A proxy need not be a member of the company.

3. It is optional to indicate your preference. Please put a ‘4’ in the appropriate column against the resolutions indicated in the box. If you leave the ‘For’ or ‘Against’ column blank against any or all resolutions, your proxy will be entitled to vote in the manner as he/she may deem appropriate.

4. Appointing a proxy does not prevent a member from attending the meeting in person if he/she so wishes.

5. For the resolutions, explanatory statement and notes, please refer to the notice of the annual general meeting.

Affix

RevenueStamp



Registered office: UnitNo.8,1stFloor,TheCentrium,LalBahadurShastriMarg,KurlaWest,Mumbai-400070,IndiaWebsite:https://www.carrier.com/building-solutions/en/in/investor


AttendAnCe SlIp37th AnnuAl GeneRAl MeetInG

Name

Address

DP Id*

Client Id*

Folio No.

JointHolder(s),ifany

No.ofEquitysharesheld

NameofProxy/Representative,ifany.

*ApplicableforinvestorsholdingsharesinElectronicform.

IcertifythatIamamember/proxyforthememberofthecompany.

I/weherebyrecordmy/ourpresenceatthe37thannualgeneralmeetingofthecompany,beingheldonMondayon 23rdSeptember,2019at12:30P.Munit4B,Level-2,TheCentrium,PhoenixMarketCity,15LBSMarg,Kamani,KurlaWest,Mumbai-400070.

name of Member/proxy Signature of Shareholder/proxy

IMPORTANT: This attendance slip may please be handed over at the entrance of the meeting hall.

Note:

Copy of the annual report 2019 and notice of the annual general meeting along with attendance slip and proxy form is being sent to all the members.

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MAp to AnnuAl GeneRAl MeetInG Venue

Address:Unit4B,Level-2,15LBS,PhoenixMarketCity,Kamani,

Kurla(W),Mumbai-400070.


the instructions for shareholders voting electronically are as under:1. Theremotee-votingperiodbeginson20thSeptember,2019at09:00a.m.andendson22ndSeptember,2019at05:00p.m.

Duringthisperiodmemberofthecompany,holdingshareseitherinphysicalformorindematerializedform,asonthecut-offdate(recorddate)of16thSeptember,2019maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.

2. Memberswhohavealreadyvotedelectronicallypriortothemeetingdatewouldnotbeentitledtovoteatthemeetingvenue.3. Theshareholdersshouldlogontothee-votingwebsitewww.evotingindia.com.4. ClickonShareholders.5. NowEnteryourUserID a.ForCDSL:16digitsbeneficiaryID, b.ForNSDL:8CharacterDPIDfollowedby8DigitsClientID, c. Members holding shares in Physical Form should enter Folio Number registered with the Company.6. NextentertheImageVerificationasdisplayedandClickonLogin.7. Ifyouareholdingsharesindematformandhadloggedontowww.evotingindia.comandvotedonanearliervotingofany

company,thenyour existingpasswordistobeused.8. Ifyouareafirsttimeuserfollowthestepsgivenbelow:

For Members holding shares in Demat Form and Physical Form

PAN Enteryour10digitalpha-numeric*PANissuedbyIncomeTaxDepartment(Applicableforbothdematshareholdersaswellasphysicalshareholders)

MemberswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipantarerequestedtousethefirsttwolettersoftheirnameandthe8digitsofthesequencenumberinthePANfield.

Incasethesequencenumberis lessthan8digitsentertheapplicablenumberof0’sbeforethenumberafterthefirsttwocharactersofthenameinCAPITALletters.Eg. IfyournameisRameshKumarwithsequencenumber1thenenterRA00000001inthePANfield.

D i v i d e n dBank Details OR Date of Birth(DOB)

EntertheDividendBankDetailsorDateofBirth(indd/mm/yyyyformat)asrecordedinyourdemataccountor inthecompany records in order to login.

Ifboththedetailsarenotrecordedwiththedepositoryorcompanypleaseenterthememberid/folionumberintheDividendBankdetailsfieldasmentionedininstruction(5).

9. Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.10. MembersholdingsharesinphysicalformwillthendirectlyreachtheCompanyselectionscreen.However,membersholding

shares inde-matformwillnowreach‘PasswordCreation’menuwhereintheyarerequiredtomandatorilyentertheir loginpassword inthenewpasswordfield.Kindlynotethatthispassword istobealsousedbythedematholdersforvotingforresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompanyoptsfore-votingthroughCDSLplatform. It is strongly recommended not to share your password with any other person and take utmost care to keep your passwordconfidential.

11. ForMembersholdingsharesinphysicalform,thedetailscanbeusedonlyfore-votingontheresolutionscontainedinthisNotice.

12. ClickontheEVSNforUTCFire&SecurityIndiaLimited.13. Onthevotingpage,youwillsee“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/NO”forvoting.Selectthe

optionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissentto the Resolution.

14. Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.15. Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwish

toconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.16. Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.17. Youcanalsotakeaprintofthevotescastbyclickingon“Clickheretoprint”optionontheVotingpage.18. IfaDe-mataccountholderhasforgottenaloginpasswordthenEntertheUserIDandtheimageverificationcodeandclickon

Forgot Password & enter the details as prompted by the system.19. ShareholderscanalsocasttheirvoteusingCDSL’smobileappm-Votingavailableforandroidbasedmobiles.Them-Votingapp

canbedownloadedfromGooglePlayStore.iPhoneandWindowsphoneuserscandownloadtheappfromtheAppStoreandtheWindowsPhoneStorerespectively.Pleasefollowtheinstructionsaspromptedbythemobileappwhilevotingonyourmobile.

20. NoteforNon–IndividualShareholdersandCustodians: Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log on to www.

evotingindia.comandregisterthemselvesasCorporates.• AscannedcopyoftheRegistrationFormbearingthestampandsignoftheentityshouldbeemailedtohelpdesk.evoting@

cdslindia.com.• Afterreceivingthelogindetailsacomplianceusershouldbecreatedusingtheadminloginandpassword.Thecomplianceuser

wouldbeabletolinktheaccount(s)forwhichtheywishtovoteon.• Thelistofaccountslinkedintheloginshouldbeemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccounts

theywouldbeabletocasttheirvote.• AscannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissuedinfavourofthecustodian,ifany,

shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame.Incaseyouhaveanyqueriesor issuesregardinge-voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande-votingmanualavailableatwww.evotingindia.com,[email protected]

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