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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: STEEL REPORTING DATE: 4TH DECEMBER ‘2017
Usha Martin Ltd. www.ushamartin.com
Usha Martin Ltd NSE Code - USHAMART TABLE 1 - MARKET DATA (STANDALONE) (AS ON 4TH DECEMBER 2017)
Sector - Steel NSE Market Price (₹) 23.20 NSE Market Cap. (₹ Cr.) 679.48
Face Value (₹) 1.00 Equity (₹ Cr.) 30.47
Business Group - Jhawar B K 52 week High/Low (₹) 28.85/13.35 Net worth (₹ Cr.)* 269.83
Year of Incorporation - 1986 TTM P/E (TTM) N.A. Traded Volume (Shares) 27,83,948
TTM P/BV 2.52 Traded Volume (lacs) 645.88
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017
2A Shakespeare Sarani, COMPANY BACKGROUND
Kolkata - 700 071, West Bengal Usha Martin Limited is engaged in the manufacturing of specialty steel and steel products.
The Company's segments include Steel, Wire and Wire Ropes, and Others. The Steel
segment includes steel wire rods, rolled products, billets, pig iron and allied products. The
Wire and Wire Ropes segment includes steel wires, strands, wire ropes, cord, bright bar
and related accessories, among others. The Others segment includes jelly filled
telecommunication cables, wire drawing and allied machineries, among others. Its range
of wire rope includes crane rope, mining rope, fishing rope, aerial haulage, structural
system and conveyor cord. It offers spring wire, welding wire, auto spoke wire, brush wire,
needle wire and cycle wire, among others. It produces a range of strands, including bright
low relaxation pre-stressed concrete (LRPC) strand, galvanized LRPC strand and bonded
LRPC strand, among others. Its prestressing products and services include anchorage,
sheathing and multipull jacks.
Company Website:
www.ushamartin.com
Revenue and Profit Performance
The revenue of the Company increased from ₹ 770.76 crores
to ₹ 953.59 crores from quarter ending Sep’16 to quarter
ending Sep’17. The Company made a loss of ₹ 86.79 crores in
quarter ending Sep’17 vis-a-vis making a loss of ₹ 65.11 crores
in quarter ending Sep’16.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Usha Martin Ltd -11.45% 11.85% 29.61% 49.68%
Nifty -2.90% 1.68% 4.62% 22.51%
NIFTY METAL -8.20% 1.10% 24.50% 26.27%
Source - Capitaline/NSE
953.59 860.86 770.76
-86.79 -149.03 -65.11
-500
0
500
1,000
1,500
Sep'17 Mar'17 Sep'16
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
0.70
0.90
1.10
1.30
1.50
1.70
1.90
2.10
Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17
Usha Martin Ltd NIFTY NIFTY METAL
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STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: STEEL REPORTING DATE: 4TH DECEMBER ‘2017
Usha Martin Ltd. www.ushamartin.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change
Sep ’17 vs Mar’17 Mar’17 vs Sep’16
Net Worth 269.83 455.73 725.78 -40.79% -37.21%
Current Assets 1,741.27 1,864.67 1,950.50 -6.30% -4.40%
Non-Current Assets 4,783.98 4891.17 4,951.49 -2.19% -1.22%
Total Assets 6,531.25 6,755.84 6,901.99 -3.32% -2.12%
Investments 150.65 150.65 150.66 0.00% -0.01%
Finance Cost 142.76 145.37 135.57 -1.80% 7.23%
Long Term Liabilities 2,748.69 2,831.97 2,787.57 -2.94% 1.59%
Current Liabilities 3,512.73 3,465.91 3,388.64 1.35% 2.28%
Turnover 953.59 860.86 770.76 10.77% 11.69%
Profit After Tax -86.79 -149.03 -65.11 N.A. N.A.
EPS (₹) -2.85 -4.89 -2.12 N.A. N.A.
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Statutory Auditor have not made Qualifications in their Report for FY 2015-16 and FY
2016-17.
Audit Qualification for Consolidate financial statements for FY 2014-15 (as stated by Auditors):
“We draw your attention to the Note 42 to financial statements regarding remuneration paid/ payable to the Joint Managing
Director of the Holding Company aggregating Rs. 41 lakhs for the period February 1, 2015 to March 31, 2015 in excess of limits
specified in Schedule V read with section 197 of the Act and as approved by the shareholders of the Company, which is pending
for Central Government approval in accordance with requirements of Act.”
Management Response (as per director’s report):
“Yours Directors invite your attention to note 51 to the accounts referred to by auditors in para 8 of their report. This note is self-
explanatory and along with explanations given therein provide required clarification on references made by the auditors.”
Response Comment
Frequency of Qualifications No -
Have the auditors made any adverse remark in last 3 years? No -
Are the material accounts audited by the Principal Auditors? Yes -
Do the financial statements include material unaudited financial statements? No -
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT - FY 2016-17)
Regulatory Norms Company
% of Independent Directors on the Board 33% 42%
% of Promoter Directors on the Board - 33%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Independent Director*
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 94.23%
*The Board of Directors at its meeting held on 25th April, 2017, had appointed Mr. G N Bajpai as Non-Executive Independent
Chairman of the Board and of the Company, in place of Mr. Prashant Jhawar (Non-Executive Promoter Director).
Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 "Listing Regulations, 2015", the Company should have at least 33% Independent Directors as the Chairman of the Board is
Independent Director. The Company has 42% of Independent Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 12 directors out of which 11 are male and 1 is female.
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3 | P A G E
SECTOR: STEEL REPORTING DATE: 4TH DECEMBER ‘2017
Usha Martin Ltd. www.ushamartin.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Turn
ove
r
Rat
ios
Inventory Turnover 1.06 0.85 0.69 24.29% 23.04%
Debtors Turnover 1.70 1.58 1.63 7.31% -3.04%
Fixed asset Turnover 0.20 0.18 0.16 13.20% 13.12%
Current Asset Turnover 0.55 0.46 0.40 18.62% 16.83%
Ret
urn
Rat
ios Operating Profit Margin 10.37% 4.22% 14.45% 145.77% -70.82%
Net Profit Margin -9.10% -17.31% -8.45% N.A. N.A.
Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.
Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.50 0.54 0.58 -7.86% -6.53%
Quick Ratio 0.24 0.25 0.25 -2.91% -0.28%
Cash Ratio 0.08 0.09 0.11 -11.20% -16.89%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio 13.65 7.78 4.70 75.40% 65.74%
Interest Coverage Ratio 0.69 0.25 0.82 177.22% -69.60%
Trad
ing
Rat
ios Market Cap / Sales 0.78 0.62 0.46 26.75% 34.11%
Market Cap/ Net Worth 2.77 1.17 0.49 137.13% 138.54%
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA 7.55 14.64 3.19 -48.43% 359.54%
Source - Money Control/Stock exchange filing
TABLE 6 - TRADING VOLUME
Particulars Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Trading Volume (shares) (avg. of 1 qtr) 1,763,528 1,325,144 705,476 33.08% 87.84%
Trading Volume (shares) (high in 1 qtr) 9,777,032 10,775,405 3,214,585 -9.27% 235.20%
Trading Volume (shares) (low in 1 qtr) 44,975 253,562 97,498 -82.26% 160.07%
Ratio - High/low trading volume 217.39 42.50 32.97 411.55% 28.89%
Ratio - High/average trading volume 5.54 8.13 4.56 -31.82% 78.45%
Source - Capitaline
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SECTOR: STEEL REPORTING DATE: 4TH DECEMBER ‘2017
Usha Martin Ltd. www.ushamartin.com
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Sep-17 Mar-17 Sep-16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 50.66 51.28 51.94 • No new equity shares were issued during 1st
Oct’ 2016 to 30th Sept 2017.
• The promoter shareholding decreased from
51.94% to 50.66% due to market activity.
• The shareholding of public institution increased
from 11.91% to 12.54% and that of public
others increased from 36.17% to 36.80% during
the same period.
• The promoters have pledged 52.10% of their
shareholding.
Public - Institutional shareholding 12.54 8.87 11.91
Public - Others shareholding 36.80 39.85 36.17
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source - NSE
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 Umil Share & Stock Broking Services 12.96% 1 Mitesh N Mehta 4.38%
2 Peterhouse Investments Ltd. 10.97% 2 Bridge India Fund 2.95%
3 Kenwyn Overseas Ltd. 8.06% 3 Aquarius India Opportunities Fund 2.87%
4 Peterhouse Investments India Limited 6.92% 4 The Indiaman Fund (Mauritius) 2.09%
5 Usha Martin Ventures Ltd. 6.88% 5 Jms Mining Services Private 1.51%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have sold shares in During FY 2016-17.
Preferential issue to promoters No preferential issue of shares was made to the promoters during FY 2016-17.
Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2016-17.
GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17.
Issue of ESOPs/Issue of shares other than
Preferential allotment
The Company did not issue any shares to the employees under its ESOP Scheme
during FY 2016-17.
Source - Annual Report FY 16-17
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1. Bars 30.76%
2. Wires, Wire Ropes, Strands including Locked Coil Wire Ropes 27.68%
3. Wire Rods 28.96%
Source - Annual Report FY 16-17
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5 | P A G E
SECTOR: STEEL REPORTING DATE: 4TH DECEMBER ‘2017
Usha Martin Ltd. www.ushamartin.com
Glossary
Equity: The equity shares capital of the Company
Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company
Turnover: The revenue earned from the operations of the Company
EPS: Earning Per Share is net profit earned by the Company per share
𝐸𝑃𝑆 =Profit After Tax
Number of outstanding shares
P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company
𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share
Earnings per share
Current Assets: Cash and other assets that are expected to be converted to cash in one year
Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,
buildings, and equipment
Total Assets: Current Assets + Fixed Assets
Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in
the future.
Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges
incurred during the year in relation to borrowed money.
Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.
Current Liabilities: A company's debts or obligations that are due within one year.
Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced
over a period.
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Inventory
Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business
can turn its accounts receivable into cash during a period
𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Current Assets
Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after
paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating
income (also known as “operating profit”) during a given period by its sales during the same period.
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit
Sales Turnover
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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’
equity.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit
Net worth
Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability
and the efficiency with which its capital is employed.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit
Total Debt + Equity share capital
Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts
over the next 12 months. It compares a firm's current assets to its current liabilities.
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables
Current Liabilities
Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates
a Company's effectiveness in using its working capital.
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Current Assets − Current Liabilities
Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of
shareholders' equity and debt used to finance a company's assets.
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ
Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a
Company can pay interest on outstanding debt.
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥
𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡
Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is
calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-
share stock price by the per-share revenue.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.
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𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝐸𝐵𝐼𝑇𝐷𝐴
Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year
Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year
Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year
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