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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: 14TH AUGUST, 2017
USHA MARTIN LTD. www.ushamartin.com
Usha Martin Ltd. NSE Code - USHAMART TABLE 1 - MARKET DATA (STANDALONE) (AS ON 11TH AUGUST, 2017)
Sector - Steel NSE Market Price (`) 18.90 NSE Market Cap. (₹ Cr.) 577.41
Face Value (`) 1.00 Equity (` Cr.) 30.47
Business Group - Jhawar B K 52 week High/Low (₹) 24.10/11.50 Net worth (₹ Cr.) * 725.78
Year of Incorporation - 1986 TTM P/E (TTM) N.A. Traded Volume (Shares) 9,12,392
TTM P/BV 1.27 Traded Volume (lacs) 172.44
Registered Office - Source - Capitaline, TTM - Trailing Twelve Month, N.A -Not Applicable *As on 30th September, 2016
2A Shakespeare Sarani, COMPANY BACKGROUND
Kolkata – 700 071, West Bengal Usha Martin Ltd is a leading producer of speciality steel and one of the largest wire rope
manufacturers globally. The Company is engaged in manufacture of wire, wire ropes, steel
with captive mineral linkages of iron ore and coal and cables. They are having their
manufacturing facilities in Ranchi, Jamshedpur and Barajamda in Jharkhand, Bangalore in
Karnataka, Hoshiarpur in Punjab and Agra in Uttar Pradesh. They are also having their
overseas manufacturing operations in Thailand, United Kingdom, United States and Dubai.
The Company operates in three manufacturing divisions, namely steel, wire ropes and
others. The steel division manufactures steel wire rods, rolled products, billets, pig iron
and allied products. The wire and wire ropes division manufactures steel wires, strands,
wire ropes, cord, bright bar, related accessories. The company's other division
manufactures wire drawing and allied machineries, jelly filled telecommunication cables.
+91 33 3980 0300
Company Website:
www.ushamartin.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹ 852.81
crores to ₹ 770.76 crores from quarter ending Sep’15 to
quarter ending Sep’16. The Company made a loss of ₹ 65.11
crores in quarter ending Sep’16 vis-a-vis making a loss of ₹
92.12 crores in quarter ending Sep’15.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Usha Martin Ltd. -3.32% -5.29% 7.08% 27.27%
Nifty -0.67% 3.00% 12.56% 13.63%
Source: Capitaline/ NSE
0.00
0.50
1.00
1.50
2.00
Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17
Usha Martin Ltd NIFTY
770.76 854.57 852.81
-65.11 -157.61 -92.12
-500
0
500
1000
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
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STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
USHA MARTIN LTD. www.ushamartin.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth 725.78 792.67 1,033.05 -8.44% -23.27%
Current Assets 1,950.50 1,696.97 2,023.08 14.94% -16.12%
Non-Current Assets 4,951.49 4,990.62 5,088.36 -0.78% -1.92%
Total Assets 6,901.99 6,687.59 7,111.44 3.21% -5.96%
Investments 150.66 153.91 158.74 -2.11% -3.04%
Finance Cost 135.57 140.00 134.27 -3.16% 4.27%
Long Term Liabilities 2,787.57 2,857.52 2,476.21 -2.45% 15.40%
Current Liabilities 3,388.64 3,008.06 3,572.18 12.65% -15.79%
Turnover 770.76 854.57 852.81 -9.81% 0.21%
Profit After Tax -65.11 -157.61 -92.12 N.A. N.A.
EPS (₹) -2.12 -5.17 -3.02 N.A. N.A.
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not made any qualifications for FY 2013-14 & FY 2015-16.
However, the Auditors have qualified opinion for FY 2014-15 as stated below:
“We draw your attention to the Note 51 to financial statements regarding remuneration paid/ payable to the Joint Managing
Director of the Company aggregating ₹ 0.41 crore 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: “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 Only in FY 2014-15
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 2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 50% 40%
% of Promoter Directors on the Board - 40%
Number of Women Directors on the Board At least 1 0*
Classification of Chairman of the Board - Non-Executive Promoter
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 80.95%
* Mrs. Ramni Nirula (Woman Independent Director) resigned as Director of the Company effective 4th April, 2016.
Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%
Independent Directors as the Chairman of the Board is a Non-Executive Promoter Director. The Company has 40% of
Independent Directors and hence, it does not meet the regulatory requirements.
Board Diversity: The Company has 10 directors and all are Male Directors.
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3 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
USHA MARTIN LTD. www.ushamartin.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs
Mar’16
Mar’16 vs
Sep’15
Turn
ove
r
Rat
ios
Inventory Turnover 0.69 0.86 0.67 -19.73% 29.04%
Debtors Turnover 1.63 2.74 2.76 -40.47% -0.57%
Fixed asset Turnover 0.16 0.17 0.17 -9.09% 2.17%
Current Asset Turnover 0.40 0.50 0.42 -21.53% 19.46%
Ret
urn
Rat
ios Operating Profit Margin 14.45% 4.82% 4.70% 200.15% 2.51%
Net Profit Margin -8.45% -18.44% -10.80% 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 0.58 0.56 0.57 2.03% -0.39%
Quick Ratio 0.25 0.24 0.21 5.24% 12.18%
Cash Ratio 0.11 0.13 0.12 -17.78% 6.91%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio 4.70 4.19 3.04 11.98% 37.94%
Interest Coverage Ratio 0.82 0.29 0.30 179.56% -1.48%
Trad
ing
Rat
ios
Market Cap / Sales 0.46 0.41 0.51 12.32% -19.18%
Market Cap/ Net Worth 0.49 0.44 0.42 10.64% 5.55%
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA 3.19 8.52 10.80 -62.58% -21.16%
Source - Money Control
TABLE 6 - TRADING VOLUME
Jun’17 Dec’16 Jun’16
% Change
Jun’17 vs
Dec’16
Dec’16 vs
Jun’16
Trading Volume (shares) (avg. of 1 qtr) 8,94,760 8,37,408 5,40,354 6.85% 54.97%
Trading Volume (shares) (high in 1 qtr) 82,92,551 56,01,581 32,33,709 48.04% 73.22%
Trading Volume (shares) (low in 1 qtr) 1,21,614 1,38,658 38,247 -12.29% 262.53%
Ratio - High/low trading volume 68.19 40.40 84.55 68.79% -52.22%
Ratio - High/average trading volume 9.27 6.69 5.98 38.55% 11.78%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 50.85 51.94 51.94 • No new equity shares were issued during the
period from Jun’ 16 to Jun’ 17.
• Promoter shareholding has reduced by 1.09%
due to sale of shares.
• The shareholding of ‘public institution’
decreased from 12.65% to 9.46% and that of
‘public others’ increased from 35.41% to 39.69%
during the same period.
• Promoters have pledged/ encumbered 52.13% of
their shareholding.
Public - Institutional shareholding 9.46 10.87 12.65
Public - Others shareholding 39.69 37.19 35.41
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source: NSE
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4 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
USHA MARTIN LTD. www.ushamartin.com
MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 2017)
S. No. Promoters Shareholding
S. No. Public Shareholders Shareholding
1 UMIL Share & Stock Bro. Ser. (P) Ltd. 13.01% 1 Mitesh N Mehta 3.44%
2 Peterhouse Investments Ltd. 11.01% 2 Bridge India Fund 2.96%
3 Kenwyn Overseas Ltd. 8.09% 3 The Indianman Fund (Mau.) Ltd 2.09%
4 Peterhouse Investments India Ltd. 6.95% 4 Akash Bhanshali 1.57%
5 Usha Martin Ventures Ltd. 6.90% 5 JMS Mining Services Pvt. Ltd. 1.52%
Source: NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters Promoter bought 3,00,000 shares and sold 65,000 shares during the FY 2015-16
Preferential issue to promoters The Company issued/ allotted 3,42,85,600 of face value ₹ 1 each to the promoters of the
Company during FY2015-16 through convertible equity warrants on a preferential basis.
Preferential issue to others No preferential issue was made to other shareholders in last one year
GDRs issued by the Company The Company did not issue any GDRs in last one year
Issue of ESOPs/ Issue of shares
other than Preferential allotment
The Company did not issue stock option in last one year. Further, no new equity shares were
issued by the Company other than the preferential allotment in last one year.
Source - Annual Report 2015-16
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 32.28
2 Wire Ropes, Strands including Locked Coil Wire Ropes 21.75
3 Wire Rods 14.13
4 Wires 10.01
Source - Annual Report 2015-16
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5 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 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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DISCLAIMER
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