Usha Martin Ltd. - Annual Report 2020

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usha martin

Usha Martin Limited

2A, Shakespeare Sarani, Kolkoto (formerly Calcutt□) - 700 071 , Indio Phone: (00 91 33) 71006300/599, Fox: (00 91 33) 2282 9029 , 71006400/500 CIN : L3 l 400WB l 986PLC09 l 62 l Website : www.ushamortin.com

Date: June 06, 2020

The Secretary The Secretary Societe de la Bourse de The BSE Limited National Stock Exchange of India Ltd Luxembourg Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Dalal Street Plot No.C/1, G Block, L-1840, Luxembourg Mumbai -400 001 Bandra Kurla Complex, Bandra [Scrip Code: US9173002042] [Scrip Code:517146] Mumbai-400 051 [Scrip Code: USHAMART]

Sub: Outcome of the Meeting

Dear Sir/Madam,

The Board of Directors of the Company at their meeting held today has approved and taken on record audited financial results on standalone and consolidated basis for the quarter and year ended 31st March, 2020.

The said financial results (on standalone and consolidated basis) of the Company for the quarter and year ended 31st March, 2020 prepared in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 together with Auditors Report are enclosed herewith for your ready reference and record.

S R Batliboi & Co. LLP, the Statutory Auditors of the Company have issued auditor's reports with an unmodified opinion on the financial statements.

Further the Board of Directors at its meeting held today has also appointed Mr. DJ Basu as Additional Director (Whole Time) to hold office till the forthcoming Annual General Meeting of the Company.

Mr. Basu is not related to any Director of the Company and is not debarred from holding the office of director by virtue of any SEBI order or any other such authority.

A brief profile of the appointee is enclosed herewith for your record.

The Board Meeting commenced at 2 P.M. and concluded at 6:00 P.M. (1ST).

Thanking you,

Yours faithfully, For Usha Martin Limited

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Encl: as above

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usha martin Usha Martin Limited

2A, Shakespeare Sarani, Kolkoto (formerly Calcutta) - 700 071, Indio Phone: (00 91 33) 71006300/599, Fox: (00 91 33) 2282 9029, 71006400/500 CIN: L31400WB1986PLC091621 Website : www.ushomortin.com

Name	Position		Profile
Dhrub Jyoti Basu [DIN: 02498037]	Additional Director (Whole Time)		Mr. Basu, aged about 62 years, is a B.Sc. (Hons.) and a PGD in Personnel Management & Industrial Relations. With over four(4)decadesofexperienceinhumanresource development and industrial relations he has in the past been associated with companies like GKW Ltd, Lafarge India Ltd and BOC. Mr. Basu has been associated with the Usha Martin group for nearly two (2) decades.

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22, Camac Street 3rd Floor, Block 'B' Kolkata - 700 016. India Tel: +91 33 6134 4000

S.R. BATLIBOI & Co. LLP Chartered Accountants

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of

Usha Martin Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Usha Martin Limited (the "Company") for the quarter ended March 31, 2020 and for the year ended March 31, 2020 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss, other comprehensive loss and other financial information of the Company for the quarter
ended March 31, 2020 and of the net profit and other comprehensive loss and other financial information of the Company for the year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing {SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

S.R. Batlibol & Co. LLP, a lirritad Liahi,ity Partnersh:p with LLP Identity No. AAB·4294

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S.R. BArL1Bo1 & Co. LLP Chartered Accountants

Emphasis of Matter

a. We draw attention to Note 10 regarding attachment of certain parcels of land at Ranchi used by the Company's wire rope business under Prevention of Money Laundering Act, 2002 (PMLA) in connection with export and domestic sale of iron ore fines in prior years aggregating Rs 19,037 lakhs allegedly in contravention of terms of the lease granted to the Company for the iron ore mines. Pending final outcome of the appeal filed by the Company before the Appellate Tribunal, PMLA, no adjustment to these financial results in this regard have been considered necessary by the management.

Our opinion is not modified in respect of this matter.

b. We draw attention to Note 12 to the financial results, which describes the uncertainties and the impact of the Covid-19 pandemic on the Company's operations and results as assessed by management. The actual results may differ from such estimates depending on future developments.

Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/(loss), other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial ~~reporting~~ process.

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S.R. BATLIB01&Co. LLP Chartered Accountants

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied wire--:�� .... relevant ethical requirements regarding independence, and to communicate with the �,°'O QJ ex: IP

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S.R. BATLIB01 & Co. LLP Chartered Accountants

relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005 �� per Bhaswar Sarkar

Partner

Membership No.: 055596

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UDIN: 20055596AAAABG5803

Place: Kolkata

Date: June 6, 2020

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Usha Martin Limited

Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020

Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020	Usha Martin Limited Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020
(Amounts in Rs. lakhs unless otherwise stated)
Particulars	Quarter ended 31st March, 2020		Quarter ended 31st December, 2019		Quarter ended 31st March, 2019		Year ended 31st March, 2020	Year ended 31st March, 2019
	Audited (Refer note 5)		Unaudited		Audited (Refer note 5)		Audited	Audited
Continuing Operations
Income
Revenue from operations	30,644		36,075		43,400		1,39,262	1,70,803
Other income	811		792		763		2,989	2,965
Total income	31,455		36,867		44,163		1,42,251	1,73,768
Expenses
Cost of materials consumed	19,435		19,643		27,734		74,090	1,15,529
Purchases of stock-in-trade	431		563		156		2,313	519
(Increase)/decrease in inventories of finished goods, work-in-progress and stock-in-trade	(2,161)		1,228		(276)		7,612	(6,743)
Employee benefits expense	2,880		3,161		2,805		12,751	11,387
Finance costs	1,270		1,250		2,726		5,807	9,022
Depreciation and amortisation expense	719		690		694		2,777	2,810
Other expenses	6,290		6,709		6,104		25,430	24,844
Total expenses	28,864		33,244		39,943		1,30,780	1,57,368
Profit before tax for the period from continuing operations	2,591		3,623		4,220		11,471	16,400
Tax expense
Current tax	(377)		377		65		-	65
Adjustment of tax relatingto earlierperiods	154		-		227		154	227
Deferred tax charge/(credit) (Refer note 9 and 11)	1,062		1,724		(23,760)		19,921	(23,760)
Tax(income)/expense of continuing operations	839		2,101		(23,468)		20,075	(23,468)
Profit/(loss) for the period from continuing operations(a)	1,752		1,522		27,688		(8,604)	39,868
Discontinued operations(Refer note 7)
Profit / (loss) for the period from discontinued operations before tax	(2,020)		(483)		(22,015)		48,144	(33,968)
Tax income/(expense)of discontinued operations	-		-		-		-	-
Profit / (loss) for the period from discontinued operations after tax(b)	(2,020)		(483)		(22,015)		48,144	(33,968)
Profit/(loss) for theperiod[(c) =(a) +(b)]	(268)		1,039		5,673		39,540	5,900
Other comprehensive income
(a) Items that will not be reclassified to profit or (loss)	(286)		(517)		251		(1,463)	(74)
(b) Tax benefit / (expense) on items that will not be classified toprofit or(loss)	72		65		(86)		368	(86)
Total other comprehensive income for the period, net of tax(d)	(214)		(452)		165		(1,095)	(160)
Total comprehensive income for the period [(c) + (d)]	(482)		587		5,838		38,445	5,740
Paid-up equity share capital (face value of Re 1/- each)	3,054		3,054		3,054		3,054	3,054
Other equity asper balance sheet							58,486	20,039
*Earnings per share (Rs.) (not annualised) (Refer note 7 and 9)**
Earnings per equity share (for continuing operations)
Basic and Diluted(Rs.)	0.57	*	0.50	*	9.09	*	(2.82)	13.08
Earnings per equity share (for discontinued operations)
Basic and Diluted(Rs.)	(0.66)	*	(0.16)	*	(7.23)	*	15.80	(11.15)
Earnings per equity share (for continuing and discontinued operations)
Basic and Diluted(Rs.)	(0.09)	*	0.34	*	1.86	*	12.98	1.93

Usha Martin Limited

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Notes to Financial Results

1. Standalone statement of assets and liabilities

Notes to Financial Results 1. Standalone statement of assets and liabilities	Notes to Financial Results 1. Standalone statement of assets and liabilities	Notes to Financial Results 1. Standalone statement of assets and liabilities
(Amounts in Rs. lakhs unless otherwise stated)
Particulars	As at 31st March, 2020	As at 31st March, 2019
	(Audited)	(Audited)
ASSETS
Non-current assets
(a)Property, plant and equipment	39,811	40,567
(b)Capital work-in-progress	3,012	877
(c)Intangible assets	623	831
(d)Right-of-use assets	83	-
(e)Financial assets
(i)Investments	15,065	15,065
(ii)Loans	1,243	1,179
(iii)Other financial assets	1,914	2,710
(f)Advance income tax assets(net)	5,519	3,976
(g)Deferred tax assets(net)	4,293	23,846
(h)Other non-current assets	6,347	16,921
Total non-current assets	77,910	1,05,972
Current assets
(a)Inventories	22,908	24,296
(b)Financial assets
(i)Trade receivables	18,197	21,705
(ii)Cash and cash equivalents	477	620
(iii)Other bank balances	246	2,766
(iv)Loans	605	53
(v)Other financial assets	18,986	11,383
(c)Other current assets	6,277	3,073
	67,696	63,896
Assets held for sale	1,417	2,607
Total current assets	69,113	66,503
	1,47,023	1,72,475
Assets of discontinued operations classified as held for sale (Refer note 7)	-	4,28,796
Total assets	1,47,023	6,01,271
EQUITY AND LIABILITIES
Equity
(a)Equityshare capital	3,054	3,054
(b)Other equity	58,486	20,039
Total equity	61,540	23,093
Liabilities
Non-current liabilities
(a)Financial liabilities
(i)Borrowings	25,073	2,26,973
(ii)Other financial liabilities	26	-
(b)Provisions	3,158	1,409
(c)Other non-current liabilities	3,132	1,675
Total non-current liabilities	31,389	2,30,057
Current liabilities
(a)Financial liabilities
(i)Borrowings	6,576	66,256
(ii)Tradepayables
(A) Total outstanding dues of micro enterprises and small enterprises	302	7
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	26,300	21,828
(iii)Other financial liabilities	10,222	51,946
(iv)Lease liabilities	3	-
(b)Provisions	728	626
(c)Current tax liabilities(net)	175	175
(d)Other current liabilities	9,788	10,593
Total current liabilities	54,094	1,51,431
Liabilities of discontinued operations classified as held for sale (Refer note 7)	-	1,96,690
Total liabilities	85,483	5,78,178
Total equity and liabilities	1,47,023	6,01,271

Usha Martin Limited

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2. Standalone Statement of cash flows for the year ended 31st March, 2020

Usha Martin Limited 2. Standalone Statement of cash flows for the year ended 31st March, 2020	Usha Martin Limited 2. Standalone Statement of cash flows for the year ended 31st March, 2020	Usha Martin Limited 2. Standalone Statement of cash flows for the year ended 31st March, 2020	Usha Martin Limited 2. Standalone Statement of cash flows for the year ended 31st March, 2020
(Allamounts in Rs. lakhs)
		Year ended 31st March, 2020	Year ended 31st March, 2019
A.	Cash flow from operating activities
	Profit before tax from continuing operations	11,471	16,400
	Profit/(loss) before tax from discontinued operations	48,144	(33,968)
	Adjustments to reconcile Profit/(loss)before tax to net cash flows:
	Depreciation and amortisation expense	3,349	26,642
	Gain on disposal ofproperty, plant and equipment(net)	(6)	(844)
	Unrealised derivative loss/(gain) [net]	397	(82)
	Finance costs	7,811	58,037
	Bad Debts/advances written off	394	247
	Allowance for credit impaired debts and advances(net)	637	1,296
	Tangible assets/capital work-in-progress written off	1	3
	Interest income on financial assets carried at amortised cost	(390)	(627)
	Dividend income	(160)	(513)
	Unrealised foreign exchange differences(gain)/loss[net]	816	430
	Liabilities no longer required written back	(2,025)	(4,474)
	(Reversal)/discountingof financial assets	(254)	1,052
	Impairment of non financial assets	2,851	87
	Profit on sale of Steel and Bright Bar Business undertaking	(55,652)	-
	Operating profit before working capital changes	17,384	63,686
	Workingcapital adjustments:
	(Increase) /decrease in inventories	(1,204)	32,170
	Decrease in trade receivables	2,747	9,611
	(Increase) /decrease in loans and advances	(614)	58
	(Increase)in other financial assets	(21)	(81)
	(Increase)in other assets	(6,314)	(3,774)
	Increase/ (decrease)in tradepayables	2,763	(5,621)
	Increase inprovisions	322	905
	(Decrease) /increase in other financial liabilities	(2,474)	1,900
	Increase/ (decrease)in other liabilities	3,595	(1,534)
	Cashgenerated from operations	16,184	97,320
	Direct taxespaid	(1,697)	(425)
	Net cash flows from operating activities	14,487	96,895
B.	Cash flows from investing activities
	Purchase ofproperty, plant and equipment	(3,097)	(7,545)
	Proceeds from sale ofproperty, plant and equipment,intangible assets and assets	48	2,314
	Loans(given)to/repayment received from relatedparty (net)	(225)	1,074
	Proceeds from sale of Steel and Bright Bar Business undertaking	2,82,980	-
	Interest received	326	751
	Investment in bank deposits(with original maturitymore than 12 months)	(150)	-
	Refund received/ (payment)of margin moneywith banks	1,989	(1,523)
	Refund received from Government of Jharkhand towards acquisition of land related	10,306	-
	Dividend received	160	513
	Net cash flows from/(used in) investing activities	2,92,337	(4,416)
C.	Cash flows from financing activities
	Proceeds from longterm borrowings	14,550	1,250
	Repayment of longterm borrowings	(2,52,144)	(33,770)
	Repayment of short term borrowings	(59,042)	(4,664)
	Interestpaid	(10,540)	(55,499)
	Dividend transferred to Investor Education and Protection Fund	*	(13)
	Net cash flows used in financing activities	(3,07,176)	(92,696)
	Net(decrease) /increase in cash and cash equivalents(A+B+C)	(352)	(217)
	Cash and cash equivalents at the beginning of theyear	829	1,046
	Cash and cash equivalents at theyear end	477	829
	Reconciliation of cash and cash equivalent asper statement of cash flows
	Balances with banks:
	On current account - continuingoperations	45	25
	On current account - discontinued operations	-	1
	Remittance in transit - continuingoperations	-	570
	Remittance in transit - discontinued operations	-	201
	Cash on hand - continuingoperations	8	25
	Cash on hand - discontinued operations	-	7
	Deposits with original maturityless than 3 months	424	-
		477	829
'* Amount is below the roundingoff norm adopted bythe Company.
1. 2. The figures in bracket indicate outflows. The above statement of cash flows has been prepared under the indirect method as set out in "Indian Accounting Standard - 7" - Statement of Cash flows.

'* Amount is below the rounding off norm adopted by the Company.
The figures in bracket indicate outflows.
The above statement of cash flows has been prepared under the indirect method as set out in "Indian Accounting Standard - 7" - Statement of Cash flows.

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Usha Martin Limited

3. Standalone segment information

Usha Martin Limited 3. Standalone segment information	Usha Martin Limited 3. Standalone segment information
			(Amounts in Rs. lakhs unless		otherwise stated)
Particulars	Quarter ended 31st March, 2020	Quarter ended 31st December, 2019	Quarter ended 31st March, 2019	Year ended 31st March, 2020	Year ended 31st March, 2019
	Audited (Refer note 5)	Unaudited	Audited (Refer note 5)	Audited	Audited
Segment Revenue
Wire and Wire Ropes	30,576	36,029	43,217	1,39,092	1,70,505
Others	68	46	183	170	298
Revenue from Continuing operations	30,644	36,075	43,400	1,39,262	1,70,803
Revenue from Discontinued operations (Refer note 7)	-	-	80,357	6,523	3,94,200
Less : Inter segment revenue from discontinued operations to continuing operations	-	-	24,100	2,306	96,448
Revenue from Discontinued operations to external customers	-	-	56,257	4,217	2,97,752
Total Revenue from Continuing and Discontinued operations	30,644	36,075	99,657	1,43,479	4,68,555

Segment Results
Profit/ (loss) for the period before tax and finance costs from Continuing operations
Wire and Wire Ropes	4,536	5,468	6,264	19,959	25,115
Others	(117)	(60)	(80)	(431)	128
Total	4,419	5,408	6,184	19,528	25,243
Less:
Finance costs	1,270	1,250	2,726	5,807	9,022
Other Unallocable Expenditure/ (Income)	558	535	(762)	2,250	(179)
Profit before tax for the period from continuing operations	2,591	3,623	4,220	11,471	16,400
Profit/(loss) for the period from Discontinued operations before tax and finance costs	(1,033)	(234)	(9,830)	(5,504)	15,047
Less:
Finance costs	19	249	12,185	2,004	49,015
Profit /(loss) for the period before tax from Discontinued operations	(1,052)	(483)	(22,015)	(7,508)	(33,968)
Profit/(loss) on disposal of SBB business (discontinued operation)	(968)	-	-	55,652	-
Total Profit / (loss) before tax from discontinued operations	(2,020)	(483)	(22,015)	48,144	(33,968)
Total Profit/ (loss) before tax	571	3,140	(17,795)	59,615	(17,568)

Segments Assets
Steel - Discontinued business (Refer note 7)	-	-	4,28,796	-	4,28,796
Wire and Wire Ropes	1,04,856	1,03,074	1,07,452	1,04,856	1,07,452
Others	42,167	46,996	65,023	42,167	65,023
Total Assets	1,47,023	1,50,070	6,01,271	1,47,023	6,01,271

Segments Liabilities
Steel - Discontinued business (Refer note 7)	-	-	1,96,690	-	1,96,690
Wire and Wire Ropes	31,918	27,581	26,878	31,918	26,878
Others	53,565	60,468	3,54,610	53,565	3,54,610
Total Liabilities	85,483	88,049	5,78,178	85,483	5,78,178
Note:
The Company is organised into business units based on its products and services and has three reportable segments, as follows: (a) Wire and Wire Ropes segment which manufactures and sells steel wires, strands, wire ropes, cord, related accessories, etc. (b) Others segment includes manufacturing and selling of wire drawing & allied machines and corporate office. (c) The Company was also into Steel segment, which manufactured and sold steel wire rods, bars, blooms, bright bar, billets, pig iron and allied products, which has been disposed off with effect from April 9, 2019 (Refer note 7 ). (d)Segment assets and liabilities of discontinued business has been arrived as per Business Transfer Agreement as fully explained in Note 7.

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Usha Martin Limited

Notes to Financial Results (contd …):

The above results of Usha Martin Limited (“the Company”) for the quarter and year ended March 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 6, 2020.
These results have been prepared on the basis of the audited financial statements for the year ended March 31, 2020 and the interim financial results for the quarter and nine months period ended December 31, 2019, which are prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standard) Rules, 2015. The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year which are subjected to limited review.
Effective April 1, 2019, the Company has adopted Ind AS 116, 'Leases'. Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognise right-of-use assets and lease liabilities for all lease with a term of more than twelve months, unless the underlying asset is of a low value.
The Company has used the 'modified retrospective approach' for transition from the previous standard Ind AS 17 and consequently, comparatives for previous periods have not been retrospectively adjusted. On transition, the Company has recorded the lease liability at the present value of future lease payments on date of transition discounted using the incremental borrowing rate and has also chosen the practical expedient provided in the standard to measure the right-of-use assets and corresponding lease liability as on date of transition. The adoption of the new standard resulted in recognition of 'Right-of-use' asset and an equivalent lease liability as on April 1, 2019. The effect of adoption of Ind AS 116 on the profit before tax, profit for the period and earning per share is not material.
Pursuant to the Business Transfer Agreement dated September 22, 2018 (Novation agreement on October 24, 2018) and Supplemental Business Transfer Agreement dated April 7, 2019 and July 3, 2019 respectively with Tata Steel Long Products Limited (TSLPL) (formerly known as Tata Sponge Iron Limited), the Company had transferred its Steel and Bright Bar Business (SBB Business) as a going concern on slump sale basis during the quarter ended June 30, 2019 in accordance with the terms and conditions set out in those agreements at a consideration of Rs. 452,500 lakhs subject to net working capital adjustments. Out of the aforesaid consideration, an amount of Rs. 16,000 lakhs are receivable as at the year-end that include Rs. 15,000 lakhs in respect of certain parcels of land for which perpetual lease and license agreements have been executed by the Company in favour of TSLPL pending completion of ongoing formalities for registration in the name of TSLPL. The Company and TSLPL is in the process of final settlement and reconciliation of net working capital and therefore impact of adjustment, if any, arising from such reconciliation which is not expected to be material shall be done at the time of release of above hold back amount.

Resultant profit of Rs. 55,652 lakhs (net of expenses pertaining to disposal aggregating Rs. 17,103 lakhs including Rs. 968 lakhs recognised during the quarter) on transfer of the SBB Business has been recognised under profit from discontinued operations in these results.

Earnings per share from discontinued operations as disclosed in these results have been determined taking into consideration the aforesaid profit from sale of SBB Business.

The impact of the transaction in the standalone unaudited financial results is as follows:

(Amounts in Rs. lakhs unless otherwise stated)

Particulars	Year ended 31st March, 2020
Consideration from TSLPL (net of acceptances Rs. 98,013 lakhs paid by TSLPL directly) [A] Book value of fixed assets sold [B] Net book value of non-current liabilities (net of other non-current assets) sold [ C ] Net book value of current liabilities (net of current assets) sold [ D ] Expensespertainingto the disposal of the business[E]	3,08,286 3,71,461 1,534 1,34,396 17,103
Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652

The details of discontinued operations are as follows:

55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]	55,652 The details of discontinued operations are as follows: Profit on disposal of SBB Business (discontinued operation) [F]=[A-B+C+D-E]
(Amounts in Rs. lakhs unless otherwise stated)
Particulars	Quarter ended 31st March, 2020	Quarter ended 31st December, 2019	Quarter ended 31st March, 2019	Year ended 31st March, 2020	Year ended 31st March, 2019
	Audited (Refer note 5)	Unaudited	Audited (Refer note 5)	Unaudited	Audited
Total income	190	791	85,649	8,754	4,00,911
Total expenses	1,242	1,274	1,07,664	16,262	4,34,879
Profit/(loss) before tax for the period from discontinued operations	(1,052)	(483)	(22,015)	(7,508)	(33,968)
Profit/(loss) on disposal of SBB Business (discontinued operations) (refer above table)	(968)	-	-	55,652	-
Total profit/ (loss) for the period from discontinued operations before tax	(2,020)	(483)	(22,015)	48,144	(33,968)

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Usha Martin Limited

Notes to Financial Results (contd …):

Pursuant to the Hon'ble Supreme Court order dated September 24, 2014 followed by promulgation of the Coal Mines (Special Provision) Act, 2015 (CMSP Act), the allocation of Lohari and Kathautia coal blocks was cancelled with effect from September 24, 2014 and April 1, 2015 respectively. Consequently, at the year-end the Company is carrying an aggregate amount of Rs. 1,358 lakhs (net of Rs. 10,306 lakhs recovered during the year and provision/impairment charge of Rs. 3,660 lakhs including Rs. 2,597 lakhs for the year and Rs. 1,618 lakhs for the quarter) as Assets held for sale/ Advance against land, which consists of assets in the form of land, movable and immovable properties, advances etc.
During the quarter ended March 31, 2019, the Company had recognised net deferred tax assets (DTA) of Rs. 23,846 lakhs as part of continuing business arising from unabsorbed depreciation and brought forward business losses that would be available to the continuing business for set off against long-term capital gain (LTCG) that would arise from sale of SBB Business and against future taxable income of the continuing business. Pursuant to sale of SBB business during the quarter ended June 30, 2019, the Company has utilised such deferred tax assets against LTCG arising from sale of SBB Business. Management believes that balance DTA of Rs. 4,293 lakhs will be recovered against future taxable income arising from the continuing business.
The earnings per share of continuing operations for the quarter and year ended March 31, 2020 are hence not comparable with the earnings per share of the previous periods reported.
The Directorate of Enforcement, Patna (“ED”) had issued an order dated August 9, 2019 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) to provisionally attach certain parcels of land at Ranchi used by the Company’s wire rope business in the State of Jharkhand for a period of 180 days in connection with export and domestic sale of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon’ble High Court of Jharkhand at Ranchi had, vide order dated February 14, 2012, held that the Company had the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that point in time. The Company had paid applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. The Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment has been confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appeal before the Appellate Tribunal, New Delhi and successfully obtained a status quo order from the Tribunal on the confirmed attachment order till the next date of hearing, which is fixed as August, 20, 2020. The ongoing operations of the Company have not been affected. Supported by a legal opinion obtained, management believes that the Company has a strong case on merit. The Statutory Auditors of the Company have drawn an Emphasis of Matter in their audit report in this regard.
During the year, the Company has elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the deferred tax assets (net) as at March 31, 2019 and the estimate of tax expense for the year ended March 31, 2020 have been re-measured.
a. The World Health Organisation (WHO) declared the outbreak of Coronavirus Disease (COVID-19) a global pandemic on March 11, 2020.Consequent to this, Government of India declared lockdown on March 23, 2020 and the Company temporarily suspended operations in all its plants/offices in compliance with the lockdown instructions issued by the Central and State Governments. COVID-19 has impacted the normal business operations of the Company by way of interruption in production, supply chain disruption, unavailability of personnel, closure/lock down of production facilities etc. during the lock-down period. Production and supply of goods has commenced during the latter part of the month of April 2020 on various dates at all the manufacturing locations of the Company after obtaining permissions from the appropriate government authorities. Management has made an initial assessment, based on the current situation, of the likely impact of the lockdown on overall economic environment and wire and wire-ropes industry, in particular, based on which it expects the wire and wireropes demand to stabilise in due course. Based on projections of the Company’s performance, management does not anticipate any challenge in the Company's ability to continue as a going concern or meeting its financial obligations. The Company has additionally, on a prudent basis, assessed existence of any indication of impairment of carrying values of property, plant and equipment at the year-end in accordance with the requirements of Ind AS 36 – Impairment of Assets and also assessed realizability of year-end deferred tax assets. Based on such assessment, management is confident that no indications of impairment of carrying values of property, plant and equipment exist and the Company will earn sufficient taxable profits in future to be able to realise the deferred tax assets.
b. The above evaluations are based on scenario analysis carried out by the management and internal and external information available upto the date of approval of these results, which are subject to impact of uncertainties that COVID-19 outbreak may ultimately pose on economic recovery and consequential impact on the Company's results.
Previous period figures have been regrouped / rearranged wherever necessary, to conform to current period presentation.

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Place : Kolkata Dated : June 6, 2020

Rajeev Jhawar Managing Director

22. Camac Street 3rd Floor, Block 'B' Kolkata - 700 016. India Tel: +91336134 4000

S.R. BATLIB01 & Co. LLP Chartered Accountants

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of

Usha Martin Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Usha Martin Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its joint ventures for the quarter ended March 31, 2020 and for the year ended March 31, 2020 ("Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements/financial results/financial information of the subsidiaries�oint ventures, the Statement:

i. includes the results of the entities as mentioned in Annexure 1;
ii. is presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income/(loss) and other financial information of the Group for the quarter ended March 31, 2020 and for the year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143( 10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, its joint ventures in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the fina�:,,,,.,;;�

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S.R. Batliboi & Co. LLP. i LlmitQd Liability Partnership with LLP Identity No. AAB-4294

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S.R. BATLIBOJ & Co. LLP Chartered Accountants

statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

a) We draw attention to Note 1 O regarding attachment of certain parcels of land at Ranchi used by the Company's wire rope business under Prevention of Money Laundering Act, 2002 {PMLA) in connection with export and domestic sale of iron ore fines in prior years aggregating Rs 19,037 lakhs allegedly in contravention of terms of the lease granted to the Holding Company for the iron ore mines. Pending final outcome of the appeal filed by the Holding Company before the Appellate Tribunal, PMLA, no adjustment to these financial results in this regard have been considered necessary by the management. Our opinion is not modified in respect of this matter.
b) We draw attention to Note 12 to the financial results, which describes the uncertainties and the impact of the COVID-19 pandemic on the Group's operations and results as assessed by management. The actual results may differ from such estimates depending on future developments.
Our opinion is not modified in respect of this matter

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income/{loss) and other financial information of the Group including its joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

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S.R.BATLIBOl&Co. LLP Chartered Accountants

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of the Group and of its joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its joint ventures are also responsible for overseeing the financial reporting process of the Group and of its joint ventures.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up

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S.R. BATLIBOI & Co. LLP Chartered Accountants

date of our auditor's report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its joint ventures of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial results/statements and other financial information in respect of:

nineteen subsidiaries, whose financial results/statements include total assets of Rs 1,39,817 lakhs as at March 31, 2020, total revenues of Rs 30,635 lakhs and Rs 1,21,574 lakhs, total net profit after tax of Rs. 845 lakhs and Rs. 4,706 lakhs, total comprehensive income of Rs. 763 lakhs and Rs. 4,613 lakhs, for the quarter and year ended on that ndate respectively and net cash inflows of Rs. 5,322 lakhs for the year ended March 31, 2020, as considered in the Statement which have been audited by their respective independent auditors.
three joint ventures, whose financial results/statements includes Group's share of net loss of Rs. 39 lakhs for the quarter ended 31[51 ] March 2020 and net profit of Rs. 43 lakhs for the year ended 31[st ] March 2020, as considered in the Statement whose financial results/financial statements and other financial information have been audited by their respective independent auditors.

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S.R. BArL1Bo1 & Co. LLP Chartered Accountants

The independent auditor's report on the financial statements/financial results/financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint operations, joint ventures and associates is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Our opinion on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & CO. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005

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per Bhaswar Sarkar Partner Membership No.: 055596 UDIN: 20055596AA A BH4880 Place: Kolkata Date: June 6, 2020

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S.R. BATLIBOI & Co. LLP Chartered Accountants

Annexure I

List of subsidiaries/joint ventures

Subsidiaries

S.	No.	Name
1		UMCables Limited
2		Usha Martin Power and Resources Limited
3		Bharat Minex Private Limited
4		Gustav Wolf Speciality Cords Limited
5		Usha Martin International Limited
6		Usha Martin UK Limited @
7		European Management and Marine Corporation Limited @
8		Brunton Shaw UK Limited @
9		De Ruiter Staalkabel B.V. @
10		Usha Martin Europe B.V.@
11		Usha Martin Italia S.R.L. @
12		Brunton Wolf Wire Ropes FZCO.
13		Usha Marin Americas Inc.
14		Usha Siam Steel Industries Public Company Limited
15		Usha Marin Singapore Pte. Limited
16		Usha Martin Australia Pty Limited @
17		Usha Marin Vietnam Company Limited @
18		PT Usha Marin Indonesia @
19		Usha Martin China Company Limited @

@ Represents step-down subsidiaries

Joint ventures

S. No.	Name
1	Pengg Usha Martin Wires Private Limited
2	CCL Usha Martin Stressing Systems Limited
3	Tesac Usha Wirerope Company Limited*

Represents step-down joint venture

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usha martin

Usha Martin Limited

2A, Shakespeare Sarani, Kalkata (formerly Calcutta) - 700 071, India Phone: (00 91 33) 71006300/599, Fax: (00 91 33) 2282 9029, 71006400/500 CIN: L31400WB1986PLC091621 Website : www.ushamartin.com

Date: June 06, 2020

The Secretary The Secretary Societe de la Bourse de The BSE Limited National Stock Exchange of India Ltd Luxembourg Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Dalal Street Plot No.C/1, G Block, L-1840, Luxembourg Mumbai - 400 001 Bandra Kurla Complex, Bandra (E) [Scrip Code: US9173002042] [Scrip Code:517146) Mumbai -400 051 [Scrip Code: USHAMART]

Sub: Declaration in terms of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir[/] Madam,

In terms of the second proviso to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we confirm that the Statutory Auditors of the Company, S R Batliboi & Co. LLP, Chartered Accountants have given an Unmodified Opinion on the Annual Audited Financial Results (standalone and consolidated) of the Company for the financial year ended 31st March, 2020.

Thanking you,

Yours faithfully,

For Usha Martin Limited

==> picture [99 x 65] intentionally omitted <==

AI assistant

Usha Martin Ltd. — Annual Report 2020

60724_rns_2020-06-06_ac6e3c3e-7066-4a84-8f40-bba8728bdd59.pdf

usha martin

Usha Martin Limited

usha martin Usha Martin Limited

To

The Board of Directors of

Usha Martin Limited

Report on the audit of the Standalone Financial Results

Opinion

Basis for Opinion

Emphasis of Matter

Management's Responsibilities for the Standalone Financial Results

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Other Matter

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

Usha Martin Limited

Statement of Standalone Financial Results for the quarter and year ended 31st March, 2020

Notes to Financial Results

1. Standalone statement of assets and liabilities

2. Standalone Statement of cash flows for the year ended 31st March, 2020

Usha Martin Limited

3. Standalone segment information

Usha Martin Limited

Notes to Financial Results (contd …):

Usha Martin Limited

Notes to Financial Results (contd …):

To

The Board of Directors of

Usha Martin Limited

Report on the audit of the Consolidated Financial Results

Opinion

Basis for Opinion

Emphasis of Matter

Management's Responsibilities for the Consolidated Financial Results

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Other Matter

S.R. BArL1Bo1 & Co. LLP Chartered Accountants

For S.R. BATLIBOI & CO. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005

Annexure I

List of subsidiaries/joint ventures

Subsidiaries

Joint ventures

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More from Usha Martin Ltd.

Usha Martin Ltd. Annual Report 2020

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