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Notes to Accounts of Ushdev International Ltd.

Mar 31, 2015

1. Employee''s benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below :

Defined Benefit Plan

The employees Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which

recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Employee Stock Option Scheme

(a) In the annual general meeting held on 5th September, 2014, the shareholders approved the issue of employee stock options under the Scheme titled "Ushdev Stock Option Scheme 2014" in two tranches i.e. 3,66,450 and 17,851 Employee Stock Options under Tranche one and Tranche two respectively.

The scheme allows the issue of options to employees of the Company and its subsidiaries (whether in India or abroad). Each option comprises one underlying equity share.

As per the Scheme, the Remuneration / Compensation Committee grants the options to the employees deemed eligible. The options granted vest over a period of 3 years from the date of the grant in proportions specified in the Scheme. Options may be exercised within 3 years of vesting.

(b) Employee stock options details as on the Balance Sheet date are as follows:

2. Segment Reporting

The Company is primary engaged in "Metal Trading" business and there are no other reportable segment as required by Accounting Standard - 17 Segment Reporting.

3. Disclosure of related parties / related party transactions as per AS 18:

A. List of related parties :

i) Holding Company

UD Trading Group Holding Pte Ltd

ii) Key Management Personnel Mr. Prateek Gupta Mrs. Suman Gupta

Mr. Arvind Prasad (Managing Director and Chief Executive Officer) Mr. Ashwin Rathi (Managing Director and Chief Financial Officer) Mr. Harish Anchan (Company Secretary) Mr. Lalit Chendvankar (Company Secretary till September 5, 2014)

iii) Relatives of Key Management Personnel Mrs. Ginni Gupta Ms. Natasha Gupta

iv) Subsidiaries

Hobli Property Management Private Limited Vijay Devraj Gupta Foundation

v) Enterprises under common control and Enterprises in which Key Management Personnel and their relatives are able to exercise significant influence (Other Related Parties)

1 Enshrine Property Management Private Limited

2 Ushdev Mercantile Private Limited

3 Hurricane Wind farms Private Limited

4 Ushdev Trade Limited

5 Montex Trading Private Limited

6 Ushdev Commercial Services Private Limited

7 P G Mercantile Private Limited

8 Ushdev Securities Limited

9 Ushdev Power Holdings Private Limited

10 Vijay Gupta (HUF)

11 Ushdev Wind park Private Limited

12 Typhoon Wind farms Private Limited

13 Ushdev MG Wind farms Private Limited

14 Ushdev Engitech Limited

15 UD Industrial Holding Pte Limited

16 Ushdev Engitech TN Private Limited

17 UIL Hong Kong Ltd

18 UIL Singapore Pte Limited

19 Shree Shyam Exim

20 Ushdev Metals & Minerals Private Limited

21 Ushdev Steel Pvt. Ltd. (Erstwhile known as Maa Jai Jyota Wali Steel Pvt. Ltd.)

4. Accounting for Operating Leases

The Company has operating leases for premises, the leases are renewable on periodic basis and cancelable in nature.

5. Contingent Liabilities and Commitments (To the extent not provided for)

As at 31-Mar-15 As at 31-Mar-14 Particulars (Rs. in Lacs) (Rs. in Lacs)

Capital Commitment 105.57 150.31

Claims against Company not 490.00 490.00 acknowledged as debt

Corporate Guarantees issued 101,781.25 135,576.81 by the Company


Mar 31, 2014

1. Employee''s benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below :

Defined Benefit Plan

The employees Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

2. Segment Reporting :

A. Segment information as per Accounting Standard - 17 on Segment Reporting

Information provided in respect of revenue items for the year ended 31st March, 2014 and in respect of assets / liabilities as at 31st March, 2014.

Information about Primary (Product wise) segments

B. Segment Identification, Reportable Segments and definition of each segment:

i. Primary / Secondary Segment Reporting Format:

The risk return profile of the Company''s business is determined predominantly by the nature of its product. Accordingly, the business segments constitute the Primary Segments for the disclosure of segment information.

ii. Reportable Segments:

Segments have been identified and reported taking into account the differing risks and returns, nature of the products, the organizational structure and the internal reporting system of the Company.

iii. Segment Composition:

Trading Segment includes trading activities through metal trading.

Power Segment includes power generation activities by various windmills at different geographical locations.

3. Disclosure of related parties / related party transactions as per AS 18

A) List of related parties :

i) Key Management Personnel

Mr. Prateek Gupta Mrs. Suman Gupta Mr. Arvind Prasad Mr. Ashwin Rathi

ii) Relatives of Key Management Personnel

Mrs. Ginni Gupta Ms. Natasha Gupta

iii) Subsidiaries

Maa Jai Jyotawali Steels Private Limited Hobli Property Management Private Limited

iv) Investments in erstwhile Subsidiaries

UIL Hongkong Limited UIL Singapore Pte Limited

v) Enterprises under common control and Enterprises in which Key Management Personnel and their relatives are able to exercise significant influence (Other Related Parties)

Enshrine Property Management Private Limited

G G Trading Private Limited

Hurricane Wind farms Private Limited

Montex Trading Private Limited

P G Mercantile Private Limited

Ushdev Power Holdings Private Limited

Ushdev Wind Park Private Limited

Ushdev MG Wind farms Private Limited

UD Industrial Holding Pte Limited

Ushdev Mercantile Private Limited

Ushdev Trade Limited

Ushdev Commercial Services Private Limited

Ushdev Securities Limited

Vijay Gupta (HUF)

Typhoon Wind farms Private Limited

Suzlon Engitech Limited

Ushdev Engitech TN Private Limited

Shree Shyam Exim

4. Previous year figures have been regrouped wherever necessary to confirm to the current year''s classifications.


Mar 31, 2013

1. Employee''s benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

During the year the Company was required to recognize liability of gratuity for the first time and hence comparative previous year figures can not be given.

Defined Benefit Plan

The employees'' Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

2. Disclosure of related parties / related party transactions as per AS 18

A) List of related parties :

i) Key Management Personnel

Mr. Prateek Gupta

Mrs. Suman Gupta

Mr. Arvind Prasad

Mr. Ashwin Rathi

ii) Relatives of Key Management Personnel Mrs. Ginni Gupta Ms. Natasha Gupta

iii) Subsidiaries

UIL Hong Kong Limited

UIL (Singapore) Pte Limited

Maa Jai Jyotawali Steels Private Limited

Hobli Property Management Private Limited

iv) Enterprises under common control and Enterprises in which Key Management Personnel and their relatives are able to exercise significant influence (Other Related Parties)

Enshrine Property Management Private Limited.

G G Trading Private Limited.

Hurricane Wind Farms Private Limited.

Montex Trading Private Limited.

P G Mercantile Private Limited.

Ushdev Power Holdings Private Limited.

Ushdev Wind Park Private Limited.

Ushdev MG Wind Farms Private Limited.

Ushdev Mercantile Private Limited.

Ushdev Trade Limited.

Ushdev Commercial Services Private Limited.

Ushdev Securities Limited.

Vijay Gupta (HUF)

Typhoon Wind Farms Private Limited.

Suzlon Engitech Limited.

Ushdev Engitech TN Private Limited.

3. Previous year figures have been regrouped wherever necessary to confirm to the current year''s classifications.


Mar 31, 2012

1. Remuneration to Directors:

The Directors are not drawing any remuneration.

2. Related Party Transactions (Accounting Standard-18)

2.1 Name of Related parties and Description of Relationships

a) Directors having a significant influence/ Key Management Personnel

1. Prateek Gupta

2. Suman Gupta

b) Enterprises where Key Management Personnel/Directors have significant influence

1. Enshrine Property Management Pvt. Ltd.

2. G G Trading Pvt. Ltd.

3. Hurricane Windfarms Pvt. Ltd.

4. Montex Trading Pvt. Ltd.

5. P G Mercantile Pvt. Ltd.

6. Ushdev Power Holdings Pvt. Ltd.

7. Ushdev Mercantile Pvt. Ltd.

8. Ushdev Trade Ltd.

9. Ushdev Commercial Services Pvt. Ltd.

10. Ushdev Securities Ltd.

11. Vijay Gupta (HUF)

12. Typhoon Windfarm Pvt. Ltd.

c) Relatives of Director

1. Ginni Gupta

2. Natasha Gupta

d) Enterprises where Control exists

1. UIL Hongkong Limited

2. UIL (Singapore) Pte. Ltd.

3. Based on survey conducted under Sec 133A of The Income Tax Act, 1961, Company has accounted income from sale of steel aggregating to Rs. 1,748.64 lacs for the current year.

4. Based on a notice received from the Sales tax department, the company has submitted books of accounts from April 1, 2005 till March 31, 2010 for verification by the Sales Tax authorities. Pending verification, the company has made a voluntary payment aggregating to Rs. 388.52 lacs as VAT advance payment and made a prudent provision of Rs. 200.00 lacs against that.

5. As per the requirements of Revised Schedule VI, the company has re- classified its assets and liabilities into current and non-current based on the normal operating cycle, as determined by the management. Previous year figures have been accordingly re-grouped and re-classified


Mar 31, 2011

1. Contingent Liabilities

Rs. in Lakhs

Sr. Particulars 2010-2011 2009-2010 No.

(a) Disputed Income Tax Liability for Assessment Year 2005-2006 5.13 5.13

(b) Capital Commitment on account of Purchase of Machineries NIL 12,493.00

(c) Corporate Guarantee issued by the Company in favour of Bank for Working Capital Requirement of a Subsidiary 26,754.00 NIL

2. Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed u/s 22 of the said Act is not given.

3. Related Party Transactions (Accounting Standard -18)

3.1 Name of Related Parties & Descriptions of Relationships

a) Directors having a Significant Influence/Key Management Personnel :

I. Mr. Prateek Gupta

II. Mrs. Suman Gupta

b) Associates:

I. Ushdev Securities Ltd.

II. Ushdev Commercial Services Pvt. Ltd.

III. Ushdev Trade Ltd.

IV. Montex Trading Pvt. Ltd.

V. Enshrine Property Management Pvt. Ltd.

VI. Vijay Gupta (HUF)

VII. Ushdev Mercantile Pvt. Ltd.

VIII. Ushdev Power Holdings Pvt. Ltd.

(Formerly Ushdev Exporters & Importers Private Limited)

IX. P. G. Mercantile Pvt. Ltd.

X. GG Trading Private Limited

XI. Honest Trading Company

XII. G G Corporation

c) Relative of Director

I. Ms. Natasha Gupta

II. Mrs. Ginni Gupta

d) Subsidiaries

I. UIL ( Singapore) Pte. Ltd.

II. UIL Hongkong Ltd.

3.2 Transactions with Related Parties:

3.2.1 Transactions during the year:

4. Leases (Accounting Standard - 19)

The company has not entered into any operating leases during the year.

5. Based on a notice received from the Sales tax department, the company has submitted books of accounts from 1st April, 2005 till 31st March, 2010 for verification by the Sales Tax authorities. Pending verification, the company has made a voluntary payment aggregating to Rs. 364.06 Lakhs towards availing input credit which prima facie could not be availed. Since the verification is in process and no demand/order has been received from the Sales tax department, amount paid has been disclosed under Current Assets.

6. Previous year's figures have been regrouped/rearranged wherever necessary, to make them comparable with current year figures.


Mar 31, 2010

1. Contingent Liabilities

2009-10 2008-09

No. Particulars Rs in Lacs Rs in Lacs

a Disputed Income Tax Liability for Assessment Year 2005-2006 5.13 5.13

b Income Tax Demand for Assessment Year 2004-2005 13.77 NIL

c Capital Commitment on account of Purchase of Machineries 12,493.00 NIL

2. Remuneration to Directors :

The Directors are not drawing any remuneration.

3. Auditors Remuneration

4. Additional Information pursuant to clause 3(b) Part II of schedule VI of The Companies Act 1956.

5. Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed u/s 22 of the said Act is not given.

6. Details of Segment Reporting (Accounting Standard - 17)

(Figures in bracket indicate figures for the previous year)

Note : Trading Segment comprises of Metals such as Steel, Zinc, Copper and its Raw Materials and By-products traded by the Company.

7.Related party Transactions (Accounting Standard -18)

7.1 Name of Related Parties & Descriptions of Relationships

A) Directors having a significant Influence / Key Management Personnel: 1. Mr. Prateek Gupta

2. Mrs. Suman Gupta

B) Associates:

1. Ushdev Securities Ltd. 1. UIL ( Singapore) Pte Ltd

2. Ushdev Commercial Services Pvt. Ltd. 2. UIL Hongkong Ltd

3. Ushdev Trade Ltd (formerly Ushdev Power Ltd).

4. Montex Trading Pvt. Ltd. (Formerly Moments Candles (India) Pvt. Ltd)

5. Enshrine Property Management Pvt Ltd (Formerly Standard -18) Eastern India Coir Products Pvt. Ltd)

6. Vijay Gupta (HUF)

7. Ushdev Mercantile Pvt. Ltd.

8. Ushdev Exporters & Importers Private Limited

9. P G Mercantile Private Limited

C) Relative of Director:

1. Ms. Natasha Gupta (Daughter of Suman Gupta)

2. Mrs. Ginni Gupta (Wife of Prateek Gupta)

D) Subsidiaries:

1. UIL ( Singapore) Pte Ltd

2. UIL Hongkong Ltd

8. Leases (Accounting Standard - 19)

The company has not entered into any operating leases during the year.

9. Earning Per share : (Accounting Standard - 20)

10. Based on a notice received from the Sales tax department, the company has submitted books of accounts from April 1, 2005 till March 31, 2010 for verification by the Sales Tax authorities. Pending verification, the company has made a voluntary payment aggregating to Rs. 300 lakhs towards availing input credit which prima facie could not be availed. Since the verification is in process and no demand/order has been received from the Sales tax department, amount paid has been disclosed under Current Assets.

11. Previous years figures have been regrouped/rearranged wherever necessary, to make them comparable with current year figures.

 
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