3. 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.
4. 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.
5. Disclosure of related parties / related party transactions as per AS 18:
A. List of related parties :
i) Holding Company
UD Trading & Holdings Limited, Dubai (Ultimate 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)
iii) Relatives of Key Management Personnel Mrs. Ginni Gupta
Ms. Natasha Gupta
iv) Subsidiaries
Hobli Property Management Private Limited Vijay Devraj Gupta Foundation
v) Fellow Subsidiaries
UIL Singapore Pte Limited UIL Hong Kong Ltd UIL Malaysia Ltd.
UIL Commodities DMCC UIL China (Trading) Ltd.
TMT Metals AG
UD Industrial Holding Pte Limited
vi) 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 Ushdev Wind Power Ltd
16 Ushdev Engitech TN Private Limited
17 Shree Shyam Exim
18 Ushdev Metals & Minerals Private Limited
19 UIL Mining & Commercial Services Pvt. Ltd.
20 Portman Properties Pvt. Ltd.
21 Uttam IT Parks Projects Pvt. Ltd.
22 Ushdev Steel Pvt. Ltd. (Formerly known as Maa Jai Jyotawali Steels Private Limited)
As required under Section 186(4) of the Companies, Act, 2013, the company has provided corporate guarantees and loans to its related parties for working capital facilities.
23. Accounting for Operating Leases
The Company has operating leases for premises, the leases are renewable on periodic basis and cancelable in nature.
24. Basic and Diluted Earnings Per Share
For the purpose of calculation of Basic and Diluted Earnings Per Share, the following amounts are considered :
25. Previous year figures have been regrouped wherever necessary to confirm to the current year's classifications.
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