Chairperson
Dear Members,
Please accept heartiest greetings from the Board of Directors of Ushdev International
Limited (UIL) on the successful completion of the financial year 2011 2012. We take this
opportunity to thank all of you for being with us in our journey towards success. It gives
us great pleasure to reach you through our Annual Report for the year 2011-2012. After
successful completion of 18 years in the business, today I look back at our
accomplishments with great pride and joy. Your Company has grown consistently over these
years and this growth can be attributed to incessant efforts put in by the Ushdev
International Limited (UIL) team in building trust with our esteemed customers, our most
valuable asset. I would like to use this platform to express my sincere thanks to all our
customers, partners, shareholders, suppliers, the Government, banks, financial
institutions and other stakeholders for their support, partnership and invaluable
contribution in facilitating the success of the Company.
As you are aware, your Company's Core activity is trading of Metals and Power
generation through Wind. With your support in 2011-2012, Ushdev International Limited has
surpassed all the benchmarks for sales growth, by achieving the record growth of 78.87%
and Net profit growth of 65.37% when compared to the previous year.
The total business handled by Ushdev International Limited in India till now:
The total consumption of steel in the year 2010-11 was 60.60 Million MT out of which
Ushdev International Limited (UIL) handled 2.65 Million MT thus making its share in
consumption of steel 4.37%. Whereas in 2011-12 total consumption of steel amounted to
50.865 Million MT out of which Ushdev International Limited (UIL) handled 2.91 Million MT
leading to its share to 5.72% thus increasing its share by 1.35% in this financial year. A
remarkable feat by all standards.
Source : Ministry of Steel
An update on global scenario on steel and wind energy is important here.
Steel and Iron both are Ferrous Metals and as you know we at Ushdev International
Limited (UIL) deal mainly into Steel. Steel is one of the most attractive, robust and
sustainable materials in the world. World crude steel production reached 1,527 megatonnes
(MT) for the year of 2011. This is an increase of 6.8% compared to 2010 and is a world
record for global crude steel production. China remained the world's largest crude steel
producer in 2011 (695.5 mt) followed by Japan (107.6 mt) and the USA (86.2 mt). India
occupied the 4th position (72.2 mt) for the second consecutive year. India is the largest
producer of sponge iron in the world through the coal based route accounts for 78% of
total sponge iron production in the country (27 mt in 2010-11; prov.).
India has indeed emerged in the global steel scenario and has climbed to fourth spot
for crude steel production in 2011 from eighth in a span of few years and shall soon
occupy the position next to China. Demand for steel in India is growing at the rate of
15%-20% and we do not expect the slowdown in the near future. Given this scenario we can
expect a great time for steel industry ahead.
Now coming to the update on Wind energy scenario, it witnessed a sound revival in the
first half of 2011 and regained momentum after a weak year in 2010. The worldwide wind
capacity reached 215'000 MW by the end of June 2011, out of which 18'405 MW were added in
the first six months of 2011. This increase represents 15 % more than in the first half of
2010, when only 16'000 MW were added. The global wind capacity grew by 9.3 % within six
months and by 22.9 % on an annual basis (mid-2011compared with mid-2010). In comparison,
the annual growth rate in 2010 was 23.6 %. The world market for wind turbines set a new
record in the year 2011 and reached a total size of 42 Gigawatt, after 37.6 Gigawatt in
2010.
As per the Indian Economic Survey 2011-2012 the Indian Economy was expected to grow at
8.75% to 9.25% in the latest financial year 2012. The growth rate is expected to be about
9% in the coming fiscal year as it has been 8.6% in 2010-11. The growth rate in
agriculture sector is expected to be 5.4% this year. Manufacturing and Services sectors
have also shown robust growth. Savings and Investment along with exports have also
registered impressive increase.
We are happy to announce two more accolades.
1) Ushdev International Limited (UIL) was awarded as the Best Performing Wind Farm in
the 2 MW category for the year 2010-11 by Indian Wind Power Association for its Wind Farm
located at Chitradurga district at Karnataka.
2) Ushdev International Limited (UIL) has been ranked 215th by the Financial Express
magazine in its list of 500 India's Finest Companies on the basis of net sales and ranked
493rd on the basis of market cap in their Feb 2012 issue.
Please mark our growth, we have many more feats to perform.
With impressive financial results, robust growth, enviable accomplishments in your
coffer backed by global cohesive scenario, your Company aims to be a global leader in the
vast and abundant eco-friendly resources of power generation through wind energy, and this
adds value to all stakeholders and customers alike, and thusby our core activity of metal
trading gets a boost.
Before I conclude, I would like to convey, on behalf of the entire Board and all
shareholders, our sincere appreciation to the Management and Employees for their hard
work, commitment and continued dedication in nurturing the Company's business principles
and taking it from strength to strength.
Suman Gupta
Chairperson