Usha Martin Limited has informed the Exchange about Investor Presentation
Date: 12th May 2025
The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001 [Scrip Code: 517146]
The Manager National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra Mumbai – 400 051 [Symbol: USHAMART]
la Bourse de
Societe de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]
Dear Sir/Madam,
Sub.: Earnings Presentation - Q4 FY25
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed an Earnings Presentation – Q4 FY25 on the Audited Financial Results of the Company for the Quarter and Year ended 31st March 2025.
The presentation is also being made available on the website of the Company i.e. www.ushamartin.com
This is for your information and records.
Thanking you,
Yours faithfully, For Usha Martin Limited
Manish Agarwal Company Secretary & Compliance Officer
Enclosed: As above
Q4 & FY25 RESULTS
Earnings Presentation
May 12, 2025
|
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Usha Martin Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this presentation may contain forward looking statements concerning the Company’s future business prospects and business profitability. Such forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
Q4 FY25 Earnings Presentation
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2
Key financial highlights – Consolidated Q4 & FY25
In Rs. crore
NET REVENUE FROM OPERATIONS
3,225
3,474
OPERATING EBITDA
MARGINS
18.3%
16.6%
15.6%
18.6%
17.2%
599
598
829
861
896
152
143
140
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 4.1%
YoY: 8.1%
7.7%
Shift (%)
QoQ: 2.2%
YoY: 7.9%
0.3%
PAT MARGINS
12.8%
10.7%
11.3%
13.2%
11.7%
424
406
106
92
101
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 9.4%
YoY: 5.1%
4.2%
▪ Revenue from operations increased by 8.1% Y-o-Y to Rs. 896.1 crore in Q4 FY25, supported by a 10.7% Y-o-Y increase in volumes across the Company’s core segments
▪ EBITDA margin for Q4 FY25 stood at
15.6%, primarily
impacted by a higher revenue share from the LRPC segment
▪ Stable contributions from value-added products and supported margin
ongoing operational efficiencies performance during the quarter
▪
In Q4FY25 EBITDA margin excluding provision for one time redundancy cost of Rs 4 cr stood at 16.0%
▪ PAT amounted to Rs. 100.9 crore in Q4 FY25 as against Rs.
92.3 crore in Q3 FY25
Note 1: Operating EBITDA & EBITDA Margins calculated without other income
Q4 FY25 Earnings Presentation
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3
Revenue breakdown by segment
In Rs. crore
WIRE ROPE
WIRE & STRAND
2,277
2,487
328
274
607
616
615
66
87
90
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 0.2%
YoY : 1.3%
YoY: 9.3%
Shift (%)
QoQ: 2.9%
YoY: 36.5%
19.7%
LRPC
386
366
85
91
101
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 10.6%
YoY : 18.0%
5.2%
▪
The Wire & Strand segment registered a 36.5% Y-o-Y increase in revenues, and the LRPC segment recorded an 18.0% Y-o-Y growth
▪ Segment wise % of overall sales FY25:
▪ Wire Rope – 72% (FY24: 71%)
▪ Wire & Strand – 9% (FY24: 8%)
▪
LRPC – 11% (FY24: 12%)
Note 1: All figures mentioned in the slide are consolidated financials
Q4 FY25 Earnings Presentation
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4
Diversified presence across geographies and segments
Revenue Segmentation for FY25
PRODUCT SEGMENTATION
END INDUSTRY SEGMENTATION1
GEOGRAPHY SEGMENTATION
Others, 8%
Wire & Strand, 9%
LRPC, 11%
Others, 3%
Fishing, 3%
Mining, 5%
Utilities, 3%
Elevator, 8%
Auto, 6%
America, 7%
Middle East & Africa, 9%
Engineering, 23%
Asia Pacific, 13%
India, 45%
Construction & Infrastructure, 12%
Wire Rope, 72%
Crane, 16%
Oil & Offshore, 21%
Europe, 26%
▪ Wire rope segments contribution to overall revenues increased to 72% in FY25 vs. 71% in FY24
▪ Within Wire rope, the value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 71% in FY25
▪ Share of International business stood at 55% in FY25
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated financials
Q4 FY25 Earnings Presentation
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5
Successfully managing raw-material volatility
STEEL PRICE (RS. PER TONNE)
61,691
56,317
55,392
55,402
54,906
53,952
54,097
51,913
FY22
FY23
FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
FY25
EBITDA/TONNE2 (RS.)
32,299
32,628
32,253
28,302
26,917
29,946
26,473
19,624
FY22
FY23
FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
FY25
• EBITDA/Tonne excluding provision for one time redundancy cost of Rs 4 crore stood at Rs 27,689 for Q4FY25 and Rs 30,147 for FY25
Note 1: All figures mentioned in the slide are consolidated financials Note 2: EBITDA calculated without other income & excluding UM Cables
Q4 FY25 Earnings Presentation
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6
Profitability indicators remain healthy
ROCE 2 (%)
ROE (%)
20.8%
22.5%
22.8%
19.3%
18.8%
18.8%
19.2%
15.8%
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
INTEREST COVERAGE (X)
FIXED ASSET TURNOVER (X)
23.2
18.8
3.2
3.4
2.7
2.5
16.0
9.2
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Note 1: All figures mentioned in the slide are consolidated financials Note 2 : Previous year figures has been restated
Q4 FY25 Earnings Presentation
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7
Balance sheet remains significantly de-risked
In Rs. crore
GROSS DEBT
NET DEBT
355
347
292
338
191
185
124
63
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
GROSS DEBT TO EQUITY (X)
NET DEBT TO EQUITY (X)
0.21
0.17
0.12
0.12
0.11
0.09
0.05
FY22
FY23
FY24
FY25
FY22
FY23
FY24
0.02
FY25
• Despite undertaking Rs. 245 crore of capex during the year, consolidated net debt reduced to Rs. 63 crore
Note 1: All figures mentioned in the slide are consolidated financials
Q4 FY25 Earnings Presentation
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8
Net working capital to turnover remains steady
CURRENT RATIO (X)
NET WORKING CAPITAL (RS. CRORE)
2.2
2.5
2.9
2.8
874
1,028
1,089
1,199
Mar-22
Mar-23
Mar-24
Mar-25
Mar-22
Mar-23
Mar-24
Mar-25
NET WORKING CAPITAL 2 (DAYS)
NET WORKING CAPITAL TO TURNOVER (LTM, %)
158
164
198
199
28.8%
29.1%
32.8%
32.9%
Mar-22
Mar-23
Mar-24
Mar-25
Mar-22
Mar-23
Mar-24
Mar-25
The ‘One Usha Martin’ initiative significantly contributed to improvements in working capital discipline in H2FY25
Restructuring at Brunton Shaw UK enabled direct exports from India and helped reduce overall working capital days from 209 days in Sept’24 to 199 days in Mar’25
Note 1: All figures mentioned in the slide are consolidated financials Note 2: Previous year figures have been restated
Q4 FY25 Earnings Presentation
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9
Healthy cash flows despite capex spend of Rs. 245 crore
In Rs. crore
OPERATING CASH FLOW (OCF) BEFORE INCOME TAX AND % TO EBITDA
94%
561
91%
541
67%
345
• Centralised systems and tighter execution unlocked ~Rs. 141 crore in cash flows from international operations in H2 FY25
• The Company registered robust OCF of Rs. 541 crore in FY25
FY23
FY24
FY25
(91% of EBITDA)
FREE CASH FLOW
166
177
• Healthy free cash flows reflect prudent capital allocation and strong cash conversion, providing sufficient headroom for future growth initiatives
38%
146
FY22
107
69
FY22
FY23
FY24
FY25
Note 1: All figures mentioned in the slide are consolidated financials
Note 2: EBITDA calculated without other income
Q4 FY25 Earnings Presentation
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10
Long term issuer rating at ‘IND A+’ / Outlook: Stable
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
Aug'24
▪
India Ratings and Research Pvt. Ltd. recently upgraded Usha Martin Ltd.’s long-term issuer rating from ‘IND A/Positive' to 'IND A+/Stable’
▪ Additionally, the agency raised the rating on the Company’s short-term credit facilities from 'IND A1' to 'IND
A1+'
Current Rating
A+
Outlook
Stable
Last Review
Aug’24
Q4 FY25 Earnings Presentation
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11
Management comment
Mr. Rajeev Jhawar
Managing Director
Commenting on the performance Mr. Rajeev Jhawar, Managing Director said: “FY25endedonasteadynote,withrevenueatRs.3,474crore,registeringan7.7%year-on- year growth, led by a 9.5% increase in sales volumes. We remain focused on operational efficiencyandvalue-migration,whichshouldsupportmarginimprovementandenableusto accelerategrowthinthecomingquarters.
We are pleasedwith the progress of our ‘One UshaMartin’ initiative,which is now deeply embeddedinourcultureandwayofworkingacrosstheorganisation.Weareimplementing bestpracticesinprocurement,logistics,administrationandbackendoperationstodrivecost efficienciesglobally.Theseinitiativeshavealsoenabledtighterworkingcapitaldiscipline.The combinationofimprovedcashflowsandaleanerbalancesheethighlightstheprogresswe haveachieved thus far.With thisfoundation in place,we areconfidentof buildingfurther momentum,withtheimpactof‘OneUshaMartin’tointensifyfromthesecondhalfofFY26.
Lookingahead,weremainfocusedonhigh-valueopportunitiesinthedomesticmarketandon executing our strategic capex programs with discipline. While the external environment presentssomenear-termuncertainty,webelievethattheinitiativesundertakenacrossthe organisationhavestrengthenedourbusinessmodel.Thispositionsuswelltodrivevalue-led growthanddeliversustainableperformanceoverthelongterm.”
Q4 FY25 Earnings Presentation
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12
ANNEXURE
Q4 FY25 Earnings Presentation
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13
Abridged Consolidated P&L statement
In Rs. crore
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
Operating EBITDA / ton^ (Rs.)
Other Income @
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
Share of profit(-) /loss(+) of joint ventures
PBT @
PBT Margin (%)
Tax
PAT
PAT Margin (%)
Basic EPS (in Rs.)
Q4 FY25
Q4 FY24
Y-o-Y Change (%)
Q3 FY25
Q-o-Q Change (%)
FY25
FY24
Y-o-Y Change (%)
896.1
139.6
15.6%
26,917
23.7
163.2
18.2%
27.8
6.5
-4.2
133.1
14.9%
32.2
100.9
11.3%
3.32*
829.0
151.5
18.3%
31,784
9.5
161.0
19.4%
22.5
6.7
-4.5
136.4
16.4%
30.0
106.3
12.8%
3.49*
8.1%
-7.9%
-2.7 pps
-15.3%
149.2%
1.4%
-1.2 pps
23.2%
-1.8%
7.5%
-2.4%
-1.6 pps
7.3%
-5.1%
-1.6 pps
-4.9%
860.5
142.7
16.6%
28,302
3.9
146.6
17.0%
25.6
8.7
-5.3
117.6
13.7%
25.4
92.3
10.7%
3.04*
4.1%
-2.2%
-1 pps
-4.9%
504.9%
11.3%
1.2 pps
8.6%
-24.6%
20.3%
13.2%
1.2 pps
27.0%
9.4%
0.5 pps
9.1%
3,474.2
597.1
17.2%
29,946
39.4
636.4
18.3%
97.9
29.6
-17.8
526.8
15.2%
120.5
406.3
11.7%
13.37
3,225.2
598.6
18.6%
32,299
40.3
638.8
19.8%
77.0
24.8
-12.5
549.5
17.0%
125.4
424.1
13.2%
13.92
7.7%
-0.3%
-1.4 pps
-7.3%
-2.2%
-0.4%
-1.5 pps
27.1%
19.2%
-43.1%
-4.1%
-1.9 pps
-3.9%
-4.2%
-1.5 pps
-4.0%
^Excluding UM Cables Ltd. and provision for one time redundancy cost in Q4FY25 and FY25. *EPS is not annualized @ Q4FY25 includes other income of Rs. 17 crs from write back of RPO.
Q4 FY25 Earnings Presentation
|
14
Abridged Standalone P&L statement
Q4 FY25
Q4 FY24
Y-o-Y Change (%)
Q3 FY25
Q-o-Q Change (%)
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
544.2
99.9
18.4%
515.1
97.0
5.6%
3.1%
565.3
114.9
18.8%
-0.5 pps
20.3%
Operating EBITDA / ton (Rs.)
23,090
24,513
-5.8%
26,678
-3.7%
-13.0%
-2 pps
-13.5%
Other Income @
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
PBT @
PBT Margin (%)
Tax
PAT
PAT Margin (%)
Basic EPS (in Rs.)
23.0
122.9
22.6%
13.0
3.4
106.6
19.6%
28.3
78.3
14.4%
2.57*
8.4
105.4
20.5%
10.8
2.2
92.4
172.5%
16.6%
2.1 pps
20.4%
55.0%
15.3%
17.9%
1.6 pps
21.3
71.1
13.8%
2.33*
32.9%
10.0%
0.6 pps
10.0%
3.1
646.8%
118.0
20.9%
12.5
3.1
102.4
18.1%
25.3
77.1
13.6%
2.53*
4.2%
1.7 pps
3.7%
10.0%
4.1%
1.5 pps
11.8%
1.5%
0.7 pps
1.6%
*EPS is not annualized @ Q4FY25 includes other income of Rs 17 crs from write back of RPO.
In Rs. crore
Y-o-Y Change (%)
6.1%
5.4%
-0.1 pps
-2.8%
-31.2%
0.6%
-1.2 pps
44.1%
67.7%
-3.8%
-1.9 pps
3.8%
-6.2%
-1.8 pps
-6.2%
FY25
FY24
2,171.1
2,046.1
421.9
19.4%
400.2
19.6%
24,825
25,548
41.4
463.3
21.3%
47.2
11.4
404.7
18.6%
102.5
302.2
13.9%
9.92
60.1
460.4
22.5%
32.7
6.8
420.9
20.6%
98.8
322.1
15.7%
10.57
Q4 FY25 Earnings Presentation
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15
Key operational highlights – Consolidated Q4 & FY25
Figure in (‘000 MT)
SALES VOLUMES1
181
198
▪
▪
Increase in overall volumes YoY, primarily due to an increase in Wire Rope and Wire & Strand volumes
Segment wise contribution to overall volumes FY25:
47
50
52
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
▪
▪
▪
Wire Rope - 52% (FY24: 52%)
Wire & Strand - 21% (FY24: 18%)
LRPC - 27% (FY24: 30%)
Shift (%)
QoQ: 3.2%
YoY: 10.7%
9.5%
WIRE ROPE SALES VOLUMES
WIRE & STRAND VOLUMES
LRPC SALES VOLUMES
94
104
41
32
54
54
25
26
25
8
11
12
13
13
15
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 4.6%
YoY:0.2%
10.0%
QoQ: 8.0%
YoY: 41.0%
26.5%
QoQ: 15.1%
YoY : 11.8%
1.5%
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated volumes
Q4 FY25 Earnings Presentation
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16
Key operational highlights – Standalone Q4 & FY25
Figure in (‘000 MT)
SALES VOLUMES1
Domestic
Export
40 10 29
43 10 33
43 9 34
157
42
115
170
41
129
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
Shift (%)
QoQ: 0.5%
YoY: 9.4%
8.5%
▪
▪
Increase in overall volumes YoY, primarily due to an increase in Wire Rope and Wire & Strand volumes
Segment wise contribution to overall volumes FY25:
▪
▪
▪
Wire Rope - 47% (FY24: 47%)
Wire & Strand - 22% (FY24: 18%)
LRPC - 31% (FY24: 35%)
WIRE ROPE SALES VOLUMES
WIRE & STRAND SALES VOLUMES
LRPC SALES VOLUMES
Domestic
Export
74
36
80
36
19
9 10
20
9 11
18 8 11
38
44
7 1 6
10 1 9
10 1 9
Domestic
Export
Domestic
Export
28
5
24
37 3
33
54 1
53 2
14 1 13
13 1 12
15 1 14
54
52
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Q4 FY24 Q3 FY25 Q4 FY25
FY24
FY25
Shift (%)
QoQ: 9.1%
YoY : 3.3%
7.9%
QoQ: 3.4%
YoY: 42.8%
29.5%
QoQ: 13.2%
YoY : 5.0%
1.7%
Note 1: For all product segments Note 2: All figures mentioned in the slide are standalone volumes
Q4 FY25 Earnings Presentation
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17
Key financial highlights – Standalone Q4 & FY25
In Rs. crore
NET REVENUES FROM OPERATIONS
Domestic
Export
2,046
732
2,171
717
1,314
1,454
515 184 331
565 191 374
544 172 372
OPERATING EBITDA
18.8%
20.3%
18.4%
MARGINS 19.6%
400
19.4%
422
97
115
100
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
Shift (%)
QoQ: 3.7%
YoY: 5.6%
6.1%
Shift (%)
QoQ: 13.0%
YoY: 3.1%
5.4%
17.9%
18.1%
19.6%
20.6%
18.6%
13.8%
13.6%
14.4%
15.7%
13.9%
PBT
MARGINS
PAT MARGINS
421
405
322
302
92
102
107
71
77
78
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
Shift (%)
QoQ: 4.1%
YoY: 15.3%
3.8%
Shift (%)
QoQ: 1.5%
YoY: 10.0%
6.2%
Note 1: All figures mentioned in the slide are standalone financials Note 2: Operating EBITDA & EBITDA Margins calculated without other income
Q4 FY25 Earnings Presentation
|
18
Globally recognized certifications and licenses
ISO 45001: 2018 Occupational Health & Safety
ISO 14001: 2015 Environmental management systems
Certificate of Authority issued by American Petroleum Institute
ISO 9001: 2015 Quality management Systems
DGMS Approval
Manufacturing Assessment issued by ABS
NABL Testing
Approved Manufacturer of Steel Wire Rope issued by Lloyd’s
Q4 FY25 Earnings Presentation
|
19
Market snapshot
Key Market Statistics
BSE/NSE Ticker
CMP (Rs.)
Market Cap (Rs. In Crore)
As on 31st March , 2025
517146 / USHAMART
336.65
10,259.13
SHAREHOLDING PATTERN AS ON 31st MARCH 2025
Public including Employee Welfare Trust, 23%
Promoters, 43%
Number of outstanding shares (Crore)
30.47
Corporate Bodies, 12%
Face Value
1.00
52-week High / Low (Rs.)
450.85 / 278.80
Institutional Investor, 22%
Q4 FY25 Earnings Presentation
|
20
Concall details
Usha Martin Ltd. Q4 & FY25 Earnings Conference Call
Time: 2:00 PM IST on Tuesday, May 13, 2025
To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:
Pre-registration
You will receive dial in numbers, passcode and a pin for the concall on the registered email address provided by you. Kindly dial into the call on the Conference Call date and use the passcode & pin to connect to call
Conference dial-in Primary Number: +91 22 6280 1141 / +91 22 7115 8042
International Toll Free Number:
Hong Kong: 800 964 448
Singapore: 800 101 2045
UK: 0 808 101 1573
USA: 1 866 746 2133
Q4 FY25 Earnings Presentation
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21
Contact us
About Us: Established in the year 1960, Usha Martin is a leading global and India’s No. 1 specialty steel wire rope solutions provider. The Company is also engaged in the manufacturing of high-quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fitments, accessories and related services.
Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and UK produce the widest range of wire ropes that find application in various industries across the world. All of the company’s facilities are equipped with the latest state-of-the-art high-capacity machines to manufacture world-class products.
Usha Martin’s global R&D center located in Italy is actively engaged in designing of wire ropes and uses proprietary design software to develop products that are the best in class. The Company also has a comprehensive R&D facility in its manufacturing unit at Ranchi, India. Usha Martin has an extensive and dedicated network of distribution centers located across the globe.
Corporate Identification No: L31400WB1986PLC091621
Regd. Office: 2A, Shakespeare Sarani, Kolkata – 700 071, India
Mr. Abhijit Paul (Chief Financial Officer) / Mr. Anil Kumar (Secretary to CFO)
Usha Martin Limited
Tel: +033 – 71006 403
Email: investor@ushamartin.co.in
Anoop Poojari / Devrishi Singh
CDR India
Tel: +91 98330 90434/ + 91 98205 30918
Email: anoop@cdr-india.com
devrishi@cdr-india.com
Q4 FY25 Earnings Presentation
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22
THANK YOU
USHA MARTIN LIMITED
2A, Shakespeare Sarani, Kolkata - 700 071, India
contact@ushamartin.com www.ushamartin.com
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