bs 08 mam - Educomp Solutions Ltd.

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Educomp Solutions Limited Cash Flows Statement for the year ended 31st March, 2008 (Rupees in millions) Year Ended Particulars 31st March, 2008 31st March, 2007 Cash flows from operating activities Net profit before taxation and after prior period as per Profit and Loss Account 1,029.96 Adjusted for: Misc Expenses written off 0.20 Net prior period adjustments (0.03) Provision for doubtful debts/ advances - Depreciation 322.95 Unrealised Foreign exchange effects 13.47 Dividend income (35.00) Interest / other income (79.94) Interest expense 41.89 Esop Amortisation cost 82.72 Loss / (Profit) on Sale of Fixed Assets 0.07 Operating profit before working capital changes Adjusted for: 1,376.29 Trade & other receivables (648.26) Inventory 18.44 Loans & Advances (231.56) Trade & Other Payables 313.11 Cash generated from operations 828.02 Net prior period adjustments 0.03 Taxes Paid (147.07) Net cash from operating activities 680.98 Cash flows from investing activities Purchase of fixed assets (including capital work-in-progress) (1,848.54) Proceeds from Sale of fixed assets 5.08 Investment in subsidiaries (429.28) Redemption of 5% cumulative preference shares - Purchase of Investments (Un-quoted, Non trade) - Sale of Investments (Un-quoted, Non trade) 0.64 Dividend income 35.00 Interest income 79.94 Net cash used in investing activities (2,157.16) Cash flows from financing activities Proceeds from issue of Foreign Currency Convertible Bonds (FCCB) 3,109.45 FCCB issue expenses (68.26) Proceeds/ (Repayment) of long-term borrowings 241.64 Financing against stocks/book debts ( working capital) - Temporary Overdraft facility against fixed deposits 105.91 Payment of dividend (including dividend tax ) (40.28) Interest on borrowings (41.89) Net cash from financing activities 3,306.57 Net increase in cash and cash equivalents 1,830.39 Opening cash and cash equivalents 949.59 Exchange difference on translation of foreign currency cash and cash equivalents 10.33 Closing cash and cash equivalents 2,790.31 Significant accounting policies and notes to the accounts (refer schedule 18) Notes to the cash flow statement: 1. Cash and cash equivalents consists of following: Cash in hand & Balances with Banks Rs. 543.41 million (Previous year Rs 307.70 million) Fixed deposits with banks Rs. 2,246.90 million (Previous Year Rs 641.89 million) 2. Cash & cash equivalent at the end of the period includes Fixed deposits with banks in the form restricted cash of Rs. 38.76 million (previous year Rs. 100.44 million) available as margin money against bank guarantee and pledged against temporary over draft. which are not freely remissible to the company. This is the Cash Flow Statement referred to in our report of even date. 449.03 0.20 0.67 0.11 93.93 35.88 (1.79) (33.14) 13.21 - 0.02 558.12 (244.25) (15.16) (75.94) 127.70 350.47 (0.67) (169.38) 180.42 (654.04) 0.15 (272.21) 6.25 (250.03) 250.37 1.79 33.14 (884.58) 1,094.18 (39.25) 73.16 - 3.14 (27.27) (13.21) 1,090.75 386.59 596.59 (33.59) 949.59 The above schedules form an integral part of the Cash Flow Statement. For Anupam Bansal & Co. Shantanu Prakash Managing Director Chartered Accountants Jagdish Prakash Director Gopal Jain Director Anupam Bansal Shonu Chandra Director Proprietor Mohit Maheshwari Company secretary Membership No: F-87699 Place: New Delhi Date : 2nd June, 2008
Educomp Solutions Limited Schedules forming part of the Balance sheet (Rupees in millions) As at As at 31st March, 2008 31st March, 2007 Schedule 1 : Share capital Authorised 20,000,000 equity shares of Rs. 10 each 200.00 200.00 Issued, subscribed and paid up (refer note 2(iii), schedule 18) 17,246,564 equity shares of Rs. 10 each, fully paid up 172.47 (Previous year 15,985,104 equity shares of Rs. 10 each fully paid up) 172.47 Note: 1. On September 2, 2005 Preferential Allotment was made for 1,000,000 shares, of Rs 10/- each fully paid up, at a Premium of Rs 100/- per share. 2. On January 6, 2006 4,000,000 equity shares of Rs 10 each fully paid at a premium of R s 115/- each per share were offered & allotted through Book Building Process of Initial Public Offerings. 3. Out of above, 6,486,402 were allotted as bonus shares by capitalization of Share Premium Account on 2nd August, 2005. 4. Out of the above1,266,371 equity shares of Rs. 10 each were allotted as fully paid up shares on conversion of US$ 25 million 1% Foreign Currency Convertible Bonds (FCCB) as per the terms of conversion, for consideration other than cash. 5. Out of the above 20,710 equity shares of Rs. 10 each were allotted as fully paid up shares on conversion of US$ 1.5 million Zero coupon Foreign Currency Convertible Bonds (FCCB) as per the terms of conversion, for consideration other than cash. Schedule 1A : Employee stock option outstanding (refer note 1(x) & 2(iv), schedule 18) Employee stock option outstanding 575.70 Less: Deferred stock compensation expenses 492.98 82.72 Schedule 2 : Reserves and surplus Share premium account (refer note 2(iii), schedule 18) Opening Balance 504.16 Add: On conversion of US$ 26.0 million (Previous Year US$ 0.5 million) Foreign currency convertible bonds into Equity shares under both FCCB issues. 1,046.27 1,550.43 Less:- Adjustment of tax benefit taken on FCCB expenses in previous year 13.21 Less:- FCCB issue expenses 55.05 1,482.17 General Reserve Opening Balance 28.39 Add :Transferred from Profit and Loss Account 70.06 98.45 Profit and loss account As per Profit & Loss Account 1,034.58 Less: Payment of excess dividend for the year 2006-07 1.60 Less: Charge on account of transitional provision under Accounting Standard 15 (net of tax) 0.59 1,032.39 2,613.01 159.85 159.85 - - - 507.67 22.53 530.20 - 26.04 504.16 6.95 21.44 28.39 454.57 - - 454.57 987.12
Page 1 and 2: ANUPAM BANSAL & CO. CHARTERED ACCOU
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