Annual Report 2004 - Gammon India

CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31 st DECEMBER, 2004
April-Dec '04 2003-2004
Rs. In Lacs Rs. In Lacs Rs. In Lacs Rs. In Lacs
A. CASH FLOW FROM OPERATING ACTIVITIES :
Net Profit before Tax and extraordinary items
Adjustments for :
4,301.07 3,896.38
Depreciation & Amortisation 2,153.07 2,178.70
Profit/Loss on sale of investments (Net) (—) (40.19)
Profit/Loss on sale of assets (Net) 17.23 3.51
Dividend income (5.44) (10.10)
Interest (Net) 3,553.43 3,760.51
Foreign Exchange loss/gain (22.80) 9.51
Preliminary expenses written off 28.06 51.81
Amounts written off 110.44 5,833.99 105.11 6,058.86
Operating Profit before Working Capital Changes 10,135.06 9,955.24
Adjustments for :
Trade and Other Receivables (8,850.21) (2,309.73)
Current Assets & WIP (8,463.10) (8,421.46)
Trade Payables & Working Capital Finance 11,337.37 15,685.70
Loans and Advances (1,926.42) (3,964.23)
Preliminary Expenses/Goodwill (128.70) (8,031.06) (59.75) 930.53
CASH GENERATED FROM OPERATIONS 2,104.00 10,885.77
Direct Taxes paid (731.54) (2,238.37)
Cash flow before extraordinary items 1,372.46 8,647.40
Loss on Disposal of Associates (135.94) 252.10
Share of Profit/(Loss) from Associates 95.11 205.91
Prior Period Adjustments Relating to Preliminary Expenses 105.12 —
Prior Period Adjustments Relating to Subsidiaries (71.08) —
Prior Period Adjustments Relating to Joint Ventures (305.11) (311.90) (119.10) 338.91
CASH FROM OPERATIONS 1,060.56 8,986.31
B. CASH FLOW FROM INVESTMENT ACTIVITIES :
Purchase of Fixed Assets (12,297.28) (16,249.56)
Sale of Fixed Assets 17.83 102.83
Purchase of Investments (1,204.93) (2,124.55)
Sale of Investments 1,200.00 2,096.80
Change in Investment in Associates 542.09 (205.91)
Change in Investment in Joint Venture 893.26 629.07
Share Application Money Pending Allotment (90.31) —
Interest received 456.40 596.51
Dividend received 5.44 (10,477.50) 10.10 (15,144.71)
Net Cash Used After Investing Activities (9,416.94) (6,158.40)
C. CASH FLOW FROM FINANCING ACTIVITES :
Interest paid (3,953.69) (2,926.40)
Proceeds from issue of Share Capital 14,042.20 —
Minority Interest Contribution 182.80 4.91
Proceeds from borrowings 3,483.03 9,416.83
Proposed Dividend (including Tax) (357.33) (356.52)
Share Application Money Pending Allotment 615.29 14,012.30 263.73 6,402.55
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,595.36 244.15
Balance as on 31.03.2003 2,943.78 2,699.63
Balance as on 31.03.2004 7,539.14 2,943.78
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,595.36 244.15
Note :
— Figures in brackets denote outflows.
— Cash and Cash Equivalents include Rs. 198.87 lacs as on 31.12.2004 and Rs. 198.87 lacs as on 31.3.2004 with Bank Branch in
Foreign countries relating to certain Foreign Projects which are not readily available for use by the Company.
As at 31 As at 31
December, 2004 March, 2004
Per Balance Sheet 7,549.42 2,931.26
Effect of Exchange Rate Charges (10.28) 12.52
Balance Restated above 7,539.14 2.943.78
As per our attached report of even date.
For NATVARLAL VEPARI & CO.
Chartered Accountants
P. N. VEPARI
Partner
M. No. 4954
Mumbai, Dated: 19 th May, 2005
87
For and on behalf of the Board of Directors
ABHIJIT RAJAN C. C. DAYAL
Chairman & Managing Director Director
S. K. GUHA THAKURTA HIMANSHU PARIKH
Director Director
P. S. GUPCHUP
Company Secretary
Mumbai, Dated: 19th May, 2005.