GAMMON INDIA LIMITED

primarily by trade payables and working capital finances of Rs.1,897.54 million, and loan and advances of
Rs.785.63 million and decreased primarily by trade and other receivables of Rs.1,859.86 million, tax
expenses paid of Rs.1,282.76 million and inventories of Rs.528.35 million.
Our net cash used in operating activities for the year ended March 31, 2007 was Rs.1,303.62 million,
consisting of operating profit before working capital changes of Rs.2,888.87 million, increased primarily by
trade payables and working capital finances of Rs.710.80 million and decreased primarily by loan and
advances of Rs.1,690.00 million, inventories of Rs.1,561.70 million, trade and other receivables of
Rs.1,252.00 million and tax expenses paid of Rs.388.80 million.
Investment Activities
Net cash used in investing activities for the year ended March 31, 2009 was Rs.11,270.21 million, primarily
as a result of purchases of investments in mutual funds, structured products and deposits of Rs.20,185.81
million, purchases of fixed assets of Rs.10,447.78 million and goodwill on acquisition of Rs.5,606.54
million, partially offset by sale of investments in mutual funds and deposits of Rs.21,141.49 million, cash
and bank balances taken over pursuant to amalgamation of Rs.3,431.23 million, interest received of
Rs.276.77 million and dividend received of Rs.107.62 million.
Net cash used in investing activities for the year ended March 31, 2008 was Rs.5,759.81 million, primarily
as a result of purchases of investments in others of Rs.7,461.36 million, purchases of fixed assets of
Rs.4,543.24 million and goodwill on acquisition of Rs.582.12 million, partially offset by sale of investments
in mutual funds and deposits of Rs.6,580.28 million and interest received of Rs.259.47 million.
Net cash used in investing activities for the year ended March 31, 2007 was Rs.3,021.10 million, primarily
as a result of purchases of fixed assets of Rs.3,234.80 million, purchases of investments in others of
Rs.2,679.30 million and purchases of investments in mutual funds and deposits of Rs.216.60 million,
partially offset by sale of investments in mutual funds and deposits of Rs.2,686.80 million and interest
received of Rs.317.60 million.
Financing Activities
Net cash generated from financing activities for the year ended March 31, 2009 was Rs.11,081.83 million,
consisting primarily of the proceeds of borrowings amounting to Rs.13,056.67 million, grant received of
Rs.332.38 million and minority interest contribution of Rs.103.43 million, security premium money of
Rs.264.27 million, decreased primarily by interest payments of Rs.2,615.88 million.
Net cash generated from financing activities for the year ended March 31, 2008 was Rs.4,944.81 million,
consisting primarily of the proceeds of borrowings amounting to Rs.4,104.68 million and securities
premium money of Rs.1,509.58 million and minority interest contribution of Rs.618.27 million, decreased
primarily by interest payments of Rs.1,194.90 million.
Net cash generated from financing activities for the year ended March 31, 2007 was Rs.3,636.90 million,
consisting primarily of the proceeds of borrowings amounting to Rs.4,639.10 million, decreased primarily
by interest payments of Rs.1,023.00 million.
Our Indebtedness
The following table summarizes our secured and unsecured indebtedness on a consolidated basis as of
March 31, 2009:
Type of Indebtedness
Outstanding as of March 31, 2009
(Rs. in millions)
A) Secured Loans
Non convertible debentures placed with banks and financial
institutions
2,260.00
Working capital loan from banks 232.10
Term loans from banks 8,763.60
Project loans – public private partnership projects SPVs 13,352.50
50