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Cash Flow Statement for the year ended 31st March, 2013 Year ended 31st March, 2013 Rupees in Million Year ended 31st March, 2012 A CASH FLOW FROM OPERATING ACTIVITIES Profit/(Loss) before tax: Adjustment for: 489.99 681.06 Depreciation/Amortisation Finance Costs (Profit)/ Loss on sale of fixed assets (Profit)/ Loss on sale of investments Interest income Dividend Income 231.42 36.36 2.65 (89.45) (8.06) (5.84) 167.08 168.77 11.84 (105.22) (45.39) (0.20) (5.87) 23.93 Operating profit before Working Capital changes 657.07 704.99 Adjustments for changes in Working capital Long term Loans and advances Other non-current assets Inventories Trade Receivables Short term Loans and advances Other current assets Long term Provisions Trade Payables Other current liabilities Short term Provisions 4.50 - 10.00 (18.09) 15.81 (6.06) 3.72 110.37 (49.55) 59.91 130.61 (4.11) 0.40 40.89 (48.95) (15.75) (0.57) 17.89 41.89 4.20 2.67 38.56 Cash generated from operations Income taxes paid (including wealth tax) 787.68 (226.49) 743.55 (159.61) Net Cash from Operating activities 561.18 583.94 B CASH FLOW FROM INVESTING ACTIVITIES Fixed Assets: Purchase Sale Investments: (189.36) 78.32 (895.00) 475.30 Purchase Sale Interest received Dividend received (415.00) 680.34 8.05 5.84 (690.53) 387.88 0.17 5.87 Net Cash from/used in investing activities 168.19 (716.31) C CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Long term borrowings Sales Tax deferral Proceeds from Short term borrowings Interest paid Dividend paid (312.25) (18.28) (145.30) (36.36) (138.22) 312.25 (13.75) 52.43 (11.84) (104.95) Net Cash from/used in financing activities (650.41) 234.14 D NET INCREASE / (DECREASE) IN CASH 78.96 101.77 AND CASH EQUIVALENTS Cash and Cash Equivalents (Opening balance) Cash and Cash Equivalents (Closing balance) 213.99 292.95 112.22 213.99 Notes : 1 Figures in brackets represent outflows of cash and cash equivalents. 2 Cash and cash equivalents comprise of : As at As at As at 31st Mar, 2013 31st Mar, 2012 31st Mar, 2011 Rs. Rs. Rs. 0.57 Cash on hand 0.06 0.20 Balances with Banks: - In Current Account - Others 7.38 285.00 292.95 8.93 205.00 213.99 17.02 95.00 112.22 As per our Report of even date attached. For MGM and Company Chartered Accountants Firm Registration No. : 117963W Mangesh Katariya Partner Membership No.104633 For and on behalf of the Board of Directors Dinesh Munot Jinendra Munot Utkarsh Munot Manish Motwani Dr. Dinesh Bothra M. L. Rathi Shridhar S. Kalmadi Carl Magnus Backlund Jitendra A. Pandit B. S. Iyer (Alternate Director for Dr. Hans Friedrich Collenberg) Jinendra Jain Satish Mehta Pune, May 23, 2013 Pune, May 23, 2013 ..20.. Chairman & Managing Director Jt. Managing Director Executive Director Directors Chief Financial Officer Company Secretary
NOTES FORMING PART OF FINANCIAL STATEMENTS" (Contd...) NOTE 26. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES A) Basis of Preparation of Financial Statements : (i) The financial statements are prepared under the Historical Cost Convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of Companies Act, 1956. (ii) Estimates and Assumptions used in preparation of the Financial Statements are based upon Management's evaluations of the relevant facts and circumstances as of the date of the financial statements, which may differ from the actual results at a subsequent date. B) Fixed Assets and Depreciation : (i) Fixed Assets : Fixed Assets are stated at cost (net of Cenvat and sales tax credit ) of acquisition or construction or at manufacturing cost in case of Company manufactured assets, less accumulated depreciation (except on free hold land). The cost includes freight, duties, taxes, and incidental expenses related to acquisition, installation, erection and commissioning. (ii) Depreciation : a) Depreciation is provided as per the Written Down Value (w.d.v.) method at the rates specified in Schedule XIV to the CompaniesAct, 1956. b) Leasehold land 's value is written off on the basis of the tenure. c) Depreciation is provided on pro-rata basis on additions/deductions during the year. (iii) Liquidated Damage Liquidated Damage , if any,are accounted for as and when recovery is effected and matter is considered as settled by management and the same is adjusted in the cost of relevant assets. C) Investments : Long term Investments are stated at cost. Provision is made to recognise any diminution in the value, other than temporary, in the carrying amount of any long term investments. Current Investments are carried at lower of cost and fair value determined on an individual investment basis. D) Inventories : Inventories are valued at the lower of cost (Value of cost is computed on a weighted average basis) and estimated net realisable value. Finished goods and work-in-progress include costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Excise duty is included in the value of finished goods inventory. Carbon Credit is valued at Cost or estimated net realisable value whichever is lower E) Revenue Recognition Sale of goods is recognised when the significant risks and rewards of ownership of goods have passed on to the customers which is generally on despatch of goods. Gross Sales include excise duty but excludes sales tax and are net of discounts. F) Employees Retirement Benefits : Defined Contribution plans: The company makes specified monthly contributions towards employee provident fund. Defined benefit plans: The company's gratuity and leave wages are defined benefit plans. The present value of the obligation under such defined benefit plans is determined based on acturial valuation using the projected unit credit method, which recognises each period of services as giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final obligation. The obligation is measured at the present value of the estimated future cash flows. ..21..
Page 3 and 4: BOARD OF DIRECTORS Chairman & Manag
Page 5 and 6: Notes: 1) A MEMBER ENTITLED TO ATTE
Page 7 and 8: Item No. 9: Mrs. Eitika Munot was a
Page 9 and 10: Directors’Report To the Members,
Page 11 and 12: Conservation of Energy, Research An
Page 13 and 14: Annexure III to the Directors' Repo
Page 15 and 16: 5. Shareholders’Grievance Committ
Page 17 and 18: 13.13 Outstanding GDR, ADR or Warra
Page 19 and 20: (c) The Company has maintained prop
Page 21: Statement of Profit and Loss for th
Page 25 and 26: Notes forming part of the Financial
Page 39: ZF STEERING GEAR (INDIA) LTD. REGD.

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