Infrastrucure 2007.pmd - Afcons Infrastructure Ltd.

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AFCONS INFRASTRUCTURE LIMITEDPROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH,2007(Rupees in Lacs)PREVIOUSYEARSCHEDULE RUPEES RUPEES RUPEESI. INCOME :Income from Operations 14 1,04,050.89 64,903.76{Including Tax deducted at Source Rs.548.84 Lacs(Previous year Rs.194.76 Lacs)}Company's Share of Income from operations in Jointly controlled 2,994.44 3,252.89entity added (per contra)1,07,045.33 68,156.65Company's Share of Income from operations in Jointly controlled (2,994.44) (3,252.89)entity deducted (per contra)Net Income from Operations 1,04,050.89 64,903.76Other Income 15 3,360.16 3,725.12TOTAL 1,07,411.05 68,628.88II. EXPENDITURE :Cost of Construction 16 79,159.43 45,143.17Payments to and Provisions for employees 17 7,835.94 6,107.22Operational & Other Expenses 18 10,698.96 10,057.51Financial Lease Rentals 196.88 430.89Interest and Financial charges 19 5,195.22 3,813.29Depreciation / Amortisations 1,899.04 1,581.49Less : Depreciation on the amount added on Revaluationtransferred from Revaluation Reserve 90.57 90.731,808.47 1,490.76TOTAL 1,04,894.90 67,042.842,516.15 1,586.04Less :Company's Share of Loss in jointly controlled entity - 96.09(Subject to Audit)Profit Before Tax 2,516.15 1,489.95Provision For Tax :- Current Tax (251.60) (143.00){Including Rs.0.60 Lacs for Wealth Tax (Previous Year Rs. 0.20 Lacs)}- MAT Credit Entitlement 251.00 --Deferred Tax (918.49) (602.90)-Fringe Benefit Tax (91.50) (104.00)-Foreign Taxes (117.00) (66.82)Excess provision for Income tax in respect of earlier years 66.55 8.11(1,061.04) (908.61)Profit After Tax 1,455.11 581.34Amount transferred from Investment Allowance Reserve 95.00 -Balance Brought Forward From Previous Year (3,470.92) (1,750.47)Debit Balance in Profit and Loss account of APIL taken over onAmalgamation - (2,301.79)(1,920.81) (3,470.92)Less : Deducted from General reserve Per Contra 1,920.81 3,470.92Balance carried to Balance Sheet - -Earnings Per Share-Basic (Rs.) 2.15 1.85-Diluted (Rs.) 0.85 0.48(Refer Note 32 of Schedule 20)Significant Accounting Policies and Notes on Accounts 20As per our attached report of even dateFor C.C.CHOKSHI & CO.CHARTERED ACCOUNTANTSC.P.MISTRYChairmanFor and on Behalf of the Board of DirectorsK.SUBRAHMANIANManaging DirectorR.LAXMINARAYAN J.C.BHATT J.J.PARAKH S.PARAMASIVANPartner Chartered Accountant Director Executive Director(Finance & Commercial)Place: MumbaiDated: 29th June 2007P.R.RAJENDRANCompany Secretary14
AFCONS INFRASTRUCTURE LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 20072006-07 2005-06Rs. in lacsRs. in lacsA. Cash flow from operating activitiesProfit before tax 2,516.15 1,489.95adjustments for,Depreciation 1,808.47 1,490.76(Profit) / Loss on sale / discard of fixed assets (net) (12.50) (15.08)Dividend income (1.35) (1.81)Interest income (1,116.63) (2,150.96)Interest expense 5,195.22 3,813.29Lease rentals expense 196.88 430.89Bad/irrecoverable Debtors /Unbilled Revenue /Advances w/off 406.70 1,653.05Share of Loss/ (Profit) in a firm in which the Company is a partner 13.01 18.28Share of Loss in Jointly controlled entity (subject to audit) - 96.09Excess Provision for expenses of earlier years written back (372.27) (194.74)(Profit) on sale / disposal of short term investments- Others (4.62) (8.76)(Profit) on sale / disposal of long term investments- Others - (75.79)Amount received on transfer of tenancy rights (600.00) (600.00)Deferred revenue expenditure written off 118.66 118.65Provision for Projected Losses (167.20) 277.44Operating profit before working capital changes 7,980.52 6,341.26(Increase) in trade receivables (3,834.32) (156.41)(Increase)/Decrease in inventories (2,661.98) (1,284.63)Decrease in leave encashment and gratuity provision (230.63) -(Increase) in unbilled revenue (22,988.33) (11,873.82)(Increase) in loans and advances (2,132.59) (476.71)Increase / (Decrease) in trade,other payables and provisions 19,804.80 4,317.64Adjustment on account of Amalgamation for net current assets - 732.89Adjustment on account of Amalgamation in respect of loans given to Subsidiary - (2,768.09)CompanyCash (used in) Operations (4,062.53) (5,167.87)Direct taxes (paid) 638.19 (219.72)Net cash (used in) operating activities (3,424.34) (5,387.59)B. Cash flow from investing activitiesPurchase of fixed assets (12,236.08) (2,988.13)Sale of fixed assets 8.41 68.28Purchase of Investments (34.04) (2,806.09)Sale of investments - 2,879.85Sale of Subsidiary 14.99 6.00(Loss)/ Profit in a firm in which the Company is a partner (13.01) (18.28)Share of (Loss) in Jointly controlled entity (subject to audit) - (96.09)Dividend received 1.35 1.81Interest received 162.20 236.44Amount received on transfer of tenacy rights 600.00 600.00Net cash (used in) investing activities (11,496.18) (2,116.21)15
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