VISA Steel Limited Annual Report 2007-08

VISA Steel Limitedcash flow statementfor the year ended 31 March 2008Sl.Rs. MillionNo. Particulars 31 March 2008 31 March 2007A. Cash flow from operating activities :Net profit before Tax and Extraordinary items 671.35 343.05Adjusted for :Depreciation 182.59 97.67Interest Expense 311.52 188.73Interest Income (226.18) (165.81)Miscellaneous Expenditure written off 26.78 26.98Bad Debts Written Off 74.48 -Bad Debt Recovery - (7.87)Advance Written off 6.19 -Provision for Doubtful Debts 0.34 52.68Provision for Doubtful debts written back (52.68) -Liabilities no longer required written back (net) - (2.04)Unrealised Foreign exchange gain 24.93 (16.50)Operating profit before working capital changes 1,019.32 516.89Adjustments for changes in working capital :- (Increase)/Decrease in Sundry Debtors (572.47) (25.44)- (Increase)/Decrease in Loans and Advances (512.58) (189.23)- (Increase)/Decrease in Inventories (1,551.93) (44.17)- Increase/(Decrease) in Trade and Other Payables 2,714.81 (418.84)Cash generated from operations 1,097.15 (160.79)- Taxes Paid (55.45) (15.17)Net cash from operating activities 1,041.70 (175.96)B. Cash flow from Investing activities :Purchase of fixed assets (1,410.50) (800.91)Capital Work in Progress (2,360.60) (2,701.52)Proceeds from Sale of fixed assets - 6.17Interest Received 208.77 103.94Net cash used in investing activities (3,562.33) (3,392.32)C. Cash flow from financing activities :Share Issue Expenses - (83.00)Proceeds from long term borrowings 2,774.25 2,864.10Repayment of long term borrowings (200.81) (112.26)Proceeds from short term borrowings 829.70 623.42Repayment of short term borrowings (1,401.27) (250.00)Interest Paid (352.57) (233.05)Net cash used in financing activities 1,649.30 2,809.21Net Increase in Cash & Cash Equivalents (871.33) (759.07)Cash and cash equivalents as at 1 April 2007 1,728.30 2,487.37Cash and cash equivalents as at 31 March 2008 856.97 1,728.30VISA Steel Limitedcash flow statementfor the year ended 31 March 2008Notes to Cash Flow Statement1 Cash and cash equivalents consist of cash in hand and balance with banks and deposits with banksRs. MillionParticulars 31 March 2008 31 March 2007Cash and Cheques in hands 1.19 20.86Balance with Schedule Bank inCurrent Account 296.10 82.22Share Refund Order Account 0.34 0.38Fixed Deposit Account 559.34 855.78 1,624.84 1,707.44Cash & cash equivalents 856.97 1,728.302 The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Accounting Standard on‘Cash Flow Statements (AS-3)’ issued by the Institute of Chartered Accountants of India.This is the Cash Flow Statement referred to in our report of even date.For and on behalf of the Board of DirectorsPartha Mitra Vishambhar Saran Vishal AgarwalPartner Chairman Managing DirectorFor and on behalf ofLovelock & LewesChartered AccountantsSubhra GiriManoj DiggaCompany Secretary Chief Financial OfficerPlace : KolkataPlace : KolkataDate : 28 May 2008 Date : 28 May 2008Annual Report 2007-0887