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AND ITS SUBSIDIARIESConsolidated Cash Flow Statementof TIL LIMITED and its Subsidiaries for the year ended 31st March, 2009.(Rs. in ‘000)Year Ended 31.03.2009 Year Ended 31.03.2008A CASH FLOW FROM OPERATING ACTIVITIESNet Profit Before Tax 653,015 656,910Adjustments for :Depreciation and Amortisation 165,524 127,510Profit on Sale of Fixed Assets (Net) (6,785) (27,787)Interest Expenses (Net) 198,150 144,960Dividend Income (33) (13)Unrealised Foreign Exchange Loss (Net) 500 500357,356 245,170Operating Profit before Working Capital Changes 1,010,371 902,080Adjustments for :Trade and Other Receivables 328,299 204,360Inventories 491,784 (781,770)Loans and Advances (68,524) 8,508Trade Payable (959,516) 201,509(207,957) (367,393)Cash Generated from Operations 802,414 534,687Direct Taxes Paid (191,344) (207,459)Net Cash from Operating Activities 611,070 327,228B CASH FLOW FROM INVESTING ACTIVITIESPurchase of Fixed Assets (405,716) (383,674)Proceeds from Sale of Fixed Assets 43,370 70,664Interest Received 29,500 23,162Dividend Received 33 13Net Cash used in Investing Activities (332,813) (289,835)C CASH FLOW FROM FINANCING ACTIVITIESInterest Paid (222,049) (167,853)Proceeds from issuance of Equity Shares upon conversion of Equity Warrants - 97,845Advance received on issue of Equity Warrants - 87,815Proceeds from Long Term borrowings 200,000 -Repayment of Long Term borrowings (63,925) (60,885)Increase in Cash Credit and other short term borrowings (Net) 123,710 49,174Dividend Paid (46,755) (34,138)Net Cash used in Financing Activities (9,019) (28,042)D EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGNCURRENCY CASH AND CASH EQUIVALENTS 129,097 16,694NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS(A+B+C+D)398,335 26,045Cash And Cash Equivalents as at the beginning of the year (Schedule ‘I’) 61,468 35,423Cash and Cash Equivalents as at the close of the year (Schedule ‘I’) 459,803 61,468Notes :1) The above Cash Flow Statement has been prepared under the ‘Indirect Method‘ as set out in the Accounting Standard - 3 on Cash FlowStatements.2) The Schedule referred to above forms an integral part of the Cash Flow Statement.3) Previous year’s figures have been rearranged / regrouped wherever necessary.For and on behalf of Board of DirectorsA. Mazumdar Sumit Mazumder Debashis NagChairman Vice Chairman & Managing Director Company SecretaryThis is the Cash Flow Statement referred to in our report of even date.S.K.DebPartnerMembership No. - 13390For and on behalf ofPlace : KolkataPRICE WATERHOUSEDate : 11th May, 2009.Chartered Accountants