Annual Report FY 2010-11 - Pipavav Shipyard

Pipavav Defence and Offshore
Engineering Company Limited
Consolidated Cash Flow Statement for the Year ended March 31, 2011
Particulars 2010-2011
(Rs in Lacs)
2009 - 2010
A Cash Flow from Operating Activities
Net Profit / (Loss) before Tax and Extraordinary items
Adjustments for :-
5,428.38 (4,444.10)
Depreciation and amortization 5,198.09 3,773.61
Interest Income (3,676.33) (3,779.78)
Dividend Income (341.20) (11.23)
Profit on Sale of Current Investment (326.71) (392.80)
Loss on Sale of Asset 4.13 1.49
Interest Expense 11,900.69 7,300.02
Provision for Wealth Tax 2.45 2.50
Provision for estimated cost over contract revenue (2,931.79) 3,293.38
Cost Estimated for Revenue Recognised (3,028.47) 11,400.78
Liability No Longer Required (Written Back) (413.72) -
Foreign Exchange Difference (572.69) (504.80)
Operating profit before working capital changes
Adjusted for
11,242.83 16,639.07
Inventories (11,232.47) 18,526.97
Trade and other receivables (46,892.09) (38,319.55)
Trade Payables (2,393.28) (47,122.29)
Cash Generated from Operations (49,275.01) (50,275.80)
Net Prior Period Adjustments 12.45 (23.35)
Direct Taxes Paid / Refund 164.27 (580.15)
Net Cash Flow from Operating Activities (49,098.29) (50,879.30)
B Cash Flow from Investing Activities
Purchase of Fixed Assets and Capital Work in Progress (33,716.12) (5,803.32)
Sale of Fixed Assets 1.28 73.14
Purchase of Investment (273,115.35) (176,239.53)
Sale of Investment 271,927.87 180,698.48
Dividend Income Received 334.55 11.23
Interest Received 4,411.38 3,673.26
Fixed Deposits held for more than three month Placed (25,473.78) (50,938.22)
Fixed Deposits held for more than three month Matured 44,805.31 61,643.72
Net Cash Flow from Investing Activities (10,824.86) 13,118.76
C Cash Flow from Financing Activities
Proceeds from issue of Share Capital - 49,866.58
Proceeds from issue of Share Warrants 6,254.96 -
Movement in Unclaimed Share Application Money (12.35) -
Proceeds from issue of Convertible Debentures 17,780.00 -
Issue Expenses (1,148.45) (5,119.58)
Proceeds from Long Term Borrowings 20,604.91 22,099.10
Repayment of Long Term Borrowings (10,184.42) (1,692.89)
Short Term Loans (Net) 42,599.41 (2,676.07)
Interest Paid (17,884.92) (16,176.01)
Net Cash Flow from Financing Activities 58,009.14 46,301.13
Net (decrease) / increase in cash and cash equivalents (A+B+C) (1,914.01) 8,540.60
Cash & Cash Equivalents - Opening balance 13,080.23 4,539.63
Cash & Cash Equivalents - Closing balance 11,166.22 13,080.23
Add: Fixed Deposits held for more than three months 31,606.68 50,938.22
Closing Cash and Bank Balance as per Schedule 08 * 42,772.90 64,018.45
* Include deposit with banks aggregating to Rs. 21,274.48 Lacs (Previous Year Rs. 50,946.96 Lacs)which are pledged with Banks as margin for bank guarantee &
letter of credits & Rs. 8,500 lacs (P.Y.: NIL) for Credit facilities.
Notes:
(1) The above cash flow statement has been prepared under the “indirect method” as set out in Accounting Standard 3 - Cash Flow Statement.
(2) Figures in ( ) indicate outflow.
(3) Previous Years figures have been regrouped / rearranged / recasted wherever necessary to make them comparable with those of current year.
As per our report of even date
For Chaturvedi and Shah
Chartered Accountants
R Koria
Partner
Nikhil P. Gandhi
Chairman
For and on behalf of the Board of Directors
Bhavesh P. Gandhi
Executive Vice Chairman
Place :- Mumbai
Jigar Shah
Ajit Dabholkar
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Date :- May 28, 2011
Chief Financial Officer
Company Secretary
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