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79
Annual Report 2011-12
78 Kajaria Ceramics Limited
Cash Flow Statement
For the year ended 31st March 2012
In terms of our report of even date Annexed
For and on behalf of the Board
For
O. P. Bagla & Co.
D. P. Bagchi
Chartered Accountants
R. K. Bhargava
R. R. Bagri
Atul Bagla
Ashok Kajaria
H. Ratnakar Hegde
R. C. Rawat
Partner
Chairman & Managing Director
Directors
Sr. Vice President (A & T) &
Membership No.: 91885
Company Secretary
Chetan Kajaria
Place: New Delhi
Rishi Kajaria
Dated: 27 April 2012
Jt. Managing Directors
(
`
in million)
31.03.2012
31.03.2011
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax and extraordinary items
1,175.16
891.77
Adjusted for :
Depreciation
370.77
294.99
Preliminary Expenses Written Off
–
–
Investments Written Off
–
–
Interest Received
(3.84)
–
Interest Paid
368.45
162.79
Profit on sale of Investment
(0.12)
–
Dividend Received
–
–
Loss on sale of Fixed Assets
14.63
749.89
15.97
473.75
Operating Profit before Working Capital Changes
1,925.05
1,365.52
Adjusted for :
Trade & Other Receivables
(415.18)
(125.17)
Inventories
(242.72)
(112.56)
Trade Payable
222.73
(435.17)
932.20
694.47
Cash Generated from Operations
1,489.88
2,059.99
Interest Paid
(368.45)
(162.79)
Direct Taxes Paid
(337.39)
(210.30)
Cash Flow before Extraordinary Items
–
–
Extraordinary items
–
(705.84)
(103.37)
(476.46)
Net Cash from operating activities
784.04
1,583.53
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets
(328.32)
(1,630.87)
Sale of Fixed Assets
25.63
2.26
Acquisitions of Companies
–
–
Purchase of Investments
(67.32)
(56.20)
Sale of Investments
34.06
–
Interest Received
3.84
–
Dividend Received
–
–
Net Cash used in Investing Activities
(332.11)
(1,684.81)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital
–
–
Proceeds from Long Term Borrowings
(249.95)
168.51
Proceeds from Short Term Borrowings
(2.38)
–
Repayment of Borrowings
–
–
Redemption of Preference Shares
–
–
Dividend and Dividend Tax Paid
(171.04)
(85.80)
Net Cash used in Financing Activities
(423.38)
82.70
Net increase in Cash and Cash Equivalents
28.55
(18.58)
Cash and Cash Equivalents as on 1.4.2011
26.34
44.92
Cash and Cash Equivalents as on 31.3.2012
54.89
26.34
Auditors’ Report on Consolidated Financial Statements
We have audited the attached Consolidated Balance Sheet
of
KAJARIA CERAMICS LIMITED
as at 31st March, 2012 and
the Consolidated Statement of Profit & Loss for the year
ended 31st March, 2012, annexed thereto and Cash Flow
Statement for the year ended on that date. These financial
statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with auditing
standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by the management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
1. We did not audit the financial statements of two
subsidiaries, whose financial statements reflect total
assets of
`
696.95 million as at 31st March, 2012, total
revenue of
`
503.45 million and cash flows amounting to
`
0.67 million for the year then ended. These financial
statements have been audited by other auditors whose
reports have been furnished to us, and our opinion is
based solely on the report of other auditors.
2. We have relied on the unaudited financial statements of
one subsidiary whose financial statements reflect total
assets of
`
8.17 million as on 31st March, 2012. The
subsidiary is yet to commence commercial operations and
hence has no revenues or cash flows. These unaudited
financial statements have been approved by the
management and our report, in so far as it relates to the
amounts included in respect of the subsidiary is based
solely on such approved unaudited financial statements.
3. We report that the consolidated financial statements have
been prepared by the Company’s management in
accordance with the requirements of Accounting
Standard (AS) 21, Consolidated Financial Statements, AS
23, Accounting for Investments in Associates in
Consolidated Financial Statements and AS 27, Financial
Reporting of Interests in Joint Ventures, as notified by the
Companies (Accounting Standard) Rules, 2006.
4. We further report that on the basis of the information and
explanations given to us, we are of the opinion that the
said consolidated financial statements give a true and fair
view in conformity with the accounting principles
generally accepted in India :-
a) In the case of the Consolidated Balance Sheet of the
consolidated state of affairs of the Group as at 31st
March, 2012,
b) In the case of Consolidated Statement of Profit & Loss,
of the consolidated results of operations of the Group
for the year on that date and;
c) In case of Consolidated Cash Flow Statement, of the
consolidated Cash Flows of the Group for the year
ended on that date.
For O. P. Bagla & Co.
Chartered Accountants
Firm Registration No. 000018N
Atul Bagla
Place : New Delhi
Partner
Dated : 27 April 2012
Membership No. 91885
To
The Members of
Kajaria Ceramics Limited