Annual Report EClerx 2008-09-64
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Consolidated Balance Sheet as at March 31, 2009 (Rupees in Million) As at As at Particulars Schedules March 31, 2009 March 31, 2008 Sources of Funds Shareholders' Funds Capital A 189.27 188.69 Stock Option Outstanding 0.98 0.89 Reserves and Surplus B 1,466.28 1,138.10 Loan Funds Secured Loan C – 39.97 Minority Interest – – 1,656.53 1,367.65 Application of Funds Goodwill 108.29 77.38 Fixed Assets Gross Block D 382.72 228.20 Less: Accumulated Depreciation and Amortisation 181.65 112.08 Net Block 201.07 116.12 Add:Capital Work in Progress (including capital advances) 0.97 68.91 202.04 185.03 Investments E 850.74 653.69 Deferred Tax Assets (Net) (Refer Note III-5 of Schedule O) 7.14 2.28 Current Assets, Loans and Advances Sundry Debtors F 450.59 256.19 Cash and Bank Balances G 212.80 223.56 Loans and Advances H 306.62 212.16 970.01 691.91 Less: Current Liabilities and Provisions Current Liabilities I 230.64 183.63 Provisions J 251.05 59.01 481.69 242.64 Net Current Assets 488.32 449.27 1,656.53 1,367.65 Significant Accounting Policies and Notes to Accounts O The schedules referred to above form an integral part of the financial statements.
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Transcript of Annual Report EClerx 2008-09-64
62
Consolidated Balance Sheet as at March 31, 2009(Rupees in Million)
As at As at
Particulars Schedules March 31, 2009 March 31, 2008
Sources of Funds
Shareholders' Funds
Capital A 189.27 188.69
Stock Option Outstanding 0.98 0.89
Reserves and Surplus B 1,466.28 1,138.10
Loan Funds
Secured Loan C – 39.97
Minority Interest – –
1,656.53 1,367.65
Application of Funds
Goodwill 108.29 77.38
Fixed Assets
Gross Block D 382.72 228.20
Less: Accumulated Depreciation and Amortisation 181.65 112.08
Net Block 201.07 116.12
Add:Capital Work in Progress (including capital advances) 0.97 68.91
202.04 185.03
Investments E 850.74 653.69
Deferred Tax Assets (Net) (Refer Note III-5 of Schedule O) 7.14 2.28
Current Assets, Loans and Advances
Sundry Debtors F 450.59 256.19
Cash and Bank Balances G 212.80 223.56
Loans and Advances H 306.62 212.16
970.01 691.91
Less: Current Liabilities and Provisions
Current Liabilities I 230.64 183.63
Provisions J 251.05 59.01
481.69 242.64
Net Current Assets 488.32 449.27
1,656.53 1,367.65
Significant Accounting Policies and Notes to Accounts O
The schedules referred to above form an integral part of the financial statements.
As per our report of even date For and on behalf of the Board of DirectorsFor Walker, Chandiok & CoChartered Accountants
per Khushroo B. Panthaky V. K. Mundhra P. D. Mundhra Anjan Malik Jimmy BilimoriaPartner Chairman Executive Director Director DirectorMembership No. F-42423
Place: Mumbai Sachin Rastogi Gaurav Tongia Date: June 8, 2009 Associate Principal Company Secretary
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Consolidated Profit and Loss Account for the year ended March 31, 2009 (Rupees in Million)
As at As at
Particulars Schedules March 31, 2009 March 31, 2008IncomeIncome from Operations 1,972.77 1,216.57 Other Income K (40.34) 66.58
1,932.43 1,283.15 ExpenditureEmployee compensation and related expenses L 748.84 504.64 General and administration expenses M 351.77 171.67 Selling and marketing expenses N 57.73 48.56 Interest on Fixed Loan 0.36 2.57 Depreciation and amortisation D 73.14 44.77
1,231.84 772.21 Profit before goodwill amortisation and taxes 700.59 510.94 Goodwill amortisation 6.27 7.04 Profit before taxes 694.32 503.90 Provision for taxes - Current Income Tax 76.34 56.80 - Deferred Income Tax (4.86) (2.28) - Fringe Benefits Tax 5.02 3.54
76.50 58.06 Profit after tax 617.82 445.84 Minority Interest – – Profit for the period 617.82 445.84 Balance brought forward from previous year 228.07 203.06 Profit available for appropriation 845.89 648.90 Less: AppropriationsInterim Dividend 47.44 107.59 Tax on Interim Dividend 8.06 18.29 Proposed Final Dividend 189.27 37.74 Tax on Proposed Final Dividend 32.18 6.42 Transfer to General Reserve 60.99 250.79 Balance carried to Balance Sheet 507.95 228.07 Earnings per share (Refer Note III-10 of Schedule O)Weighted average number of equity shares outstanding during the year - Basic 18,910,379 17,178,465 - Diluted 19,009,240 17,576,080 Earnings per share (In Rs.) - Basic 32.67 25.95 - Diluted 32.50 25.37Nominal value of shares (Rs) 10 10Significant Accounting Policies and Notes to Accounts OThe schedules referred to above form an integral part of the financial statements.
As per our report of even date For and on behalf of the Board of DirectorsFor Walker, Chandiok & CoChartered Accountants
per Khushroo B. Panthaky V. K. Mundhra P. D. Mundhra Anjan Malik Jimmy BilimoriaPartner Chairman Executive Director Director DirectorMembership No. F-42423
Place : Mumbai Sachin Rastogi Gaurav Tongia Date : June 8, 2009 Associate Principal Company Secretary
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Cash Flow Statement for the year ended March 31, 2009(Rupees in Million)
Year ended Year ended
Particulars March 31, 2009 March 31, 2008
A. Cash Flow from Operating Activities
Net Profit Before Tax and Exceptional Items 694.32 503.90
Adjustments for:
Depreciation and amortisation 73.14 44.77
Stock Options Outstanding 0.09 0.70
(Profit) / Loss on Sale of Investments (0.42) 0.05
Loss on Sale of Fixed Assets 0.25 0.32
Provision for Doubtful debts 1.07 0.00
Dividend Income (45.85) (12.39)
Interest Income (4.27) (1.85)
Interest Expense 0.36 2.57
Goodwill amortisation 6.27 7.04
Operating Profit Before Working Capital Changes 724.96 545.11
Adjustments for:
Trade and Other Receivables (195.47) (112.05)
Fixed Deposit pledged with Banks – (0.77)
Loans and Advances (93.81) (127.23)
Current Liabilities and Provisions 52.38 79.89
Cash Generated by Operating Activities 488.06 384.95
Income Taxes paid (72.19) (55.26)
Net Cash Generated by Operating Activities 415.87 329.69
B. Cash Flow from Investing Activities:
Sale of Investments 3,049.88 316.42
Investment in subsidiaries (37.18) (71.22)
Purchase of Investments (3,246.51) (970.13)
Sale of Fixed Assets 0.26 0.51
Purchase of Fixed Assets (including Capital work in progress) (90.80) (152.52)
Interest received 4.27 1.85
Dividend received 45.85 12.39
Net Cash used in Investing Activities (274.23) (862.70)
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Cash Flow Statement for the year ended March 31, 2009
As per our report of even date For and on behalf of the Board of DirectorsFor Walker, Chandiok & CoChartered Accountants
per Khushroo B. Panthaky V. K. Mundhra P. D. Mundhra Anjan Malik Jimmy BilimoriaPartner Chairman Executive Director Director DirectorMembership No. F-42423
Place : Mumbai Sachin Rastogi Gaurav Tongia Date : June 8, 2009 Associate Principal Company Secretary
(Rupees in Million)
Year ended Year ended
Particulars March 31, 2009 March 31, 2008
C. Cash Flow from Financing Activities:
Proceeds from Secured Loans – 99.18
Repayment of Short Term Loan (39.97) (60.24)
Proceeds from equity shares issued 0.19 809.00
Expenses related to Initial Public Offering – (49.53)
Dividend Paid (85.01) (107.59)
Dividend Tax Paid (14.48) (18.29)
Interest paid (0.36) (2.57)
Net Cash Generated by Financing Activities (139.63) 669.96
Effect of Exchange fluctuation on Cash and Cash Equivalents 8.75 0.04
Net (Decrease) / Increase in Cash and cash equivalents (10.76) 136.91
Cash and Cash Equivalents at the beginning of the year 221.58 79.36
Add: Cash and Cash Equivalents on acquisition – 5.31
Cash and Cash Equivalents at the end of the year 210.82 221.58
Notes to the Cash Flow Statement
1. Cash and cash equivalents does not include Rs. 1.98 million (P.Y.: Rs. 1.98 million) fixed deposits pledged with Banks.
2. Cash and cash equivalents consist of cash on hand and balances with bank. Cash and cash equivalents included in the Cash Flow Statement comprise the following:
Cash on Hand 0.47 0.43
Balances with Scheduled Banks
- In Current accounts 77.95 85.72
- In Unclaimed Dividend 0.17 –
- In Exchange earnings in foreign currency accounts 36.23 65.25
- In Fixed deposit accounts 96.00 70.18
Total 210.82 221.58
