MILLENNIUM HOUSING DEVELOPERS PLC
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st MARCH 2024
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INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF MILLENNIUM HOUSING DEVELOPERS PLC Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements Millennium Housing Developers PLC ("the Company") and the consolidated financial statements of the Company and its subsidiaries ("the Group"), which comprise the statement of financial position as at 31st March 2024, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policies and other explanatory information.
In our opinion, the accompanying financial statements of the Company and the Group give a true and fair view of the financial positions of the Company and the Group as of 31st March 2024, and of their financial performances and their cash flows for the year then ended in accordance with Sri Lanka Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuSs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics for professional Accountants issued by CA Sri Lanka (Code of Ethics), and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
We draw attention to Note 36 of the financial statements, which indicates that the Company and the Group incurred net loss of Rs.136,488,397/- and Rs. 186,889,039/- respectively, during the year ended 31st March 2024. The Company reported accumulated losses of Rs. 127,339,544/- and recorded a negative operating cashflow of Rs. 3,766,940/- during the year ended 31st March 2024. The Company's current liabilities exceeded the current assets by Rs. 44,953,657/-. Further, as stated in Note 36 to the financial statements, the Company has not been able to comply with loan covenants for which recovery actions are being undertaken by lender. These events or conditions, along with other matters as set forth in Note 36, indicate that a material uncertainty exists that may cast significant doubt on the Company's and the Group's ability to continue as going concern.
Our opinion is not modified in respect of this matter.
KPMG, a Sri Lankan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
C. P. Jayatilake FCA | T. J. S. Rajakarier FCA | W. J. C. Perera FCA |
Ms. S. Joseph FCA | W. K. D. C. Abeyrathne FCA | G. A. U. Karunaratne FCA |
R.M.D.B. Rajapakse FCA | Ms. B.K.D.T.N. Rodrigo FCA | R. H. Rajan FCA |
M.N.M. Shameel FCA | Ms. C.T.K.N. Perera ACA | A.M.R.P. Alahakoon ACA |
Ms. P.M.K. Sumanasekara FCA | R.W.M.O.W.D.B. Rathnadiwakara FCA |
Principals: S.R.I. Perera FCMA(UK), LLB, Attorney-at-Law, H.S. Goonewardene ACA, Ms. F.R Ziyard FCMA (UK), FTII K. Somasundaram ACMA(UK), R.G.H. Raddella ACA
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE SHAREHOLDERS OF MILLENNIUM HOUSING DEVELOPERS PLC (CONTINUED)
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Carrying value of inventories
Refer material accounting policies in note 4.7 and explanatory note 17 to the financial statements
Risk Description | Our response | ||||||||||
The Group and the Company recorded inventories | Our audit procedures included: | ||||||||||
amounting to Rs. 1,647 Mn and Rs. 385 Mn | • Obtaining an understanding of and assessing | ||||||||||
respectively at 31st March 2024. This amounts | the design, | implementation and operating | |||||||||
to 83% and | 49% | of the | Group's and | ||||||||
effectiveness | of management's | key | internal | ||||||||
Company's total assets respectively. | |||||||||||
controls over inventory valuation and identify | |||||||||||
The carrying value of inventories was a key | slow moving and obsolete inventories. | ||||||||||
audit matter due to; | • On a sample basis, physically verify the | ||||||||||
• | The | existence | of | industry | specific | ||||||
inventories as at reporting date. | |||||||||||
inventories and the magnitude of the | |||||||||||
inventory balance. | • Obtaining the surveyor's (In-house) progress | ||||||||||
• | The | use | of significant | management | report on the work in progress as at 31st | March | |||||
2024 and inquired the management over the | |||||||||||
judgement over identifying inventories | |||||||||||
reasonableness of the valuation performed by | |||||||||||
requiring | write | down | to | NRV, | |||||||
the surveyor. | |||||||||||
including consideration of nature of | |||||||||||
inventories, future | inventory | demand | • Performing, on sample basis, a net realisable | ||||||||
and quality/grading assessments. | |||||||||||
value test for the inventories as at the reporting | |||||||||||
• | The | existence | of | significant | date. | ||||||
management estimates applied in the | • Testing the | accuracy and completeness of | |||||||||
determination | of | NRV, | considering | ||||||||
inventory | ageing reports | used | in the | ||||||||
expected | sales | prices and allowance | |||||||||
estimation of allowances. | |||||||||||
policies based on historical sales. | |||||||||||
• Assessing whether the accounting policies had | |||||||||||
been consistently applied and the adequacy of | |||||||||||
the disclosures in respect of the judgement and | |||||||||||
estimation made in respect of inventory | |||||||||||
provisioning. |
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE SHAREHOLDERS OF MILLENNIUM HOUSING DEVELOPERS PLC (CONTINUED)
Other Information
Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditors' report thereon. The annual report is expected to be made available to us after the date of this auditors' report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the annual report if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with Sri Lanka Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's and the Group's financial reporting process.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SLAuSs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SLAuSs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE SHAREHOLDERS OF MILLENNIUM HOUSING DEVELOPERS PLC (CONTINUED)
Auditors' Responsibilities for the Audit of the Financial Statements (Continued)
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company and the Group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE SHAREHOLDERS OF MILLENNIUM HOUSING DEVELOPERS PLC (CONTINUED)
Report on Other Legal and Regulatory Requirements
As required by section 163 (2) of the Companies Act No. 07 of 2007, we have obtained all the information and explanations that were required for the audit and, as far as appears from our examination, proper accounting records have been kept by the Company.
CA Sri Lanka membership number of the engagement partner responsible for signing this independent Auditors' Report is 3544.
CHARTERED ACCOUNTANTS
Colombo, Sri Lanka
30th August 2024
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | Company | |||||||
For the year ended 31st March | Note | 2024 | 2023 | 2024 | 2023 | |||
Rs. | Rs. | Rs. | Rs. | |||||
Revenue | 5 | 115,200,000 | 674,719,407 | 115,200,000 | 323,548,857 | |||
Cost of sales | (81,353,833) | (494,219,276) | (81,353,833) | (248,689,235) | ||||
Gross profit | 33,846,167 | 180,500,131 | 33,846,167 | 74,859,622 | ||||
Other operating income | 6 | 134,544,858 | 68,640,555 | 12,317,769 | 8,795,220 | |||
Administration expenses | (218,184,056) | (260,914,978) | (125,309,470) | (146,156,241) | ||||
Selling and marketing expenses | 7 | (1,407,584) | (14,150,621) | (1,293,164) | (13,119,151) | |||
Results from operating activities | (51,200,615) | (25,924,913) | (80,438,698) | (75,620,550) | ||||
Finance income | 8.1 | 765,644 | 2,211,340 | 646,402 | 1,495,862 | |||
Finance costs | 8.2 | (135,251,134) | (156,897,919) | (55,193,258) | (44,528,421) | |||
Net finance costs | 8 | (134,485,490) | (154,686,579) | (54,546,856) | (43,032,559) | |||
Loss before income tax | (185,686,105) | (180,611,492) | (134,985,554) | (118,653,109) | ||||
Income tax expense | 9 | (1,202,934) | (18,573,458) | (1,502,843) | (780,616) | |||
Loss for the year | ||||||||
(186,889,039) | (199,184,950) | (136,488,397) | (119,433,725) | |||||
Other comprehensive income | ||||||||
Items that will not be reclassified to profit or loss | 25 | 414,193 | (1,238,623) | |||||
Re-measurements of defined benefit gain/ (loss) | 573,039 | (118,934) | ||||||
Deferred tax effect on re-measurement of defined benefit | 24 | (124,258) | (171,912) | 371,587 | 35,680 | |||
obligation | ||||||||
(742,296) | (1,033,824) | (742,296) | (1,033,824) | |||||
Net change in fair value of financial assets - FVOCI | ||||||||
Other comprehensive income for the year net of tax | (452,361) | (632,697) | (1,609,332) | (1,117,078) | ||||
Total comprehensive income for the year net of tax | ||||||||
(187,341,400) | (199,817,647) | (138,097,729) | (120,550,803) | |||||
Profit / (loss) attributable to: | (186,889,039) | (136,488,397) | ||||||
Owners of the Company | (199,184,950) | (119,433,725) | ||||||
Loss for the year | (186,889,039) | (199,184,950) | (136,488,397) | (119,433,725) | ||||
Total comprehensive income attributable to: | (187,341,400) | (138,097,729) | ||||||
Owners of the Company | (199,817,647) | (120,550,803) | ||||||
Total comprehensive income for the year net of tax | (187,341,400) | (199,817,647) | (138,097,729) | (120,550,803) | ||||
Loss per share | 10 | (1.39) | (1.01) | |||||
Basic and diluted loss per share | (1.48) | (0.89) |
The accounting polices and notes form an integral part of these consolidated financial statements.
Figures in brackets indicate deductions.
MILLENNIUM HOUSING DEVELOPERS PLC | ||||||||
STATEMENT OF FINANCIAL POSITION | ||||||||
As at 31st March | Group | Company | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Assets | Note | Rs. | Rs. | Rs. | Rs. | |||
Non-current assets | 11 | 19,001,100 | 16,461,487 | |||||
Property, plant and equipment | 25,544,354 | 22,007,871 | ||||||
Investment property | 12 | 195,000,000 | 172,500,000 | - | - | |||
Intangible assets | 13 | 14,164 | 66,660 | 2,500 | 19,058 | |||
Investment in subsidiaries | 14 | - | - | 278,628,770 | 278,628,770 | |||
Right-of-use assets | 15.1 | - | 22,075,710 | - | 22,075,710 | |||
Financial assets - FVOCI | 16 | 6,160,200 | 6,902,496 | 6,160,200 | 6,902,496 | |||
Deferred tax asset | 24 | - | - | 856,044 | 1,987,300 | |||
Total non-current assets | 220,175,464 | 227,089,220 | 302,109,001 | 331,621,205 | ||||
Current assets | 17 | 1,647,016,795 | 384,877,519 | |||||
Inventories | 1,664,613,770 | 379,191,192 | ||||||
Trade and other receivables | 18 | 77,968,108 | 145,943,060 | 43,210,680 | 59,897,542 | |||
Amounts due from related companies | 19 | 11,601,961 | 11,727,202 | 29,907,766 | 5,800,437 | |||
Cash and cash equivalents | 20 | 25,576,730 | 25,082,844 | 18,487,017 | 23,457,791 | |||
Total current assets | 1,762,163,594 | 1,847,366,876 | 476,482,982 | 468,346,962 | ||||
Total assets | ||||||||
1,982,339,058 | 2,074,456,096 | 778,591,983 | 799,968,167 | |||||
Equity and liabilities | 775,218,502 | |||||||
Equity | 21 | 293,802,200 | 293,802,200 | |||||
Stated capital | 293,802,200 | 293,802,200 | ||||||
Reserves | 22 | 13,210,684 | 13,952,980 | 13,210,684 | 13,952,980 | |||
Retained earnings | 339,944,254 | 526,543,358 | (127,339,544) | 10,015,889 | ||||
Equity attributable to owners of the Company | 646,957,138 | 834,298,538 | 179,673,340 | 317,771,069 | ||||
Total equity | ||||||||
646,957,138 | 834,298,538 | 179,673,340 | 317,771,069 | |||||
Non-current liabilities | 23 | 72,282,600 | 72,282,600 | |||||
Interest bearing borrowings | 163,586,952 | 163,586,952 | ||||||
Lease liability | 15.2 | - | 19,000,669 | - | 19,000,669 | |||
Deferred tax liability | 24 | 14,225,508 | 12,898,316 | - | - | |||
Retirement benefit obligation | 25 | 6,304,597 | 9,294,191 | 5,199,404 | 7,078,353 | |||
Total non-current liabilities | 92,812,705 | 204,780,128 | 77,482,004 | 189,665,974 | ||||
Current liabilities | 26 | 512,156,154 | 237,109,676 | |||||
Trade and other payables | 444,919,357 | 145,108,969 | ||||||
Interest bearing borrowings | 23 | 582,454,509 | 525,890,280 | 172,608,704 | 91,304,352 | |||
Lease liability | 15.2 | - | 5,874,232 | - | 5,874,232 | |||
Debentures | 27 | - | - | - | - | |||
Amounts due to related companies | 28 | 81,366,605 | 4,910,713 | 83,431,951 | 32,965,495 | |||
Income tax payable | 1,401,200 | 1,401,196 | - | - | ||||
Bank overdraft | 20 | 65,190,747 | 52,381,652 | 28,286,308 | 17,278,076 | |||
Total current liabilities | 1,242,569,215 | 1,035,377,430 | 521,436,639 | 292,531,124 | ||||
Total liabilities | ||||||||
1,335,381,920 | 1,240,157,558 | 598,918,643 | 482,197,098 | |||||
Total equity and liabilities | ||||||||
1,982,339,058 | 2,074,456,096 | 778,591,983 | 799,968,167 | |||||
The accounting polices and notes form an integral part of these consolidated financial statements.
Figures in brackets indicate deductions.
I certify that these Consolidated Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act No. 7 of 2007.
…..............................
Finance Manager
The Board of Directors is responsible for the preparation and presentation of these Consolidated Financial Statements. Approved and signed for and on behalf of the Board ;
… | … |
U.H. Dharmadasa | K.C.C. Perera |
Chairman | Director |
30th August 2024 | |
Colombo |
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st March 2024 | Attributable to owners of the Group | ||||||||
Group | |||||||||
Stated | Capital | FVOCI | Retained | Total | |||||
Capital | Redemption | Earnings | Equity | ||||||
Reserve | |||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | |||||
Balance as at 1st April 2022 | 293,802,200 | 25,000,000 | (10,013,196) | 725,327,181 | 1,034,116,185 | ||||
Loss for the year | - | - | - | (199,184,950) | (199,184,950) | ||||
Other comprehensive income (Net of tax) | - | - | (1,033,824) | 401,127 | (632,697) | ||||
Total comprehensive income for the year | - | - | (1,033,824) | (198,783,823) | (199,817,647) | ||||
Balance as at 31st March 2023 | |||||||||
293,802,200 | 25,000,000 | (11,047,020) | 526,543,358 | 834,298,538 | |||||
Balance as at 1st April 2023 | 293,802,200 | 25,000,000 | (11,047,020) | 526,543,358 | 834,298,538 | ||||
Loss for the year | - | - | - | (186,889,039) | (186,889,039) | ||||
Other comprehensive income (Net of tax) | - | - | (742,296) | 289,935 | (452,361) | ||||
Total comprehensive income for the year | - | - | (742,296) | (186,599,104) | (187,341,400) | ||||
Balance as at 31st March 2024 | |||||||||
293,802,200 | 25,000,000 | (11,789,316) | 339,944,254 | 646,957,138 | |||||
Company | |||||||||
Stated | Capital | FVOCI | Retained | Total | |||||
Capital | Redemption | Earnings | Equity | ||||||
Reserve | |||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | |||||
Balance as at 1st April 2022 | 293,802,200 | 25,000,000 | (10,013,196) | 129,532,868 | 438,321,872 | ||||
Loss for the year | - | - | - | (119,433,725) | (119,433,725) | ||||
Other comprehensive income (Net of tax) | - | - | (1,033,824) | (83,254) | (1,117,078) | ||||
Total comprehensive income for the year | - | - | (1,033,824) | (119,516,979) | (120,550,803) | ||||
Balance as at 31st March 2023 | |||||||||
293,802,200 | 25,000,000 | (11,047,020) | 10,015,889 | 317,771,069 | |||||
Balance as at 1st April 2023 | 293,802,200 | 25,000,000 | (11,047,020) | 10,015,889 | 317,771,069 | ||||
Loss for the year | (136,488,397) | (136,488,397) | |||||||
Other comprehensive income (Net of tax) | - | - | (742,296) | (867,036) | (1,609,332) | ||||
Total comprehensive income for the year | - | - | (742,296) | (137,355,433) | (138,097,729) | ||||
Balance as at 31st March 2024 | |||||||||
293,802,200 | 25,000,000 | (11,789,316) | (127,339,544) | 179,673,340 | |||||
Note
Capital Redemption Reserve
Capital Redemption Reserve built up is equal to the nominal value of the preference shares already redeemed by Millennium Housing Developers PLC.
The accounting polices and notes form an integral part of these consolidated financial statements.
Figures in brackets indicate deductions.
MILLENNIUM HOUSING DEVELOPERS PLC | |||||||||
STATEMENT OF CASH FLOWS | |||||||||
For the year ended 31st March 2024 | Group | Company | |||||||
Note | 2024 | 2023 | 2024 | 2023 | |||||
Cash flows from operating activities | Rs. | Rs. | Rs. | Rs. | |||||
Loss before tax | (185,686,105) | (180,611,492) | (134,985,554) | (118,653,109) | |||||
Adjustments for: | 11 | 7,376,723 | 5,804,852 | ||||||
Depreciation on property, plant and equipment | 9,158,973 | 7,513,938 | |||||||
Fair value gain on investment property | 12 | (22,500,000) | (37,500,000) | - | - | ||||
Amortization on intangible assets | 13 | 52,496 | 106,474 | 16,558 | 62,102 | ||||
Depreciation on right of use assets | 15 | 2,153,728 | 6,461,183 | 2,153,728 | 6,461,183 | ||||
Interest expense | 8 | 135,251,134 | 156,897,919 | 55,193,258 | 44,528,421 | ||||
Provision for retirement benefit obligation | 25 | 3,187,077 | 4,418,897 | 2,127,892 | 2,899,492 | ||||
Provision for slow moving entries | 17 | 372,353 | 327,735 | 198,065 | 133,172 | ||||
Impairment on investment in subsidiary | 14 | - | - | (904,016) | 904,016 | ||||
Provision for due from related parties | 19 | - | - | 7,100,060 | 66,000 | ||||
Gain on disposal of right of use assets | (3,217,485) | - | (3,217,485) | - | |||||
Provision / (reversal) for the trade and other receivables | 18 | - | 6,160,949 | - | - | ||||
Provision for the impairment of advance payment | - | 36,000,000 | - | 36,000,000 | |||||
Write-off debentures | - | (3,250,000) | - | (3,250,000) | |||||
Interest Income | 8 | (765,644) | (2,211,340) | (646,402) | (1,495,862) | ||||
Operating loss before working capital changes | (63,775,723) | (4,040,702) | (67,159,044) | (24,830,647) | |||||
Decrease / (Increase) in inventories | 17,224,622 | 189,268,911 | (5,884,392) | 47,453,487 | |||||
Decrease in trade and other receivables | 67,974,952 | 72,583,462 | 20,261,299 | 21,906,341 | |||||
Decrease / (Increase) | in amounts due from related companies | 125,242 | (2,082,304) | (31,207,389) | (4,983,681) | ||||
(Decrease)/Increase | in trade and other payables | (42,805,556) | (71,498,711) | 49,219,910 | 18,442,595 | ||||
Increase / (decrease) in amounts due to related companies | 76,455,892 | 4,079,776 | 50,466,456 | (59,688,465) | |||||
Cash generated from /(used in) operations | 55,199,429 | 188,310,432 | 15,696,840 | (1,700,370) | |||||
Income tax paid | - | (12,686,450) | - | (12,562,610) | |||||
Gratuity paid | 25 | (6,590,864) | (8,682,646) | (5,245,464) | (6,215,076) | ||||
Interest paid | (23,515,826) | (153,939,856) | (14,218,317) | (41,570,358) | |||||
Net cash flow generated from/ (used in) operating activities | 25,092,738 | 13,001,480 | (3,766,940) | (62,048,414) | |||||
Cash flows from investing activities | 11 | (833,468) | (258,468) | ||||||
Purchase of property, plant and equipment | (11,736,852) | (11,161,852) | |||||||
Interest received | 8 | 765,644 | 2,211,340 | 646,403 | 1,495,862 | ||||
Cash (used in)/ generated from investing activities | (67,824) | (9,525,512) | 387,935 | (9,665,990) | |||||
Cash flows from financing activities | 23 | - | - | ||||||
Loans obtained | 130,000,000 | 130,000,000 | |||||||
Re-payment of borrowings | 23 | (34,740,123) | (109,978,696) | (10,000,000) | (45,108,696) | ||||
Lease rentals paid | 15.2 | (2,600,000) | (7,800,000) | (2,600,000) | (7,800,000) | ||||
Net Cash (used in)/ generated from financing activities | (37,340,123) | 12,221,304 | (12,600,000) | 77,091,304 | |||||
Net (decrease) / increase in cash and cash equivalents | (12,315,209) | 15,697,272 | (15,979,006) | 5,376,900 | |||||
Cash and cash equivalents at the beginning of the year | (27,298,808) | (42,996,080) | 6,179,715 | 802,815 | |||||
Cash and cash equivalents at the end of the year | 20 | (39,614,017) | (27,298,808) | (9,799,291) | 6,179,715 | ||||
The accounting polices and notes form an integral part of these consolidated financial statements.
Figures in brackets indicate deductions.
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