A.		Cash Flow from Operating Activities :		2009-10				2008-09
		Profit before Taxation and Extra ordinary Items				7,287,412		18,501,548
		Add :- Adjustments for :
		Depreciation		76,900,633				84,583,713
		Dividend from Investments		(133,887)				(132,775)
		Interest		67,621,053				72,861,377
		Surplus (Net) on disposal of Fixed Assets		(46,944,924)				(13,229,452)
		Loss on sale of Investments		-				192,800
		Investments Written Off		-				20, 996
				97,442,875				144,296,659
		Operating Profit before Working Capital Changes		104,730,287				162,798,207
		Less :- Adjustments for :
		(Increase) / Decrease in Inventories		(209,184,840)				(19,236,136)
		(Increase) / Decrease in Trade and Other Receivables		175,841,558				77,841,254
		(Decrease)/Increase in Trade Payables		18,730,433				(37,103,551)
				(14,612,849)				21,501,567
		Cash Generated from Operations :				90,117,438		184,299,774
		Less : Interest paid		(68,207,440)				(75,348,651)
		Direct Taxes paid		(14,266,072)				(33,842,109)
						(82,473,512)		(109,190,760)
		Net Cash from / (used in) Operating Activities				7,643,926		75,109,014
B.		Cash Flow from Investing Activities :
		Purchase of Fixed Assets		(69,944,575)				(173,648,270)
		Sale of Fixed Assets		50,043,269				29,070,660
		Purchase of Investments		(500,000)				(80,968,790)
		Sale of Investment		-				5,952,700
		Interest Received		470,793				1,966,911
		Dividend Received		133,887				132,775
		Net Cash from / (used in) Investing Activities				(19,796,626)		(217,494,014)
C.		Cash Flow from Financing Activities :
		Proceeds from Share Capital		62,071,765				-
		Proceeds from Loans		125,000,000				75,000,000
		Repayments of Loans		(116,721,180)				(60,838,825)
		Increase/(Decrease) in Bank Borrowings		(59,703,006)				136,558,469
		Dividend Paid		(1,583,585)				(7,069,660)
		Tax on Dividend Paid		(261,723)				(1,219,094)
		Repayment of Preference Shares		(2,130)				(4,470)
		Payment to Fractional Share Holders		(45)				-
		Net Cash from / (used in) Financing Activities				8,800,096		142,426,420
		Net increase / (decrease) in Cash and Cash Equivalents (A–B–C)				(3,352,604)		41,420
		Cash and Cash Equivalents as at 1 April 2009				18,536,750		18,495,330
		Cash and Cash Equivalents as at 31 March 2010				15,184,146		18,536,750
In terms of our report of even date attached D.P. Sen & Co. Chartered Accountants S.K. Nayak Partner Membership No. 58711 Kolkata, 30 May 2010 B.K. Chowdhury Senior General Manager (Accounts) & Company Secretary on behalf of the Board B. WADHWA N. PUJARA - Directors