Western India Shipyard Limited (Western Shipyard) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Western India Shipyard Limited

Western India Shipyard Balance Sheet (Amount in Rs.)

Particulars	31-03-2011	31-03-2010
Shareholder 's Fund
Share Capital	58,92,88,180	58,92,88,180
Reserve and Surplus	58,28,04,559	62,07,84,518
Loan Funds
Secured loans	1,51,28,55,192	1,11,96,62,123
Unsecured Loans	10,00,00,000	45,00,00,000
Total Funds Employed	2,78,49,47,931	2,77,97,34,821
Fixed Assets
Gross Block	2,16,64,91,378	2,15,45,40,674
Less: Depreciation	1,42,02,52,074	1,31,27,91,629
Net Block	74,62,39,304	84,17,49,045
Capital Work in Progress	5,72,62,520	-
Investments	5,00,000	5,00,000
Current Assets, Loans and Advances
Inventories	45,26,32,006	27,22,26,307
Sundry Debtors	41,57,94,416	33,47,31,051
Cash & Bank Balances	1,05,79,649	4,81,24,665
Loans & Advances	52,13,99,729	46,95,03,316
Current Liabilities & Provisions
Current Liabilities	44,31,25,638	37,68,79,949
Provisions	3,95,55,213	2,77,19,441
Net Current Assets	91,77,24,950	71,99,85,949
Miscellaneous Expenditure
Miscellaneous Expenses	24,95,875	33,26,500
Profit & Loss Account	1,06,07,25,282	1,21,41,73,327
Total Application of Funds	2,78,49,47,931	2,77,97,34,821

Western India Shipyard Profit & Loss Statement (Amount in Rs.)

Particulars	31-03-2011	31-03-2010
Income
Sales & Services	1,11,41,02,111	75,15,73,791
Other Income	2,25,04,923	1,35,64,837
Total Income	1,13,66,07,034	76,51,38,628
Expenditure
Direct Expenses	43,41,52,205	31,22,15,044
Personnel Expenses	13,58,06,107	9,95,12,358
Other Expenses	17,57,73,613	17,00,64,818
Interest	11,83,96,931	6,25,55,757
Depreciation	10,78,44,520	10,69,83,239
Total Expenses	97,19,73,376	75,13,31,216
Profit/(Loss) before Tax & Adjustments	16,46,33,658	1,38,07,411
Provisions for Taxation		-
Current Tax-MAT Liablity	19,58,494	-
MAT Credit Entitlement	-19,58,494	-
Prior Period Expenses	1,11,85,613	3,20,03,089
Interest Waiver on Settlement of Loan	-	51,60,21,967
Profit / (Loss) for the period	15,34,48,045	49,78,26,289
Earnings per Equity Share:	0.52	1.69

Western India Shipyard Cash Flow Statement (Amount in Rs.)

Particulars	31-03-2011	31-03-2010
Cash Flow from Operating Activities
Net profit for the year before tax and extraordinary items	16,46,33,658	1,38,07,411
Adjustments for :
Depreciation	10,78,44,520	10,69,83,239
Prior Period Expenses	-1,11,85,613	-3,20,03,089
Interest Income	-11,01,994	-8,84,702
Interest Expense	11,83,96,931	6,25,55,757
Loss/(Profit) on Sale of Fixed Assets	6,39,416	-2,99,915
W/off of Miscellaneous Expenses	8,30,625	8,26,625
Operating profit for the year before working capital changes	38,00,57,542	15,09,85,327
Adjustments for :
Trade Receivables	-8,10,63,365	8,27,77,134
Other Receivables (Loan and Advance)	-5,18,96,414	-31,47,89,948
Inventories	-18,04,05,699	-10,63,91,107
Trade and Other Payables	7,80,81,461	4,44,04,302
Net cash from/(used) in Operating Activities	14,47,73,525	-14,30,14,292
Cash Flow from Investing Activities
Sale of Fixed Assets	7,30,000	13,16,766
Purchase of Fixed Assets	-1,37,04,194	-1,34,08,353
Addition to Capital Work in Progress	-5,72,62,520	0
Interest received	11,01,994	8,84,702
Net cash from/(used) in Investing Activities	-6,91,34,720	-1,12,06,885
Cash Flow from Financing Activities
Issue of Equity Shares	-	35,51,00,000
Proceeds / (Repayment) from Secured Loan	35,52,13,109	-84,75,70,700
Proceeds / (Repayment) of Unsecured Loan	-35,00,00,000	23,17,97,000
Interest Waiver on Long Term Loan	-	51,60,21,967
Interest Expense	-11,83,96,931	-6,25,55,757
Net cash from/(used) in Financing Activities	-11,31,83,822	19,27,92,511
Net Increase/(Decrease) in cash and cash equivalents	-3,75,45,016	3,85,71,333
Cash and Balances with Banks (Opening)	4,81,24,665	95,53,332
Cash and Balances with Banks (Closing)	1,05,79,649	4,81,24,665

Here is a summary of the Cash Flow Statement for the years 2011 and 2010:

Cash Flow from Operating Activities

The company started with a net profit before tax and extraordinary items of ₹16.46 crore in FY 2010-11, a significant rise from ₹1.38 crore in the previous year. Adjustments were made to account for non-cash items and financing elements, such as:

Depreciation remained consistent (₹10.78 crore in FY11 vs. ₹10.69 crore in FY10).

Interest expense saw a sharp increase from ₹6.25 crore to ₹11.84 crore, reflecting higher borrowing costs.

Interest income and prior period adjustments were deducted, being non-operating items.

Loss on sale of assets (₹6.39 lakh) and write-off of expenses (₹8.30 lakh) were also added back.

This brought the operating profit before working capital changes to ₹38.00 crore in FY11 compared to ₹15.10 crore in FY10.

Changes in working capital significantly impacted cash:

Trade receivables increased (cash outflow of ₹8.10 crore), implying more credit given to customers.

Loans and advances and inventories also grew, creating major outflows.

Payables increased, providing some cash relief.

Eventually, net cash from operating activities turned positive at ₹14.47 crore in FY11 compared to a negative ₹14.30 crore in FY10, marking a turnaround in core business cash generation.

Cash Flow from Investing Activities

Investing cash flow reflects the company’s capital expenditure and asset management:

Capital work-in-progress saw a large addition of ₹5.72 crore in FY11.

Purchase of fixed assets stood at ₹13.70 crore in FY11, slightly higher than FY10.

There was minimal asset sale income (₹7.30 lakh) and modest interest income (₹11 lakh).

The company had a net outflow of ₹6.91 crore from investing activities, indicating ongoing investment in infrastructure and assets, slightly better than the outflow of ₹11.20 crore in FY10.

Cash Flow from Financing Activities

This section saw significant shifts:

In FY10, the company raised ₹35.51 crore through equity and received a massive interest waiver of ₹51.60 crore on long-term loans.

In contrast, FY11 had no equity issuance or waivers.

The company repaid unsecured loans worth ₹35 crore in FY11, though it secured fresh loans of ₹35.52 crore.

Interest expense was consistently high at ₹11.84 crore.

Net cash used in financing activities was ₹11.31 crore in FY11, in stark contrast to the inflow of ₹19.27 crore in FY10, suggesting a shift from fundraising to repayment and servicing of debt.