SUMMERINTERNSHIP PROJECT ON

A STUDY ON CASH FLOW ANALYSISOF

ENVERGY PROJECTS LTD
Under taken at

GREEN GROUP OF COMPANIES

Submitted in partial fulfillment of the requirement for the award of the

degree of

MASTER OF BUSINESS ADMINISTRATION

BATCH (2018-20)

Submitted by Name of the Industry Mentor

Hansha Thakor Sameer Gupta

MBA Semester II Accounts Head

Enrollment No: 180617200178

Under the Guidance of

Prof. Tejal Shah

PARUL UNIVERSITY
FACULTY OFMANAGEMENT STUDIES
P.O. Limda, Tal Waghodia, District Vadodara-391760

1
 Declaration

I Hansha Thakor.EnrolmentNo.180617200178 from PIMR (MBA), Semester III of the Parul

University, Vadodara hereby declare that the Summer Internship Report entitled “A STUDY
ON CASH FLOW ANALYSISOF ENVERGY PROJECTS LTD” is an original work and the
same has not been submitted to any other Institute for the award of any other degree.

Date: 11/07/2019 Signature of the Student

2
 INSTITUTE CERTIFICATE

It is hereby certified that the Summer Internship Report submitted in partial fulfillment of
Master of Business Administration at PIMR (MBA), Vadodara by Hansha Thakor
Enrolment No. 180617200178 has been completed under my guidance and is Satisfactory.

Date: 11/07/2019 Signature of the Guide:

PROF. TEJAL SHAH

3
4
 PREFACE

By reading the Books you will get the knowledge but it will be worth full only when you
apply practically. This experience gives you best in your career.

We can say that practical experience helps to prove your bookish knowledge and even
qualification. It’s very important to understand how and where to implement what we have
studied. Knowledge in itself is a continuous process. Getting practiced knowledge is an
important thing for existence for any business concern in the competition prevailing in an
industry a total awareness is the first and foremost thing necessary from all aspects, working
smarter seems to be as important as working harder and longer.

A thorough and practical study, knowledge and learning can only be useful to become more
eligible and competitive. Due to this point of view each and every student of MBA has to
undergo the industrial training to execute business enterprise as per Parul institute of
management & research, which is really helpful to the students for making their bright
career.

I have completed this project on “A Study on Cash Flow Analysis of Envergy Projects
Ltd” in part fulfilment of my MBA curriculum.

5
 Acknowledgement

In regard to this programme, I would like to acknowledge my gratitude and thanks respected
PARUL INSTITUTE OF MANAGEMENT & RESEARCH for giving me this
opportunity to gain some practical knowledge in the area in which I will be pursuing my
career.

I am also thankful to my director Dr. BIJAL ZAVERI for giving me this opportunity.
Prof.Tejal Shah(ASSISTANT PROFESSOR) faculty of PARUL INSTITUTE OF
MANAGEMENT & RESEARCH, who providing me proper guidance and help regarding
my training project whenever I required.

I express my sincere regard to, Mr. Samir Gupta and Ms. Nikita Shinde from GREEN
GROUP OF COMPANIES for his guidance and help for successful completion of my
research project.

It’s my pleasure that I could work on my project at GREEN GROUP OF COMPANIES., I

would like to thank the staff members of Admin Department & employees of the company,
who helped me during my research project.

Once again, I am thankful to all those who helped me directly or indirectly to prepare this
report and give me a chance to gain practical knowledge

Yours Sincerely,

Hansha Thakor

6
 Executive Summary

The cash flow statement represents the movement in the opening and closing cash and cash
equivalents for a particular period, and identifies whether or not the cash in or outflows were
as a result of operating, investing and financing activities. The amounts reflected in the
financial statements therefore have to be adjusted for any non-cash transactions in order to
arrive at the cash inflows and outflows for the period.

The cash flow statement should present major classes of gross receipts and payments from
financing, investing and operating activities. Financing activities represent activities that
result in changes in the size and composition of the contributed capital and borrowings of the
entity. Investing activities represent the acquisition and disposal of long-term assets and other
investments not included in cash equivalents. Included in investing activities are the
aggregate cash flows arising from acquisitions and disposals of controlled entities, associates
and joint ventures. Operating activities represent the revenue producing activities of the
entity, and are all activities that are not investing or financing activities. Entities are required
to use the direct method to present cash flows from operating activities. The direct method
requires that entities disclose major classes of gross cash receipts and payments. Entities are
required to disclose separately interest received and paid, and dividends or similar
distributions paid as part of the entity’s operating activities

7
 Table of Content
SR. NO PAGE NO
PARTICULARS

1 Chapter – 1
1.1 Introduction
1.2 Objective of study
1.3 Scope of study
1.4 Company Profile
1.4.1 Company Overview
1.4.2 Services Provided 10 – 37
1.4.3 Mission, Vision
1.4.4 Company Core Value’s
1.4.5 Company Founder
1.4.6 Quality Policy of company
1.4.7 Health & Safety Policy of Company
1.5 Industry Profile

2 Chapter – 2
38-42
Literature Review

3 Chapter – 3
Research Methodology
3.1 Research design
43-46
3.2 Source of data
3.3 Type of sampling
3.4 Sampling design & Tools of Analysis

4 Chapter – 4 47-56
Data Analysis & Interpretation
5 Chapter – 5
Finding & Conclusion 57-58
5.1 Result of the Study
5.2 Conclusion
59
6 Bibliography
60-61
7 Annexure

8
9
 Chapter 1
Introduction

10
Meaning

An examination of a company's cash inflows and outflows during a specific period. The
analysis begins with a starting balance and generates an ending balance after accounting for
all cash receipts and paid expenses during the period. The cash flow analysis is often used for
financial reporting purposes. See also cash flow projection, cash flow forecast.

Cash flow analysis is the study of the cycle of your business' cash inflows and outflows, with
the purpose of maintaining an adequate cash flow for your business, and to provide the basis
for cash flow management. Cash flow analysis involves examining the components of your
business that affect cash flow, such as accounts receivable, inventory, accounts payable, and
credit terms. By performing a cash flow analysis on these separate components, you'll be able
to more easily identify cash flow problems and find ways to improve your cash flow. Cash-
flow in financial analysis means net income or profit obtained after adding back expense
items which currently do not use cash such as depreciation. It may also exclude revenue
items, which do not currently provide funds. It comes in two varieties — gross and net.
Depreciation is not a tangible expense which is paid for by drawing a cheque but is a sum set
aside each year, whether there is profit or not, for the replacement of an asset when it is worn-
out. Such sums of money can be used to buy new plant or they can be kept in a bank, invested
in gilt-edged securities or used in any way that the directors may choose. They, in fact form
part of the “cash-flow” which is the amount retained in the business after paying off all
expenses including taxes and dividends. Gross cash-flow is the net profit after tax plus the
provision for depreciation.

Net cash-flow is obtained from the gross figure by deducting the amount distributed as
dividend on preference and ordinary shares. Of the two, net cash-flow is the more important
and commonly used because it represents the actual amount of cash retained in the business
after all outgoings including dividends. It is frequently assumed that there will always be a
cash-flow at least equal to the provision for depreciation or other adjustments not involving
cash. This will be true only if the total revenue (sales and other income) for a period fully
covers all of the expenses including depreciation and other write-offs. If the operations for a
period result in a loss and if the loss exceeds the “non-cash” adjustments, the cash-flow will
be negative instead of being positive.

11
Cash flow is the changes in firm’s cash during a particular period by indicating the firm’s
.sources and uses of cash during that period. To determine what transactions caused the cash
balance to change during a particular period.

Cash flow as the actual movement of money in and out of a business. Money flowing into a
business is termed as positive cash flow and is credited as cash received. Monies paid out are
termed as negative cash flow and are debited to the business. The difference between the
positive and negative cash flows is termed as net cash flow

The researchers have estimated cash received from customers and cash paid to suppliers and
employees for firms reporting using the indirect method for self-selection problem. This
method is based on adjusting income statement items for the movement in the relevant
balance sheet accounts. A much larger sample was obtained using this approach. Although
the results appear robust, the predictive power of the method using estimated data is lower
than the method that uses the firm’s own reported direct cash flow data only. This process id
directly affected the distinct possibility of an errors-in-sample problem

The need for financial plan is cash flow management. This would normally represent the
planned position throughout a work and as such would be concerned with the income,
expenditure and net cash flow. This enables the cash flow situation to be monitored using
approaches such as forecast, project phase monitoring/updating and monthly cost/value
reconciliation

The cash flow enables the effective planning and coordination of financial operations. This
also enables the proper allocation of cash among the various activities of the firm. The
investment decisions of the management are aided by only the cash flow. The firm must
properly analyzing the past business activities and plan for the future.

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 1.2 Objective of Study

 To get a general idea about the cash flow.

 To provide an overview of the capital structure of industries.
 To enlarge our theoretical, and practical ability.
 Comparing various items of the current year with those of last year.

1.3 Scope of Study

This study is going to help, in identifying the causes of satisfaction or dissatisfaction

regarding company financial activities. This study also describes certain factors that explain
measures that how we can make financial system more effective. It is helpful in doing short
term planning as it provides information regarding the sources and utilization of cash during a
period, so it became easier for management to assess whether it will have adequate cash to
meet day to day expenses and pay creditors in time.

It also reveals how the company takes help of cash flow statement to ascertain the position of
cash generated from operating activities which can be used for payment of dividend.

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Usefulness of Cash Flow Statement

Cash Flow Statement is very useful to the management for short

term planning due to the following reasons:-

1) Predict future cash flows.

This statement is often using as an indicator of the amount, timing and certainty
of future cash flows on the basis of what happened in the past. This approach is
better than accrual basis data presented by profit and loss account and balance
sheet.

2) Determine the ability to pay dividends and other commitments.

This statement indicates the sources and uses of cash under operating, investing
and financing activities, helps shareholders to know whether the business can
make the payment of amount of dividends on their investments in shares and
creditors to receive interest and principal amount in time.

3) Show the relationship of net income to changes in the business cash.

Generally there is direct relation between net income and cash. I net income leads
to increase in cash and vise versa. But there may be a situation where a
company’s net income is high but decrease in cash balance and increase in cash
balance when net income is low. Every user is interested to know the reasons or
difference between the net income and net cash provided by operations. The net
income generally tells the progress of the business while cash flow relates to the
liquidity of business. The uses or helped to assess the reliability of net profit with
the help of this statement.

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4) Efficiency in Cash Management.

This statement is very useful to the management in evaluating financial policies

and cash position. It will help the management to make the reliable cash flow
projections for the immediate future and will tell surplus or deficiency of cash so
that management may be able to make plan for investment of surplus cash or to
tap the sources where from the deficiency is to be met. Thus it is an important
financial tool for the management as it helps in the efficient cash management.

5) Discloses Movement of Cash.

Previous year cash flow statement when compared with the budget of that year
will indicate as to what extent the resources of the enterprise were raised and
applied. Actual results when compared with the original forecast may highlight
the trend of the movement of cash that may otherwise remain undetected.

6) Discloses Success or Failure of Cash Planning.

A Comparison of projected Cash flow Statement with the actual Cash flow
Statement will reveal the success or failure of cash planning and incase of failure,
necessary remedial steps can be taken to improve the position. It also provides
better measure for inter period and inter firm comparison.

7) Evaluate Management Decision.

This statement, by providing information relating to companies investing and

financial activities, gives the investors and creditors about cash flow information
which help them evaluate management decisions.

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8) Enhances the Comparability of Report.

It enhance the comparability of the reporting of operating performances by

different enterprises, because it eliminates the effect of using different accounting
treatments for the same transactions and events.

Limitations of Cash Flow Statement

Inspite of various uses of Cash Flow Statement,it has the following

limitations:

1) Cash Flow Statement gives the main items of inflow and outflow of cash only and does not
show the liquidity position of the company.
2) This statement is not a substitute of income statement which shows both cash and non-cash
items. Therefore, net cash flow does not necessarily mean net income of the business.

3) It cannot replace funds flow statement as it cannot show the financial position
of the concern in totality.

Definitions

The following terms are used in this Statement with the meanings
specified:

(i)Cash comprises cash on hand and demand deposits with banks.

(ii)Cash equivalents are short term, highly liquid investments that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of changes in
value.

(iii)Cash flows are inflows and outflows of cash and cash equivalents.

16
(iv)Operating activities are the principal revenue-producing activities of the enterprise
and other activities that are not investing or financing activities.

(v)Investing activities are the acquisition and disposal of long-term assets and other
investments not included in cash equivalents.

(vi)Financing activities are activities that result in changes in the size and composition
of the owners’ capital (including preference share capital in the case of a company) and
borrowings of the enterprise.

(vii)Cash and Cash Equivalents Cash equivalents are held for the purpose of
meeting short-term cash commitments rather than for investment or other purposes.
For an investment to qualify as a cash equivalent, it must be readily convertible to a
known amount of cash and be subject to an insignificant risk of changes in value.
Therefore, an investment normally qualifies as a cash equivalent only when it has a short
maturity of say three months or less from the date of acquisition. Investments in shares are
excluded from cash equivalents unless they are in substance cash equivalents for example,
preference shares of a company acquired shortly before their specified redemption date
(provided there is only an insignificant risk of failure of the company to repay the amount at
maturity).Cash flows exclude movements between items that constitute cash or cash
equivalents because these components are part of the cash management of an enterprise
rather than part of its operating, investing and financing activities. Cash management includes
the investment of excess cash in cash equivalents.

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 CLASSIFICATION OF CASH FLOWS

1. Cash Flows from Operating Activities

The amount of cash flows arising from operating activities is a key indicator of the
extent to which the operations of the enterprise have generated sufficient cash flows to maintain
the operating capability of the enterprise, pay dividends, repay loans and make new
investments without recourse to external sources of financing. Information about the
specific components of historical operating cash flows is useful, in conjunction with
other information, in forecasting future operating cash flows.

Cash flows from operating activities are primarily derived from the principal
revenue-producing activities of the enterprise. Therefore, they generally result from
the transactions and other events that enter into the determination of net profit or loss.
Examples of cash flows from operating activities are:

a) Cash receipts from the sale of goods and the rendering of services;
b) Cash receipts from royalties, fees, commissions and other revenue;
c) Cash payments to suppliers for goods and services;
d) Cash payments to and on behalf of employees;
e) Cash receipts and cash payments of an insurance enterprise for premiums and claims,
annuities and other policy benefits.
f) Cash payments or refunds of income taxes unless they can be specifically identified
with financing and investing activities

Some transactions, such as the sale of an item of plant, may give rise to a gain or loss
which is included in the determination of net profit or loss. However, the cash flows relating to
such transactions are cash flows from investing activities.

18
 An enterprise may hold securities and loans for dealing or trading purposes, in which
case they are similar to inventory acquired specifically for resale. Therefore, cash flows
arising from the purchase and sale of dealing or trading securities are classified as operating
activities. Similarly, cash advances and loans made by financial enterprises are usually
classified as operating activities since they relate to the main revenue-producing activity of
that enterprise.

2. Cash Flows from Investing Activities

The separate disclosure of cash flows arising from investing activities is important
because the cash flows represent the extent to which expenditures have been made for
resources intended to generate future income and cash flows. Examples of cash flows
arising from investing activities are:

a) Cash payments to acquire fixed assets (including intangibles). These payments

include those relating to capitalized research and development costs and self-
constructed fixed assets
b) Cash payments to acquire shares, warrants or debt instruments of other enterprises
and interests in joint ventures (other than payments for those instruments
considered to be cash equivalents and those held for dealing or trading purposes)
c) Cash advances and loans made to third parties (other than advances and loans made by
a financial enterprise)
d) Cash receipts from the repayment of advances and loans made to third parties (other
than advances and loans of a financial enterprise)
e) Cash payments for futures contracts, forward contracts, option contracts and swap
contracts except when the contracts are held for dealing or trading purposes, or the
payments are classified as financing activities

3. Financing Activities

The separate disclosure of cash flows arising from financing activities is important

19
because it is useful in predicting claims on future cash flows by providers of funds (both capital
and borrowings) to the enterprise. Examples of cash flows arising from financing activities
are

a) Cash proceeds from issuing shares, debentures, loans, notes, bonds, and other short
or long term borrowings
b) Cash repayments of amounts borrowed.
c) Cash payments to redeem preference shares and
d) Payment of dividend.

Preparation of cash flow statement

An organization should prepare a cash flow statement according to according to

Account standard-3. The following basic information are required for the preparation for the
cash flow statement:

(1) Comparative Balance Sheets. Balance sheets at the beginning and at the end of the
accounting period are required to indicate the amount of changes that have taken
place in assets and liabilities and capital.

(2) Profit and loss account. This account of the current period enables to determine the
amount of cash provided by or used in operating activities during the accounting
period after making adjustments for non-cash current assets and current liabilities.

(3) Additional data. In addition to the above statements, additional data are collected to
determine how cash has been provided or used e.g. sale or purchase of asset for cash.
This statement is prepared in three stages as given below:

1. Net profit before taxation and extra ordinary items.

2. Cash flows from operating, investing and financing activities.

3. Cash flow statement

20
1.4. Company Profile

21
Address: Envergy Projects Ltd.
GreenEmpire (Anupushpam),

Nr. Yash Complex, Besides Canara Bank,

Above Axis Bank, Gotri Main Road,

Vadodara – 390021

Phone : 0265 2371269

Mail :[email protected]
Website: www.envergy.co.in

Incorporated in the year 2008 at Vadodara (Gujarat, India), we “Envergy Projects

Limited” are the distinguished manufacturer and supplier of an enhanced quality of Air
Pollution Control Equipment, Oil Skimmers, Process Equipment, Safety Products,
Industrial Scrubber, etc.

These systems are precisely engineered by making use of high grade components with the
help of contemporary machines in compliance with set industry norms. Our offered systems
are widely used in different industries for various purposes such as cleaning tanks, processing
oil, controlling pollution, etc. We offer these products to our clients in different technical
specifications as per their necessities.

Moreover, these systems are checked on series of quality stages before being supplied to our
clients. Our offered systems are widely demanded by our clients for their enormous features
such as robust construction, reliability, high performance, easy to install, low maintenance,
ability to with stand adverse climatic condition and long service life.

22
In order to manufacture the offered systems in bulk amount with fluency, we have setup a
widespread infrastructural base. This base is segregated into different functional departments
for smooth and streamlined business operations. All these departments are facilitated with
modular machines and tools that are operated by our highly qualified and experienced team
of professionals. To maintain consistency in business operation, we regularly upgrade these
machines and keep them in good working condition. Apart from this, we are also interlinked
with a wide distribution channel that make it possible for us to deliver these products in
timely and safe manner at user’s end.

1.4.1 Company Overview

Company Envergy Projects Ltd.

Year of incorporation 2008

Industry manufacturer and supplier

Envergy Projects Ltd. Green Empire
(Anupushpam), Above Axis Bank, Gotri Main
Address
Road, Vadodara – 390021

Registered office

Listings
www.envergy.co.in
Website name

Group president Mr. pradeepjoshi

Telephone -2371443

Age of the company

Email-id [email protected]

Number of working days in week 6 days in week

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 1.4.2. Services Provided.

 Design of WTP, STP, ETP, Biogas plant & Package Treatment Plants, Landfills etc.
 Establishment of Plants & Supply of equipment’s.
 Operation Maintenance of STP, ETP, Incinerator, Biogas Waste Management
Projects.
 Design & Execution of Rain water Harvesting System.
 Replacing of existing non-performing plants.
 Heat Recovery Systems
 Air Pollution Control Equipments
 Water Treatment Plant

1.4.3.Mission

EPL shall always be driven by philosophy that “Customer is God.”

 Our mission is to provide sustainable solutions for the development of Environment

by helping our clients.
 We shall have the fundamental mission for the provision of satisfaction to our clients,
employees & partners.
 Our mission is to maintain the uppermost standards in our services or products,
beyond the expectations of our customers.
 We believe in consistent growth & healthy competition.
 Our mission is to provide a wide range of services & to identify new areas of products
& operations that could lead to benefits & revenues for EPL.

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 1.4.3.Vision

EPL has started with the aim to work for the benefit of the society & cater to all their needs &
requirements.

“Technology Creates Value & innovation helps in the development of competence”

abiding to this principal, EPL has been started.

 Our vision is to make EPL a world class organization in the Environment & Energy
Field.
 We believe to adopt the latest technologies & continual improvement of our services,
anticipating the need of our customers, responding in a creative & in a way by
conserving the natural resources & also in a competitive manner.
 Our vision is to look beyond the just immediate opportunities, create and build up our
products &services with focus on our core competencies in long term prospective.
 EPL has a vision to strengthen its position with the help of innovative technologies,
infrastructure facilities, strong in-house R & D support and a skilled, dedicated and
capable team of Engineers, Scientists & Technicians.

25
 1.4.5. Company’s Core Values:

 Responsibility and Accountability

 Leadership to Teambuilding
 Loyalty to Company & Customers
 Capacity building for competence improvement
 Continual Improvement
 Client value creation through commitment
 Effective Communication
 Consistence & Persistence
 Customer Care

1.4.6.Company Founder

 Name: Pradeep Joshi

 Educational Qualification: Industrial Engineer (MIIE) from Mumbai

University, B Sc. (Chem.) From Mumbai University, PGDEE, Risk Engineer
(Australia), DIS (Diploma in Industrial Safety)
 Professional Qualification: Lead Auditor in EMS (ISO 14001), Lead
Auditor in OHSAS (18001), Member – Australian EHS Auditors, Accredited
EHS Auditor in Singapore
 Experience: 25 + Years’ Experience in Environment &Envergy Systems.
 Designation: Managing Director &CBO – Asia Pacific

 Name: Anushree Joshi

 Educational Qualification: B. Sc. (Biology), PGDSA
 Designation: Director–Finance
 Experience: Over 16 Yrs. of experience in accounts & Administratio

26
1.4.7. QUALITY POLICY OF THE COMPANY

27
1.4.8 HEALTH & SAFETY POLICY OF THE COMPANY

28
1.5 Industry Profile

29
Environmental services industry in India comprises service companies providing advisory
and assistance to businesses and other organizations related to environmental issues as well
as the designing, program management, Operations & maintenance, monitoring & evaluation
of services across all areas. The major environmental services comprises of cleaning up
polluted areas, management of natural resources, environmental auditing, waste management
and environmental policy development, etc. The various environmental sub-sectors includes
water supply & waste water treatment, monitoring equipment and services, solid waste
management, renewable energy, air pollution and water sanitation, etc.

30
 Trends

 Globally, Environment Services market has reached $600 Billion in 2016 and India stood as
the 3rd largest environmental technologies market worldwide.
 India is also the 5th largest e-waste producer in the world with 1.8 million tons of e-waste
generated every year which is expected to rise to 5.2 million tons by 2030.
 Environment consulting is also one of the emerging environment services accounts for huge
revenues worldwide. Water and waste management services accounts for 30%, contaminated
land services - 29%, environmental management, compliance, and due diligence - 14%,
environmental impact assessment and sustainable development -14% and climate change and
energy nearly about 8%, as per an assessment of the aggregated revenues of the world's top
20 firms by Environment Analyst.
 Indian environmental consulting services market is the 8th largest in the world and is
expected to grow from around $0.55 billion in 2016 to around $0.75 billion in 2020.
Currently, India holds about 1.8% share of the global environmental consulting services
market. Due to increasing investments in infrastructure and manufacturing, environmental
consulting services market in the country is expected to grow at a CAGR of 4.3% in the
forecast period.
 India has also ratified the Paris Agreement in 2016 under which an ambitious target is been
set up by the government to achieve 175 GW of renewable energy capacity by 2022. It also
includes 100 GW of solar capacity addition and 60 GW of wind power capacity by 2022.
60solar cities to be developed in India as part of Ministry of New and Renewable Energy’s
Solar Cities program. With high set targets and growing environment related issues there
exists huge opportunities for improvement and growth of environmental services in India.

31
Highlights of Sub-sectors

 Waste Management

 As per the estimates, Waste Management Industry in India is expected to grow to

USD 1 Billion by 2020.
 Waste comprises of Municipal Solid Waste, Plastic Waste, E-Waste, Hazardous
Waste, Industrial Waste and Bio-Medical waste. India is the 6th largest municipal
waste generator in the world. As per (Task Force, Planning Commission), India
generates approximately 62 million tonnes of waste per annum. With the increasing
rate of urbanization in India, it is estimated that volume of waste will increase by 5%
p.a. and waste generation will be ~436mn tonnes per annum by 2050.

 Bio-Medical Waste – As one of the largest populated country and a well-known

medical tourism destination worldwide, India generates 550 tons per day of medical
waste. Although, only 15% of biomedical waste is hazardous, but the treatment of all
waste is important, not just for the public but also healthcare workers. Ministry of
Environment, Forest and Climate change has amended Bio-Medical Waste
Management Rules in 2016 to improve compliance and strengthen the implementation
of environmentally sound management of biomedical waste in India.

32
 Plastic Waste

 Over 300 million MT of plastics are produced globally p.a. and nearly 50% of this
volume is for disposal applications. According to All India Plastic Manufacturer
Organization, size of the plastic Industry in India is estimated at Rs 110,000 Crore
with plastic consumption of 13 million tonnes per year and waste generated accounts
for 9 million tonnes per year. More efforts towards recycling of plastic waste is the
need of the hour to save the environment from land pollution, as most of the plastic is
dumped into land creating land and soil pollution problems in the country.

 E-Waste

 India ranks as 5th largest producer of E-waste in the world by generating 18 lakh
metric tonnes of E-waste each year which is likely to raise to 52 lakh metric tonnes by
2020.

33
 In India, over 95% of e-waste generated is managed by the unorganised sector and
merely 1.5% of total e-waste gets recycled. This indicates that huge opportunity for
investment is there for both government and private sector to contribute in the
management of e-waste in the country.

 Waste to Energy

 Waste to Energy Programme is the initiative of Ministry of New & Renewable

Energy (MNRE) with the objective to harness the available potential for the
development of energy sector in the country. Aim is to convert Industrial waste to
biogas and generate power from industrial solid waste. Globally, over 2200 plants are
operating to convert waste into energy with China and USA alone having 150 and 86
plants, respectively. Despite of burgeoning population, India is only having 4 plants
which is indicating immense potential and opportunities in this service sector. In India
unused waste has the potential to generate 439 MW of power from 32,890 TPD of
combustible waste which is enough to meet the power demand of a union territory
like Pondicherry

34
 Indian renewable energy sector is the 2nd most attractive renewable energy market in
the world. India accounts for approximately 4% of the total global electricity
generation and contributes 4.43% to the global renewable generation capacity. India
ranks 4th in the world in terms of total installed wind power capacity and 6th largest
in terms of solar power capacity. According to International Energy Agency’s World
Energy Outlook, renewable energy is projected to supply 4,550 GW in 2040 globally.

 Installed renewable power generation capacity has increased steadily over the years,
with a CAGR of 9.29% over FY08–19.
 India is looking to meet its energy demand on its own, which is expected to reach
15,820 TWh by 2040, renewable energy is set to play an important role. There is high
untapped potential in renewable energy sector and India is estimated to have the
potential of 900GW from commercially exploitable sources.

35
 Air Quality Management
 Air Pollution is one of the major health threat in the modern day metropolitan India.
As per a report released by Health Effects Institute, USA (April 17, 2018) India alone
accounts for 25% of all the air pollution-related deaths in the world during 2016.
Government of India has initiated National Clean Air Program (NCAP) as a
comprehensive plan to reduce air pollution in 100 Indian cities. Government is
targeting to reduce air pollution by almost 35% over the next 3 years, followed by a
50% reduction within 5 years.

 References - Data and reports available in the public domain including Ministries
Annual Reports and Data Statistics, IBEF Sectoral Reports, Department of Industrial
Policy and Promotion (DIPP), RBI Handbook of Statistics on Indian Economy, Media
& Industry Reports, Press Information Bureau (PIB), Union Budget 2018-19
 Disclaimer - This information has been collected through secondary research and is
available in the public domain. We are not responsible for any errors in the same.

36
Company’s Clients

37
 Chapter 2

Literature Review

38
 1. Trotman and Gibbins (1998)
examined the cost of property, plant and equipment will be written down to expenses called
depreciation based on the period of useful life of them and the methods used. Realization is
the process of changing non cash resources and rights into money. This concept involves
sales of assets for cash or claims of cash. For example, gains from sales are identified as
revenues and losses are identified as expenses.

2. Roger Hussey & Andra Ong (2009)

Define cash flow as a measure of the amount of cash available for dividend payment,
financial debts payment and for development of the company.

3. Adhikari and Duru (2010)

Consider cash flow to be the amount of cash available to shareholders, without reducing the
business value. They calculate this indicator by deducing from the operating cash flow the
amounts needed for capital expenditures, in order to maintain the production capacity of the
company. They acknowledge also the possible definition relating to free cash flow as the cash
remaining at the managers’ free choice, obtaining the final value by deducing from operating
cash flow the amounts needed for capital expenditure, dividend payment and loans
reimbursement.

4. PhD. Prof. Ioan Batrancea (2010)

Investigated that accounting information from financial statements are very useful for future
cash flow of companies. But they do not mention which information is useful for analysis
future cash flow. However, researcher in this research is trying to investigate cash flow
statement and reaction of it on the future cash flow.

5. Ortpurt & Zang (2010)

Start showing that the prediction of operating cash flows is mainly based on the direct
method.

39
 6. Charles, E. Jordanand Marilyn A. Waldron(2010)
Found that accrual basis measures are better predictors for future cash flows than cash flow
basis measure. So, accrual component basis are better for financial managers and other users
of financial statement for decision making.

7. Melik Serhat(2010)
Reported construction industry is an important sector that cash flow play an important role
for that because of the most risks sectors due to high level of uncertainties included in the
nature of the construction projects. Hence, a suitable cash planning technique is very
important for proper cost control and systematic cash management while considering the risk
and uncertainties of the construction projects. The purpose of this study is to improve a
realistic and cost schedule integrated cash flow modeling technique by using fuzzy set theory
for including the uncertainties in project cost and schedule resulting from complex and
ambiguous nature of construction works

8. Choong Yuel (2011)

Understood, analysts’ cashflow forecasts have become widely available through financial
services. Cash flow information enables practitioners to have a better understand the real
operating performance and financial stability of a company, practically when earning
information is noisy and of low quality.

9. Bin Duet al (2012)

found out that again meet the role of the cash and accrual component of accounting earning in
predicting future cash flow and using out of sample predictions. The researcher understands
on average accruals improve upon current cash flow from operations in predicting future cash
flow. This paper clears that positive accruals are more likely to improve upon current cash
flow in prediction future cash flow. In this paper the researcher has found out the continuity
development of business management depend on good adequate cash flow but not the best
profit. Accrual cash flow prediction can measure adequate liquidity. The paper centralization
on cash flow of company in short time and in this paper researcher clears that MELLRAL
network method has better prediction effect than ARIMA method. However, after short term
abnormal data adjustment the prediction effect has shown some improvement and he can take
as a result large amount of cash flow data have relatively within a company for prediction.

40
 10.Jeffrey Hales and Steven Orpurt, (2013)
"According to them they analyzed that though many financial statement users have given
more importance to direct method, some of the financial statement users have given
importance to indirect method of cash flow statement. They found that the direct method
information is economically significant and that the recurring benefits that many firms derive
from providing direct method information likely exceed recurring cost.

11.Farshadfar, S. & Monem, R. (2013)

Shows that the application of the direct method facilitates the prediction of future cash flows
and the comparison of operating cash flows between companies. And regarding the different
documents, he also evidence that the financial statements most currently used for the liquidity
analysis are the Balance Sheet and the Income Statement.

12.Ajay Paliwal, Mukesh Ahirrao and Rana, (2015)

"According to him, the term cash flow statement is an important tool to analyze the financial
performance of a firm and the cash flow changes can be identified only by comparing the
financial position of a firm for two years. The study found the net changes in net cash in cash
and it's distribution in three business activities and also found the strength and weakness in
cash flow statement.

13.Artiachea, Leea, Nelson & Walker (2015)

Consider free cash flow an assessment of the company’s liquidity, while a high figure
indicates a financial capacity of investing in sustainable projects, without sacrificing the
claims of third parties.

14.Kousenidis (2014)

Considers free cash flow to be the operating profit after tax payments, after non cash
adjustments, and investments in current and long term assets. The appropriate definition is
considered to be the cash generated by the company, available for all the parties insuring the
capital of the company (equity and financial debt)

41
 (15) emaa, Toukabri, and Jilani (2015)
Predicted future cash flow of listed Tunisian companies and find that earnings are a better
predictor of future cash flow than cash flow from operations. Further, the results show that,
the disaggregation of earnings into two components (cash flow from operations and total
accruals) and the disaggregation of total accruals into its major components (change in
accounts receivable; change in inventory; change in accountant’s payable, amortization, and
other accruals) significantly enhance ability of earnings in predicting future cash flows.

(16)Jones & Sharma (2016)

Define free cash flow as the cash collections from customers, minus payments towards
suppliers and cash outflows related to investments, while finding in certain conditions a
statistically significant connection between free cash flow and earnings management.

42
 Chapter 3

Research Methodology

43
Research simply means ‘search for knowledge’. According to Rodman and Mory, research is
‘systemized effort to gain new knowledge’. Some people consider research as a movement
from known to unknown; it is actually a voyage of discovery. According to Clifford Woody,
research includes defining and redefining problem, formulating hypothesis or the suggested
solutions, collecting organizing and evaluating data, reaching conclusions and at last
carefully testing the conclusions to determine whether they fit to the formulated hypothesis or
not.

Research methodology has many dimensions, it includes not only the research methods but
also consists the logic behind the methods used in the context of the study and explains why
only a particular method of technique had been used so that search lend themselves to proper
evaluation, Thus in a way it is a written game plan for concluding research. The term research
refers to search of something new that can solve a problem. Research must have a specific
objective which is called research problem. On the basis of the problem,

The data in this project is enabling in secondary in nature. Financial reports, company records
were referred for data analysis. The study has been undertaken by collecting relevant data
from the balance sheet, profit and loss a/c annual report & Audit report of Envergy Projects
Ltd. the company has used financial tools for the analyzation and interpretation of data

3.1 TYPES OF RESEARCH DESIGN:

 Experimental research design
 Exploratory research design
 Descriptive &Diagnostic research

Exploratory Research Design:

This research design is preferred when researcher has a vague idea about the problem the
researcher has to explore the subject.

44
Experimental Research Design –
The research design is used to provide a strong basis for the existence of casual relationship
between two or more variables.

Descriptive Research Design –

It seeks to determine the answers to who, what, where, when and how questions. It is
based on some previous understanding of the matter.

Diagnostic Research Design

It determines the frequency with which something occursor its association with
something else.

Research Design Used in this Project

The research design used here is Descriptive Research Design.

3.2Sources of data

There are two types of data:

 Primary Data
 Secondary Data

 Primary Data:

The primary data are those, which are collected fresh for the first time and thus happen to be
original in character. The primary data collection involves the collecting of information for
the first time by observation, experimentation, and questionnaire and through interview
schedules in the original form by the researcher himself or his nominees

 Secondary data:

The secondary data are those, which have been collected by some other and which have been
processed. Generally speaking secondary data are information, which have been previously
collected by some organization to satisfy his own need. But the department under reference
for an entirely different reason is using it.

45
Method of collecting data:
 In this study I have used Secondary Data.

3.3 Types of Sampling Method Used:

I have used Non-Probability Sampling convenient method.

3.4 SAMPLING DESIGN:

Sampling unit : Financial Statements (Hypothetical Data)

Sampling size : Last five years Financial Statements.

3.4 Tools of Analysis:

It is essential to use a systematic research methodology for the assessment of a project

because without the use of a research methodology analysis of any company or organization
will not be possible. In the present analysis mostly secondary data have been used. It is worth
a while to mention that I have used the following types of data :

 Balance Sheet
 Cash Flow Statement

46
 Chapter 4
Data Analysis & Interpretation

47
OVERALL INTERPRETATION OF FINANCIAL STATEMENTS

Balance Sheet

 Over the 5 years, balance sheet has increased from INR 94, 23,000 to 2,09,97000.
This is due to a constant stream of Profits being transferred into the Reserves and
Surplus account.

 The capital has increased from INR 395000 to 417000.

 Short term borrowings for the company have remained negligible over the years of
the balance sheet size.

 Other long term liabilities have increased due to increased operational lease liabilities
and other liabilities.

Cash Flow Statement Analysis

 Cash inflow from Operating Activities has steadily increased from INR 24,20,000 in
FY 2014 to INR 34,41000 in FY 2018 with the exception of FY 2016 in which it
decline from INR 4,96,000 in FY 2015 to 21,80,000 in FY 2016. Thus, we see that
the cash inflow from operating activities has increased over the last five years.

 Such an increase over last 5 years has primarily been due to an increase of similar
magnitude in profits of company. The net income has steadily increased from INR
20,81,000 in FY 2014 to 45,12,000 in FY 2018, an increase of 217%. This increase in
net income has been due to an increase of 246% in Sales of Envergy Projects Ltdover
last 5 years from INR 1,23,32000 in FY 2014 to 3,03,16000 in FY 2018.

48
  Operating cash flow
Operating Cash Flow (OCF) is the amount of cash generated by the regular operating
activities of a business in a specific time period. OCF begins with net income (form the
bottom of the income statement), adds back any non-cash items, and adjusts for changes in
net working capital to arrive at the total cash generated or consumed in the period. When
performing financial analysis, operating cash flow should be used in conjunction with net
income, free cash flow (FCF).

TABLE SHOWING CASH FROM OPERATING ACTIVITIES

Particulars 2014 2015 2016 2017 2018

Net cash from operating
2,420 496 2,180 2,831 3441
Activities
Table No.1

INTERPRETATION:

From what I understood operating activity works reconciles net income and cash flows by
adding back noncash expenses and cash produced by changes in working capital. I.e.
Increases in current assets and decreases in current liabilities are considered a use of cash that
reduces cash flows from operating activities relative to net income.

There can be number factors why there’s sudden decrease in 2015 of above table and then
recovery in the next and gradually increase till 2018 becoming at 3441.

GRAPH SHOWING CASH FROM OPERATING ACTIVITIES

Cash From Operations

4,000
3441
3,500
2,831
3,000
2,420
2,500 2,180
2,000
1,500
1,000 496
500
0
2014 2015 2016 2017 2018

49
INFERENCE

1) Changes in Working Capital

 Working capital is foremost part of cash flow of operating activity it includes increase
and decrease of current assets and current liability taking into consideration of
opening and closing balance of each such current asset and liability for a given point
of the time.

2) Declining Sales

 Pricing of a product for a given item can be increased or decreased on the current
market condition. Sales can positively or negatively influence the operating activity of
the business

3) Decline in Days Payable Outstanding

 Day’s payable outstanding in how fast or slowly business pays back to its creditors.
This can also influence cash flow from operating activity.

In all an all conclusions as given in chart as there is sudden decline in 2015 can be because
of one of the reasons I have mentioned above. It could be because of one reason or because of
multiple reasons combined

 Cash From Investing Activities:

Cash flow from investing activities is an item on the cash flow statement that reports the
aggregate change in a company's cash position resulting from investment gains or losses and
changes resulting from amounts spent on investments in capital assets, such as plant and
equipment.

When analysing a company's cash flow statement, it is important to consider each of the
various sections that contribute to the overall change in its cash position. Negative cash flows
are not always indicative of poor performance. Often, firms have negative overall cash flows
for a period because of heavy investment expenditures.

50
 TABLE SHOWING CASH FROM INVESTING ACTIVITIES

Particulars 2014 2015 2016 2017 2018

Cash From Investing Activities -1,047 -445 -2,426 -2,094 -2,465
Table No.2

INTREPRETATION:

Cash flow investing activity is nothing but change in a company's cash position resulting
from investment gains or losses and changes resulting from amounts spent on investments in
capital assets, such as plant and equipment

GRAPH SHOWING CASH FROM INVESTING ACTIVITIES

.

Cash Flow from Investing Activities

0
2014 2015 2016 2017 2018
-500
-445
-1000
-1047
-1500

-2000
-2094
-2500
-2426 -2465
-3000

Inference:
As we can see there’s negative cash flow of 1407 in 2014 which indicates that the company
has purchased more goods than it has sold. Since the purchase of additional inventory
requires the use of cash, it means there was an additional outflow of cash in 2014. An outflow
of cash has a negative or unfavorable effect on the company's cash balance.

This means company has heavily invested in a plant or machinery in year 2014, 2016,
2017 and 2018. This indicated outflow of cash in negative amount

51
  Cash from Financing Activities:

Cash flow from financing activities (CFF) is a section of a company’s cash flow
statement, which shows the net flows of cash that are used to fund the company.
Financing activities include transactions involving debt, equity, and dividends.

Cash flow from financing activities provides investors with insight into a company’s
financial strength and how well a company's capital structure is managed.

Particulars 2014 2015 2016 2017 2018

Cash Flow from Financing
-1322 8 391 -84 -1,039
Activities
Table No.3

INTERPRETATION

Company’s cash flow statement, which shows the net flows of cash that are used to fund the
company. In the given chart there is negative cash flow of 1322 in 2014 as well as in 2017
with negative 84 and in 2018 with negative 1039. This can be because of the reasons
mentioned below.

1) Repurchase of debt or equity: if in case company decides to buy back its debt
there’s outflow of cash which can indicate negative cash flow.
2) Payment of dividends: if there’s huge profit this year and company decides to give
dividends to its shareholders this may also indicate negative cash flow but in very rare
cases only.

Paying down debt: if in year company decides to pay off its debt, this in return will show
negative cash flow.

52
 GRAPH SHOWING NET CASH FROM FINANCING ACTIVITIES

Cash Flow from Financing Activities

500 391

8
0
2014 2015 2016 2017 2018
-84
-500

-1000
-1,039
-1500 -1322

INFERENCE

From the above graph it is inferred that the net cash from financing activities is fluctuating.

 Cash and cash equivalents

Cash and cash equivalents refer to the line item on the balance sheet that reports the value
of a company's assets that are cash or can be converted into cash immediately. These
include bank accounts, marketable securities, commercial paper, Treasury bills and short-
term government bonds with a maturity date of three months or less. Marketable
securities and money market holdings are considered cash equivalents because they are
liquid and not subject to material fluctuations in value.

TABLE SHOWING NET CASH AND CASH EQUIVALENTS

Particulars 2014 2015 2016 2017 2018

Net Changes in Cash 52 59 145 653 -63
Table No.4

53
INTERPRETATION:

The net cash and cash equivalents were increased and decreased in the last 5 years. in the
year 2014 it is 52000 and it has increased to 59000 in 2015 and it increases to 145000 in
2016 but in the next year 2017 it has gradually increased to 653000 and in 2018 it gradually
decreased to -63000. This shows that the company was good in the middle years and in 2018
it decreased.

GRAPH SHOWING NET CASH AND CASH EQUIVALENTS

Net Cash & Cash Equivalents

800
653
600

400

200 145
52 59
0
2014 2015 2016 2017 2018
-200 -63

INFERENCE:

From the above graph it is inferred that the net cash and cash equivalents decreases in 2018
because of operating, financing & investing activities are low in year 2018.

 Opening Cash and Cash Equivalents:

TABLE SHOWING OPENING CASH AND CASH EQUIVALENTS

Particulars 2014 2015 2016 2017 2018

Cash & Cash Equivalent
180 349 440 585 1238
(Opening)
Table No.5

54
INTERPRETATION:

The opening cash and cash equivalents were 180 thousand in the year 2014 and it is just
increased to 349 thousand in 2015.in the year 2016 it again increased to 440 thousand and
again in 2017 it increased to 585 thousand. But it is gradually increased to 1238 thousand
in the year 2018. This shows that the opening cash and cash equivalents has only
increased during those 5 years.

GRAPH SHOWING OPENING CASH AND CASH EQUIVALENTS

Cash & Cash Equivalent (Opening)

1,400 1238
1,200
1,000
800
585
600 440
349
400
180
200
0
2014 2015 2016 2017 2018

Inference:

From the above graph it clear shows that the opening cash and cash equivalents is increasing
gradually.

 Closing Cash and Cash Equivalents:

TABLE SHOWING CLOSING CASH AND CASH EQUIVALENTS

Particulars 2014 2015 2016 2017 2018

Cash & Cash Equivalent
231 408 585 1238 1240
(Closing)
Table No.6

55
INTERPRETATION:

The closing cash and cash equivalents was 231 thousand in 2014. And it is increased to
408 thousand in 2015 and again in the year 2016 it is increased to 585 thousand. In year
2018 it increased to 1240 thousand. This shows that the closing cash and cash equivalents
is only increased during these years

GRAPH SHOWING CLOSING CASH AND CASH EQUIVALENTS

Cash & Cash Equivalent (Closing)

1,400 1238 1240
1,200
1,000
800
585
600
408
400 231
200
0
2014 2015 2016 2017 2018

Inference:

From the above graph it clearly shows that the cash and cash equivalents (closing) is
gradually increasing.

56
 Findings

 During the period the company has positive cash flows from operating activities due
to increase in working capital.

 During the period the company has negative cash flows from investing activities by
Purchase of fixed assets and investments

 During the period the company has Positive cash flows from financing activities by
increase in capital.

 During the period the company has increased its capital to Rs417000/-

 The company is having growth in its Net sales.

 During the period the company did not made any credit sales

 Increase in opening cash equivalents.

57
 Conclusion

Researcher has tried to present some of the previous studies related to the study in this
chapter. It helps in understanding the meaning and function of cash flow and accrual
component data and cash flow management. A cash flow forecast shows the anticipate
income and expenditure of the business that resulting surplus or shortfall occur year. In
conclusion, financial statements include the cash flow statement, balance sheet, and income
statement. Separately, each statement is providing a glimpse at the company’s financial
situation. With the financial statements combined, determines the company’s financial
condition by displaying if the company can manage their own incoming and outgoing funds,
an estimate of their value, and the expenses and sales revenue incurred by them.

58
 Bibliography

1. Sharma, T. K., Pant, S. C., Kumar, S., Paliwal, A., Bahuguna, P., & Badhani, H. C.
(2016). Combining ability studies in brinjal (Solanum melongena L.). International
Journal of Bio-resource and Stress Management, 7(6), 1225-1231.

2. Zega, C. A. (1988), The New Statement of Cash Flow, Management Accounting, Vol.
70. No, 3 pp. 54-9

3. Charles, E. Jordan and Marilyn. A. (2010) Waldron Predicting Cash Flow from
Operations: Evidence on the Corporative Abilities for A Continuum of Measures.
Journal of applied business research. Vol, 17. No. 3

4. Choong Yuel (2011). Estimation and Prediction Tests of Cash Flow Forecast
Accuracy Paper

5. BiN Du (2012) Research on Prediction of Cash Flow of Corporation in Short Term

Changsha, China University)

6. Hales, J., & Orpurt, S. F. (2013). A review of academic research on the reporting of
cash flows from operations. Accounting Horizons, 27(3), 539-578.

7. Farshadfar, S., & Monem, R. (2013). Further evidence on the usefulness of direct
method cash flow components for forecasting future cash flows. The international
journal of accounting, 48(1), 111-133.

8. Nirmal, V. P., Ingole, N. W., & Ugale, A. B. Cash-Flow Management in Building

Construction Project.

9. Jones, S., & Sharma, R. (2016). The impact of free cash flow, financial leverage and
accounting regulation on earnings management in Australia’s “old” and “new”
economies. Managerial Finance, 27(12), 18-39.

59
 Financial Statement

Balance Sheet of Envergy Projects Ltd.

In 000’s
Particulars 2014 2015 2016 2017 2018
Liabilities
Capital 395 400 405 415 417
Reserves & Surplus 6,065 7,364 9,171 12,722 15,992
Total Equity 6,460 7,764 9,576 13,137 16,409
Accounts Payable 122 167 107 189 82
Short-Term Borrowings & Liabilities 2,810 1,971 3,586 3,495 4,311
Total Current Liabilities 2,932 2,138 3,693 3,684 4,393
Long-Term Borrowings 31 41 37 32 27
Other Long-Term Liabilities 0 206 46 57 168
Total Long-Term Liabilities 31 247 83 89 195
Total Liabilities 2,963 2,385 3,773 3,773 4,588
Total Liabilities & Equity 9,423 10,149 13,352 16,910 20,997
Assets
Cash & Near Cash Items 169 3 585 1,238 1,175
Inventories 1,447 1,542 3,075 4,027 5,160
Accounts & Notes Receivable 2,218 2,825 4,078 4,508 6,004
Other Current Assets 1,955 1,999 1,016 1,710 2,338
Total Current Assets 5,788 6,369 8,754 11,483 14,677
LT Investments & LT Receivables 30 7 30 244 189
Net Fixed Assets 2,781 2,952 2,633 3,056 3,762
Other Long-Term Assets 824 821 1,935 2,127 2,369
Total Long-Term Assets 3,635 3,780 4,598 5,427 6,320
Total Assets 9,423 10,149 13,352 16,910 20,997

60
 Income Statement of Envergy Projects Ltd.

In 000’s
Particulars 2014 2015 2016 2017 2018
Net Sales 12,332 15,090 19,152 23,618 30,316
Less: Operating Expenses 10,609 14,019 16,914 19,382 25,019
Operating profit (loss) 1,723 1,071 2,238 4,236 5,297
Less: Foreign Exchange Losses (Gains) -709 -155 -196 340 -118
Less: Net Non-Operating Losses (Gains) -55 -83 -188 -350 -376
Add: Other Income - 221 - - -
EBIT 2,487 - 2,622 4,246 5,791
( - Interest Expense ) 25 4 5 10 4
Earnings before Tax (EBT) 2,462 1,526 2,617 4,236 5,787
( - Tax Provision) 381 295 430 847 1,275
Net profit (loss) 2,081 1,231 2,187 3,389 4,512
( - Total Cash Preferred Dividends)
Net Inc Avail to Common
2,081 1,231 2,187 3,389 4,512
Shareholders

Cash flow Statement of Envergy Projects Ltd.

In 000’s
Particulars 2014 2015 2016 2017 2018
Cash From Operations 2,420 496 2,180 2,831 3,441

Cash From Investing Activities -1,047 -445 -2,426 -2,094 -2,465

Cash from Financing Activities -1,322 8 391 -84 -1039

Net Changes in Cash 52 59 145 653 -63

Cash & Cash Equivalent (beginning) 180 349 440 585 1,238

Cash & Cash Equivalent

231 408 585 1,238 1,240
(ending)

61