WALCHAND PEOPLEFIRST LIMITED
		CASH FLOW STATEMENT									( Rs. in Lakhs)
		Annexed to the  Balance Sheet for the Year Ended 31st March 2007
						2006-2007				2005-2006
A.	Cash Flow From Operating Activities :
	Net Profit Before Tax and after
	Extraordinary items						34.33				28.64
	Adjustments for :-
	Provision W/back( Aris Agro)				-			-
	Depreciation/Impairment					41.02		+		39.16
	Short repayment of Hired assets							+		-
	Deferred Expenses					-		+		4.99
	Profit on Sale of Investments					(56.79)		-		(57.19)
	Dividend Income (Reced.)					(28.92)		-		(16.39)
	Interest Income ( Reced.)					(15.73)		-		(81.64)
	Interest Expenses					1.54				1.64
	Provision no longer required (investment)					-				(19.09)
	(Profit) on sale of Fixed Asset ( Net )					-				(3.96)
	Provision  for Doubtful Advances Written Back					-		-		(67.52)
	Loss on sale of Investments					3.00		+		19.29
	Excess Provision Written Back ( Income Tax )					-		+		14.66
							(55.88)				(166.05)
							(21.55)				(137.41)
	Adjustment for  :-
	Trade Receivables(Inflow)/(outflow)					23.69		-		162.00
	Stock on Hire				+	-		+		-
	Trade Payables					(53.18)		-		(84.04)
							76.87				246.04
	Cash Generated from Operations						55.32				108.63
	Direct Taxes  Refund/ ( Paid )						(9.32)	+			(28.60)
	Cash Flow Before Extraordinary Items						46.00				80.02
	Net Cash Flow From Operating Activities						46.00				80.02
						342.64
B.	Cash Flow From Investing Activities :
	Purchase of Fixed Assets					(31.50)		-		(50.08)
	Sale of Fixed Assets					-		+		6.50
	Purchase of Investments					(1,631.34)		-		(1,800.82)
	Sale of Investments					1,525.23		+		1,719.68
	Dividend Income (Reced.)					28.92		+		16.39
	Interest Income ( Reced.)					15.73		+		81.64
	Net Cash Generated from Investing Activities						(92.96)				(26.70)
C.	Cash Flow From Financing Activities
	Borrowing					5.73				14.70
	Repayments of Borrowings					(3.31)		-		(2.72)
	Unclaimed Fixed Deposit Repaid					(0.28)				(0.35)
	Interest paid					(1.54)				(1.64)
	Dividend Paid					(15.32)		-		(14.82)
	Dividend Tax Paid					(2.00)		-		(2.00)
	Net Cash Generated from Financing Activities						(16.72)				(6.84)
	Net Increase/ ( Decrease )  in Cash & Cash Equivalents						(63.68)				46.50
	Cash & Cash Equivalents as at 01.04.2006					134.45
	Cash & Cash Equivalents as at 31.03.2007					70.77	(63.68)				46.50
	Cash on Hand			0.47
							0.00
	Bank Balances			70.30
											For and on behalf of the Board
	Place : Mumbai
	Date   : April 26, 2007										PALLAVI JHA
											Chairperson & Managing Director