DANDOT CEMENT COMPANY LIMITED
CASH FLOW STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2004 ( UN-AUDITED )
			September		September
			2004		2003
			( Rupees in thousand )
	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit / (Loss) before taxation		16,675		(18,044)
	Adjustments of items not involving movement of cash:
		Depreciation	26,723		50,558
		Provision for Gratuity	3,394		3,563
		Exchange fluctuations	6,278		3,009
		Amortization of deferred cost	10,082		927
		Income on certificate of investment	(1,497)		(1,029)
		Lease liability waiver	-		(27,977)
		Financial charges	11,075		19,555
			56,055		48,606
	Operating cash flows before working capital changes		72,730		30,562
	(Increase)/Decrease in operating asset :
	Stores, spares and loose tools		(5,447)		(11,173)
	Stock in trade		(7,524)		9,626
	Trade debtors		927		326
	Advances, deposits, prepayments
	and other receivables		(3,148)		(2,335)
	Increase/(Decrease) in creditors, accrued and
	other liabilities		(6,181)		(23,297)
			(21,373)		(26,853)
			51,357		3,709
	Long term advances and deposits		85		208
	Gratuity paid		-		(3,407)
	Financial charges paid		(8,109)		(3,006)
	Income tax paid		(224)		(8)
	Net Cash Flows From Operating Activities		43,109		(2,504)
	CASH FLOWS FROM INVESTING ACTIVITIES
	Fixed assets - Tangible		(2,322)		-
	Long term loans and deposits		213		163
	Net Cash Flows From Investing Activities		(2,109)		163
	CASH FLOWS FROM FINANCING ACTIVITIES
	Repayment of lease liability (Net)		(189)		(114,820)
	Past dues - CBA		(1,193)		(2,355)
	Sponsors loans		31,629		95,100
	Short term borrowings		(43,895)		70,060
	Long term loans and liabilities		(9,466)		(31,942)
	Net Cash Flows From Financing Activities		(23,114)		16,043
	Net Increase /(Decrease) in Cash and Cash Equivalents		17,886		13,702
	Cash and cash equivalents at beginning of the period		20,087		14,194
	Cash and cash equivalents at end of the period		37,973		27,896
	A.SHOEB PIRACHA		ABDUR RAFIQUE KHAN
	DIRECTOR		CHIEF EXECUTIVE