Page Industries Cash Flow Analysis

#1
Hi friends,

I am new in the forum.Recently I have been studying "page Industries" which Value investors (like Basant Maheshwari) seems to praise, but when I look on its cash flow it has been reducing from 2012-2014

http://www.moneycontrol.com/financials/pageindustries/cash-flow/PI35#PI35

This is confusing me.Basant ji says its a very good company & I know that he dont like bad cash flow companies.Am I analyzing it in the wrong way ????

Please help.