Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.
Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.
Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.
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DIRECTOR’S FLEX MIDDLE REPORT EAST FZE<br />
| 90 |<br />
UFLEX LIMITED<br />
2009 2008<br />
US $ Rs in Lacs US $ Rs in Lacs<br />
17 Admin<strong>is</strong>trative & selling expenses<br />
Rent 405,248 205.58 677,727 343.81<br />
Other admin<strong>is</strong>tration expenses 1,481,882 751.76 1,444,833 732.96<br />
Selling expenses 9,110,800 4,621.91 6,063,945 3,076.24<br />
Amortization 22,732 11.53 22,753 11.54<br />
Depreciation (per below) 59,331 30.10 50,656 25.70<br />
Depreciation:<br />
11,079,993 5,620.88 8,259,914 4,190.25<br />
Total depreciation charge (refer note 4) 2,960,509 1,501.87 2,064,760 1,047.45<br />
Less: Taken <strong>to</strong> other manufacturing expenses<br />
(refer note 16)<br />
2,901,178 1,471.77 2,014,104 1,021.75<br />
59,331 30.10 50,656 25.70<br />
18 Finance cost<br />
Interest on cheques and bills d<strong>is</strong>counting 288,211 146.21 256,012 129.87<br />
Interest on term loans 1,648,479 836.27 837,249 424.74<br />
Bank charges & comm<strong>is</strong>sion 469,455 238.16 331,510 168.18<br />
2,406,145 1,220.64 1,424,771 722.79<br />
19 Cash and cash equivalents<br />
Cash on hand 72,642 36.85 27,580 13.99<br />
Bank balance:<br />
In current accounts 3,446,962 1,748.65 2,144,087 1,087.69<br />
3,519,604 1,785.50 2,171,667 1,101.68<br />
20. Financial instruments: Credit, interest rate and exchange rate r<strong>is</strong>k exposures<br />
Credit r<strong>is</strong>k<br />
The establ<strong>is</strong>hment seeks <strong>to</strong> limit its credit r<strong>is</strong>k with respect <strong>to</strong> cus<strong>to</strong>mers by setting credit limits for individual cus<strong>to</strong>mers and<br />
moni<strong>to</strong>ring outstanding receivables. The establ<strong>is</strong>hment has also taken export credit guarantee insurance policy.<br />
Interest rate r<strong>is</strong>k<br />
The establ<strong>is</strong>hment's term deposits are at a fi xed rate. Bank borrowings are at fl oating rates at levels, which are generally<br />
obtained in the UAE.<br />
Exchange rate r<strong>is</strong>k<br />
Except for the following, there are no signifi cant exchange rate r<strong>is</strong>ks as substantially all fi nancial assets and fi nancial liabilities<br />
are denominated in US Dollars or UAE Dirhams <strong>to</strong> which the US Dollar <strong>is</strong> fi xed:<br />
TWENTIETH ANNUAL REPORT 2008 - 2009<br />
2009 2008<br />
Equivalent<br />
US$ Rs in Lacs<br />
Equivalent<br />
US$ Rs in Lacs<br />
Foreign currency fi nancial assets:<br />
Euro 8,168,973 4,144.12 9,281,300 4,708.40<br />
Great Britain Pound 1,484,842 753.26 721,609 366.07<br />
9,653,815 4,897.38 10,002,909 5,074.47
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