Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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DIRECTOR’S FLEX MIDDLE REPORT EAST FZE | 90 | UFLEX LIMITED 2009 2008 US $ Rs in Lacs US $ Rs in Lacs 17 Administrative & selling expenses Rent 405,248 205.58 677,727 343.81 Other administration expenses 1,481,882 751.76 1,444,833 732.96 Selling expenses 9,110,800 4,621.91 6,063,945 3,076.24 Amortization 22,732 11.53 22,753 11.54 Depreciation (per below) 59,331 30.10 50,656 25.70 Depreciation: 11,079,993 5,620.88 8,259,914 4,190.25 Total depreciation charge (refer note 4) 2,960,509 1,501.87 2,064,760 1,047.45 Less: Taken to other manufacturing expenses (refer note 16) 2,901,178 1,471.77 2,014,104 1,021.75 59,331 30.10 50,656 25.70 18 Finance cost Interest on cheques and bills discounting 288,211 146.21 256,012 129.87 Interest on term loans 1,648,479 836.27 837,249 424.74 Bank charges & commission 469,455 238.16 331,510 168.18 2,406,145 1,220.64 1,424,771 722.79 19 Cash and cash equivalents Cash on hand 72,642 36.85 27,580 13.99 Bank balance: In current accounts 3,446,962 1,748.65 2,144,087 1,087.69 3,519,604 1,785.50 2,171,667 1,101.68 20. Financial instruments: Credit, interest rate and exchange rate risk exposures Credit risk The establishment seeks to limit its credit risk with respect to customers by setting credit limits for individual customers and monitoring outstanding receivables. The establishment has also taken export credit guarantee insurance policy. Interest rate risk The establishment's term deposits are at a fi xed rate. Bank borrowings are at fl oating rates at levels, which are generally obtained in the UAE. Exchange rate risk Except for the following, there are no signifi cant exchange rate risks as substantially all fi nancial assets and fi nancial liabilities are denominated in US Dollars or UAE Dirhams to which the US Dollar is fi xed: TWENTIETH ANNUAL REPORT 2008 - 2009 2009 2008 Equivalent US$ Rs in Lacs Equivalent US$ Rs in Lacs Foreign currency fi nancial assets: Euro 8,168,973 4,144.12 9,281,300 4,708.40 Great Britain Pound 1,484,842 753.26 721,609 366.07 9,653,815 4,897.38 10,002,909 5,074.47
DIRECTOR’S FLEX MIDDLE REPORT EAST FZE 21. Financial instruments : Fair values UFLEX LIMITED The fair values of the establishment's fi nancial assets, comprising of trade & other receivables and cash & bank balances and fi nancial liabilities, comprising of trade & other payables and accounts payable for capital expenditure approximate to their carrying values. 22. Related party transactions The Establishment in the normal course of business enters into transactions with other business enterprises that fall within the defi nition of related party contained in the International Accounting Standard - 24. Related parties are the entities under common ownership and/or common management control and associates. The related parties and their outstanding balances at the balance sheet date are as under : 2009 2008 US$ US$ Name of related parties Dr/(Cr) Rs in Lacs Dr/(Cr) Rs in Lacs Flex America Inc. - U.S.A. -Trade account 3,506,515 1,778.86 5399305 2,739.07 UFLEX Limited. -India -Trade account 1,539,131 780.80 1258466 638.42 Flex P FiIms Egypt -Interest free funding account 3,462,184 1,756.37 -- - Mrs. Rashmi Chaturvedi -Remuneration (20,000) (10.15) (20000) (10.15) Mr. Pradeep Tyle -Remuneration (10,000) (5.07) (10000) (5.07) Mr. R.K.Jain -Remuneration (5,000) (2.54) (5000) (2.54) Mr. Pramod Sirsamkar -Remuneration (5,000) (2.54) (5000) (2.54) Mr. Anantshree Chaturvedi -Remuneration (11,000) (5.58) -- - The nature of signifi cant related party transactions during the year and the amounts involved are as under: 2009 2008 US$ US$ Name of related parties Dr/(Cr) Rs in Lacs Dr/(Cr) Rs in Lacs Flex America Inc. - Sales at normal price 16,309,712 8,273.92 14589277 7,401.14 UFLEX Limited - Purchase at normal price 9,412,688 4,775.06 3366145 1,707.65 UFLEX Limited - Interest free funding account 10,794,493 5,476.05 7,880,250 3,997.65 UFLEX Limited - Remuneration -- -- 500000 253.65 Flex Americas S.A. de C.V - Remuneration 13,622 6.91 -- -- Mrs. Rashmi Chaturvedi - Salary & expenses 240,000 121.75 260,238 132.02 Mr. Pradeep Tyle - Salary & expenses 120,000 60.88 102,674 52.09 Mr. R.K. Jain - Salary & expenses 60,000 30.44 30,000 15.22 Mr. Pramod Sirsamkar - Salary & expenses 60,000 30.44 60,000 30.44 Mr. Anantshree Chaturvedi 23. Contingent liabilities - Salary & expenses 101,933 51.71 -- - Letters of credit 24. Lease commitments 16,326,193 8,282.28 30,837,570 15,643.90 The establishment has entered into lease agreement for rent of plots of land in the Jebel Ali Free Zone, Dubai for the period from 1st February 2004 to 30th June 2028. The un-expired portion of lease rent under the agreement amounts to US $ 6,724,287/- 25. Capital commitments There are no capital commitments of signifi cant nature as at the balance sheet date. 26. Quantitative information a) Information in respect of class of goods manufactured and annual capacity : Class of Goods Unit Installed capacity Polyester Films/ Metalized Films Previous year fi gures have been given in brackets. MT 51,600 (51,600) TWENTIETH ANNUAL REPORT 2008 - 2009 | 91 | S U B S I D I A R I E S
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Stone Laying Ceremony - Egypt Plant
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Our vision is to create total fl ex
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The Company has reaffirmed its conv
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CORPORATE INFORMATION UFLEX LIMITED
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Key People Shri Pradeep Tyle Sr. Pr
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DIRECTOR’S REPORT | 2 | UFLEX LIM
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DIRECTOR’S REPORT Sl. No. | 4 | U
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DIRECTOR’S REPORT 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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UFLEX LIMITED MANAGEMENT DISCUSSION
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DIRECTOR’S AUDITORS’ REPORT AUD
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BALANCE SHEET | 26 | UFLEX LIMITED
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CASH FLOW STATEMENT | 28 | UFLEX LI
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SCHEDULES | 30 | UFLEX LIMITED TWEN
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DIRECTOR’S UTECH RETAILERS REPORT
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DIRECTOR’S AKC DEVELOPERS REPORT
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