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

DIRECTORS’ REPORT
To the Members,
Your Directors have pleasure in presenting this Twentieth
Annual Report together with the Audited Accounts of the
Company for the fi nancial year ended 31st March, 2009.
WORKING RESULTS
The summarized fi nancial results for the year ended 31st March,
2009 and for the previous year ended 31st March, 2008 are as
follows:
Year ended
31.03.2009
[Rs. in lacs]
Year ended
31.03.2008
Gross Sales & Job Work 189283.29 160682.00
Net Sales & Job Work 152022.50 126794.62
Other Income 15160.73 11790.30
Profi t before Interest,
Depreciation, Tax
28686.47 22571.99
Interest & Financial charges 9342.05 7753.11
Depreciation 8645.52 7677.34
Profi t before Tax &
Exceptional Item
(Less): Provision for Taxation
10698.90 7141.54
- For Income Tax (1023.86) (759.00)
- For Fringe Benefi t Tax (135.60) (170.88)
- For Wealth Tax (16.01) (18.87)
(Less): Provision for Deferred
Tax (Charge)
(2381.94) --
Exceptional Items (Net of Tax) 3320.38 --
Profi t after Tax 10461.87 6192.79
YEAR IN RETROSPECT
During the year under review, your Company achieved a turnover
of Rs.204444.02 lacs including other income of Rs.15160.73
lacs as against turnover of Rs.172472.30 lacs including other
income of Rs.11790.30 lacs of the previous fi nancial year ended
March, 2008. The profi t after tax for the year ended March, 2009
at Rs.10461.87 lacs was higher than the previous fi nancial year
ended March, 2008 at Rs.6192.79 lacs.
The operational performance of the Company has been
comprehensively covered in the Management Discussion and
Analysis Report.
DIVIDEND
Your Directors are pleased to recommend a dividend
@ Rs. 4/- per share for the fi nancial year ended March 31, 2009.
The dividend, if approved at the forthcoming Annual General
Meeting will be paid to Members whose names appear in the
Register of Members as on 12th September, 2009. In respect
of shares held in dematerialized form, it will be paid to those
Members whose names are furnished by National Securities
Depository Limited and Central Depository Services (India)
Limited as benefi cial owner as on 12th September, 2009.
FIXED DEPOSITS
UFLEX LIMITED
No fresh/renewal of deposits were accepted during the
fi nancial year 2008-2009. There were Rs.24,000/- unclaimed
deposits as at March 31, 2009. Reminders have been sent to
three persons, who did not claim repayment of their deposits,
which had become due, amounting to Rs.24,000/-. Further,
out of Rs.24,000/-, the Company has transferred Rs.18,000/-
to the Investor Education & Protection Fund of the Central
Government in the month of May, 2009.
DIRECTORS
In accordance with the provisions of the Companies Act,
1956 and the Articles of Association of the Company Shri
M.G. Gupta and Shri Ravi Kathpalia, Directors of the Company
retire by rotation and being eligible, off er themselves for
reappointment.
Shri P.N. Sharma has resigned from the Directorship of the
Company w.e.f. 26th July, 2008. The Board took the opportunity
to place on record their appreciation for the valuable services
rendered by Shri P.N. Sharma during his tenure as a Director of
the Company.
Further, Shri Ashok Chaturvedi has been re-appointed as the
Chairman & Managing Director of the Company for a period
of fi ve years w.e.f. 1st April, 2009. The said re-appointment is
subject to necessary approval of the Members of the Company
at the ensuing Annual General Meeting and approval of the
Central Government.
Brief resume of the above Directors, nature of their expertise in
specifi c functional areas and the name of the public companies
in which they hold the Directorship and the Chairmanship/
Membership of the Committees of the Board, as stipulated
under Clause 49 of the Listing Agreement with the Stock
Exchanges, are given as Annexure to the Notice convening the
Annual General Meeting.
DIRECTORS’ RESPONSIBILITY STATEMENT
On the basis of compliance certifi cates received from the
Executives of the Company, subject to disclosures in the
Annual Accounts and also on the basis of the discussion with
the Statutory Auditors/Internal Auditors of the Company from
time to time, we state as under:
i) that in the preparation of the annual accounts for the
fi nancial year ended 31st March, 2009, the applicable
accounting standards have been followed and that there
has been no material departures.
ii) that the Directors have selected such accounting policies
and applied them consistently and made judgement and
estimates that were reasonable and prudent so as to give
a true and fair view of the state of aff airs of the Company
at the end of the fi nancial year and of the profi t of the
Company for the year under review.
iii) that the Directors have taken proper and suffi cient care
for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956
TWENTIETH ANNUAL REPORT 2008 - 2009
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