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 UPET HOLDINGS REPORT LIMITED<br />
UFLEX LIMITED<br />
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS<br />
Th<strong>is</strong> report <strong>is</strong> made solely <strong>to</strong> the members of UPET Holdings Limited (the “Company”), as a body, in accordance with Section 205 of<br />
the Companies Act 2001. <strong>Our</strong> audit work has been undertaken so that we might state <strong>to</strong> the Company’s members those matters<br />
we are required <strong>to</strong> state <strong>to</strong> them in an audi<strong>to</strong>rs’ report and for no other purpose. To the fullest extent permitted by law, we do not<br />
accept or assume responsibility <strong>to</strong> anyone other than the Company and the Company’s members as a body, for our audit work, for<br />
th<strong>is</strong> report, or for the opinions we have formed.<br />
Report on the Financial Statements<br />
We have audited the fi nancial statements of UPET Holdings Limited (the “Company”) on pages 5 <strong>to</strong> 16 which compr<strong>is</strong>e the balance<br />
sheet at March 31, 2009, the income statement, statement of changes in equity and cash fl ow statement for the period from April<br />
10, 2008 <strong>to</strong> March 31, 2009, and a summary of signifi cant accounting policies and other explana<strong>to</strong>ry notes.<br />
Direc<strong>to</strong>rs’ Responsibility for the Financial Statements<br />
The direc<strong>to</strong>rs are responsible for the preparation and fair presentation of these fi nancial statements in accordance with International<br />
Financial Reporting Standards and in compliance with the requirements of the Companies Act 2001. Th<strong>is</strong> responsibility includes:<br />
designing, implementing and maintaining internal control relevant <strong>to</strong> the preparation and fair presentation of fi nancial statements<br />
that are free from material m<strong>is</strong>statement, whether due <strong>to</strong> fraud or error; selecting and applying appropriate accounting policies; and<br />
making accounting estimates that are reasonable in the circumstances.<br />
Audi<strong>to</strong>rs’ Responsibility<br />
<strong>Our</strong> responsibility <strong>is</strong> <strong>to</strong> express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance<br />
with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform<br />
the audit <strong>to</strong> obtain reasonable assurance whether the fi nancial statements are free from material m<strong>is</strong>statement.<br />
An audit involves performing procedures <strong>to</strong> obtain audit evidence about the amounts and d<strong>is</strong>closures in the fi nancial statements.<br />
The procedures selected depend on the audi<strong>to</strong>rs’ judgement, including the assessment of the r<strong>is</strong>ks of material m<strong>is</strong>statement of<br />
the fi nancial statements, whether due <strong>to</strong> fraud or error. In making those r<strong>is</strong>k assessments, the audi<strong>to</strong>rs consider internal control<br />
relevant <strong>to</strong> the Company’s preparation and fair presentation of the fi nancial statements in order <strong>to</strong> design audit procedures that are<br />
appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Company’s internal<br />
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting<br />
estimates made by the Direc<strong>to</strong>rs, as well as evaluating the overall presentation of the fi nancial statements.<br />
We believe that the audit evidence we have obtained <strong>is</strong> suffi cient and appropriate <strong>to</strong> provide a bas<strong>is</strong> for our audit opinion<br />
Opinion<br />
In our opinion, the fi nancial statements on pages 6 <strong>to</strong> 17 give a true and fair view of the fi nancial position of the Company at 31<br />
March 2009 and of its fi nancial performance and its cash fl ows for the period from April 10, 2008 <strong>to</strong> March 31, 2009 in accordance<br />
with International Financial Reporting Standards and comply with the Companies Act 2001.<br />
Report on Other Legal and Regula<strong>to</strong>ry Requirements<br />
Companies Act 2001<br />
We have no relationship with, or interests in, the Company other than in our capacity as audi<strong>to</strong>rs, tax and business adv<strong>is</strong>ers and<br />
dealings in the ordinary course of business.<br />
We have obtained all information and explanations we have required.<br />
In our opinion, proper accounting records have been kept by the Company as far as it appears from our examination of those<br />
records.<br />
DOS ASSOCIATES Per Osman Badat FCA<br />
Public Accountants and Licensed audi<strong>to</strong>r Signing Partner<br />
Port Lou<strong>is</strong>,<br />
Mauritius<br />
Th<strong>is</strong> 25 June 2009<br />
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