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

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DIRECTOR’S UPET HOLDINGS REPORT LIMITED UFLEX LIMITED INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS This report is made solely to the members of UPET Holdings Limited (the “Company”), as a body, in accordance with Section 205 of the Companies Act 2001. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Report on the Financial Statements We have audited the fi nancial statements of UPET Holdings Limited (the “Company”) on pages 5 to 16 which comprise the balance sheet at March 31, 2009, the income statement, statement of changes in equity and cash fl ow statement for the period from April 10, 2008 to March 31, 2009, and a summary of signifi cant accounting policies and other explanatory notes. Directors’ Responsibility for the Financial Statements The directors are responsible for the preparation and fair presentation of these fi nancial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Companies Act 2001. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion Opinion In our opinion, the fi nancial statements on pages 6 to 17 give a true and fair view of the fi nancial position of the Company at 31 March 2009 and of its fi nancial performance and its cash fl ows for the period from April 10, 2008 to March 31, 2009 in accordance with International Financial Reporting Standards and comply with the Companies Act 2001. Report on Other Legal and Regulatory Requirements Companies Act 2001 We have no relationship with, or interests in, the Company other than in our capacity as auditors, tax and business advisers and dealings in the ordinary course of business. We have obtained all information and explanations we have required. In our opinion, proper accounting records have been kept by the Company as far as it appears from our examination of those records. DOS ASSOCIATES Per Osman Badat FCA Public Accountants and Licensed auditor Signing Partner Port Louis, Mauritius This 25 June 2009 | 102 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S UPET HOLDINGS REPORT LIMITED BALANCE SHEET AS AT 31 MARCH 2009 INCOME STATEMENT UFLEX LIMITED 31 March, 2009 Notes USD Rs in Lacs ASSETS Non-current assets Investment in Subsidiary Current assets 5 30,200,073 15,320.50 Trade and other receivable 6 10,339 5.24 Cash at bank 169,722 86.10 180,061 91.34 Total assets EQUITY AND LIABILITIES Capital and retained earnings 30,380,134 15,411.84 Share capital 7 30,400,001 15,421.92 Revenue defi cit (20,367) (10.33) Shareholder’s interest Current liabilities 30,379,634 15,411.59 Trade and other payable 8 500 0.25 Total equity and liabilities Approved by the Board of Directors on 25 June, 2009 The notes on pages 10 to 17 form an integral part of these fi nancial statements. All the fi gures have been converted by using the rate of Rs. 50.73/ 1 US$ as on 31.03.2009. 30,380,134 15,411.84 FOR THE PERIOD FROM 10 APRIL, 2008 (DATE OF INCORPORATION) TO 31 MARCH 2009 Notes Period from 10 April, 2008 to 31 March, 2009 USD Rs in Lacs INCOME Interest income 2(f) 685 0.35 Foreign exchange gain 178 0.09 EXPENSES 863 0.44 Licence fees 1,800 0.91 Management fees 4,000 2.03 Professional fees 12,755 6.47 Accountancy fees 2,000 1.01 Bank charges Audit fees 345 0.18 Disbursements 330 0.17 21,230 10.77 LOSS FOR THE PERIOD BEFORE TAXATION (20,367) (10.33) Taxation 4 – – NET LOSS FOR THE PERIOD The notes on pages 10 to 17 form an integral part of these fi nancial statements. (20,367) (10.33) TWENTIETH ANNUAL REPORT 2008 - 2009 | 103 | 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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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 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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