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

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DIRECTOR’S UPET HOLDINGS REPORT LIMITED CASH FLOW STATEMENT UFLEX LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 10 APRIL, 2008 (DATE OF INCORPORATION) TO 31 MARCH 2009 Share Capital Revenue defi cit Total USD Rs. in Lacs USD Rs. in Lacs USD Rs. in Lacs At 10 April 2008 1 - - - 1 - Issue of shares during the period 30,400,000 15,421.92 - - 30,400,000 15,421.92 Loss for the period - - (20,367) (10.33) (20,367) (10.33) At 31 March 2009 30,400,001 15,421.92 (20,367) (10.33) 30,379,634 15,411.59 The notes on pages 10 to 17 form an integral part of these fi nancial statements. FOR THE PERIOD FROM 10 APRIL, 2008 (DATE OF INCORPORATION) TO 31 MARCH, 2009 31 March, 2009 USD Rs in Lacs OPERATING ACTIVITIES Operating loss Adjustments for: (20,367) (10.33) Interest income (685) (0.35) Increase in trade and other receivables (10,339) (5.24) Increase in trade and other payables 500 0.25 Cash absord in operations (30,891) (15.67) Interest received 685 0.35 Net cash used in operating activities INVESTING ACTIVITIES (30,206) (15.32) Purchase of investments (30,200,073) (15,320.50) Net cash used In Investing activities FINANCING ACTIVITIES (30,200,073) (15,320.50) Issue of shares 30,400,001 15,421.92 Proceeds from borrowings – – Net cash fl ow from fi nancing activities 30,400,001 15,421.92 Net increase in cash and cash equivalents 169,722 86.10 Cash and cash equivalents at the beginning of the period – – 169,722 86.10 Cash and cash equivalents at the end of the period The notes on pages 10 to 17 form an integral part of these fi nancial statements. 169,722 86.10 | 104 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S UPET HOLDINGS REPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2009 1 LEGAL STATUS AND PRINCIPAL ACTIVITY UFLEX LIMITED The Company was incorporated in Mauritius under the Companies Act 2001 on 10 April 2008 as a private company limited by shares and holds a Category 1 Global Business Licence issued by the Financial Services Commission. The address of the Company’s registered offi ce is Les Cascades Building, Edith Cavell Street, Port Louis, Mauritius. The principal activity of the Company is investment holding. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance The fi nancial statements are prepared in accordance with and comply with International Financial Reporting Standards (IFRS). The preparation of the fi nancial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that aff ect the reported amounts of assets and liabilities at the date of the fi nancial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could diff er from those estimates. (b) Basis of accounting The fi nancial statements are prepared under the historical cost convention as modifi ed by the fair valuation of available for sale investments. (c) Basis of preparation The fi nancial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of its shareholder. The directors are of the opinion that this support will be forthcoming over the next twelve months. They therefore believe that it is appropriate for the fi nancial statements to be prepared on the going concern basis. (d) Loans and receivables Loan receivable are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the eff ective interest method. Gains and losses are recognised in the income statement when the loans and receivables are derecognised or impaired as well as through the amortisation process. (e) Impairment of non-fi nancial assets The carrying amount of assets are assessed at each balance sheet date to determine whether there are any indications of impairment. If any such indication exists, the Company estimates the recoverable amount of the asset being the higher of the asset’s net selling price and its value in use, in order to determine the extent of the impairment loss (if any). An impairment loss is recognised for any excess of the asset’s carrying amount over its recoverable amount and is taken directly to the income statement. The Company assesses at each balance sheet date whether a fi nancial asset or group of fi nancial assets is impaired (f) Assets carried at amortised cost If there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the diff erence between the asset’s carrying amount and the present value of estimated future cash fl ows (excluding future expected credit losses that have not been incurred) discounted at the fi nancial asset’s original eff ective interest rate (i.e., the eff ective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss shall be recognised in profi t or loss. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent reversal of an impairment loss is recognised in profi t or loss. In relation to trade receivables, a provision for impairment is made when there is objective evidence (such as the probability of insolvency or signifi cant fi nancial diffi culties of the debtor) that the Company will not be able to collect all of the amounts due under the original terms of the invoice. The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectible. TWENTIETH ANNUAL REPORT 2008 - 2009 | 105 | 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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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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