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

DIRECTOR’S UPET HOLDINGS REPORT LIMITED
UFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2009 (Contd.)
IAS 23 (Amendment), ‘Borrowing costs’ (eff ective from January 01, 2009).
IAS 27 (Revised), ‘Consolidated and separate fi nancial statements’, (eff ective from July 01, 2009).
IAS 32 (Amendment), ‘Financial instruments: Presentation’, and IAS 1 (Amendment), ‘Presentation of fi nancial statements’ -
‘Puttable fi nancial instruments and obligations arising on liquidation’ (eff ective from January 01, 2009
IFRIC 15, ‘Agreements for construction of real estates’ (eff ective from January 01, 2009).
IFRIC 16, ‘Hedges of a net investment in a foreign operation’ (eff ective from October 01, 2008).
Improvements to IFRS
IFRS 5 (Amendment), ‘Non-current assets held-for-sale and discontinued operations’ (and consequential amendment to IFRS 1,
‘First-time adoption’) (eff ective from July 01, 2009).
IAS 23 (Amendment), ‘Borrowing costs’ (eff ective from January 01, 2009).
IAS 28 (Amendment), ‘Investments in associates’ (and consequential amendments to IAS 32, ‘Financial Instruments: Presentation’,
and IFRS 7, ‘Financial instruments: Disclosures’) (eff ective from January 01, 2009).
IAS 29 (Amendment), ‘Financial reporting in hyperinfl ationary economies’ (eff ective from January 01, 2009).
IAS 31 (Amendment), ‘Interests in joint ventures’ (and consequential amendments to IAS 32 and IFRS 7) (eff ective from January
01, 2009).
IAS 40 (Amendment), ‘Investment property’ (and consequential amendments to IAS 16) (eff ective from January 01, 2009).
IAS 41 (Amendment), ‘Agriculture’ (eff ective from January 01, 2009).
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
3. UNCERTAINTY
Critical accounting judgements in applying the Company’s accounting policies
In the process of applying the Company’s accounting policies, which are described in Note 2, the directors have made the
following judgements that have the most signifi cant eff ect on the amounts recognized in the fi nancial statements.
Determination of functional currency
The determination of the functional currency of the Company is critical since recording of transactions and exchange diff erences
arising therefrom are dependent on the functional currency selected. As described in note 2, the directors have considered
those factors described therein and have determined that the functional currency of the Company is the United State Dollar.
4 TAXATION
The Company being the holder of a Category 1, Global Business Licence, is liable to income tax in Mauritius on its chargeable
income at the rate of 15%. It is, however, entitled to a tax credit equivalent to the higher of actual foreign tax suff ered or 80% of
the Mauritian tax chargeable on its foreign source income. As at 31March 2009, the Company had tax losses which are available
for off set against future taxable profi ts. Capital gains of the Company are exempt from tax in Mauritius.
5 INVESTMENT IN SUBSIDIARY
Unquoted
31 March 2009
Total
USD Rs. In Lacs
At start – –
Addition during the year 30,200,073 15,320.50
At 31 March 30,200,073 15,320.50
Details of investment is as follows: Country of
incorporation
| 108 | TWENTIETH ANNUAL REPORT 2008 - 2009
Value of
investments
% Holding
UPET (Singapore) Pte Ltd Singapore 30,200,073 100%