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

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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%
DIRECTOR’S UPET HOLDINGS REPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2009 (Contd.) UFLEX LIMITED 31 March, 2009 6 TRADE AND OTHER RECEIVABLES USD Rs. In Lacs Prepayments 8,295 4.21 Loan receivables 2,044 1.04 10,339 5.25 31 March, 2009 7 STATED CAPITAL Issued & fully paid USD Rs. In Lacs 30,400,001 Ordinary shares of USD 1.00 each 30,400,001 15,421.92 31 March, 2009 8 TRADE AND OTHER PAYABLES USD Rs. In Lacs Audit fees - - Other creditors 500 0.25 The amounts due are unsecured, interest free and repayable on demand. 500 0.25 9 FINANCIAL INSTRUMENTS (a) Fair value Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm’s length transaction. The Company’s fi nancial assets and liabilities include investments, cash and cash equivalents, convertible notes and payables. The carrying amounts of these assets and liabilities approximate their fair values. (b) Currency profi le The currency profi le of the Company’s fi nancial assets and liabilities is summarised as follows: Financial assets 2009 Financial liabilities 2009 USD USD United States dollars 169,722 500 (c) Financial risk The Company’s activities expose it to the various types of risks which are associated with the fi nancial instruments and market in which it invests. The following is a summary of the main risks: (i) Currency risk The Company invests in stocks denominated in United States dollars (USD). The risk that the exchange rate of the USD fl uctuates will have no impact as the reported values of the Company’s investments are denominated in USD. (ii) Credit risk Credit risk represents the potential loss that the Company would incur if counter parties fail to perform pursuant to the terms of their obligations to the Company. The Company limits its credit risk by carrying out transactions through companies within the group. At the balance sheet date, there was no signifi cant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each fi nancial asset in the balance sheet (iii) Interest rate risk The majority of the Company’s fi nancial assets and liabilities are non-interest bearing and as a result the Company is not subject to signifi cant amounts of risk due to fl uctuations in the prevailing levels of market interest rates. TWENTIETH ANNUAL REPORT 2008 - 2009 | 109 | 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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BALANCE SHEET | 26 | UFLEX LIMITED
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SCHEDULES | 30 | UFLEX LIMITED TWEN
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UFLEX LIMITED BALANCE SHEET ABSTRAC
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UFLEX LIMITED DIRECTOR’S CONSOLID
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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