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

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UFLEX LIMITED DIRECTOR’S UPET (SINGAPORE) REPORTPTE LTD (Incorporated in the Republic of Singapore) MGI N Rajan Associates 10, Jalan Besar # 10-12 Sim Lim Tower Singapore - 208787 | 112 | TWENTIETH ANNUAL REPORT 2008 - 2009 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF UPET (SINGAPORE) PTE LTD (Incorporated in Singapore) We have audited the accompanying fi nancial statements of UPET (SINGAPORE) PTE LTD set out on pages 6 to 16, which comprise the balance sheet of the Company as at 31 March, 2009, the income statement, statement of changes in equity and cash fl ow statement of the Company for the period from 30 May, 2008 (date of incorporation) to 31 March, 2009, and a summary of signifi cant accounting policies and other explanatory notes. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these fi nancial statements in accordance with the provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore Financial Reporting Standards. This responsibility includes: a) devising and maintaining a system of internal accounting controls suffi cient to provide a reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profi t and loss accounts and balance sheets and to maintain accountability of assets; b) selecting and applying appropriate accounting policies; and c) 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 Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedure selected depends on the auditor’s judgment, 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 auditor considers internal control relevant to the entity’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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, 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:- (a) the fi nancial statements are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of aff airs of the company as at 31 March, 2009 and the results, changes in equity and cash fl ows of the company for the fi nancial period from 30 May, 2008 to 31 March, 2009; and (b) the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. Singapore Dated : 4 th July, 2009 MGI N Rajan Associates Public Accountants and Certifi ed Public Accountants
DIRECTOR’S UPET (SINGAPORE) REPORTPTE LTD (Incorporated in the Republic of Singapore) UFLEX LIMITED BALANCE SHEET AS AT 31 MARCH 2009 US$ Rs in Lacs ASSETS Non-current Assets Subsidiary Current Assets 5 30,047,847 15,243.27 Cash and cash equivalents 6 151,193 76.70 151,193 76.70 Total assets LIABILITIES AND EQUITY Current liabilities 30,199,040 15,319.97 Amount owing to holding company 7 2,044 1.04 Accrued liabilities 2,421 1.23 Total current liabilities Capital and reserves 4,465 2.27 Issued capital 8 30,200,073 15,320.50 (loss) for the period (5,498) (2.79) Total equity 30,194,575 15,317.71 Total equity and liabilities 30,199,040 15,319.98 (The annexed notes form an integral part of and should be read in conjunction with these accompanying fi nancial statements). All fi gures have been converted by using the rate of Rs. 50.73/ 1 US$ as on 31/03/2009 INCOME STATEMENT FOR THE PERIOD FROM 30 MAY 2008 TO 31 MARCH 2009 NOTE US$ Rs. In Lacs Revenue Less: expenses – – Administrative & other operating expenses 5,498 2.79 (Loss) before tax 3 (5,498) (2.79) Tax Expense 4 – – (Loss) for the period after taxation (5,498) (2.79) (The annexed notes form an integral part of and should be read in conjunction with these accompanying fi nancial statements). TWENTIETH ANNUAL REPORT 2008 - 2009 | 113 | 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 3. Future plan
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