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

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UFLEX LIMITED DIRECTOR’S FLEX AMERICAS REPORT S.A. DE C.V. To the Shareholders of FLEX AMERICAS S.A. DE C.V. We have audited the accompanying balance sheet of FLEX AMERICAS S.A. DE C.V. as of March 31, 2009 and 2008, and the related statements of income and changes in shareholders’ equity for the years then ended, and cash fl ows and changes in fi nancial position statements for the years ended as of March 31, 2009 and 2008, respectively. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audits. We conducted our audits in accordance with Mexican generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement and that they are prepared according to Mexican fi nancial reporting standards. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the fi nancial reporting standards used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the fi nancial position of FLEX AMERICAS S.A. DE C.V. as of March 31, 2009 and 2008, and the results of their operations and changes in their shareholders’ equity for the years then ended, and cash fl ows and the changes in their fi nancial position for the years ended as of March 31, 2009 and 2008, respectively, in accordance with Mexican fi nancial reporting standards. TAMPICO, TAMAULIPAS, A 16 DE JUNIO DE 2009. C.P.A. VICTOR MANUEL GUTIERREZ SALDIVAR VICTOR M. GUTIERREZ SALDIVAR Y ASOCIADOS. | 118 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S FLEX AMERICAS REPORT S.A. DE C.V. BALANCE SHEET AS AT 31ST MARCH 2009 As At 31st March 2009 (Amount in MXP) (Amount Rs in Lacs) UFLEX LIMITED As At 31st March 2008 (Amount in MXP) (Amount Rs in Lacs) Notes ASSETS Non-current assets Property, plant & equipment 3 534,106,031.59 18,853.96 1,193,573.40 42.14 Current assets 534,106,031.59 18,853.96 1,193,573.40 42.14 Inventories 4 80,340,181.67 2,836.02 - - Trade & other receivables 5 37,263,262.28 1,315.39 746,732.94 26.36 Prepayments - - - - Cash & bank balances 6 44,658,029.23 1,576.43 4,046,087.44 142.83 Total current assets 162,261,473.18 5,727.84 4,792,820.38 169.19 Total assets EQUITY AND LIABILITIES Capital and reserve Shareholder’s funds 696,367,504.77 24,581.80 5,986,393.78 211.33 Share capital 7 323,474,087.31 11,418.64 500,000.00 17.65 Share application money - - - - Retained earnings (41,928,015.83) (1,480.05) (525,171.41) (18.54) Proposed dividend - - - - Total shareholder’s funds 281,546,071.48 9,938.59 (25,171.41) (0.89) Non current liabilities Current liabilities 8 246,379,463.42 8,697.20 - - Trade & other payables 9 67,976,947.34 2,399.59 5,920,886.27 209.01 Accounts payable-capital expenditure 10 100,465,022.53 3,546.42 90,678.92 3.20 Total current liabilities 168,441,969.87 5,946.01 6,011,565.19 212.21 Total equity and liabilities 696,367,504.77 24,581.80 5,986,393.78 211.32 The accompanying notes 1 to 25 form an integral part of these fi nancial statements. Approved by the Shareholder Company on 15th June 2009 and signed on its behalf by: All the fi gures have been converted by using the rate of @ MXP 3.53/ Rs. as on 31/03/2009. PRADEEP TYLE P.L. SIRSAMKAR Director Director TWENTIETH ANNUAL REPORT 2008 - 2009 | 119 | 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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