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

DIRECTOR’S U TECH DEVELOPERS REPORT LIMITED
DIRECTORS’ REPORT
To the Members,
UFLEX LIMITED
Your Directors are pleased to present the 3rd Annual Report alongwith the Audited Accounts of the Company for the fi nancial year
ended 31st March, 2009.
FINANCIAL RESULTS
The fi nancial results for the year ended 31st March, 2009 and for the previous year ended 31st March,2008 are as follows:
Year ended
31.03.2009
(Rs. In Lacs)
Year ended
31.03.2008
Sales & Operational Income – 6826.92
Other Income 25.22 46.34
Profi t/(Loss) before Interest, Financial Charges & Depreciation (149.36) 1952.34
Interest & Financial Charges 535.90 156.02
Depreciation 3.06 2.06
Profi t/(Loss) before Tax
YEAR IN RETROSPECT
(688.32) 1794.26
With the encouraging economic policy for infrastructure segment, the real estate sector had experienced growth momentum in the
last few years. However, due to the global fi nancial crisis and the consequent slow down, the reality sector was badly hit during the
fi nancial year 2008-2009. Despite successive stimulus packages by government like loan incentives, duty cuts in the iron, steel and
cement sectors etc., the reality sector has not yet picked up fully.
In view of the above, during the year ended 31st March, 2009, your Company has not earned any revenue as against Rs.6826.92 lacs
earned during the previous fi nancial year. The Company ended the fi nancial year with a loss after tax of Rs.688.32 lacs as against the
profi t of Rs.1794.26 lacs during previous year.
Your Directors hope for better performance during the current fi nancial year.
JOINT VENTURE
With an endeavor to diversify its business activity, the Company has formed a Joint Venture(JV) Company namely QCELL LIMITED
alongwith other JV partners having 40% share in the said Joint Venture Company for setting up a GSM telecommunication and
other value added business including internet services in The Gambia. Your Board of Directors expects to generate profi t from the
second year of its operations.
In order to tap the major projects in India, the Company has decided to join hands with other partners under joint venture
arrangements.
DIVIDEND
Due to loss during the year under review, your Directors regret their inability to recommend any dividend.
FIXED DEPOSIT
During the period under review, the Company did not accept any fi xed deposit.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr Ravi Kathpalia,
Director of the Company retires by rotation and being eligible, off ers himself for re-appointment.
None of the Directors of the Company is disqualifi ed as per provisions of Section 274(1)(g) of the Companies Act, 1956. The Directors
have made necessary disclosures as required under various provisions of the Companies Act, 1956.
AUDITORS
The Auditors of the Company M/s. Chaturvedi and Partners, Chartered Accountants, New Delhi retire at the conclusion of the
forthcoming Annual General Meeting and being eligible, off er themselves for re-appointment. The Company has received a
letter from them to the eff ect that their appointment, if made, would be within the prescribed limit under section 224(1B) of the
Companies Act,1956.
TWENTIETH ANNUAL REPORT 2008 - 2009 | 129 |
S U B S I D I A R I E S