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

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UFLEX LIMITED DIRECTOR’S U TECH DEVELOPERS REPORT LIMITED | 140 | TWENTIETH ANNUAL REPORT 2008 - 2009 As At 31-Mar-09 (Rupees) For the year ended 31-Mar-09 (Rupees) As At 31-Mar-08 (Rupees) SCHEDULE : 12 PROVISIONS For Fringe Benefi t Tax 23,000 127,000 Employees’ Benefi ts 730,015 713,881 753,015 840,881 For the year ended 31-Mar-08 (Rupees) SCHEDULE : 13 OTHER INCOME Interest on Fixed Deposits with Banks 2,224,509 4,633,736 [TDS Rs.4,82,316/- Previous year Rs 9,63,372/-] Interest on others 297,258 – [TDS Rs.30,619/- Previous year Nil-] 2,521,767 4,633,736 SCHEDULE : 14 INCREASE/(DECREASE) IN STOCK TRADED GOODS Closing Stock 538,760,000 538,760,000 Less: Opening Stock 538,760,000 595,000,000 – (56,240,000) SCHEDULE : 15 EMPLOYEES REMUNERATION & OTHER BENEFITS Salaries & Allowances 12,912,545 10,494,616 Staff Welfare Expenses 90,045 31,940 13,002,590 10,526,556 SCHEDULE : 16 ADMINISTRATIVE, SELLING & OTHER EXPENSES Offi ce Rent 674,160 – Electricity Expenses 191,124 – Exchange Fluctuation 1,540 – Fees & Taxes – 3,160 Legal & Professional Charges 415,689 6,860 Consultancy Charges 243,007 – Printing & Stationary 236,445 264,773 Telephone, Postage & Telegraph 365,522 343,950 Travelling & Conveyance 1,366,045 9,841,561 Miscellaneous Expenses 91,141 28,622 Vehicle Running & Maintenance 454,477 511,395 Filing Fees 3,724 6,391 Offi ce Maintenance 7,750 17,732 Business Promotion 9,696 – Recruitment & Training Expenses 205,866 256,551 Repairs & Maintenance (others) 51,078 57,019 Tender Expenses 89,386 73,546 Processing Fees – 55,500 Books & Periodical 4,570 16,082 Auditor Remuneration 44,120 44,944 4,455,340 11,528,086 SCHEDULE : 17 INTEREST & FINANCIAL CHARGES Interest Paid 53,082,192 15,573,096 Bank Charges 508,161 29,359 53,590,353 15,602,455
DIRECTOR’S U TECH DEVELOPERS REPORT LIMITED SCHEDULE 18 UFLEX LIMITED SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS A. Signifi cant Accounting Policies 1. CLASSIFICATION OF EXPENDITURE / INCOME Except otherwise indicated: i) All expenditure and income are accounted for under the natural heads of account. ii) All expenditure and income are accounted for on accrual basis. 2. ESTIMATES OF COST The preparation of the fi nancial statements in conformity with GAAP requires the Company to make estimates and assumption that aff ect the balance of assets and liabilities and disclosures relating to contingent liabilities as at the reporting date of the fi nancial statements and amounts of income and expenses during the period of account. Examples of such estimates include accounting for balance cost to complete ongoing projects, income taxes and future obligation under employee retirement benefi t plans. Contingencies are recorded when it is probable that a liability will be incurred, and the amount can be reasonably estimated, Actual results could diff er from those estimates. 3. VALUATION i) FIXED ASSETS Fixed Assets are normally accounted for on cost basis including the cost of installation, pre-operative expenses, identifi able trial run expenses where incurred/ eligible adjustment on account of foreign exchange fl uctuations and impairment losses. Pre-operative expenses and identifi able trial run expenses incurred by the company up to the date eligible assets are put to use in proportion to their cost. The cost of fi xed assets is adjusted for revaluation, if any, done in any year as decided by the management so as to show the fi xed assets at their current value. ii) INVENTORIES Inventories are valued at lower of cost and net realisable value. In respect of work-in-progress, comprising of developing long term properties and assets, the qualifying assets are valued at direct cost of construction including borrowing and other costs incidental thereto incurred up to the state of keeping those qualifying assets ready for sale in compliance with Accounting Standard-16. 4. FOREIGN CURRENCY TRANSACTIONS a) Foreign currency monetary items remaining unsettled at the year end are translated at year end rates. Non-monetary items which are carried at historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated in foreign currency are reported using the exchange rates that existed when the values were determined. b) Exchange diff erences on outstanding loans / payables / liabilities are adjusted as income / expense through the Exchange Fluctuation Account in the year they arise. c) Diff erence between the forward and exchange rate on the date of transactions are adjusted over the period of the contract as an income / expense through the Exchange Fluctuation Account. d) Profi t or loss on cancellation of forward contracts are adjusted as income / expense through Exchange Fluctuation Account in the year they arise. 5. DEPRECIATION i) Normal depreciation on all fi xed assets, except land and extra shift depreciation on specifi c plant & machineries for the period of extra shift worked, are provided from the date of put to use on straight line method at the rates prescribed in Schedule-XIV to the Companies Act, 1956. ii) No depreciation is provided on leasehold land. iii) Depreciation on additions / deletions to fi xed assets is provided on pro-rata basis from / to the date of additions/ deletions. iv) In case the fi nancial year consists of the period less / more than the normal period of 12 months, depreciation on fi xed assets existing at the beginning of the fi nancial year as well as those acquired during the said period are provided for the period covered on pro-rata basis. TWENTIETH ANNUAL REPORT 2008 - 2009 | 141 | 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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DIRECTOR’S AUDITORS’ REPORT AUD
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BALANCE SHEET | 26 | UFLEX LIMITED
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CASH FLOW STATEMENT | 28 | UFLEX LI
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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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DIRECTOR’S FLEX AMERICA REPORT IN
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DIRECTOR’S UFLEX PACKAGING, REPOR
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DIRECTOR’S UFLEX PACKAGING, REPOR
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DIRECTOR’S FLEX MIDDLE REPORT EAS
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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