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

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DIRECTOR’S UTECH RETAILERS REPORT LTD UFLEX LIMITED | 146 | TWENTIETH ANNUAL REPORT 2008 - 2009 DIRECTORS’ REPORT To the Members, Your Directors are pleased to present the First Annual Report alongwith the Audited Accounts of the Company for the fi nancial year ended 31st March, 2009. PERFORMANCE The company was incorporated on 2nd June, 2008. Since incorporation, it has neither started any business nor earned any income upto the period ended 31st March, 2009. DIVIDEND Due to no earnings during the period under review, your Directors regret their inability to recommend any dividend. SHARE CAPITAL Presently, the paid up capital of the Company is Rs 500,000/-, divided into 50,000 equity shares of Rs.10/- each. FIXED DEPOSIT During the period under review, the Company did not accept any fi xed deposit. DIRECTORS Shri Ashok Chaturvedi, Shri Ravi Kathpalia and Smt. Rashmi Chaturvedi were appointed as fi rst Directors of the Company. In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Ashok Chaturvedi, 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 provision 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. Jain Singhal & Associates, Chartered Accountants, New Delhi, who were appointed as the fi rst Auditors of the Company, retire at the conclusion of this Annual General Meeting and being eligible, off er themselves for reappointment. 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. The observation of the Auditors and relevant notes to the Accounts of the Company are self-explanatory and therefore, do not call for any further comments. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the Section 217(2AA) of the Companies Act, 1956 and subject to the disclosure in the Annual Accounts, we state as under: 1. that in the preparation of the Annual Accounts for the fi nancial year ended 31st March, 2009, the applicable accounting standards have been followed and that there has been no material departure. 2. that the Directors have selected such accounting policies and applied them consistently and made judgement and estimates that were reasonable and prudent so as to give a true and fair view of the state of aff airs of the Company at the end of the fi nancial year and of expenses during construction period of the Company for the period under review. 3. that the Directors have taken proper and suffi cient care for the maintenance of the adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 4. that the Directors have prepared the Annual Accounts on a going concern basis. PARTICULARS OF EMPLOYEES There are no employees whose particulars are required to be furnished pursuant to section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The company has yet to start business. Thus particulars to be furnished u/s 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosures of particulars in the report of Board of Directors), Rules,1988 is not required to be reported. During the period, the Company has neither earned nor used any foreign exchange. For and on behalf of the Board Place : New Delhi ASHOK CHATURVEDI Dated : 12 th June, 2009 Chairman
DIRECTOR’S UTECH RETAILERS REPORT LTD To, The Members of UTech Retailers Ltd. New Delhi AUDITORS’ REPORT UFLEX LIMITED 1 We have audited the attached Balance Sheet of M/s UTech Retailers Ltd., as at 31st March, 2009 and also the Statement of Expenses during the construction period and Cash Flow Statement for the period from 2nd June, 2008 (being the date of Incorporation) to 31st March, 2009. 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 audit. 2 We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material mis-statement. 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 accounting principles used and signifi cant estimates made by the Management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3 As required by the Companies (Auditor’s Report) Order, 2003 and (Amendment) Order, 2004 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matter specifi ed in paragraph 4 and 5 of the said Order. 4 We report that: - i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. ii. In our opinion, proper books of account, as required by the law, have been kept by the company, so far as it appears from our examination of those books. iii. The Balance Sheet, Statement of Expenses during the construction period and Cash Flow Statement dealt with by this report is in agreement with the books of account. iv. In our opinion, the Balance Sheet, Statement of Expenses during the construction period and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v. On the basis of written representation received from Directors as on 31st March, 2009, we report that none of the Director is disqualifi ed as on 31st March, 2009 from being appointed as a Director in term of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with accounting policies and notes thereon, gives the information required by the Companies Act, 1956, in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:- a. In the case of Balance Sheet, of the State of Company’s aff airs as at 31st March, 2009, b. In the case of Statement of Expenses during the construction period, of the expenses for the period ended 31st March, 2009; and c. In the case of Cash Flow Statement, of the cash fl ow for the period ended on that date. For JAIN SINGHAL & ASSOCIATES Chartered Accountants Place : New Delhi PRADEEP BERI Dated : 12 th June, 2009 Partner Membership No. 82392 TWENTIETH ANNUAL REPORT 2008 - 2009 | 147 | 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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CORPORATE INFORMATION UFLEX LIMITED
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Key People Shri Pradeep Tyle Sr. Pr
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