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

DIRECTOR’S UTECH RETAILERS REPORT LTD
UFLEX LIMITED
As At 31-Mar-09
(Rupees)
SCHEDULE : 1
SHARE CAPITAL
AUTHORISED
(50,00,000 Equity Shares of Rs.10/- Each) 50,000,000
50,000,000
ISSUED, SUBSCRIBED AND PAID UP
(50,000 Equity Shares of Rs 10/- each, fully paid up in cash) 500,000
500,000
SCHEDULE : 2
CASH & BANK BALANCES
Cash In Hand 6,948
Balance with Scheduled Bank
In current Account 33,929
40,877
SCHEDULE : 3
CURRENT LIABILITIES
Sundry Creditors
Auditor remuneration payable 6,618
6,618
SCHEDULE 4
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS
Company overview
The Company, UTech Retailers Limited, is incorporated to carry on trade or retail business through retails formats.
These fi nancial statements have been prepared for the period June 2, 2008 (the date of Incorporation of the company) to March 31,
2009. These being the fi rst accounts, period comparatives are not applicable.
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.
TWENTIETH ANNUAL REPORT 2008 - 2009 | 151 |
S U B S I D I A R I E S