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

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DIRECTOR’S UTECH RETAILERS REPORT LTD UFLEX LIMITED 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. v) In respect of assets acquired on amalgamation, depreciation is provided on the net value to the company at the time of amalgamation. vi) Depreciation on additions / deletions to the fi xed assets due to foreign exchange fl uctuations is provided on pro-rata basis from the date of additions / deletions. 6. REVENUE RECOGNITION Revenue on sale of property is recognised on transferring the signifi cant risks and rewards of ownership and the sale consideration is determined through agreement of sale or registration of sale deed as per Accounting Standard - 9, Revenue Recognition. However, in case where the seller is obligated to perform any substantial acts after the transfer of all signifi cant risks and rewards of ownership, revenue is recognised on proportionate basis as the acts are progressively performed, by applying the percentage of completion method as explained in Accounting Standard -7 (revised 2002), Construction Contracts. 7. INVESTMENTS Long term investments are valued at their cost including brokerage, fees and duty. However, if there is decline in value of investment, other than temporary, the carrying amount of investment is reduced recognizing the decline in value of each investment. 8. EMPLOYEE BENEFITS i) Gratuity is provided as per the provisions of payment of Gratuity Act, 1972 with vesting period of 5 years of service. ii) Leave encashment is provided on the basis of leave entitlement of employees remaining unutilised at the end of the year. 9. BORROWING COST Borrowing cost attributable to the acquisition or construction of qualifying /eligible assets are capitalised as part of the cost of such assets. A qualifying /eligible asset is an asset that necessarily takes a substantial period of time to get ready for intended use. All other borrowing costs are recognized as an expense and are charged to revenue in the year in which they are incurred. 10. EARNING PER SHARE In accordance with the Accounting Standard-20 (AS-20) “Earning Per Share” issued by The Institute of Chartered Accountants of India, Basic & Diluted Earning Per Share is computed using the weighted average number of Shares outstanding during the period. | 152 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S UTECH RETAILERS REPORT LTD UFLEX LIMITED 11. DEFERRED TAX ASSETS / LIABILITIES Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed depreciation or carry forward of losses, Deferred tax assets are recognised only to the extent that there is virtual certainty of realisation of deferred tax assets. Other deferred tax assets are recognised to the extent, there is reasonable certainty of realisation of deferred tax assets. Such deferred tax assets & other unrecognised deferred tax assets are re-assessed at each Balance Sheet date and the carrying value of the same are adjusted recognising the change in the value of each such deferred tax assets. 12. IMPAIRMENT Management periodically assesses using external and internal sources whether there is an indication that assets of concerned cash generating unit may be impaired. Impairment loss, if any, is provided as per Accounting Standard (AS-28) on Impairment of Assets. 13. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS In accordance with the Accounting Standard AS – 29 issued by Institute of Chartered Accountants of India a) provisions are made for the present obligations where amount can be estimated reliably, and b) contingent liabilities are disclosed for possible obligations arising out of uncertain events not wholly in control of the company. Contingent assets are neither recognised nor disclosed in the fi nancial statements. 14. INTANGIBLE ASSETS Customised or separately purchased software is classifi ed as intangible assets at their cost and amortised over a period of fi ve years from date of put to use. 15. CLAIMS BY / AGAINST THE COMPANY Claims by / against the Company arising on any account are provided in the accounts on receipts / acceptances. B. NOTES TO ACCOUNTS 1. There are no dues to micro, small and medium enterprises as at March 31, 2009. 2. Payments to auditors (on accrual basis) Particulars Period ended March 31, 2009 (Rupees) Statutory Audit fees 6,618 Total 6,618 3. Related Party Disclosures List of Related Parties and Relationship i. Holding of Holding Company UFLEX Limited ii Holding Company UTech Developers Limited iii. Fellow Subsidiaries of Holding Company a) Flex America Inc. b) Flex Middle East FZE c) Flex Europe Pvt Ltd d) UBIO Chemicals Ltd ( up to 29-03-2009) e) Flex Americas S.A. de C.V. Mexico f) Ufl ex Packaging Inc. USA g) UPET Holdings Ltd. Mauritius h) UPET (Singapore) Pte. Ltd. i) AKC Developers Limited iv Associate of Holding Company a) Flex Foods Limited v. Individual owning indirect interest in voting power of the company Shri Ashok Chaturvedi vi. Enterprises in which the persons referred in (v) Along with their relative exercise signifi cant infl uence: Ultimate Flexipack Ltd, Cinfl ex Infotech Pvt Ltd., Club One Airways Pvt Ltd, Flex Industries Pvt.Ltd.,AC Infratech Pvt.Ltd.,RC Properties Pvt.Ltd., A to Z Infratech Pvt. Ltd., Ultimate Infratech Pvt.Ltd., Flex International Pvt Ltd , Anshika Investments Pvt Ltd, Anant Overseas Pvt Ltd , Apoorva Extrusion Pvt Ltd, Anshika Consultants Pvt Ltd, A R Leasing Pvt Ltd , Ultimate Enterprises Pvt Ltd , Kaya kalpa Medical Services Pvt Ltd, A.R. Airways Pvt Ltd., A.R. Infrastructures & Projects Pvt Ltd , AR Aerotech Pvt Ltd, AC infrastructures Pvt Ltd. TWENTIETH ANNUAL REPORT 2008 - 2009 | 153 | 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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BALANCE SHEET | 26 | UFLEX LIMITED
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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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