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

DIRECTOR’S AKC DEVELOPERS REPORT LIMITED
DIRECTORS’ REPORT
UFLEX LIMITED
To The Members,
Your Directors have pleasure in presenting this 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:
(Rs. In Lacs)
Year ended Year ended
31.03.2009 31.03.2008
Sales & Operational Income 395.20 –
Other Income 49.84 –
Profi t/(Loss) before Interest, Financial Charges & Depreciation 61.69 (0.49)
Interest & Financial Charges 12.67 0.02
Depreciation 0.57 –
Profi t/(Loss) before Tax 48.45 (0.47)
Net profi t/(Loss) 30.01 (0.34)
REVIEW OF OPERATIONS
During the year ended March 31, 2009 the Company has earned a gross income of Rs.445.04 lacs including other income of Rs.49.84
lacs and ended the fi nancial year with a profi t before tax of Rs.48.45 lacs. After considering the provision of taxes, the net profi t was
Rs.30.01 lacs in comparison to previous year loss of Rs.0.34 lacs.
NEW PROJECTS
During the year, the Company has successfully ventured into Integrated Municipal Solid Waste Processing Projects under Joint
Venture. The Company has been awarded MSW projects under Public Private Partnership (PPP) Scheme for processing of total 1100
TPD of MSW at three sites i.e. Gwalior (300 TPD) Faridabad (500 TPD) & Bareilly (300 TPD). The said projects shall involve a total capital
outlay of Rs. 106.31 crores. These environment friendly urban infrastructure service projects have unique features of segregating the
solid waste into diff erent streams and making value added products like compost & refused drive fuel etc.
The implementation of the processing of MSW at Gwalior is near completion and trial run is expected to commence shortly. It
is expected that the project shall commence operations during December, 2009. The implementation of processing of MSW at
Faridabad is also in progress. The possession of land has been taken and site development is in progress. The orders for main
equipments have been placed and same have started arriving at site. It is expected that the project shall commence operations by
January 2010. In Bareilly also, concession agreement with Municipal Corporation has been executed and other activities will also
be starting soon.
The Company has also been awarded and received letter of acceptance to process MSW processing project of 600 TPD at Amritsar.
SHARE CAPITAL
During the year the Company has increased its authorized share capital to Rs.30 crores divided into 20 lacs equity shares of Rs.10/each
and 28 lacs redeemable preference shares of Rs.100/- each. The present issued and subscribed capital is Rs.29 crores divided
into 15 lacs equity shares of Rs.10/- each and 27.5 lacs redeemable preference shares of Rs.100/- each.
DIVIDEND
Your Directors are not in a position to recommend any dividend due to paucity of suffi cient income during the year.
FIXED DEPOSIT
During the year 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. Vipin Mital,
Director of the Company retires by rotation and being eligible, off ers himself for reappointment.
During the year under review Mr. Nazim Mohamed Ashraf Furniturewala and Mr. Vipin Agarwal were appointed as Additional
Directors of the Company with eff ect from 16.08.2008 & 10.07.2009 respectively.
Further, Mr. Nadeem Mohamed Ashraf Furniturewala and Mr. R.K. Jain resigned from the Directorship of the Company with eff ect
from 16.08.2008 & 10.07.2009 respectively.
TWENTIETH ANNUAL REPORT 2008 - 2009 | 155 |
S U B S I D I A R I E S