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

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DIRECTOR’S AKC DEVELOPERS REPORT LIMITED UFLEX LIMITED | 166 | TWENTIETH ANNUAL REPORT 2008 - 2009 For the year ended 31.03.2009 (Rupees) For the year ended 31.03.2008 (Rupees) 14 CONTRACT RECEIPTS Receipts against Construction & Other Activities 39,108,859 – Receipt against Bio-Remediation Work 411,175 – TOTAL: 39,520,034 – 15 OTHER INCOME Dividend 432,758 – Interest from Banks 4,550,812 – [TDS Rs. 9.35 lacs (Previous Year Nil)] TOTAL: 4,983,570 – 16 INCREASE IN FINISHED GOODS & WORK IN PROGRESS Closing Stock : Work-in-Progress 300,000 – Less: Opening Stock Work-in-progress – – TOTAL: 300,000 – 17 MATERIAL COST Opening Stock – – Add: Purchases 4,942,135 – Less: Closing Stock 195,720 – TOTAL: 4,746,415 – 18 OTHER CONTRACT EXPENSES Job Work Charges 28,275,526 – Power & Fuel Consumed 1,792,786 – Stores Consumed 267,100 – Rates & Taxes 380,723 – TOTAL: 30,716,135 – 19 ADMINISTRATIVE & OTHER EXPENSES Man Power Expenses (Project Management Consultant) 679,539 – Security Expenses 441,320 – Repair & Maintenance 103,853 – Preliminary Expenses 1,946,681 TOTAL: 3,171,393 – 20 INTEREST & FINANCIAL CHARGES Interest & Bank Charges 1,267,141 1,609 TOTAL: 1,267,141 1,609 Vipin Mital Director For and on behalf of the Board of Directors S.K. Arora Asst. General Manager (F&A) Place : NOIDA Dated : 14th July, 2009 Vipin Agarwal Director Pankaj Gupta Company Secretary As per our report of even date attached For Jain Singhal & Associates Chartered Accountants Pradeep Beri Partner M. No.: 82392
DIRECTOR’S AKC DEVELOPERS REPORT LIMITED 21) SIGNIFICANT ACCOUNTING POLICIES 1. BASIS OF ACCOUNTING UFLEX LIMITED The Financial Statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India and in compliance with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government in exercise of the power conferred under Sub-Section (I) (a) of Section 642 and the relevant provisions of the Companies Act, 1956 (“the Act”) 2. USE OF ESTIMATES The preparation of fi nancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that aff ect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities on the date of the fi nancial statements and the reported accounts of revenues and expenses for the years presented. Actual results could diff er from these estimates. 3. VALUATION i) Fixed Assets Fixed Assets are normally accounted for on cost basis (net of CENVAT credits, if applicable) 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 for commercial production are allocated to them 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) Finished Goods Finished goods are valued at lower of cost, based on weighted average method, arrived after including depreciation on plant & machinery, electrical installation and factory building, repair & maintenance on factory building, specifi c manufacturing expenses including excise duty and specifi c payments & benefi ts to employees or net realisable value. iii) Work-in-Progress Work-in-Progress are valued at lower of cost, based on weighted average method, arrived after including depreciation on plant & machinery, electrical installation and factory building, repair & maintenance on factory building, specifi c manufacturing expenses and specifi c payments & benefi ts to employees or net realisable value. iv) Raw Materials Raw Materials are valued at lower of cost, based on fi rst-in-fi rst-out method arrived at after including freight inward and other expenditure directly attributable to acquisition or net realisable value. v) Stores, fuel and packing materials are valued at lower of cost, based on fi rst-in-fi rst-out method or net realisable value. 4. Cost of spares, tools, jigs & dies are charged to revenue. 5. LEASES Lease rentals paid on operating leases are charged to revenue. 6. 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 for commercial production 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) Depreciation on additions / deletions to the fi xed assets due to eligible foreign exchange fl uctuations is provided on pro-rata basis from the date of additions / deletions. TWENTIETH ANNUAL REPORT 2008 - 2009 | 167 | 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 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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