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

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DIRECTOR’S AKC DEVELOPERS REPORT LIMITED UFLEX LIMITED 7. REVENUE RECOGNITION A) TURNOVER i) Gross sales are inclusive of excise duty/cess recoveries and sales tax, if applicable. ii) Sales returns / rate diff erence are adjusted from the sales of the year in which the returns take place / rate diff erence accepted. iii) Gross job work is inclusive of excise duty/cess recoveries. B) CONTRACTS Income from construction contracts is recognised by reference to the stage of completion of the contract activity at the reporting date of the fi nancial statements. C) PURCHASES i) Purchases are net of CENVAT credits and materials consumed during trial run. ii) Purchases returns / rebates are adjusted from the purchases of the year in which the returns take place / rebates allowed. D) 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. 8. INVESTMENTS i) 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. ii) Short term investments are valued at cost or market price, whichever is lower. 9. EMPLOYEE BENEFITS i) Gratuity is provided as per the provisions of Gratuity Act 1972 with vesting period of 5 years of service. ii) Leave encashment is provided on the basis of leave entitlement of employee remaining unutilised at the end of the year. iii) Short term employee benefi ts are charged to Profi t & Loss Account at the undiscounted amount in the year in which the related service is rendered. 10. CLAIMS BY / AGAINST THE COMPANY Claims by / against the Company arising on any account are Provided in the accounts on receipts / acceptances. 11. BORROWING COST Borrowing cost attributable to the acquisition or construction of qualifying /eligible assets till the date of put to use for commercial production 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. 12. 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. 13. TAXES ON INCOME Income tax comprises current tax, deferred tax, and fringe benefi t tax. Current tax and fringe benefi t tax is the amount of tax payable as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred tax assets and 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 | 168 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S AKC DEVELOPERS REPORT LIMITED UFLEX LIMITED tax assets are re-assessed at each Balance Sheet data and the carrying value of the same are adjusted recognising the change in the value of each such deferred tax assets. 14. RESEARCH & DEVELOPMENT i) All revenue expenditure on research & development activities are accounted for under their natural heads of revenue expenses accounts. ii) All capital expenditure related to research & development activities are accounted for under their natural heads of fi xed assets accounts. 15. IMPAIRMENT OF ASSETS 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. 16. 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. 17. 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. 22) NOTES FORMING PART OF THE ACCOUNTS As At 31.03.2009 (Rupees in lacs) As At 31.03.2008 1. Contingent liabilities not provided for in respect of : – Guarantees issued by Banks (Net of margin) 213.40 - 2. Capital Commitments : The estimated amount of contracts remaining to be executed on capital account (Net of advances) and not provided for : 4,179.39 - 3. Auditors Remuneration, as included in Schedule ‘19’ is as under:- Current Year Previous Year (Rs.) (Rs.) a) Audit Fees 8,500 6,742 b) Tax audit fees 5,000 – c) Report & Certifi cation Work 5,618 – d) Out of pocket expenses 843 – TOTAL: @ Included in Capital work in progress @ 19,961 6,742 4. In the opinion of the Board and to the best of their knowledge, the value on realisation of Current Assets, Loans and Advances in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet. 5. During the year the Company has incurred a sum of Rs. 1,946,681 on account of increase in Authorised Share Capital and the same has been written off during the year itself. 6. Necessary disclosures required under Micro, Small & Medium Enterprises Development Act, 2006, can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties. 7. a) Paisa have been rounded off to the nearest Rupees. b) Previous Year fi gures have been recasted / regrouped, wherever considered necessary. 8. The name of the Company stands changed from AKC Developers Private Limited to AKC Developers Limited w.e.f. from 24th July 2008. TWENTIETH ANNUAL REPORT 2008 - 2009 | 169 | 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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DIRECTOR’S FLEX AMERICA REPORT IN
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DIRECTOR’S UFLEX PACKAGING, REPOR
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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