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

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| 12 | UFLEX LIMITED MANAGEMENT DISCUSSION AND ANALYSIS in packaging. Second, the expansion of market and logistics bringing them to rural areas is yet another factor accentuating the demand. Third the retail revolution has led to the increase in demand for packaging in a big way. While it is presently limited largely to urban areas, it is bound to penetrate into the interiors of India, thereby releasing a huge pent-up demand. Electronic and print media have changed people aspirations and attitudes. They want to use better products but can only aff ord small packs at a time. Further the packaging needs are moving upwards due to the changes in lifestyle. The number of double-income families is increasing. This is refl ecting as the increasing popularity of ready-to-eat foods. The growth and development of cylinder business is linked to the growth and development of packaging industry. With the opening of the economy, the opportunities for packaging business are gradually increasing both in the domestic as well as in the international market. The increasing demand for fl exible packaging materials will give an advantage of growth to the Rotogravure Cylinder business. Industrial inks and polyester chips, some of the other products of the Company are being used by the fl exible packaging industry as their basic raw materials. The basic nature of the business of the Company makes it quite dependent on the growth and development of the fl exible packaging & allied industry. The entry of multinational companies into various sectors in India has a tremendous positive impact on the growth of the fl exible packaging industry and it is poised for a healthy growth in the years to come. The Company’s policy to expand its converting machines business in the international market and to introduce new and customer friendly packaging and converting machines having better usage and utility is eliciting positive response. 6. Internal Control Systems And Their Adequacy The Company has an adequate system of internal control relating to purchase of stores, raw materials including components, plant & machinery, equipment and other similar assets and for the sale of goods commensurate with the size of the Company and nature of its business. The Company also has Internal Control System for speedy compilation of accounts and Management Information Reports and to comply with applicable laws and regulations. The Company has an eff ective Budgetary Control System. The Management reviews the actual performance with reference to budgets periodically. The Company has a well-defi ned organization structure, authority levels and internal rules and regulations for conducting business transactions. The Company has already formed an Audit Committee and has met fi ve times in the year. Audit Committee TWENTIETH ANNUAL REPORT 2008 - 2009 ensures proper compliance with the provisions of the Listing Agreement with Stock Exchanges, Companies Act, reviews the adequacy and eff ectiveness of the internal control environment and monitors implementation of internal audit recommendations. Besides the above, Audit Committee is actively engaged in overseeing fi nancial disclosures and in reviewing your Company’s risk management policies. 7. Risk Management Macro economic conditions do aff ect the Company operations. Low demand, economic slow down, political instability, higher infl ation, natural calamities may aff ect the business. Business therefore cannot be risk free. What is therefore important is to correctly access the risk area wise and to take steps to mitigate the risk before it becomes a potential threat. General risk areas are statutory compliances, economy, fi nancial, government regulations and policies, market related, operational, products and technology, intellectual property etc. The Company has identifi ed potential risks such as business portfolio risk, fi nancial risk, legal & statutory risk and internal process risk including ERP and IT and has put in place appropriate measures for their mitigation. 8. Company’s Standalone Financial Performance & Analysis A. Fixed Assets The composition and growth of assets are as under: (Rs. in lacs) Particulars March 31, 2009 March 31, 2008 Land 3816.93 3964.30 Buildings 18842.98 17981.92 Plant & Machineries 135206.74 125273.57 Electrical Installation 3793.08 3695.39 Offi ce Equipments 3677.42 3279.66 Furniture & Fixtures 4650.93 4450.76 Vehicles (including Aircrafts) Software (Intangible Assets) 5082.40 5292.97 608.73 413.88 Total 175679.21 164352.45 Less : Accumulated Depreciation 76017.48 67994.74 Add : CWIP 2152.58 10142.64 Net Fixed Assets 101814.31 106500.35
MANAGEMENT DISCUSSION AND ANALYSIS B. Results of operations The summary of operating performance for the year is given below: Year ended March 31, 2009 UFLEX LIMITED Year ended March 31, 2008 TWENTIETH ANNUAL REPORT 2008 - 2009 (Rs. in lacs) Particulars Amount % Amount % INCOME Sales & Job works (Net) 152022.50 91.20 126794.62 90.80 Other Income 15160.73 9.10 11790.30 8.44 Increase/(Decrease) in fi nished goods & work-in-progress (493.78) (0.30) 1057.70 0.76 Total Income EXPENDITURE 166689.45 100.00 139642.62 100.00 Material cost 88336.33 52.99 79459.64 56.90 Other Manufacturing expenses 20883.21 12.53 16962.13 12.15 Payments & Benefi ts to Employees 9003.89 5.40 7855.53 5.63 Administrative, Selling & Other expenses 20458.99 12.27 13260.04 9.50 Operating Expenses 138682.42 83.20 117537.34 84.17 Less: Expenses Allocated to Self Constructed Assets 679.44 0.41 466.71 0.33 EBIDT 28686.47 17.21 22571.99 16.16 Less: Depreciation 8645.52 5.19 7677.34 5.50 Interest & Financial Charges 9342.05 5.60 7753.11 5.55 Earning Before Tax & Exceptional Item 10698.90 6.42 7141.54 5.11 9. Human Resource Development/Industrial Relations The Company’s Human Resources philosophy is to establish and build a strong performance and competency driven culture with greater sense of accountability and responsibility. The Company has taken pragmatic steps for strengthening organizational competency through involvement and development of employees as well as installing eff ective systems for improving the productivity, quality and accountability at functional levels. With the changing and turbulent business scenario, our basic focus is to upgrade the skill and knowledge level of the existing human assets to the required level by providing appropriate leadership at all levels, motivating them to face the hard facts of business, inculcating the attitude for speed of action and taking responsibilities. The eff ort to rationalize and streamline the work force is a continuous process. Currently the Company has 2835 employees as on 31 st March, 2009. The industrial relations scenario remained harmonious throughout the year. 10. Environment, Occupational Health & Safety Your Company is committed to conducting its operations with due regard to the environment and providing a safe and healthy workplace for employees. The collective endeavor of your Company’s employees at all levels is directed towards sustaining and continuously improving standards of environment, occupational health and safety in a bid to attain and exceed international benchmarks. | 13 | C O M P A N Y
Page 2 and 3: Stone Laying Ceremony - Egypt Plant
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