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

More documents

Recommendations

Info

SCHEDULES | 40 | UFLEX LIMITED 15. 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. 16. 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. 17. 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. 18. 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. 19. 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. 26. NOTES FORMING PART OF THE ACCOUNTS As At (Rs.in lacs) As At 31.03.2009 31.03.2008 1 Contingent liabilities not provided for in respect of : i) Guarantees issued by Banks 605.97 767.59 ii) Corporate Gurantee issued for facilities taken by step down subsidiary from a Bank 26215.80 - iii) Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes 13632.96 10925.18 iv) Letters of Credit (Unexpired) issued by Banks (Net of Margin) 2042.45 1862.84 v) Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. 4770.47 3812.52 vi) Additional demands raised by the Income Tax Department, which are under rectifi cation & appeal 155.02 118.94 vii) Additional demands raised by the Sales Tax Department, which are under rectifi cation & appeal 413.28 566.32 viii) Indemnity issued in terms of Negotiated Settlement Scheme to ICICI Bank Ltd. for meeting shortfall arising on non-fulfi llment of residual NPV loss*. 1347.10 3605.42 ix) Amount demanded by the erstwhile workers of the Company and are pending in labour Court 83.03 75.09 x) Premium on Redemption on maturity of outstanding Foreign Currency Convertible Bonds** 2398.64 5949.55 * Resulting from purchase of 15.00 lacs shares (Previous Year 27.50 lacs shares) by promoters from ICICI Bank Ltd. under Negotiated Settlement Scheme. ** The holders of FCCBs are expected to opt for the conversion rather than redemption and in that case no premium would be payable by the Company. On this basis the amount of premium has not been provided and is shown as contingent liability. However the premium, if liable to be paid would be adjusted against the available Securities Premium Account/ charged to Profi t and Loss account at the time of redemption. TWENTIETH ANNUAL REPORT 2008 - 2009
SCHEDULES UFLEX LIMITED As At (Rs.in lacs) As At 31.03.2009 31.03.2008 2 Capital Commitments : The estimated amount of contracts remaining to be executed on capital account (Net of advances) and not provided for : 7711.26 8582.87 3 Disclosures for Assets under Operating Leases The Company has given an asset on operating lease grouped under the category of Vehicles in the "Fixed Assets" - Schedule No. "7". The Company has also taken certain vehicles on operating Lease. The additional disclosure required in terms of Accounting Standard (AS)-19- on "Leases" are as under: a. In respect of Assets given on operating lease : (Rs.in lacs) Current Year Previous Year i) Gross Carrying Amount 3584.70 3584.70 ii) Accumulated Depreciation 634.68 433.94 iii) Depreciation for the Year 200.74 200.74 b. Minimum future Lease Rentals on assets under Operating Leases both given / taken: (Rs.in lacs) of which not of which of which Total later than later than later than 5 one year one year and not later than 5 years years Payable 227.23 293.74 - 520.97 160.99 344.43 - 505.42 Receivables 60.00 165.00 - 225.00 Note: Previous Year fi gures have been given in italic. 60.00 225.00 - 285.00 Current Year (Rs.in lacs) Previous Year 4 Managerial Remuneration : i) Salaries including HRA 472.05 440.90 ii) Contribution to Provident Fund 52.24 48.59 iii) Commission to Chairman & Managing Director 300.00 200.00 iv) Medical re-imbursement 1.07 0.51 v) Perquisite value of electricity, car, furniture & fi xtures and rent free accommodation provided, evaluated as per Income Tax Rules, 1962 7.43 2.38 vi) Sitting Fees 13.00 14.60 TOTAL : 845.79 706.98 5 Computation of Net Profi t in accordance with Section 349 of the Companies Act 1956 and calculation of commission payable to Chairman and Managing Director (Rs.in lacs) Particulars Current Year Previous Year Net Profi t After Tax Add : 10458.20 6051.05 a) Managerial Remuneration i) Salaries including HRA 472.05 440.90 ii) Contribution to Provident Fund 52.24 48.59 iii) Commission to Chairman & Managing Director 300.00 200.00 iv) Medical re-imbursement 1.07 0.51 v) Perquisite value of electricity, car, furniture & fi xtures and rent free accommodation 7.43 2.38 provided, evaluated as per Income Tax Rules, 1962 vi) Sitting Fees 13.00 14.60 b) Provision for Bad & Doubtful debts 628.01 - c) Provision for Income Tax, Deferred Tax & Fringe Benefi t Tax 3541.40 929.88 Sub Total 5015.20 1636.86 TWENTIETH ANNUAL REPORT 2008 - 2009 | 41 | C O M P A N Y
Page 2 and 3: Stone Laying Ceremony - Egypt Plant
Page 4 and 5: Our vision is to create total fl ex
Page 6 and 7: The Company has reaffirmed its conv
Page 8 and 9: CORPORATE INFORMATION UFLEX LIMITED
Page 10 and 11: Key People Shri Pradeep Tyle Sr. Pr
Page 12 and 13: DIRECTOR’S REPORT | 2 | UFLEX LIM
Page 14 and 15: DIRECTOR’S REPORT Sl. No. | 4 | U
Page 16 and 17: DIRECTOR’S REPORT 3. Future plan
Page 18 and 19: UFLEX LIMITED MANAGEMENT DISCUSSION
Page 20 and 21: UFLEX LIMITED MANAGEMENT DISCUSSION
Page 22 and 23: | 12 | UFLEX LIMITED MANAGEMENT DIS
Page 24 and 25: | 14 | UFLEX LIMITED REPORT ON CORP
Page 34 and 35: DIRECTOR’S AUDITORS’ REPORT AUD
Page 36 and 37: BALANCE SHEET | 26 | UFLEX LIMITED
Page 38 and 39: CASH FLOW STATEMENT | 28 | UFLEX LI
Page 40 and 41: SCHEDULES | 30 | UFLEX LIMITED TWEN
Page 42 and 43: SCHEDULES | 32 | UFLEX LIMITED 7. F
Page 44 and 45: SCHEDULES | 34 | UFLEX LIMITED TWEN
Page 46 and 47: SCHEDULES | 36 | UFLEX LIMITED 17.
Page 48 and 49: SCHEDULES | 38 | UFLEX LIMITED 25.
Page 52 and 53: SCHEDULES | 42 | UFLEX LIMITED (Rs.
Page 54 and 55: SCHEDULES | 44 | UFLEX LIMITED Curr
Page 56 and 57: SCHEDULES | 46 | UFLEX LIMITED Tran
Page 58 and 59: SCHEDULES | 48 | UFLEX LIMITED 21 A
Page 60 and 61: SCHEDULES | 50 | UFLEX LIMITED E. O
Page 62 and 63: UFLEX LIMITED BALANCE SHEET ABSTRAC
Page 64 and 65: UFLEX LIMITED DIRECTOR’S CONSOLID
Page 66 and 67: | 56 | UFLEX LIMITED DIRECTOR’S C
Page 82 and 83: DIRECTOR’S FLEX AMERICA REPORT IN
Page 88 and 89: DIRECTOR’S UFLEX PACKAGING, REPOR
Page 90 and 91: DIRECTOR’S UFLEX PACKAGING, REPOR
Page 92 and 93: DIRECTOR’S FLEX MIDDLE REPORT EAS
Page 100 and 101:
DIRECTOR’S FLEX MIDDLE REPORT EAS
Page 102 and 103:
DIRECTOR’S FLEX MIDDLE REPORT EAS
Page 104 and 105:
| 94 | UFLEX LIMITED DIRECTOR’S F
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
UFLEX LIMITED DIRECTOR’S FLEX EUR
Page 112 and 113:
DIRECTOR’S UPET HOLDINGS REPORT L
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
UFLEX LIMITED DIRECTOR’S UPET (SI
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
UFLEX LIMITED DIRECTOR’S FLEX AME
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
UFLEX LIMITED DIRECTOR’S U TECH D
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
DIRECTOR’S UTECH RETAILERS REPORT
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
DIRECTOR’S AKC DEVELOPERS REPORT
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182:
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?