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

SCHEDULES
| 42 |
UFLEX LIMITED
(Rs.in lacs)
Particulars Current Year Previous Year
Less :
a) Deferred Revenue Expenditure - 112.36
b) Profi t on sale of Investments 377.42 45.55
c) Bad Debt written off out of provision - 249.26
d) (Short) provision for Taxation for earlier years (3.01) (94.03)
e) Exceptional Items 3320.38 -
Sub Total 3694.79 313.14
Net profi t on which commission is payable 11778.61 7374.77
Maximum Remuneration allowed under the Companies Act,1956 @ 10% of the Net Profi t 1177.86 737.48
Amount of Remuneration paid excluding commission payable to eligible Directors 532.79 492.38
Maximum amount of commission allowed under the Companies Act,1956 645.07 245.10
Maximum commission payable as per approval of the shareholders 588.93 368.74
Commission approved by the Board 300.00 200.00
6 Auditors Remuneration, as included in "Legal & Professional charges" under Schedule No."22", is as under:-
Current Year
(Rs.in lacs)
Previous Year
a) Audit Fees 35.00 28.50
b) Tax Audit Fees 10.00 8.50
c) Report & Certifi cation work 9.91 9.79
d) Taxation Matters - 3.10
e) Management Services - 2.00
f) Out of Pocket Expenses 2.12 2.73
TOTAL : 57.03 54.62
7 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.
8 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.
9 Gratuity
The employees' Group Gratuity Scheme is managed by ICICI Prudential Life Insurance Company Limited. The present value of
obligation is determined based on actuarial valuation using the Projected Unit credit Method, which recognizes each period
of service as giving rise to additional unit of employee benefi t entitlement and measures each unit separately to build up the
fi nal obligation. The additional disclosure in terms of Accounting Standard-15, "Employee Benefi ts" is as under:
Current Year
(Rs.in Lacs)
Previous Year
a. Reconciliation of opening and closing balances of obligation
Obligations at period beginning 600.92 523.89
Service cost 104.30 92.10
Interest cost 46.19 39.85
Actuarial (gain) / loss (39.45) (3.33)
Benefi ts paid (47.11) (51.59)
Obligations at period end 664.85 600.92
b. Reconciliation of opening and closing balances of fair value assets
Plan assets at period beginning, at fair value 411.79 209.64
Expected return on plan assets 38.52 24.86
Actuarial gain / (loss) (25.58) 3.88
Contributions 173.60 225.00
Benefi ts paid (47.11) (51.59)
Plan assets at period end, at fair value 551.22 411.79
c. Amount Recognized in Balance Sheet
Present value of the defi ned benefi t obligations at the end of the period 664.85 600.92
TWENTIETH ANNUAL REPORT 2008 - 2009