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

SCHEDULES
UFLEX LIMITED
(Rs.in Lacs)
Current Year Previous Year
Fair value of plan assets at the end of the period (551.22) (411.79)
Liability recognized in the balance sheet 113.63 189.13
Assumptions
Interest rate 8% P.A. 8% P.A.
Estimated rate of return on plan assets 8% P.A. 8% P.A.
d. Gratuity cost for the period
Service cost 104.30 92.10
Interest cost 46.19 39.85
Expected return on plan assets (38.52) (24.86)
Actuarial (gain) / loss (13.87) (7.21)
Net gratuity cost 98.10 99.88
10 EXCEPTIONAL ITEMS
Discount on Purchase of FCCB 9575.77 -
Less : Exchange Rate Fluctuation on FCCB 4704.80 -
4870.97 -
Less : Provision for Income Taxation 466.14 -
Less : Provision for Deferred Tax Charge 1084.45 -
3320.38 -
11 Loans to Bodies Corporate under the Schedule No.13 "Loans and Advances" includes loan to Utech Developers Limited (Wholly
Owned Subsidiary) of Rs.11607.34 lacs (Previous Year Rs.3725.00 lacs). Maximum balance outstanding during the year is
Rs.11607.34 lacs (Previous Year Rs.3725.00 lacs).
12 a) Balances of ZRD/ZRL's/Cumulative Rupee Loans /18% Cumulative Debentures are subject to reconciliations from some of
the Financial Institutions and other Lenders.
b) Balances of some of the parties are subject to reconciliation & confi rmations.
13 During the year under review, the company transferred by way of slump sale its entire Distillery Undertaking to its then Wholly
Owned Subsidiary i.e. UBIO CHEMICALS LTD. for a total consideration of Rs.9365.02 Lacs based on Net Assets Value of the
undertaking, pursuant to the shareholders approval obtained by postal ballot results declared on 23rd September 2008. The
sale consideration of Rs.9365.02 Lacs has been settled by the UBIO CHEMICALS LTD. partly by way of issue of its 4,12,00,000
Equity Shares of Rs.10/- each at Par, Fully Paid Up aggregating to Rs.4120.00 Lacs in favour of the Company and the balance
amount of Rs.5245.02 Lacs has been treated as Interest Bearing Secured Loan by the Company to UBIO CHEMICALS LTD.
repayable to the Company over 20 Equal Quarterly Installments commencing June 2009 with prepayment option.
Consequent upon the transfer of Distillery undertaking to UBIO CHEMICALS LTD, the Company, due to its strategic reasons,
entered into share purchase Agreement on 30th March 2009 for the sale and transfer of its entire shareholding of 4,12,50,000
Equity Shares of Rs.10/- each in UBIO CHEMICALS LTD. together with the management and control of the UBIO CHEMICALS
LTD. to a third party for a total consideration of Rs.4125.00 Lacs. Out of the total shareholding, 2,10,37,500 Equity Shares being
51% shareholding have already been transferred against the receipt of consideration of Rs. 2103.75 Lacs and the balance
2,02,12,500 numbers of equity shares being 49% shareholding have been agreed to be transferred within 90 days of the share
purchase agreement against receipt of balance consideration. The management and control of UBIO Chemicals Ltd., have also
been handed over to the third party.
14 a) Rupees have been rounded off to the nearest thousand.
b) Previous Year fi gures have been recasted / regrouped, wherever considered necessary.
15 The name of the Company stands changed from Flex Industries Limited to UFLEX LIMITED w.e.f. from 19th March 2007.
16 EARNING PER SHARE
The following disclosure is made, as required by Accounting Standard-20 (AS-20) on "Earning Per Share", issued by The Institute
of Chartered Accountants of India :
Current Year Previous Year
(A) (i) Profi t for the year, after Adjustments, before exceptional items
(viz.Numerator) (Rs.in lacs) 7137.82 6051.05
(ii) Profi t for the year, after Adjustments, after exceptional items
(viz.Numerator) (Rs.in lacs) 10458.20 6051.05
TWENTIETH ANNUAL REPORT 2008 - 2009
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