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UFLEX LIMITED
DIRECTOR’S CONSOLIDATED REPORT AUDITORS’ REPORT
AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors
UFLEX LIMITED
(Formerly known as Flex Industries Limited)
We have audited the attached Consolidated Balance Sheet of UFLEX LIMITED (here-in-after called “Company”) and its subsidiaries,
Flex America Inc., Flex Europe Pvt. Ltd., Ufl ex Packaging Inc., Flex Middle East FZE, Upet Holdings Limited, UTech Developers Limited,
Flex P. Films Egypt S.A.E., Upet (Singapore) PTE Limited, Flex Americas S.A. de C.V., UTech Retailers Limited & AKC Developers Limited
and Joint Venture, Qcell Limited (here-in-after collectively called “UFLEX Group”) as at 31st March 2009, the Consolidated Profi t
and Loss Account and the Consolidated Cash Flow Statement of the UFLEX Group for the year ended on that date annexed thereto.
These Financial statements are the responsibility of the Company’s management and have been prepared by the management on
the basis of separate fi nancial statements and other fi nancial information regarding components. Our responsibility is to express an
opinion on these fi nancial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement.
An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit
also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the
overall fi nancial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
We did not audit the fi nancial statements of the Subsidiaries and Joint Venture, whose fi nancial statements refl ect total assets of Rs.
147,924.71 lacs as at 31st March 2009, total revenue of Rs. 74,194.53 lacs and Cash Flows amounting to Rs. 3,203.73 lacs for the year
then ended. These fi nancial statements and other fi nancial information have been audited by other auditors, whose reports have
been furnished to us and our opinion is based solely on the report of other auditors.
We report that the Consolidated Financial Statements have been prepared by the company’s management in accordance
with the requirements of Accounting Standard (AS) 21- “Consolidated Financial Statements” ; Accounting Standard
(AS) 23- “Accounting for Investment in Associates in Consolidated Financial Statements” and Accounting Standard (AS)
27- “Financial Reporting of Interests in Joint Ventures”, notifi ed by the Companies (Accounting Standards) Rules 2006.
Based on our audit and on consideration of reports of other auditors on separate Financial statements and on other fi nancial
information of the Company, its subsidiaries, its joint venture and its associate, Flex Foods Limited and to the best of our information
and according to the explanations given to us, we are of the opinion that the attached Consolidated Financial Statements give a true
and fair view in conformity with the Accounting Principles generally accepted in India:-
a) In the case of the Consolidated Balance Sheet, of the state of aff airs of the UFLEX Group as at 31st March 2009;
b) In the case of the Consolidated Profi t and Loss Account, of the profi t for the year ended on that date; and
c) In the case of the Consolidated Cash Flow Statement, of the cash fl ows for the year ended on that date.
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TWENTIETH ANNUAL REPORT 2008 - 2009
For VIJAY SEHGAL & CO.,
Chartered Accountants
Place : NOIDA CA S. V. SEHGAL
Dated : 30 th July, 2009 Partner
Membership No. 080329