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

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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. | 54 | 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
DIRECTOR’S CONSOLIDATED REPORT BALANCE SHEET CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2009 Schedule Number UFLEX LIMITED As At 31.03.2009 TWENTIETH ANNUAL REPORT 2008 - 2009 (Rs. in lacs) As At 31.03.2008 I. SOURCES OF FUNDS Shareholders' Funds a) Share Capital 1 6497.20 6497.01 b) Warrants 2 1790.68 2,788.18 c) Reserves & Surplus 3 79658.83 87946.71 68234.49 77519.68 Minority Interest 4 878.54 - Loan Funds a) Secured Loans 5 90684.52 82034.50 b) Unsecured Loans 6 46260.22 136944.74 62919.04 144953.54 Deferred Tax Liability (Net) 7 8776.51 5549.10 TOTAL : 234546.50 228022.32 II. APPLICATION OF FUNDS Fixed Assets Gross Block 8 224469.94 189231.06 Less : Depreciation 79290.20 69883.53 Net Block 145179.74 119347.53 Capital Work-in-Progress 5924.49 151104.23 12251.90 131599.43 Investments 9 9737.15 29088.17 Current Assets, Loans & Advances a) Inventories 10 22375.85 19406.00 b) Sundry Debtors 11 39504.45 40696.20 c) Cash & Bank Balances 12 11898.64 27659.60 d) Other Current Assets 13 222.02 187.11 e) Loans & Advances 14 50128.32 26016.77 124129.28 113965.68 Less : Current Liabilities & Provisions a) Current Liabilities 15 45362.81 42077.79 b) Provisions 16 5066.22 4553.17 50429.03 46630.96 Net Current Assets 73700.25 67334.72 MISCELLANEOUS EXPENDITURE (To the extent not written-off or adjusted) Preliminary Expenses 4.87 - TOTAL : 234546.50 228022.32 Notes : 1. The Schedules referred to above form an integral part of the Consolidated Balance Sheet. 2. Signifi cant Accounting Policies and Notes forming part of the Accounts as per Schedules 26 & 27 respectively are annexed and form an integral part of the Consolidated Balance Sheet. R.K.Jain President (Corp. Finance & Accounts) Rakesh Malhotra General Manager (Accounts) Place : NOIDA Dated : 30 th July, 2009 For and on behalf of the Board of Directors R.P.Agrawal Director Ajay Krishna Vice President (Legal) & Company Secretary Ashok Chaturvedi Chairman & Managing Director This is the Balance Sheet referred to in our report of even date For Vijay Sehgal & Co. Chartered Accountants S.V.Sehgal Partner | 55 | C O N S O L I D A T E D
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Stone Laying Ceremony - Egypt Plant
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Our vision is to create total fl ex
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The Company has reaffirmed its conv
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CORPORATE INFORMATION UFLEX LIMITED
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Key People Shri Pradeep Tyle Sr. Pr
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DIRECTOR’S REPORT | 2 | UFLEX LIM
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DIRECTOR’S UPET HOLDINGS REPORT L
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UFLEX LIMITED DIRECTOR’S UPET (SI
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UFLEX LIMITED DIRECTOR’S FLEX AME
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UFLEX LIMITED DIRECTOR’S U TECH D
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DIRECTOR’S UTECH RETAILERS REPORT
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DIRECTOR’S AKC DEVELOPERS REPORT
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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