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

DIRECTOR’S CONSOLIDATED REPORT SCHEDULE
27. NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS
UFLEX LIMITED
As At
31.03.2009
TWENTIETH ANNUAL REPORT 2008 - 2009
(Rs.in lacs)
As At
31.03.2008
1 A Contingent liabilities not provided for in respect of :
i) Guarantees issued by Banks 819.37 767.59
ii) Import duty obligations on outstanding export commitment under Advance
Licence / EPCG Schemes 13632.96 10925.18
iii) Letters of Credit (Unexpired) issued by Banks (Net of Margin) 10324.72 17506.73
iv) Show cause notice / demands of Excise Authorities not acknowledged by the
Holding Company and are contested / appealed / replied. 4770.47 3812.52
v) Additional demands raised by the Income Tax Department, which are under
rectifi cation & appeal 155.02 118.94
vi) Additional demands raised by the Sales Tax Department, which are under
rectifi cation & appeal 413.28 566.32
vii) Indemnity issued in terms of Negotiated Settlement Scheme to ICICI Bank Ltd. for
meeting shortfall arising on non-fulfi llment of residual NPV loss*.
viii) Amount demanded by the erstwhile workers of the holding Company and are
1347.10 3605.42
pending in labour Court 83.03 75.09
ix) Premium on Redemption 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 Holding Company expect that 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.
B The share in the aggregate contingent liability of the Associate 274.50 383.23
2 Capital Commitments :
a) The estimated amount of contracts remaining to be executed on capital account
(Net of advances) and not provided for : 25014.50 16877.64
b) The share in the aggregate capital commitments of the Associate 1.44 43.73
c) The share in the aggregate capital commitments of the Joint Venture 1141.06 -
(Rs. in lacs)
Current Year Previous Year
3 Managerial Remuneration :
i) Salaries including HRA 757.70 597.49
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 (Net of recovery) 7.58 2.38
vi) Sitting Fees 13.00 14.60
TOTAL : 1131.59 863.57
4 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.
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