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

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UFLEX LIMITED
DIRECTOR’S CONSOLIDATED REPORT SCHEDULE
5 EXCEPTIONAL ITEMS
Current Year
(Rs.in lacs)
Previous Year
Discount on Purchase of FCCB 9575.77 -
Less : Exchange Rate Fluctuation on FCCB 4704.80 -
4870.97 -
Less : Provision for Income Tax 466.14 -
Less : Provision for Deferred Tax Charge 1084.45 -
3320.38 -
6 a) Rupees have been rounded off to the nearest thousand.
b) Previous Year fi gures have been recasted / regrouped, wherever considered necessary.
c) The results for the current year are not strictly comparable with that of the previous year as the current year fi gures includes
the results of the following companies :
Name of the Company Nature of Relationships % of Interest
UPET Holdings Limited Subsidiary 100%
UPET (Singapore) Pte. Ltd. Subsidiary 100%
Flex Americas S.A.de C.V. Subsidiary 100%
Flex P.Films (Egypt) S.A.E. Subsidiary 100%
UTech Retailers Limited Subsidiary 100%
AKC Developers Limited Subsidiary 70%
QCELL Limited Joint Venture 40%
7 The name of the Holding Company stands changed from Flex Industries Limited to Ufl ex Limited with eff ect from 19th March
2007.
8 During the year under review, the Holding 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 Holding Company
and the balance amount of Rs.5245.02 Lacs has been treated as Interest Bearing Secured Loan by the Holding Company to
UBIO CHEMICALS LTD. repayable to the Holding Company over 20 Equal Quarterly Installments commencing June 2009 with
prepayment option.
Consequent upon the transfer of Distillery undertaking to UBIO CHEMICALS LTD, the Holding 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.
9 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) 15328.56 10984.17
(ii) Profi t for the year, after Adjustments, after exceptional items
(viz. Numerator) (Rs. in lacs) 18648.94 10984.17
(B) (i) Opening Balance of Equity Shares
Add :
65006646 51630646
Weighted Average Factor of Equity Shares Issued
Weighted Average Number of Equity Shares (viz. denominator) for Basic
- 3938315
Earning Per Share 65006646 55568961
TWENTIETH ANNUAL REPORT 2008 - 2009