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

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DIRECTOR’S FLEX AMERICA REPORT INC. | 74 | UFLEX LIMITED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY FOR THE YEARS ENDED MARCH 31, 2009 AND 2008 Common Stock Retained Earnings Total Shares Amount $ Rs in Lacs $ Rs in Lacs $ Rs in Lacs Ending Balance, March 31, 2007 Net Loss for the Year Ending 100,000 100,000 50.73 331,640 168.24 431,640 218.97 March 31, 2008 (6,136) (3.11) (6,136) (3.11) Ending Balance, March 31, 2008 Net Income for the Year Ending 100,000 100,000 50.73 325,504 165.13 425,504 215.86 March 31, 2009 44,405 22.52 44,405 22.52 Ending Balance, March, 2009 100,000 100,000 50.73 369,909 187.65 469,909 238.38 The accompanying notes are an integral part of these fi nancial statements. STATEMENT OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, Cash Flows from Operating Activities: TWENTIETH ANNUAL REPORT 2008 - 2009 2009 2008 $ Rs in Lacs $ Rs in Lacs Net Income (Loss) Adjustments to Reconcile Net Assets to Net Cash Used in Operating Activities: 44,405 22.53 (6,136) (3.11) Depreciation 13,339 6.77 11,497 5.83 Gain on disposition of equipment Changes in Operating Assets and Liabilities: – – (1,500) (0.76) Accounts receivable 946,326 480.07 185,063 93.88 Inventories 1,624,794 824.26 (1,745,145) (885.31) Prepaid expenses 1,790 0.91 (18,064) (9.16) Receivables - other 26,769 13.58 (25,820) (13.10) Accounts payable (2,453,787) (1,244.81) 1,521,433 771.82 Accrued expenses 4,589 2.33 (5,500) (2.79) Customer deposits (500,000) (253.65) 500,000 253.65 Taxes payable 18,000 9.13 (13,614) (6.91) Net Cash Provided by Operating Activities: Cash Flows from Investing Activities: (273,775) (138.88) 402,214 204.04 Security Deposit 2,371 1.20 820 0.42 Purchase of equipment (11,946) (6.06) (2,073) (1.05) Proceeds from Disposition of Equipment – – 15,128 7.67 Net Cash Provided by (Used In) Investing Activities (9,575) (4.86) 13,875 7.04 Net Change in Cash and Cash Equivalents (283,350) (143.74) 416,089 211.08 Cash and Cash Equivalents - April 1 509,841 258.64 93,752 47.56 Cash and Cash Equivalents - March 31 226,491 114.90 509,841 258.64 Income Tax Paid During the Period 5,376 2.73 8,942 4.54 Interest Expense Paid During the Period – – – – The accompanying notes are an integral part of these fi nancial statements.
DIRECTOR’S FLEX AMERICA REPORT INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2009 AND 2008 NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UFLEX LIMITED Nature of Operations Flex America, Inc. (the Company) is a wholly owned subsidiary of UFLEX Limited, a company registered in New Delhi, India. The Company imports into the United States and sells primarily polyester BOPP, metallized and CPP fi lms manufactured by UFLEX Limited and its subsidiaries. Use of Estimates The preparation of fi nancial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that aff ect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the fi nancial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could diff er from those estimates. Cash Equivalents For purposes of the statement of cash fl ows, the Company considers all short-term debt securities purchased with a maturity of three months or less to be cash equivalents. Inventories Inventories consisting of merchandise for resale are valued at the lower of cost or market as determined on a fi rst-in, fi rst-out basis. Property and Equipment Property and equipment are valued at cost, net of depreciation. Offi ce equipment and automobiles are depreciated on a straightline basis over the estimated useful life of the asset. Trade Accounts Receivable Trade accounts receivable is recorded net of an allowance for expected losses. The allowance is estimated from historical performance and projections of trends. At March 31, 2009 and 2008 no allowance has been provided for. NOTE B: RELATED PARTY TRANSACTIONS The Company purchases all of its fi nished goods from its Parent, UFLEX Limited and its subsidiary Flex Middle East, FZE-Dubai and Flex Americas, S.A. de C.V.-Mexico. The total of goods purchased for the years ended March 31, 2009 and 2008 was $17,145,982 and $17,025,039, respectively. As of March 31, 2009 and 2008 the Company had accounts payable to its Parent and subsidiaries of $3,616,683 and $6,082,074, respectively. NOTE C: INVENTORIES Inventory, is stated at lower of cost or market, and at March 31 were: 2009 2008 $ Rs in Lacs $ Rs in Lacs Finished goods in transit 722,897 366.73 1,287,947 653.38 Finished goods 714,748 362.59 1,774,492 900.20 Total Inventory 1,437,645 729.32 3,062,439 1553.58 Eff ective April 1, 2008, holographic/metallized gift wraps, laminated pouches, and fl exible laminates business was transferred to its associated company, Ufl ex Packaging, Inc. All assets and liabilities of that activity were transferred to them at cost. NOTE D: DESCRIPTION OF LEASING ARRANGEMENTS The Company leased an offi ce in Cornelius, North Carolina under a non cancelable operating lease which expired on December 31, 2008. The Company relocated to Houston, Texas on January 1, 2009. The following is a schedule of future minimum lease payments under the lease: Year ending : $ Rs in Lacs December 31,2009 22,164 11.24 December 31, 2010 22,608 11.47 December 31, 2011 23,064 11.70 67,836 34.41 TWENTIETH ANNUAL REPORT 2008 - 2009 | 75 | S U B S I D I A R I E S
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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 REPORT Sl. No. | 4 | U
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DIRECTOR’S REPORT 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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UFLEX LIMITED MANAGEMENT DISCUSSION
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UFLEX LIMITED DIRECTOR’S U TECH D
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DIRECTOR’S UTECH RETAILERS REPORT
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