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

DIRECTOR’S UFLEX PACKAGING, REPORT INC.
Iyer Associates
Certifi ed Public Accountants
315, Lowell Avenue, Hamilton
NJ 08619
To
The Board of Directors and Shareholders of Ufl ex Packaging, Inc.
REPORT OF INDEPENDENT AUDITORS
UFLEX LIMITED
We have audited the accompanying balance sheet of Ufl ex Packaging, Inc. as of March 31, 2009 and March 31, 2008 and the related
statements of income, cash fl ows and changes in stockholders’ equity for the years then ended. These fi nancial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on
our audit.
We conducted the audits in accordance with the auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audits to obtain reasonable assurance about whether the fi nancial statements are
free from 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 the
management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the fi nancial position of Ufl ex
Packaging, Inc. as of March 31, 2009 and March 31, 2008 and the results of its operations and its cash fl ows for the years then ended
in conformity with accounting principles generally accepted in the United States of America.
Iyer Associates
Hamilton, NJ
April 27, 2009
TWENTIETH ANNUAL REPORT 2008 - 2009
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