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

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DIRECTOR’S UFLEX PACKAGING, REPORT INC. | 80 | UFLEX LIMITED SUPPLEMENTARY SCHEDULE General and administrative expenses for the years ended March 31, 2009 2008 $ Rs in Lacs $ Rs in Lacs Audit fees 10,431 5.29 4,500 2.28 Automobile 6,529 3.31 – – Bank service charges 27,216 13.81 1,904 0.97 Bad debts 27,816 14.11 – – Custom clearing – – 400 0.20 Contributions 4,250 2.16 – – Fees 1,760 0.89 – – Insurance 8,751 4.44 2,480 1.26 Miscellaneous – – 500 0.25 Moving expense – – 4,465 2.27 Offi ce supplies 3,756 1.91 2,269 1.15 Payroll 20,237 10.27 – – Payroll Taxes 1,453 0.74 – – Postage 2,692 1.37 39 0.02 Professional fees – – 2,570 1.30 Rent 61,632 31.27 21,051 10.68 Repairs 3,255 1.65 1,188 0.60 Telephone 18,148 9.21 1,866 0.95 Travel & Entertainment 88,168 44.73 12,937 6.56 286,094 145.16 56,169 28.49 NOTES TO FINANCIAL STATEMENTS For the Years ended March 31, 2009 and March 31, 2008 1) Organization and Description of Business Ufl ex Packaging, Inc. was incorporated in the state of New Jersey on June 5, 2007. The Company is a wholly owned subsidiary of UFLEX Limited, a company registered in New Delhi, India. The Company imports and sells holographic/metalized gift wraps, laminated pouches, and fl exible laminates manufactured by UFLEX Limited. 2) Summary Of Signifi cant Accounting Policies Accounting Policies These fi nancial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”); consequently, revenue is recognized when services are rendered and expenses refl ected when costs are incurred. Cash and Cash Equivalents The Company considers all checking accounts, sweep accounts and money market accounts to be cash and cash equivalents. The Company’s checking and sweep accounts are located with Bank of America. The amount on hand at any one time in any of these accounts may exceed the $250,000 federal insured limit. The Company’s statements of fi nancial position and results of operations are measured using the United States dollar as the functional currency. Accounts Receivables – Net Account receivable are recorded at net realizable value consisting of the carrying amount less the allowance for doubtful accounts. The provision for doubtful debts for the year was nil. TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S UFLEX PACKAGING, REPORT INC. Concentrations UFLEX LIMITED For the year ended March 31, 2009, sales to four customers amounted to $6,627,725 (83% of net revenues). As of March 31, 2009, accounts receivable from these customers was $1,386,836(89% of receivable) Inventories Inventories consisting of merchandise for resale are valued at cost. The value of the inventory as of March 31, 2009 was $2,987,126 and has been certifi ed by management. Revenue Recognition The Company recognizes revenue when products are shipped to customers Property and Equipment Property and Equipment are stated at cost. Depreciation is provided for in amounts suffi cient to relate the cost of depreciable assets to operations over their estimated useful lives by the straight-line method. Depreciation of an asset commences when the asset is put into use. The estimated useful lives of the related assets range from 3 to 10 years. Property and equipment consists of the following : Classifi cation Estimated Life Automobile 5 years Computer 5 years Furniture 7 years Depreciation of $8,143 was provided for the year and this was calculated on a Tax Basis. 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 use assumptions that aff ect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the fi nancial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are often based on judgements, probabilities and assumptions that management believes are reasonable but that are inherently uncertain and unpredictable. As a result, actual results could diff er from those estimates. Management periodically evaluates estimates used in the preparation of the fi nancial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations. Income Taxes The Company has elected for income tax purposes to be taxed as a C Corporation under the provisions of Internal Revenue Code. Provision for federal and state taxes has been recorded based on the Income Tax basis. 3. Capital Structure As of March 31, 2009, the Company had 25,000 Authorized shares of common stock, $10 par value. The Company has 10,000 shares of $10 par value common stock, issued and outstanding, all of the 10,000 shares of $10/- par value common stock, issued and outstanding, are held by UFLEX Limited (Parent Company). 4. Related Party Transactions All the purchases of inventory, made by the Company during the year were from UFLEX Limited, the parent Company. The amount payable to UFLEX Limited as of 31st March, 2009 was $4,323,657. 5. Lease Commitments The Company leases its New Jersey offi ce under a 2 year lease agreement that started on November 1, 2007. The monthly rent under this lease is $2,475. The Company also maintains a guest house for its offi cers. The rent per month under that lease agreement is $ 2,565. The lease was renewed for a period of one year on December 30, 2008. Future lease commitments as of March 31, 2009 are as follows : Operating lease 2009-10 $40,410 TWENTIETH ANNUAL REPORT 2008 - 2009 | 81 | 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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BALANCE SHEET | 26 | UFLEX LIMITED
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DIRECTOR’S UTECH RETAILERS REPORT
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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