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

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
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