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

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DIRECTOR’S FLEX MIDDLE REPORT EAST FZE | 82 | UFLEX LIMITED KSI Shah & Associates Chartered Accountants Suite 1003, Khalid Al Attar Tower, Sh. Zayed Road, P.O. Box: 71241 Dubai - UAE REPORT OF THE AUDITORS TO THE SHAREHOLDER OF FLEX MIDDLE EAST FZE Report on the Financial Statements We have audited the accompanying fi nancial statements of FLEX MIDDLE EAST FZE, which comprises the balance sheet as of 3 I March 2009, and the income statement, statement of changes in equity and cash fl ow statement for the year then ended, and a summary of signifi cant accounting policies and explanatory notes. Directors' Responsibilities for the Financial Statements Directors are responsible for the preparation and fair presentations of these fi nancial statements in accordance with International Financial Reporting Standards and the applicable implementing rules and regulations issued by the Jebel Ali Free Zone Authority. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor's responsibility Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply that ethical requirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the fi nancial statements present fairly, in all material respects, the fi nancial position of establishment as of 31 March 2009 and its fi nancial performance and its cash fl ows for the year then ended in accordance with International Financial Reporting Standards implementing rules and regulations issued by the Jebel Ali Free Zone Authority. Other matters We also confi rm that, in our opinion, proper books of account have been kept by the establishment and the fi nancial statements are in agreement with the books of account. To the best of our knowledge and belief no violations of the Regulation No. I/92 issued by the Jebel Ali Free Zone Authority pursuant to Law No.9 of 1992 have occurred during the year, which would have had a material eff ect on the business of the concern or on its fi nancial position. KSI Shah & Associates Chartered Accountants Dubai 18 June, 2009 TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S FLEX MIDDLE REPORT EAST FZE BALANCE SHEET 31 MARCH, 2009 UFLEX LIMITED 2009 2008 Notes US $ Rs in Lacs US $ Rs in Lacs ASSETS Non-current assets Property, plant & equipment 4 63,632,173 32,280.60 60,514,635 30,699.07 Investment 5 23,000 11.67 – – Other fi nancial assets 6 478,231 242.61 500,963 254.14 Total non current assets Current assets 64,133,404 32,534.88 61,015,598 30,953.21 Inventories 7 4,876,438 2,473.82 6,422,209 3,257.99 Trade & other receivables 8 33,633,759 17,062.41 30,254,162 15,347.94 Prepayments 126,851 64.35 395,370 200.57 Cash & bank balances 9 3,880,259 1,968.46 2,409,372 1,222.27 Total current assets 42,517,307 21,569.04 39,481,113 20,028.77 Total assets EQUITY AND LIABILITIES Shareholder's funds Capital and reserve 106,650,711 54,103.92 100,496,711 50,981.98 Share capital 10 29,234,973 14,830.90 29,234,973 14,830.90 Share application money 64,973 32.96 64,973 32.96 Retained earnings 38,841,688 19,704.39 21,414,161 10,863.40 Proposed dividend – – 1,023,223 519.08 Total shareholder's equity funds 68,141,634 34,568.25 51,737,330 26,246.35 Non current liabilities Current liabilities 11 19,270,283 9,775.81 22,640,087 11,485.32 Term loan 11 4,792,797 2,431.39 – – Trade & other payables 12 14,242,711 7,225.33 22,113,021 11,217.94 Accounts payable 13 203,286 103.13 4,006,273 2,032.38 Total current liabilities 19,238,794 9,759.84 26,119,294 13,250.32 Total equity and liabilities 106,650,711 54,103.91 100,496,711 50,981.98 The accompanying notes 1 to 27 form an integral part of these fi nancial statements. Approved by the Shareholder Company on June 18, 2009 and signed on its behalf by: Sanjay Tiku Pradeep Tyle Chief General Manager All the fi gures have been converted by using the rate of Rs. 50.73/ 1 US$ as on 31.03.2009. Director INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2009 2009 2008 Notes US $ Rs in Lacs US $ Rs in Lacs Revenue Expenditure 14 131,198,669 66,557.08 88,801,247 45,048.87 Cost of materials 15 (76,066,425) (38,588.50) (53,561,090) (27,171.54) Other manufacturing expenses 16 (15,202,250) (7,712.10) (9,072,311) (4,602.38) Payroll and related expenses (3,164,851) (1,605.53) (1,907,264) (967.56) Administrative & selling expenses 17 (11,079,993) (5,620.88) (8,259,914) (4,190.25) Loss on sale of fi xed assets (4,483) (2.27) (13,961) (7.08) Finance cost 18 (2,406,145) (1,220.64) (1,424,771) (722.79) Net profi t for the year 23,274,522 11,807.16 14,561,936 7,387.27 The accompanying notes 1 to 27 form an integral part of these fi nancial statements. TWENTIETH ANNUAL REPORT 2008 - 2009 | 83 | 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 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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UFLEX LIMITED MANAGEMENT DISCUSSION
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