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

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DIRECTOR’S FLEX MIDDLE REPORT EAST FZE | 84 | UFLEX LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2009 Share Capital Share Application money Retained earnings Proposed dividend Total US $ Rs in Lacs US $ Rs in Lacs US $ Rs in Lacs US $ Rs in Lacs US $ Rs in Lacs As at 31 March 2007 21,311,475 10,811.31 98,470 49.95 10,701,951 5,429.10 1,172,132 594.62 33,284,028 16,884.99 Introduced during the year 7,890,001 4,002.60 – – – – – – 7,890,001 4,002.60 Transfer 33,497 16.99 (33,497) (16.99) – – – – – – Proposed dividend – – – – (3,849,726) (1,952.97) 3,849,726 1,952.97 – – Dividend – – – – – – (3,998,635) (2,028.51) (3,998,635) (2,028.51) Net profi t for the year – – – – 14,561,936 7,387.27 – – 14,561,936 7,387.27 As at 31 March 2008 29,234,973 14,830.90 64,973 32.96 21,414,161 10,863.40 1,023,223 519.08 51,737,330 26,246.35 Dividend – – – – (5,846,995) (2,966.18) (1,023,223) (519.08) (6,870,218) (3,485.26) Net profi t for the year – – – – 23,274,522 11,807.17 – – 23,274,522 11,807.17 As at 31 March 2009 29,234,973 14,830.90 64,973 32.96 38,841,688 19,704.39 – – 68,141,634 34,568.25 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2009 2009 2008 NOTES US $ Rs in Lacs US $ Rs in Lacs Cash fl ows from operating activities Net profi t for the year Adjustments for: 23,274,522 11,807.17 14,561,936 7,387.27 Depreciation 2,960,509 1,501.87 2,064,760 1,047.45 Amortization 22,732 11.53 22,753 11.54 Finance cost 2,406,145 1,220.64 1,424,771 722.79 Interest income (7,316) (3.71) (19,420) (9.85) Loss on sale of fi xed assets 4,483 2.27 13,961 7.08 Provision for staff end of service benefi ts (net) 50,192 25.46 8,426 4.27 Operating profi t before working capital changes 28,711,267 14,565.23 18,077,187 9,170.55 (Increase )/Decrease in inventories 1,545,771 784.17 (5,058,741) (2,566.30) (Increase)/Decrease in trade & other receivables 1,944,135 986.26 (18,310,522) (9,288.93) (Increase )/Decrease in prepayments 268,519 136.22 (379,322) (192.43) Increase/(Decrease) in trade and other payables (8,072,964) (4,095.41) 14,502,848 7,357.29 Increase/(Decrease) in capital creditors (3,802,987) (1,929.26) 3,236,930 1,642.09 Cash generated from (used in) operations 20,593,741 10,447.21 12,068,380 6,122.27 Finance cost paid (2,203,491) (1,117.83) (1,424,771) (722.79) Net cash from/ (used in) operating activities Cash fl ows from investing activities 18,390,250 9,329.38 10,643,609 5,399.48 Payments for purchase of property, plant & equipment (11,409,132) (5,787.85) (36,358,071) (18,444.45) Proceeds from sale of property, plant & equipment 2,870 1.46 4,099 2.08 Payments for investment (23,000) (11.67) - - Net placement of term deposits (122,950) (62.37) (44,809) (22.73) Interest received 7,316 3.71 19,420 9.85 Net cash from/ (used in) investing activities Cash fl ows from fi nancing activities (11,544,896) (5,856.72) (36,379,361) (18,455.25) Share capital introduced - - 7,890,001 4,002.60 Proceeds from term loan (net) 1,372,801 696.42 22,609,505 11,469.80 Dividend paid (6,870,218) (3,485.26) (3,998,635) (2,028.51) Net cash from/(used in) fi nancing activities (5,497,417) (2,788.84) 26,500,871 13,443.89 Net increase/(decrease) in cash and cash equivalents 1,347,937 683.81 765,119 388.14 Cash and cash equivalents at beginning of year 2,171,667 1,101.69 1,406,548 713.54 Cash and cash equivalents at end of year 19 3,519,604 1,785.50 2,171,667 1,101.68 The accompanying notes 1 to 27 form an integral part of these fi nancial statements. TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S FLEX MIDDLE REPORT EAST FZE Notes to the Financial Statements For the year ended 31 March 2009 UFLEX LIMITED 1 Legal status and business activity a) FLEX MIDDLE EAST FZE is a limited liability free zone establishment incorporated in the Jebel Ali Free Zone, Dubai, U. A. E. pursuant to law No.9 of 1992 issued by the Ruler of Dubai. b) The parent company is considered to be UFLEX LIMITED, India which a public limited liability company. c) The establishment is engaged in manufacturing of high quality polyester, polyethylene terephthalate, plastic and metalized fi lms and trading in these as well as printing equipment and instruments. 2. Basis of preparation The fi nancial statements have been prepared in accordance with the International Accounting Standards, and applicable requirements of U. A. E. laws. These fi nancial statements have been prepared under the historical cost convention and have been presented in United States Dollar. The preparation of fi nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the establishment's accounting policies. There are no areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are signifi cant to the fi nancial statements. These fi nancial statements contains information about the establishment as an individual establishment and do not contain consolidated fi nancial information of its subsidiary company. The establishment has availed itself of the exemption under lAS 27 "Consolidated Financial Statements and Accounting for Investments in Subsidiaries" from the requirement to prepare consolidated fi nancial statements as it and its subsidiary are included by consolidation in the consolidated fi nancial statements of the parent company. 3. Signifi cant accounting policies The accounting policies in dealing with items that are considered material in relation to the establishment's fi nancial statements are as follows: a) Property, plant & equipment: Properties in the course of construction for production, administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes related expenses of acquisition/construction, professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the establishment's accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Fixtures and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction, over their estimated useful lives, using the straight line method. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the eff ect of any changes in estimate accounted for on a prospective basis. Expenditure incurred to replace a component of an item which increases future economic benefi ts of the related item of property, plant and equipment is capitalized and written off over its estimated useful life. All other expenditure is recognised in the income statement as the expense is incurred. The carrying amounts are reviewed at each balance sheet date to assess whether they are recorded in excess of recoverable amount. Where carrying amount exceeds the recoverable amount, property, plant & equipment are written down to their recoverable amount. b) Other fi nancial assets: Other fi nancial assets, representing operating lease for leased plots of land, are amortized over the lease period. c) Borrowing cost: Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profi t or loss in the period in which they are incurred. d) Inventories: Inventories are stated at the lower of cost and net realisable value. Costs are those expenses incurred in bringing each product to its present location and condition, as follows: TWENTIETH ANNUAL REPORT 2008 - 2009 | 85 | 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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