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

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DIRECTOR’S FLEX MIDDLE REPORT EAST FZE | 86 | UFLEX LIMITED Raw materials and consumables are stated at cost including direct expenses using fi rst in fi rst out method. Finished goods are valued at cost of direct materials and labour plus attributable overheads based on a normal level of activities. Net realisable value is based on estimated selling price less any further costs expected to be incurred on completion and disposal. e) Accounts receivable: An estimate for doubtful debts is made when collection of the full amount is no longer probable and provided for in the accounts. f) Accounts payable and accruals: Liabilities are recognized for amounts to be paid for goods or services received whether invoiced by the supplier or not. g) Staff end-of-services benefi ts: Liability for staff end of service benefi ts, as accrued, is provided for in the accounts as per the local labour laws prevailing in the U.A.E. h) Revenue: Sales represents net amount invoiced for goods supplied during the year, Technical services fees are recognized to the income statement at the time of rendering of technical services. Interest income is recognized as the interest accrues. i) Foreign currency transactions: Transactions in foreign currencies are converted into US Dollars at the rate of exchange ruling on the date of the transaction. Assets and liabilities expressed in foreign currencies are translated into US Dollars at the rate of exchange ruling at the Balance Sheet date. Gains/losses arising from the foreign currency transactions are taken to the income statement. j) Cash and cash equivalents: Cash and cash equivalents for the purpose of the cash fl ow statement comprise cash on hand, bank current accounts, deposits free of encumbrance with a maturity date of three months or less from the date of deposit and highly liquid investments with a maturity date of three months or less from the date of investment. k) Financial instruments: Financial assets and fi nancial liabilities are recognised when, and only when, the establishment becomes a party to the contractual provisions of the instrument. Financial assets are de-recognised when, and only when, the contractual rights to receive cash fl ows expire or when substantially all the risks and rewards of ownership have been transferred. Financial liabilities are de-recognised when, and only when, they are extinguished, cancelled or expired. Current and non-current assets that have fi xed or determinable payments and for which there is no active market which comprise trade and other receivables are stated at cost less any write down for impairment losses plus reversals of impairment losses. Impairment losses and reversals thereof are recognised in the income statement. Current and non-current fi nancial liabilities, which comprise bank borrowings, trade and other payables are measured at cost or, if the impact is material, at amortised cost. TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S FLEX MIDDLE REPORT EAST FZE UFLEX LIMITED Opening Balance Additions Transfer/ Disposals Closing Balance US$. Rs. in Lacs US$ Rs. in Lacs US$ Rs. in Lacs US$ Rs. in Lacs 4. Property, plant & equipment Cost Lease hold land @ Capital advances: – – 9,771,098 4,956.88 – – 9,771,098 4,956.88 - Machinery and equipment # Buildings: 5,323,732 2,700.73 – – (5,323,732) (2,700.73) – – - Staff accommodation * 1,278,162 648.41 – – – – 1,278,162 648.41 - Factory and administrative~ 7,146,505 3,625.42 6,831 3.47 – – 7,153,336 3,628.89 Machinery & equipment 50,763,982 25,752.57 1,611,020 817.27 – – 52,375,002 26,569.84 Furniture, fi xtures & offi ce equipment 270,672 137.31 20,183 10.24 – – 290,855 147.55 Vehicles 149,180 75.68 – – (10,383) (5.27) 138,797 70.41 Total Cost Depreciation 64,932,233 32,940.12 11,409,132 5,787.86 (5,334,115) (2,706.00) 71,007,250 36.021.98 Lease hold land Capital advances: – – – – – – – – - Machinery and equipment Buildings: – – – – – – – – - Staff accommodation 41,668 21.14 20,834 10.57 – – 62,502 31.71 - Factory and administrative 313,085 158.83 235,631 119.54 – – 548,716 278.36 Machinery & equipment 3,975,533 2,016.79 2,665,547 1,352.23 – – 6,641,080 3.369.02 Furniture, fi xtures & offi ce equipment 63,398 32.16 25,011 12.69 – – 88,409 44.85 Vehicles 23,914 12.13 13,486 6.84 (3,030) (1.54) 34,370 17.44 Total Depreciation Net book value 4,417,598 2,241.05 2,960,509 1,501.87 (3,030) (1.54) 7,375,077 33,741.38 Lease hold land Capital advances: – – – – – – 9,771,098 4,956.88 - Machinery and equipment Buildings: 5,323,732 2,700.73 – – – – – – - Staff accommodation 1,236,494 627.27 – – – – 1,215,660 616.70 - Factory and administrative 6,833,420 3,469.59 – – – – 6,604,620 3,350.52 Machinery & equipment 46,788,449 23,735.78 – – – – 45,733,922 23,200.82 Furniture, fi xtures & offi ce equipment 207,274 105.15 – – – – 202,446 102.70 Vehicles 125,266 63.55 – – – – 104,427 52.98 Total Net book value 60,514,635 30,699.07 – – – – 63,632,173 32,280.60 @ Land measuring 21,576 sq. ft. is acquired on 50 years renewable lease in Jebel Ali Industrial area for workers accommodation. # Transferred to an overseas legal entity in the name Flex P Films Egypt S.A. E., refer note 5 and 22 ~ Constructed on Ieased plot of land in Jebel Ali Free Zone. * Constructed on leased plot of land in the emirate of Dubai (refer note 6). TWENTIETH ANNUAL REPORT 2008 - 2009 | 87 | 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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CASH FLOW STATEMENT | 28 | UFLEX LI
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SCHEDULES | 30 | UFLEX LIMITED TWEN
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DIRECTOR’S AKC DEVELOPERS REPORT
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