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Uflex Ltd

BSE Code : 500148 | NSE Symbol : UFLEX | ISIN:INE516A01017| SECTOR : Packaging |

NSE BSE
 
SMC down arrow

498.90

-20.65 (-3.97%) Volume 280564

26-Nov-2021 EOD

Prev. Close

519.55

Open Price

510.00

Bid Price (QTY)

498.90(51)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 521.50 - 496.00

52 wk High/Low 658.00 - 337.55

Key Stats

MARKET CAP (RS CR) 3602.2
P/E 16.8
BOOK VALUE (RS) 352.5868993
DIV (%) 25
MARKET LOT 1
EPS (TTM) 29.7
PRICE/BOOK 1.41482851742473
DIV YIELD.(%) 0.5
FACE VALUE (RS) 10
DELIVERABLES (%) 37.71
4

News & Announcements

25-Nov-2021

Uflex Ltd - UFLEX Limited - Loss of Share Certificates

22-Nov-2021

Uflex Ltd - UFLEX Limited - Loss of Share Certificates

16-Nov-2021

Uflex Ltd - UFLEX Limited - Loss of Share Certificates

03-Nov-2021

Uflex consolidated net profit declines 23.03% in the September 2021 quarter

27-Oct-2021

Uflex to declare Quarterly Result

24-Aug-2021

Uflex to convene AGM

06-Aug-2021

Uflex announces board meeting date

03-Aug-2021

Uflex announces cessation of director

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
A and M Jumbo Bags Ltd 535046 AMJUMBO
Aditya Polymers Ltd 514338
Ador Technopak Ltd(merged) 516076
Akar Laminators Ltd 500005 AKARLAMIN
Akar Polymatik Ltd (Merged) 516056
AMD Industries Ltd 532828 AMDIND
Anuroop Packaging Ltd 542865
ARM Polymers Ltd 514396
Arun Mantex Ltd 514340
Ashok Polymers Ltd 40470
Asian Closures Ltd 513279
Asian Consolidated Industries Ltd 500022 ASIANCONSO
Avon Industries Ltd 523531 AVONIND
B & A Packaging India Ltd 523186
Balmer Lawrie Freight Containers Ltd 500037
Balmer Lawrie Vanleer Ltd 505864
Baroda Polyplast Ltd 514346
Biax Ltd (Merged) 523393 BIAX
Bilcare Ltd 526853
BKM Industries Ltd 539043 BKMINDST
Canbay Polyfilms Ltd (Wound-up) 526658
CDG Petchem Ltd 534796
Commercial Syn Bags Ltd 539986
Consolidated Containers (India) Ltd 526147
Control Print Ltd 522295 CONTROLPR
Cosmo Films Ltd 508814 COSMOFILMS
D.K. Enterprises Global Ltd 535407 DKEGL
Duck Tarpaulins Ltd 512620
Duropack Ltd 526355
Eastern Synpacks Ltd 40201
Ecoplast Ltd 526703
Emmbi Industries Ltd 533161 EMMBI
EPL Ltd 500135 EPL
Ester Industries Ltd 500136 ESTER
Everest Kanto Cylinder Ltd 532684 EKC
Expo Gas Containers Ltd 526614
FCL Technologies & Products Ltd(merged) 524600 FLEXCHEM
Flexituff Ventures International Ltd 533638 FLEXITUFF
G. Claridge & Co Ltd 509545
Galore Prints Industries Ltd 526679
Garware Hi Tech Films Ltd 500655 GARWARPOLY
Gilt Pack Ltd 507711
Glory Films Ltd 532857 GLORY
Gold Earth Bio-tech Limited 530767
Greenfield Corp Ltd 531912
Gujarat Containers Ltd 513507
Gujarat Polyweave Ltd (Wound Up) 507764
Gujarat Propack Ltd (Merged) 507790
Gujarat Raffia Industries Ltd 523836 GUJRAFFIA
Gulabdas Flexipack Industries Ltd 530685
Harsh Polymers(India) Ltd 514370
HCP Plastene Bulkpack Ltd 526717
Him Containers Ltd 523535
Hindustan Adhesives Ltd 514428
Hindustan Tin Works Ltd 530315 HINDTINWRK
Hitech Corporation Ltd 526217 HITECHCORP
Hitkari Industries Ltd 530633
Hoysala Blow Moulders (India) Ltd 507906
HSIL Ltd 500187 HSIL
Huhtamaki India Ltd 509820 HUHTAMAKI
India Containers Ltd 40218
Inditalia Refcon Ltd 517526
Jalpac India Ltd 523230
JCL Ltd 530335
Jhaveri Flexo India Ltd 507796
Jindal Poly Films Ltd 500227 JINDALPOLY
JMDE Packaging & Realties Ltd 524378
Jumbo Bag Ltd 516078 JUMBO
Kailash Structurals Ltd 40210
Kaira Can Company Ltd 504840
Kanpur Plastipack Ltd 507779 KANPRPLA
Kanpur Plastipack Ltd Partly Paid Up 890143
Karan Industries Ltd 514390
Karnavati Alfa International Ltd 526451
Karur KCP Packkagings Ltd 531363 KARURKCP
KLJ Plastics Ltd 526257
Kuwer Industries Ltd 530421
Leela Packaging Ltd 523884
Magnum Polymers (India) Ltd 40182
Mahip Industries Ltd 542503
Maniyar Plast Ltd 526321
Manjushree Technopack Ltd 532950 MANJUSHREE
Maruti Plastics Ltd 519341
Marvel Industries Ltd 532073
Metal Box India Ltd 504838
Mewar Polytex Ltd 531236
Midland Plastics Ltd 523698
Midland Polymers Ltd 531597
MLG Industries Ltd 513619
Morgan Industries Ltd 523564
MTZ Polyfilms Ltd 512424
Nahar Polyfilms Ltd 523391 NAHARPOLY
Natco Polyplast Ltd 526743
Neo Corp International Ltd 523820 NEOCORP
New Plastomers India Ltd 526777
Numech Emballage Ltd 507884
Oberoi Plastics Ltd (Wound-up) 526803
Ocean Agro (India) Ltd 519491
Oricon Enterprises Ltd 513121 ORICONENT
Orient Press Ltd 526325 ORIENTLTD
Packtech Industries Ltd 523702
Panjwani Packaging Ltd 523584
Pankaj Polymers Ltd 531280
Paramount Printpackaging Ltd 533399 PARAPRINT
PCI Papers Ltd 40460
Perfectpac Ltd 526435
Pithampur Poly Products Ltd 530683
Planters Polysack Ltd 523105
Point Plast Ltd 526053
Polyplex Corporation Ltd 524051 POLYPLEX
Polyspin Exports Ltd 539354
Poysha Industrial Company Ltd 504887
Pressure Sensitive Systems (India) Ltd 526773
Prestige HM-Polycontainers Ltd 507707
Prudential Polywebs Ltd 526023
Purity Flex Pack Ltd 523315
Pushpa Packages Ltd 40254
Quantum Digital Vision India Ltd 530281
Radiant Rotogravure Ltd 531526
Raj Packaging Industries Ltd 530111
Rajeshwari Cans Ltd 543285
Rajshree Polypack Ltd 535109 RPPL
Ras Extrusions Ltd (Merged) 523780
Ras Propack Lamipack Ltd (Merged) 500361 RASLAMIPAK
Rasik Plast Ltd 526552
Rathi Graphic Technologies Ltd 524610
Rishi Techtex Ltd 523021 RISHIPACK
Rollatainers Ltd 502448 ROLLT
Rotoflex Industries Ltd 526903
Safepack Polymers Ltd (Wound-up) 523090
Salguti Industries Ltd 526554
Shaan Interwell (India) Ltd 514458 SHAANINTER
Sharp Industries Ltd 523359
Shatranjay Extrusions Ltd 513476
Shetron Ltd 526137 SHETRON
Shree Rama Multi-Tech Ltd 532310 SHREERAMA
Shree Tirupati Balajee FIBC Ltd 535013 TIRUPATI
Shri Jagdamba Polymers Ltd 512453
Siltap Chemicals Ltd (Merged) 507777 SILTAPCHEM
Sonal Adhesives Ltd 526901
Stanpacks (India) Ltd 530931
Suniti Commercials Ltd 512357
Suprapti Plastics Ltd 530539
Supreme Oriented Films Ltd (Merged) 523273
Sushil Packaging (India) Ltd 516094
TCPL Packaging Ltd 523301 TCPLPACK
Texel Industries Ltd 526638
Texel Industries Ltd Partly PaidUp 890155
Texplast Industries Ltd 530635
TPI India Ltd 500421 TPINDIA
TPL Plastech Ltd 526582 TPLPLASTEH
Trans Asia Packaging Ltd (Merged) 523402
Trans Freight Containers Ltd 513063 TRANSFREIT
Ushma Polymers Ltd 514372
Uvifort Metallizers Ltd (Merged) 523481
Vallabha Poly-Plast International Ltd 530403
Varun Seacon Ltd (Wound Up) 526297 VARUNSEA
Venlon Enterprises Ltd 524038 VENLONPOLY
Victory Laminations Ltd 40202
Virgo Polymers (India) Ltd 531282
Volplast Ltd 531922
Waaree Technologies Ltd 539337
Wilwayfort India Ltd 530293
Wopolin Plastics Ltd 509419 WOPOLIN
Yashraj Containeurs Ltd 530063

Share Holding

Category No. of shares Percentage
Total Foreign 16864912 23.36
Total Institutions 826330 1.15
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 10632107 14.72
Total Promoters 31784239 44.02
Total Public & others 12103898 16.77
Total 72211486 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Uflex Ltd

Uflex Ltd, the flagship company of the Flex group is an India-based flexible packaging company. The flexible packaging business consists of multi-layer laminated rolls of plastics, paper, cloth or metal foils that are used separately or in combination for various packaging applications. The company also manufactures printing ink and adhesives. Flex Middle East FZE, UAE; UFlex Europe Limited, UK; UFlex Packaging Inc., USA; UPET Holdings Ltd., Mauritius; UTech Developers Limited, India and USC Holograms Pvt. Ltd., India are Subsidiary Companies u/s 2(87) of the Companies Act, 2013. Digicyl Pte. Limited, Singapore has been incorporated as Wholly Owned Subsidiary of the Company during the year 2018. Further, UPET (Singapore) Pte. Ltd., Singapore; Flex Americas, S.A. de C.V., Mexico; Flex P Films (Egypt) S.A.E, Egypt; Flex Films Europa Sp.zo.o., Poland; Flex Films (USA) Inc.; and SD Buildwell Pvt. Ltd. are step-down subsidiaries of the Company. Refex Energy (Rajasthan) P Ltd and Bundelkhand Projects Pvt. Ltd ceased to be step Subsidiaries of the Company w.e.f. 31st May 2017. Uflex Ltd was incorporated in the year June 21st, 1988, with the name Flex Industries Ltd. In the year 1989, Flex Laminators and Flex Papers were merged with the company. In November 1994, the company launched the operation of first line for the production of BOPET films with the capacity of 20,000 TPA. In January 1996, they launched the operation of second line for the production of BOPET films with the capacity of 20,000 TPA and in June 1996, they launched the operation of the first line for production of BOPP films with the capacity of 20,000 TPA. In January 1997, they started the commercial production of Polyethylene Teraphthalate chips. In June 2001, the company formed a wholly owned subsidiary company, namely Uflex America, located in North Carolina, USA. In July 2002, they installed the first Metallizer with a capacity of 6000 TPA and in March 2003, they installed cast polypropylene film line for producing CPP films with a capacity of 6000 TPA. In October 2003, they installed the second Metallizer with the capacity of 6000 TPA. In December 2003, the company launched the operation of the second line for the production of BOPP Films with a capacity of 15,000 TPA and in April 2004, they launched the operation of the third line for the production of BOPET Films with a capacity of 20,000 TPA. During the year 2004-05, Flex Middle East FZE and Flex Europe Pvt Ltd became the subsidiary companies of the company. In July 2004, the company installed the third Metallizer with a capacity of 6000 TPA in Jabel Ali Free Zone, UAE and in March 2005; they set up a state-of-art polyester line with a capacity of 20,000 TPA in Jabel Ali Fee Zone. In July 2005, the company installed the fourth Metallizer with plasma treatment facility with a capacity of 6000 TPA. During the year 2006-07, Flex Securities Ltd, Flex Engineering Ltd and FCL Technologies and Products Ltd merged with the company with effect from December 4, 2006. Also, the name of the company was changed from Flex Industries Ltd to Uflex Ltd. In October 2007, the company launched the operations of fifth line, 8.7 mtr wide for the production of BOPET Films with a capacity of 25000 MT/annum in Flex Middle East FZE, Dubai. Also, they launched the operations of 1.85 mtr wide Thermal Lamination Machine for the production of Thermal Lam BOPP Film with a capacity of 3600 TPA. The company set up the facilities to product flexible packaging materials with installed capacity of 12,000 TPA and Holographic materials with an installed capacity of 1600 MT per annum at Bari Brahmana in Jammu & Kashmir, which started their production from April 2008. The company is in the process of setting up Distillery Project near Aligarh in the State of Uttar Pradesh with an initialed capacity of 90 KL per day. Also, the company has decided to set up two line of PET film with a capacity of 26,400 MT each, aggregating to total capacity of 52,800 MT through a wholly owned subsidiary company. In April 2009, the company sold and transferred 51% of the holdings of UBIO Chemicals Ltd to the third party in terms of share purchase agreement dated March 30, 2009. Further, balance 49% of the shareholding of UBIO Chemicals Ltd will also be transferred in due course of time in terms of the said Share Purchase Agreement or any amendment thereof. In 2016 Uflex Limited and WaveFront Technology Inc. announced an extension of their existing alliance in India to bring manufacturing of Fresnel lens packaging films to Europe. The set up operates within Flex Films Europa Sp. Z O.O's (subsidiary company of Uflex) facility in Wrzesnia, Poland with WaveFront Technology Europe leading the sales & marketing activities. The concept of Design-Develop-Deliver the Fresnel Lens Packaging films in Europe derives its strength by working with Flex Films in Poland and by utilizing the holographic skills and capabilities of Uflex. At DRUPA 2016, Uflex shook hands with Italian firm Comiflex to manufacture C.I. Flexo printing Machines under a Technology Transfer Agreement with the latter at Uflex's manufacturing plant in Noida (India). While Uflex is commended for its engineering/ manufacturing capabilities, Comiflex SRL is a renowned entity in the field of designing and producing high quality C.I. Flexo Machines. This alliance is therefore being seen as the marriage between Technology of Comiflex and Manufacturing Prowess of Uflex and is progressing very well. All technical designs and drawings from Comiflex have been transferred to the design department of Uflex and team is now assembling the first 1.3 meter web, 8 color, central drum CI Flexo printing Machine in Noida that is being designed to operate at a speed of 400 meters per minute. In September 2016, Uflex launched ESL Aseptic Flexi-pouch Machine for packaging milk in a pouch made from five to seven layered extruded/blown polyethylene films with strong barrier properties including a black layer for U.V. protection. This solution extends the shelf life of milk up to 90 days. Uflex is the only company in India to manufacture this kind of sophisticated machines. As a fully integrated packaging solution provider, it offers the especially extruded/blown film too. During the Year, Flex P. Films (Brasil) Comercio De Films Plasticos Ltda was ceased to be a wholly owned subsidiary company with effect from 28th March 2017. In year 2017, the Company shook hands with Ms. Think Lab, Japan and set up a Fully Automatic Robotic Laser Engraving Line for manufacturing rotogravure cylinders at the Noida facility. The robotic laser engraving line has reduced the cumbersome process of manufacturing rotogravure-printing cylinders to a single operator job. While over 200 cylinders are manufactured per day using the conventional process at Uflex, through the robotic laser engraving line spread in approximately 1/10th of the entire cylinder manufacturing shop floor area at Noida, a single operator can produce additional 60 cylinders per day.

Uflex Ltd Chairman Speech

Uflex Ltd Company History

Uflex Ltd, the flagship company of the Flex group is an India-based flexible packaging company. The flexible packaging business consists of multi-layer laminated rolls of plastics, paper, cloth or metal foils that are used separately or in combination for various packaging applications. The company also manufactures printing ink and adhesives. Flex Middle East FZE, UAE; UFlex Europe Limited, UK; UFlex Packaging Inc., USA; UPET Holdings Ltd., Mauritius; UTech Developers Limited, India and USC Holograms Pvt. Ltd., India are Subsidiary Companies u/s 2(87) of the Companies Act, 2013. Digicyl Pte. Limited, Singapore has been incorporated as Wholly Owned Subsidiary of the Company during the year 2018. Further, UPET (Singapore) Pte. Ltd., Singapore; Flex Americas, S.A. de C.V., Mexico; Flex P Films (Egypt) S.A.E, Egypt; Flex Films Europa Sp.zo.o., Poland; Flex Films (USA) Inc.; and SD Buildwell Pvt. Ltd. are step-down subsidiaries of the Company. Refex Energy (Rajasthan) P Ltd and Bundelkhand Projects Pvt. Ltd ceased to be step Subsidiaries of the Company w.e.f. 31st May 2017. Uflex Ltd was incorporated in the year June 21st, 1988, with the name Flex Industries Ltd. In the year 1989, Flex Laminators and Flex Papers were merged with the company. In November 1994, the company launched the operation of first line for the production of BOPET films with the capacity of 20,000 TPA. In January 1996, they launched the operation of second line for the production of BOPET films with the capacity of 20,000 TPA and in June 1996, they launched the operation of the first line for production of BOPP films with the capacity of 20,000 TPA. In January 1997, they started the commercial production of Polyethylene Teraphthalate chips. In June 2001, the company formed a wholly owned subsidiary company, namely Uflex America, located in North Carolina, USA. In July 2002, they installed the first Metallizer with a capacity of 6000 TPA and in March 2003, they installed cast polypropylene film line for producing CPP films with a capacity of 6000 TPA. In October 2003, they installed the second Metallizer with the capacity of 6000 TPA. In December 2003, the company launched the operation of the second line for the production of BOPP Films with a capacity of 15,000 TPA and in April 2004, they launched the operation of the third line for the production of BOPET Films with a capacity of 20,000 TPA. During the year 2004-05, Flex Middle East FZE and Flex Europe Pvt Ltd became the subsidiary companies of the company. In July 2004, the company installed the third Metallizer with a capacity of 6000 TPA in Jabel Ali Free Zone, UAE and in March 2005; they set up a state-of-art polyester line with a capacity of 20,000 TPA in Jabel Ali Fee Zone. In July 2005, the company installed the fourth Metallizer with plasma treatment facility with a capacity of 6000 TPA. During the year 2006-07, Flex Securities Ltd, Flex Engineering Ltd and FCL Technologies and Products Ltd merged with the company with effect from December 4, 2006. Also, the name of the company was changed from Flex Industries Ltd to Uflex Ltd. In October 2007, the company launched the operations of fifth line, 8.7 mtr wide for the production of BOPET Films with a capacity of 25000 MT/annum in Flex Middle East FZE, Dubai. Also, they launched the operations of 1.85 mtr wide Thermal Lamination Machine for the production of Thermal Lam BOPP Film with a capacity of 3600 TPA. The company set up the facilities to product flexible packaging materials with installed capacity of 12,000 TPA and Holographic materials with an installed capacity of 1600 MT per annum at Bari Brahmana in Jammu & Kashmir, which started their production from April 2008. The company is in the process of setting up Distillery Project near Aligarh in the State of Uttar Pradesh with an initialed capacity of 90 KL per day. Also, the company has decided to set up two line of PET film with a capacity of 26,400 MT each, aggregating to total capacity of 52,800 MT through a wholly owned subsidiary company. In April 2009, the company sold and transferred 51% of the holdings of UBIO Chemicals Ltd to the third party in terms of share purchase agreement dated March 30, 2009. Further, balance 49% of the shareholding of UBIO Chemicals Ltd will also be transferred in due course of time in terms of the said Share Purchase Agreement or any amendment thereof. In 2016 Uflex Limited and WaveFront Technology Inc. announced an extension of their existing alliance in India to bring manufacturing of Fresnel lens packaging films to Europe. The set up operates within Flex Films Europa Sp. Z O.O's (subsidiary company of Uflex) facility in Wrzesnia, Poland with WaveFront Technology Europe leading the sales & marketing activities. The concept of Design-Develop-Deliver the Fresnel Lens Packaging films in Europe derives its strength by working with Flex Films in Poland and by utilizing the holographic skills and capabilities of Uflex. At DRUPA 2016, Uflex shook hands with Italian firm Comiflex to manufacture C.I. Flexo printing Machines under a Technology Transfer Agreement with the latter at Uflex's manufacturing plant in Noida (India). While Uflex is commended for its engineering/ manufacturing capabilities, Comiflex SRL is a renowned entity in the field of designing and producing high quality C.I. Flexo Machines. This alliance is therefore being seen as the marriage between Technology of Comiflex and Manufacturing Prowess of Uflex and is progressing very well. All technical designs and drawings from Comiflex have been transferred to the design department of Uflex and team is now assembling the first 1.3 meter web, 8 color, central drum CI Flexo printing Machine in Noida that is being designed to operate at a speed of 400 meters per minute. In September 2016, Uflex launched ESL Aseptic Flexi-pouch Machine for packaging milk in a pouch made from five to seven layered extruded/blown polyethylene films with strong barrier properties including a black layer for U.V. protection. This solution extends the shelf life of milk up to 90 days. Uflex is the only company in India to manufacture this kind of sophisticated machines. As a fully integrated packaging solution provider, it offers the especially extruded/blown film too. During the Year, Flex P. Films (Brasil) Comercio De Films Plasticos Ltda was ceased to be a wholly owned subsidiary company with effect from 28th March 2017. In year 2017, the Company shook hands with Ms. Think Lab, Japan and set up a Fully Automatic Robotic Laser Engraving Line for manufacturing rotogravure cylinders at the Noida facility. The robotic laser engraving line has reduced the cumbersome process of manufacturing rotogravure-printing cylinders to a single operator job. While over 200 cylinders are manufactured per day using the conventional process at Uflex, through the robotic laser engraving line spread in approximately 1/10th of the entire cylinder manufacturing shop floor area at Noida, a single operator can produce additional 60 cylinders per day.

Uflex Ltd Directors Reports

To the Members,

Your Directors have the pleasure of presenting this Thirty First Annual Report together with the Standalone & Consolidated Audited Financial Statements of the Company for the Financial Year ended 31st March, 2020.

FINANCIAL RESULTS

The summarized financial results for the year ended 31st March, 2020 and for the previous year ended 31st March, 2019 are as follows:

[Rs. in Crores]

Consolidated Year Ended Standalone Year Ended
2020 2019 2020 2019
Revenue from Operations 7404.84 7957.22 4069.71 4220.97
Other Income 28.46 20.71 82.65 21.55
Share in Profit of Associates for the Year 3.2 5.2 -- --
Share in (Loss) of Joint Venture for the Year (4.88) (8.33) -- --
Total Income 7431.62 7974.8 4152.36 4242.52
Profit before Finance Cost, Depreciation & Tax 1108.84 1007.53 616.42 480.57
Finance Cost 224.79 217.93 172.89 167.94
Depreciation 403.19 380.85 261.36 239.93
Profit before Tax 480.85 408.75 182.17 72.70
Less: Tax Expenses 109.98 93.54 38.90 21.04
Profit for the year before Minority Interest 370.87 315.21 143.27 51.66
Non Controlling Interest (1.06) (1.38) -- --
Profit for the year 369.82 313.84 143.27 51.66
Total Other Comprehensive Income for the Year 38.53 26.91 (12.07) -7.25
Total Comprehensive Income for the Year 408.35 340.75 131.20 44.41

During the year under review, your Company has achieved consolidated total income and net profit of Rs. 7431.62 crore and Rs. 369.82 crore respectively as against total income and net profit of Rs. 7974.80 crore and Rs. 313.84 crore respectively during the previous financial year ended 31st March, 2019.

Further, your Company has achieved standalone total income of Rs. 4152.36 and net profit of Rs 143.27 crore as against total income of Rs. 4242.52 crore and net profit of Rs. 51.66 crore during the previous financial year ended 31st March, 2019.

The Details of financial performance of all subsidiaries and associates are contained in Note No. 45 of the Notes to Accounts to the Consolidated Financial Statements.

The outbreak of coronavirus disease 2019 (COVID-19) has created an unprecedented global health crisis that has a deep impact on the businesses and economy. Uflex operates in multiple countries across the globe - both in terms of its manufacturing operations and the markets for its products and all these countries had imposed lockdowns of varying types aimed at containing the spread of the virus. Given that Uflex business is manufacturing of Flexible Packaging Films and Flexible Packaging, which is predominantly used in food and Pharma packaging, all out efl'orts were being made by all countries to ensure the adequate supply of food and medicines to the public, which was made possible only due to seamless continued operations of packaging industry. While Uflex did face initial administrative and supply chain challenges in some countries during initial lockdown period but there was no impact on its overall production and sales volumes during the quarter, which grew in Quarter 4 over the sequential quarter. While Uflex believes that its business will continue to remain unscathed by the pandemic as it continues to witness higher demand for its products globally so far in FY 2021, there could be uncertainties in the future due to underlying developments w.r.t COVID 19, which are difficult to predict.

TRANSFER OF UNCLAIMED DIVIDEND TO

AUTHORITY

An amount of Rs. 13,40,414/- (Thirteen Lac Forty Thousand Four Hundred Fourteen Only) was transferred to Investor Education and Protection Fund (lEPF) during the year under review.

TRANSFER OF UNCLAIMED SHARES TO AUTHORITY

As per the Provision of Section 124(6) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended from time to time, the Company has transferred 670207 (Six Lac Seventy Thousand Two Hundred Seven Only) Equity Shares on which Dividend was not paid/claimed for more than seven years, to the Investor Education and Protection Fund (lEPF) during the year under review.

DIVIDEND

Your Directors are pleased to recommend a dividend @ Rs. 2.00 (Rupees Two only) per share for the financial year ended 31st March 2020 after considering future needs of the company for growth.

The dividend, if approved at the forthcoming Annual General Meeting will be paid to Members whose names appear in the Register of Members as on 10th September, 2020. In respect of shares held in dematerialized form, it will be paid to those Members whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited as beneficial owner.

CHANGE IN NATURE OF BUSINESS

There is no change in the nature of business of the Company.

SHARE CAPITAL

The paid-up equity share capital outstanding as on 31st March, 2020 was Rs. 72.21 Crore. During the year under review, the Company has neither issued Shares with Differential Voting Rights nor granted Stock Options nor Sweat Equity.

As on 31st March, 2020 none of the Directors of the Company except the following, held shares or convertible instruments of the Company:

Shri Ashok Chaturvedi, Chairman & 5,02,533 Equity Shares Managing Director

FIXED DEPOSITS

The company neither had any fixed deposits outstanding as on 31st March 2020 nor fresh/renewal of deposits were accepted during the financial year 2019-2020. There were no unclaimed deposits as on 31st March 2020.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

None of the directors of the company are disqualified under the provisions of the Companies Act, 2013 ('Act') or under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

There is no change in composition of the Board of Directors of the Company. However, in accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Shri Ashok Chaturvedi, Chairman and Managing Director (DIN: 0023452) of the Company retires by rotation and being eligible, officers himself for re-appointment.

All Independent Directors of your Company have given declarations confirming that they meet the criteria of Independence as prescribed both under the Act and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

RELATIONSHIP BETWEEN DIRECTORS INTER-SE

None of the Directors are related to each other within the meaning of the term "relative" as per Section 2(77) of the Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT

On the basis of representations received from the Executives of the Company, subject to disclosures in the Annual Accounts and also on the basis of the discussion with the Statutory Auditors/Internal Auditors of the Company from time to time, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual accounts for the year ended 31s' March, 2020, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that the Company has selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2020 and of the Profit of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the annual accounts have been prepared on a going concern basis;

e. that proper Internal Financial Controls were in place and that the financial controls were adequate and were operating effectively.

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

The Company's Internal Auditors conducted periodic audits to provide reasonable assurance that the Company's established policies and procedures are followed. The Audit Committee constituted by the Board reviewed the internal controls and financial reporting issues with Internal Auditors and Statutory Auditors.

STATUTORY AUDIT & AUDITORS

There is no change in Statutory Auditors. M/s. KAAP & Associates, Chartered Accountants (Firm Registration No. 019416N), will continue as the Statutory Auditors of the Company as appointed for a term of five consecutive years from the conclusion of 28th Annual General Meeting till the conclusion of 33rd Annual General Meeting of the Company pursuant to Section 139 of the Companies Act, 2013.

The Report given by M/s. KAAP & Associates, Chartered Accountants (Firm Registration No. 019416N), Statutory Auditors on the financial statement of the Company for the year 2019-20 is part of the Annual Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report.

During the year under review, the Auditors has not reported any matter under section 143 (12) of the Act, therefore, no details is required to be disclosed in the Boards Report.

The Report of the Auditors on the financial statements including relevant notes on the accounts for the Financial

Year ended 31st March, 2020 are self-explanatory and therefore do not call for any further comments.

COST AUDITORS

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such accounts are made and records have been maintained every year.

The Board of Directors of your Company has re-appointed M/s. Jitender, Navneet & Co., Delhi, Cost Accountants (Firm Registration No.00119) as Cost Auditors of the Company for the financial year 2020-2021.

SECRETARIAL AUDITORS

The Board has re-appointed M/s Mahesh Gupta & Co., Practicing Company Secretaries, Delhi as Secretarial Auditor pursuant to the provisions of Section 204 of the Companies Act, 2013. The Report of the Secretarial Auditor is annexed to the Report as per Annexure - ‘A'.

SUBSIDIARY COMPANIES

Flex Middle East FZE, UAE, UFlex Europe Limited, UK, UFlex Packaging Inc., USA, UPET Holdings Limited, Mauritius, LLC Flex Chemicals Private Limited, Russia, and USC Holograms Pvt. Ltd., India are Subsidiary Companies u/s 2(87) of the Companies Act, 2013. UTech Developers Limited, alongwith it's subsidiary SD Buildwell Private Limited ceased to be subsidiary of the Company w.e.f. 3rd October, 2019.

Further, Flex Americas S.A. De C.V., Mexico , Flex P. Films (Egypt) S.A.E, Arab Republic of Egypt, Flex Films (USA) Inc. , USA, Flex Films Europa Sp. Zo.o., Poland, UPET (Singapore) Pte. Limited, Singapore, Flex Films Africa Private Limited, Nigeria, Flex Films Rus, LLC, Russia and Flex Films Europa Korlatolt Feleossegu Tarsasag, Hungary are step-down subsidiaries of the Company. Digicyl Pte. Limited, Singapore and Digicyl Limited, Israel are JV of the Company.

In accordance with the General Circular issued by the Ministry of Corporate Afl'airs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company, who may be interested in obtaining the same. The annual accounts of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company. The Consolidated Financial Statements presented by the Company include the financial results of its Subsidiary Companies & Associate Companies.

Financial position of each of the Subsidiaries is provided in a separate statement attached to the Financial Statement pursuant to first proviso to Section 129(3) of the Companies Act, 2013.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are prepared in accordance with relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of India and forms an integral part of this Report.

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of Subsidiaries/Associate Companies/Joint Ventures is given at note No. 46 of the Consolidated Financial Statements in Form AOC-1 and thus forms an integral part of this Report.

CORPORATE SOCIAL RESPONSIBILITY

In accordance with the requirements of Section 135 of Companies Act, 2013, your Company has a Corporate Social Responsibility (CSR) Committee, which comprises Smt. Indu Liberhan, Chairperson; Shri Achintya Karati, Member and Shri Amitava Ray, Member. The terms of reference of the Corporate Social Responsibility (CSR) Committee is provided in the Corporate Governance Report. Your Company has also formulated a Corporate Social Responsibility Policy (CSR Policy) which is available on the website of the Company at http://www. uflexltd.com/pdf/Policies/UFLEX-CSR-Policy.PDF

Annual report on CSR activities and initiatives taken as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended as ANNEXURE -‘B' and forms integral part of this Report.

Company considers social responsibility as an integral part of its business activities and endeavors to utilize allocable CSR budget for the benefit of the society and environment. During the Financial Year 2019-2020, the Company was to undertake CSR Activities of an amount of Rs.279.91 Lacs based on the average profits of the three preceding financial years. However, the Company has spent only Rs. 68.90 Lacs upto 31st March, 2020. The balance amount of Rs.211.01 Lacs, could not be spent as the Company was not able to identify meaningful CSR interventions.

CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges.

A separate Report on Corporate Governance along with Report on Management Discussion and Analysis is enclosed as part of this Report as ANNEXURE - ‘C' & ‘D' and forms an Integral Part of this Report

DISCLOSURE UNDER COMPANIES ACT, 2013

(i) Extracts of Annual Return

The details forming Part of the Extracts of Annual Return in Form MGT-9 is annexed as per ANNEXURE - ‘E', which forms an integral part of this Report and is also available on the Company's website www.uflexltd.com.

(ii) Meetings

During the year, Four Board Meetings and Four Audit Committee Meetings were convened and held. The details of which are given in Corporate Governance Report appended hereto.

(iii) Composition of Audit Committee

The Board has constituted an Audit Committee, which comprises Smt. Indu Liberhan as the Chairperson and Shri Achintya Karati; Shri T. S. Bhattacharya; Shri Pradeep Poddar and Shri Amitava Ray as the Members. More details about the Committee are given in the Corporate Governance Report appended hereto.

(iv) Related Party Transactions

All related party transactions are negotiated on an arm's-length basis and are in ordinary course of business. Therefore, the Provisions of Section 188(1) of the Companies Act, 2013 are not applicable. However, suitable disclosure has been made in the notes to the Financial Statements.

The Related Party Transactions Policy as approved by the Board is uploaded on the Company's website: www.uflexltd.com at the web-link http://www. uflexltd.com/pdf/Policies/UFLEX-RELATED-PARTY- TRANSACTIONS-POLICY.pdf

(v) Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments are given in the accompanying Financial Statements.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by any Regulator or Court, which would impact the going concern status of the Company and its future operations.

INTERNAL FINANCIAL CONTROLS

A detailed note has been provided under Management Discussion and Analysis Report appended hereto.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY

Fraud-free and corruption-free work culture has been at the core of the Company' functioning. In view of the potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company has put even greater emphasis to address this risk.

To meet this objective, a Whistle Blower Policy has been laid down. The same policy as approved by the Board is uploaded on the Company's website www.uflexltd.com at web-link http://www.uflexltd.com/pdf/Policies/UFLEX- Whistle-Blower-Policy.pdf

BOARD EVALUATION

Pursuant to the Provisions of the Companies Act, 2013 and under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015, the Board has carried out an Annual Performance Evaluation of its own performance and that of its Committees and all the Directors individually.

The evaluation of Non-Independent Directors, Chairman and the Board as a whole was done at a separate meeting by the Independent Directors.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. No complaints were received from any employee during the financial year 2019-2020 and hence no complaint is outstanding as on 31s' March, 2020 for redressal.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There has been no material change and commitments occurred, between the end of the financial year of the Company i.e. 31st March, 2020 and the date of this report afl'ecting financial position of the Company. The impact of Global Pandemic Covid-19, have been already provided in this report.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and Annual General Meetings.

RISK MANAGEMENT

Risk Management is a very important part of any business. Company's Risk Management Policy divides Risk into two broad categories; one Risk Associated at the Transactional Level and the other Risk Associated at the Decision Making Level.

In respect of the Risk Associated at Transactional Level, the company has appropriate control mechanism and operating effectiveness of the Internal Financial Controls and Legal Compliance System. The company has

created appropriate structures with proper delegation of duties and responsibilities of employees at each level on enterprise basis for compliances thereof.

In respect of Risk Associated at Decision Making level like political, social & economic, market, technology, capital structure, foreign exchange & interest rate, they are evaluated before taking any strategic & financial decisions.

Adequacy and operative effectiveness of the Internal Financial Control and Legal Compliance System are periodically reviewed by the management, Internal Auditors, Statutory Auditors and the Audit Committee.

However no risk has been identified which in the opinion of the Board may threaten the existence of the Company.

POLICY ON REMUNERATION

The Company has in place Nomination and Remuneration Policy for Directors, Key Management Personnel and Senior Management Personnel. The said Policy is available at www.uflexltd.com (weblink https://www.uflexltd.com/pdf/Policies/Uflex-Nomination- Remuneration-Policy.pdf).

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Members interested in obtaining a copy thereof, may write to the Company Secretary in this regard.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as per ANNEXURE - ‘F'.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, is annexed as ANNEXURE - ‘G'.

BUSINESS RESPONSIBILITY REPORT

UFLEX's approach to business is Creating Shared Value as used by your Company and it is about the impact of

the business and engagement through it. Your Company is mindful of the needs of the communities and works to make a positive difl'erence and create maximum value for the society. It has been conducting business in a way that delivers long-term shareholder value and benefits society. As stipulated under the Listing Regulations, the Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective is attached in the format prescribed as ANNEXURE - ‘H' and forms integral part of the Annual Report.

AWARDS

During the year under review, your Company & its subsidiaries received 29 Awards and Accolades conferred by reputable organizations/ bodies based out of India and Overseas for excellence, Some of these awards & accolades includes:.

• UFlex adjudged 'Packaging Company of the Year' at 11th edition of PrintWeek India Awards 2019.

• UFlex named 'Aon Best Employer Company on Employee Experience' in 2019.

• Flexible Packaging Awards 2020 confers two Gold and one Silver award to FlexiTubes for Bio Creative Labs, USA in the categories of 'Packaging Excellence', 'Expanding the Use of Flexible Packaging' & 'Technical Innovation'.

• UFlex was ranked 188 in 'Fortune India 500 Largest Corporations' list.

The details of all Awards and Accolades conferred upon the Company are provided on the company's website at http://www.uflexltd.com/awards.php.

PERSONNEL

Personnel relations with all employees remained cordial and harmonious throughout the year. Your Directors wish to place on record their sincere appreciation for the continued, sincere and devoted services rendered by all the employees of the Company.

ACKNOWLEDGEMENT

The Directors express their gratitude and thanks to all the Indian and International Financial Institutions & Banks, Government Authorities both in India & overseas where company's operations are carried out, Shareholders, Customers, Suppliers and other Business Associates for their continued co-operation and patronage.

For & On behalf of the Board
Ashok Chaturvedi
Place : NOIDA Chairman & Managing Director
Dated : 30'h June 2020 (DIN 00023452)

   

Uflex Ltd Company Background

Ashok ChaturvediAshok Chaturvedi
Incorporation Year1988
Registered Office305 3rd Floor Bhanot Corner,Pamposh Enclave Gr Kailash I
New Delhi,New Delhi-110048
Telephone91-011-26440917/26440925,Managing Director
Fax91-011-26216922
Company SecretaryAjay Krishna
AuditorKAAP & Associates/MSKA & Associates
Face Value10
Market Lot1
ListingBSE,Luxembourg,MSEI ,NSE,Singapore,
RegistrarBeetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr,Behind Local Shp Cen,Nr Dada Harsukh Das ,New Delhi - 110062

Uflex Ltd Company Management

Director NameDirector DesignationYear
Ashok Chaturvedi Chairman & Managing Director 2021
A Karati Independent Director 2021
Ajay Krishna Senior Vice President & CS 2021
Tara Sankar Sudhir Bhattacharya Independent Director 2021
Indu Liberhan Independent Director 2021
Pradeep Poddar Independent Director 2021
Alok Sabharwal Nominee (IFCI) 2021
Jagmohan Mongia Whole-time Director 2021

Uflex Ltd Listing Information

Listing Information
BSE_500
CNX500
BSESMALLCA
BSEALLCAP
INDUSTRIAL
SML250
MSL400
NFTYMSC400
NFTYSC250
NF500M5025

Uflex Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 0003901.4043
GST Refund NA 00037.0553
Scrap Sales NA 00032.0081
Job Work NA 00030.8718
Export Incentives NA 00025.4068
Technical Fees NA 00021.5938
Exchange Fluctuation NA 00010.2097
Packing, Forwarding & InsurancNA 0004.5573
Support Fees NA 0004.1895
Other Operating Revenue NA 0002.4144
Other Traded NA 0000
Others NA 0000
Service Income NA 0000
Adjustment NA 0000
Chemicals-Traded NA 0000
Printing Inks MT 0000
Adhesives MT 0000
Adhesives-Traded MT 0000
Antifreeze Coolant KL 0000
Polymer Granules MT 0000
PET Chips MT 0000
Polyester Chips incl.Traded MT 0000
Plast.Films/Paper-Prnt.Lami.EmMT 0000
Paper-Traded NA 0000
Hologrammed Sticker Sheets She0000
Aluminium-Traded NA 0000
Machine Components -Traded No 0000
Machines-Traded No 0000
Packing & Converting Machines No 0000
Rotogravure Cylinders No 0000

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