Uflex Limited — Annual Report 2020

Jun 30, 2020

Division/Office: CORPORATE - SECRETARIAL Corporate Office: A-107-108, Sector-IV, Distt. Gautam Budh Nagar, NOIDA- 201301, (U.P.), India Tel.: +91-120-4012345/2522558 Fax: +91-120-2442903 Website: www.uflexltd.com E-mail ID: secretarial@uflexltd.com

UFL/SEC/2020/ June 30, 2020

The National Stock Exchange of India Limited Exchange Plaza 5th Floor, Plot No.C/1 G-Block Bandra-Kurla Complex Bandra (E) Mumbai - 400051

The BSE Limited Corporate Relationships Department Ist Floor, New Trading Ring Rotunda Building, P J Towers Dalal Street Fort Mumbai - 400 001

Scrip Code : UFLEX Scrip Code : 500148

Re.: 1) Audited Financial Results (Standalone & Consolidated) 2) Auditors' Report on the Quarterly & Year to date Financial Results

Sub. : Outcome of the Board Meeting

Dear Sirs,

We wish to inform you that the Board of Directors of the Company at its meeting held today has:

1. Approved the Audited Financial Results (Standalone & Consolidated) for the quarter & year ended 31st March, 2020 as recommended by the Audit Committee, Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/year ended 31st March, 2020, Assets & Liabilities alongwith Auditors' Report on Audited Financial Results (Standalone & Consolidated) are attached.

The Report of Auditors is with unmodified opinion with respect to the Audited Financial Results (Standalone & Consolidated) of the Company for the quarter/year ended 31st March, 2020.

1. Recommended a Dividend of Rs.2/- per equity share of Rs. I 0/- each (20%) for the financial year ended 31st March, 2020.

The meeting of the Board of Directors commenced at 5:00 P.M. and concluded at 6:25P.M.

This is for your information and record.

Thanking you,

Yours faithfully, For UF LIMITED

(Ajay na) Sr. Vice President (Legal) & tompany Secretary Encl. : As above

CIN: L74899DL1988PLC032166

CONSOLIDATED AUDITED FINANCIAL RES UL TS

AUDITED FINANCIAL RES UL TS
FOR THE QUARTER AND YEAR ENDED 31 03 2020
	Quarter	Quarter	Quarter	Year
Particulars	Ended	Ended	Ended	Ended
	31,03.2020	31,12.2019	31 03.201!!	31.03.2020
	(Audited)	(Unaudited)	(Audited)	(Audited)
(a) Value of Sales f Income from operations	174080	175403	197377	726956
(b) Value of Other Operating income	2024	3935	8354	13528
(c) Value of Revenue from operations (a+b)	176104	179338	205731	740484
(d) Other income	987	977	668	2847
(e) Share of (Loss) I profit of associate & Jointly Controlled Entities	209	Will	~	rufil
Total income (c+d+e]	177300	180133	206060	743162
(•> Cost of Materials consumed	95366	104282	118477	428919
(b) Purchase of Stock-in-trade	239	421	17	967
(c) Change in inventories of finished goods,work-in-progress and stock-in-trade	174	(2445)	4942	(4793)
(d) Power&fuef	8548	8890	9324	37007
(e) Employee benef"rts expense	18197	18212	17621	71977
(I) Finance costs	5319	5674	5442	22479
(g) Depreciation and amortisation expense	10212	10085	9595	40320
(h) Other expenses	27 39	23133	29670	98200
Total expenses	165194	168252	195088	!!95076
Profit I (Loss) befor Exceptional items (1-2)	12106	11881	10972	48086
Exceptional items
Profit I (Loss) before tax 13 )	12106	11881	10972	48086

						(Rs. in lacs!
		Quarter	Quarter	Quarter	Year	Year
	Particulars	Ended31,03.2020	Ended	Ended	Ended	Ended
		(Audited)	31,12.2019(Unaudited)	31 03.201!!(Audited)	31.03.2020(Audited)	31.03.2019(Audited)
	Income
1.	(a) Value of Sales f Income from operations	174080	175403	197377	726956	776552
	(b) Value of Other Operating income	2024	3935	8354	13528	19170
	(c) Value of Revenue from operations (a+b)	176104	179338	205731	740484	795722
	(d) Other income(e) Share of (Loss) I profit of associate & Jointly Controlled Entities	987209	977	668	2847	2071
	Total income (c+d+e]	177300	Will180133	~206060	rufil743162	Cill.l797480
2.	Expenditure
	(•> Cost of Materials consumed	95366	104282	118477	428919	488156
	(b) Purchase of Stock-in-trade	239	421	17	967	1335
	(c) Change in inventories of finished goods,work-in-progress and stock-in-trade	174	(2445)	4942	(4793)	(3304)
	(d) Power&fuef	8548	8890	9324	37007	38069
	(e) Employee benef"rts expense	18197	18212	17621	71977	66241
	(I) Finance costs	5319	5674	5442	22479	21793
	(g) Depreciation and amortisation expense	10212	10085	9595	40320	38085
	(h) Other expenses	27 39	23133	29670	98200	106230
	Total expenses	165194	168252	195088	!!95076	756605
3.	Profit I (Loss) befor Exceptional items (1-2)	12106	11881	10972	48086	40875
	Exceptional items
5.	Profit I (Loss) before tax 13 )	12106	11881	10972	48086	40875
e.	Tax expense
	- Current Tax- Deferred Tax	2467(451)	3298	2494	10180	4774
7.	Net profit I (Loss) after tax (5-6)	10090	1028481	14377041	81837088	458031521
	Non - Controlling interest	32	24	34	106	138
s,	Net Profit I (Loss) after Non - Controlling interest (7.1)	10058	8457	7007	36982	31383
10.	Other Comprehensive income, net of income tax
	A. ttems that will not be reclassifted to profit or loss	(1049)	4	(486)	(1220)	(740)
	B. Items that will be reclassified to profit or loss	(2727)	6158	(2217)	5073	3432
	Other Comprehensive income, net of income tax	(3776)	6162	(2703)	3853	2692
11.	Total Comprehensive income for the period (7+10)
	Total Comprehensive income for the period attributable to:	6314	14643	4338	40941	34213
	Owners of the Holding Company (9+10}	6282	14619	4304	40835	34075
	Non-Controlling Interest (S]	32	24	34	106	138
12.	Paid-up equity share capital (FV Rs 10/-)	7221	7221	7221	7221	7221
13.	Other Equity, excluding Non - Controlling interest				461756	422584
14.	EPS (in Rs.) (nol annualised)
	BHiC	13.93	11.71	9.70	51.21	43.46
	Diluted	13.93	11.71	9.70	51.21	43.46

CIN: L74899DL 1988PLC032166

STANDALONE

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 03 2020

						Rs. In lacs)
		Quarter	Quarter	Quarter	Year	Year
	Particulars	Ended	Ended	Ended	Ended	Ended
		~.03.2020	31.12.2019	31.03.2019	31.03.2020	31,03.2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
,.	Income(a) Value of Sales/ Income from operations		99898		395387	409942
	(bl Value of Other Operating income	931362870	3396	101195;!§29.	11584	12155
	(c) Value of Revenue from openttions (a+b)	96006	103294	104815	406971	422097
	(d) Other Income	457	7020	924	8265	2155
	Total income [c+d]	96463	110314	105739	415236	424252
2.	Expenses(a) Cost of Materials consumed	58221	60776	62692	247908	268442
	(b) Purchase of Stock--in-trade	239	421	17	967	1335
	(c) Change in inventories of finished goods,wortt-in-progress and stock-in-trade	(6155)	117	2569	(8139)	58
	(d) Power&fuel	4289	4694	4466	19227	19090
	(e) Employee benefits expense	11228	11949	10244	45743	41640
	(I) Finance costs	4178	4345	4259	17289	16794
	(g) Depreciation and amortisation expense	6643	6522	6057	26136	23993
	(h) Other expenses	13676	11688	13236	47888	45630
	Total expenses	92319	100512	103540	39 019	416982
3.	Profit I (Loss) before Exceptional items (1-2)	4144	9802	2199	18217	7270
	Exceptional items
s.	Profit I {Loss) before tax (3•4)	4144	9802	2199	18217	7270
6.	Tax expense
	- Current Tax- Deferred Tax	138339	1611(530)	650122	3912(22)	1306798
	7. Net profit I (Loss) after tax (5~)	2722	8721	1427	14327	5166
	8. Other Comprehensive Income, net of income tax
	A. Items that will not be reclassif.ed to prof"rt or loss	(1036)	4	(471)	(1207)	(725)
	B. Items that will be reclasstfied to profit or loss
	Other Comprehensive income, net of income tH	(1036)	4	(471)	(1207)	(725)
s.	Total Comprehensive income fo, the period (7+8)	1686	8725	956	13120	4441
	10. Paid-up equity share capital (FV Rs 101-)	7221	7221	7221	7221	7221
	11. Other Equity				218739	207282
12.	EPS (in Rs.) (not annualised)
	Basic	3.77	12.08	1.98	19.84	7.15
	Diluted	3.77	12.08	1.98	19.84	7.15

(Rs. in lacs)

Notes 1. Statement of Assets & liabilities

		STANDALONESTATEMENT OFASSETS & LIABILITIES			CONSOLIDATEDSTATEMENT OFASSETS & LIABILITIES
	Particulars	==ASAT	=ASAT	ASAT~	=ASAT
A ASSETS		(Audited)	(Audited)	(Audited)	(Audited)
	Non-Current Assetsa) Fixed Assets
	i} Property.Plant and Equipment	195185	190853	371900	368969
	i) Capital wcrk-ln-prcqtess	2496	1728<1	200361	26064
	ii) Investment Properties	1342	1465	1342	1465
	iv) Right to use Assetsv) Goodwill	2312		3676
	vi) Intangible assets	3067	4348	38<19	5470
	vii) Intangible assets under development	368	20	381	20
	b) Financial Assets
	i) Investmentsii) Pledged Equity Instrument	46186	37447	18886	4165
	iii) Long Term Loans	1579	1849	3465	6138
	iv} Other Ncn-Ourrent financial asset	83	29	983	1115
	c) Other Non-current Assets	5831	5307	28<122	26411
	Total Non-Current Assets	258449	258602	633272	440517
	2 Current Assets
	•I Inventories	41146	38751	85494	8<1354
	b) Financial Assets
	i) Trade ReceNables	111443	118795	114736	204553
	ii) Cash and cash equivalents	3956	7432	33107	21252
	II) Bank balances other than aboveiv} Loans	27561948	10951303	112473102	756254
	v) Other financial assets	238	191	297	7866
	c) Other current assets	15091	14200	39398	29805
	Total Current Assets	183578	181767	367381	355446
	TOTAL ASSETS	442027	440369	1000653	795963
	B EQUITY AND LIABILITIES
	•I Equity
	i) Eciuity Shaie Capital	7221	7221	7221	7221
	ii) Other Equity	218739	207282	462490	423212
	Total Equity	225960	214503	469711	430433
	b) Non.Current Liabilities
	i) Financial Liabilities
	• Long Term Borrowings	63672	72034	245114	87637
	Lease Liabilities- Other Fioancial Liabilities	16291257	1105	25861882	1118
	i) Long Term Provisions	1838	1339	2842	2482
	iii) Deferred Tax Uabilrties (Net)	5914	5936	11730	17895
	Total Non Current liabilities	74310	80414	271154	109132
	c) Curr•nt Liabilities
	i) Financial Liabilities
	• Short Term Borrowings	'6820	41334	92051	87584
	• Lease Liabilities	795		154
	• Trade PayablesTotal outstanding dues of Micro,Smal1
	& Medium enterprises	990	779	990	779
	Total outstanding dues of creditors
	other than Micro,Smal1 & Medium	62697	62990	104251	104851
	· Othr Fiancial Liabilities	18273	32894	43163	48346
	ii) other Current Liabilities	7404	5564	8705	10016
	~i) Short Term Provisions	2226	1796	2535	2141
	v,) Current Tax Liability	2552	95	7132	2611
	Total Current Liabilitias	141757	145452	259788	256398
	TOTAL EQUITY AND LIABILITIES	442027	440369	1000653	795963

?age (3)

~

(Rs. In lacs)

~

CONSOLIDATED CASH FLOW STATEMENT

	For the Year ended31st March 2020	For the Year Ended31st March 2019
A. CASH FLOW FROM OPERATING ACTIVITIES	(Audited)	(Audited)
Net Profit before taxAdjustment for :	48086	40875
Share in Profit of the Associate for the period	(320)	(520)
Share in Loss of the Joint Venture for the PeriodExchange differences on translation of foreign operations (net of adjustment to cost	489	833
of Prooertv. Plant & Eauioment IPPE. lntanaibles & Deferred Tax\	(2459)	(1831)
Depreciation & amortisation expense	40319	38085
Exchange rate fluctuations (Net)	(1641)	899
Loss on Sale of Property, Plant & Equipment (Net)	23	142
Property, Plant & Equipments written Off	2	12
Gain on Sale of Investment Property	(10)
Loss on Sale of Right of use Assets	1
Finance Cost	22479	21793
Interest received from Banks I others	(794)	(891)
Rent ReceivedDividend received on Investments carried at Fair value through other	(920)	(862)
comprehensive income	(3)	(11)
Gain on sale of Investments (Net)	(542)	(13)
Sundry Credit Balances written Back	(105)	(5077)
Remeasurement of the net defined benefit liability I asset	(918)	(302)
Allowance for doubtful Trade receivables Written back	(61)	(44)
Allowance for bad and doubtful Trade receivables	1322	851
Allowance for bad and doubtful Advance recoverable		1000
Sundry Debit Balances I Bad Debts written off	2730	4086
	59592	58150
Operating Profit before Working Capital changes	107678	99025
Adjustment for :Trade Receivables	4180	(12073)
Loans and Other financial assets and other assets	(24691)	(15948)
Inventories	(1141)	(4670)
Trade payables	2312	(9072)
Other financial liabilities, other liabilities and provisions	2013	3751
	(17327)	(38012)
Cash generated from operations	90351	61013
Income Tax	(10180)	(4774)
Exchange rate fluctuationsCash from operating activities before exceptional items	1641(8539)	(8991(5673)
Net Cash generated from operating activities (A)
B. CASH FLOW FROM INVESTING ACTIVITIES	81812	55340
Purchase of Prooertv, Plant & Equipment (PPE) & lntanoible assets	(218610)	(38536)
Sale proceeds of PPE & Intangibles etc.	10930	222
Investment in Joint Venture (Net)		(338)
(Outflow) /Inflow on Investments (Net)	(881)	4347
Income Tax on Sale of Investments		(377)
Loans to Employees & Others	3687	(1431)
Loan to Joint Venture (Net)	(5)	(52)
Interest received from Banks I others	794	891
Rent ReceivedDividend received on Investments carried at Fair value through other	920	862
comorehensive income	3	11
Net Cash used in Investing Activities (B)	(203162)	(34401)
C. CASH FLOW FROM FINANCING ACTIVITIES
Dividend Paid	(1444)	(1444)
Dividend Distribution Tax	(219)	(297)
Lease Payments	(1200)
Finance Cost	(22192)	(21793)
Borrowings (Net)	161945	(142}
Net Cash used in Financin!I Activities (C )	136890	(23676)
Net (Decrease) /Increase in Cash and Cash equivalents (A+B+C)Cash and Cash equivalents	15540	(2737)
Opening Cash and Cash equivalents	28814	31551
Closing Cash and Cash equivalents	44354	28814

\

Includes Rs. 11247 lacs (Previous Year Rs. 7562 lacs) in respect of amount lying in unclaimed dividend accounts I margin money accounts I fixed deposits pledged with banks as margin for letter of credits, guarantees & bills discounted. Non- Cash Items

The Holding Company has tranferred its entire Equity Shaeholding in its Wholly Owned Subsidiary UTECH Developers Limited along with its subsidiary S.D. Buildwell Private Limited for Rs. 15250 Lacs in exchange of the allotment of 7.5% Cummulative. Non Participative Preference Shares of Rs 15250 Lacs.

Page (4)

(Rs. in lacs)

STANDALONE CASH FLOW STATEMENT

	31st March 2020	For the Year ended For the Year Ended3111 March 2019
	(Auditodl	(Audited I
A. CASH FLOW FROM OPERATING ACTIVITIESNet Profit before taxAdjustment for:	18217	7270
Depreciation & amortisation expense	26136	23993
Exchanqe rate fluctuations (Net)	(1021)	(60)
Loss on Sale or Property, Plant & Equipment (Net)	23	142
Property, Plant & Equipments written Off	2	12
Gain on Sale of Investment Property	(10)
Loss on Sale of Riqht of use Assets	1
Finance Cost	17289	16794
Interest received from Banks I others	(358)	(446)
Rent Received	(896)	(862)
Dividend received on Investments carried at amortised cost	(59)	(379)
carried at Fair value through otherDividend received on Investments
comprehensive income	(3)	(11)
Sundry Credit Balances written Back	(105)	(138)
Remeasurement of the net defined benefit liability I asset	(918)	(302)
Allowance for doubtful Trade receivables Written back	(61)
Gain on Sale or Investment in Subsidiaries	(6717)
Allowance for bad and doubtful Trade receivables	960	299
Sundry Debit Balances I Bad Debts written off	2732	106
	36995	39148
Operating Profit before Working Capital changes	55212	46418
Adjustment for:
Trade Receivables	(638)(1287)	(6197)
Loans and Other financial assets and other assetslnvenlories	(9396)	18721895
Trade payables	(81)	(4541)
Other financial liabilities,other liabilities and provisions	(9243)	8830
	(20645)	1859
Cash generated from operations	34567	48277
Income Tax	(3912)	(1306)
Exchanqe rate fluctuations	1021	60
Cash from operatinq activities before exceptional items	(2891)	(1246)
Net Cash generated from operating activities (Al	31676	47031
8. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Propertv, Plant & Equipment (PPE) & Intanqibte assets	(13897)	(23828)
Sale proceeds or PPE & lntanqibles etc.	131	203
Investment in subsidiaries (Net)	2153	(338)
Inflow on Investments (Net)		4334
Income Tax on Sale of Investments		(377)
Loans to Employees & Others	42	49
Loan to Subsidiary (Net)	(640)	(126)
Loan to Joint Venture (Net)	(5)	(52)
Interest received from Banks I others	358	446
Rent ReceivedDividend received on Investments carried at cost	89559	862
		379
Dividend received on Investments carried at Fair value through other	3
comorehensive incomeNet Cash used in Investing Activities (Bl	(10901)	11(18437)
C. CASH FLOW FROM FINANCING ACTIVITIESDividend Paid	(1444)	(1444)
Dividend Distribution Tax	(219)	(297)
Lease Payments	(1023)
Finance Cost	(17027)	(16794)
Borrowinqs (Net)	(2877)	{10185)
Net Cash used in Financinq Activities (C )	(22590)	(28720)
Net (Decrease) /Increase in Cash and Cash equivalents (A+B+C)	(1815)	(126)
Cash and Cash equivalents
Openinq Cash and Cash equivalents	8527	8653
Closinq Cash and Cash equivalents	6712	8527

Includes Rs. 2756 lacs ( Previous Year Rs.1095 lacs) in respect or amount lying in unclaimed dividend accounts I margin money accounts I fixed deposits pledged with as margin for letter of credits, guarantees & bills discounted. Non- Cash Items:

The Company has entered into followinq non-cash items durinq the year:

a Transfer or entire equity investment held in its Wholly Owned Subsidary UTECH Developers Private Limited for Rs. 15250 Lacs in exchange of the allotment of 7.5% Cummulative, Non Participative Redeemable Preference Shares of Rs 15250 Lacs.

b Uflex Europe Limited, Wholly owned subsidiary has allotted Share Capital or GBP 5.09 Millions (Equivalent to Rs.4464 lase) to the Company on capitalisation of the export receivable due from it.

1. Segment Reporting

(Rs. in lacs)

AUDITED CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2020

Particulars	QuarterEnded31.03.2020(Audited)	QuarterEnded31.12.2019(Unaudited)	QuarterEnded31.03.2019(Audited)	YearEnded31.03.2020(Audited)	YearEnded31.03.2019(Audited)
1. Segment Revenue
(a) Flexible Packaging Activities(b) Engineering Activities	1711095911	1740256963	1985379272	71885726259	76419838281
(c) Others (Unallocable)	135	fill	illill	!1W.	l!Z1J.
Total	177155	180950	207218	745002	802006
Less : Inter Segment Revenue	1051	1612	1487	4518	6284
Sales/ Income from operations	176104	179338	205731	740484	795722
2. Segment Results : Profit(+) I Loss (-)before tax & interest from Segment
(a) Flexible Packaging Activities	17776	20864	24660	79215	76498
(b) Engineering Activities	1564	133	647	3024	6773
(c) Others (Unallocable)	unn	(42371	(9222}	(143521	(22361}
Total	16229	16760	16085	67887	60910
Less: (i) Interest	5319	5674	5442	22479	21793
Add: (ii) Other unallocable Income net offunallocable expenditure	1196	795	329	2678	1758
Total Profit before tax	12106	11881	10972	48086	40875
3. Segment Assets
(a) Flexible Packaging Activities	890270	853863	674036	890270	674036
(b) Engineering Activities	46815	46598	46236	46815	46236
(c) Others (Unallocable)	63568	62349	75691	63568	75691
Total	1000653	962810	795963	1000653	795963
4. Segment Liabilities
(a) Flexible Packaging Activities	384765	348156	201865	384765	201865
(b) Engineering Activities	44319	45472	39532	44319	39532
(c) Others (Unallocable)	101858	105786	124133	101858	124133
Total	530942	499414	365530	530942	365530
5. Segment Capital Employed
(Segment assets - segment liabilities)
(a) Flexible Packaging Activities	505505	505707	472171	505505	472171
(b) Engineering Activities	2496	1126	6704	2496	6704
(c) Others (Unallocable)Total	(382901469711	(43437)463396	(48442}430433	(382901469711	(48442}430433

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Page (6)

(Rs. in lacs)

AUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2020

Particulars	QuarterEnded~(Audited)	QuarterEnded31.12.2019(Unaudited)	QuarterEnded31.03.2019(Audited)	YearEnded31.03.2020(Unaudited)	YearEnded31.03.2019(Audited)
1. Segment Revenue
(a) Flexible Packaging Activities	91011	97551	97736	384914	390803
(b) Engineering Activities	5911	6963	9272	26259	38281
(c) Others (Unallocable)	135	rn!.I	{IQfil	{ill}	lill.l
Total	l!Iill	104476	106302	411059	428381
Less : Inter Segment Revenue	1051	1182	1487	4088	6284
Sales / Income from operations	96006	103294	1!Mlli.	406971	lliQl!I
2. Segment Results: Profit(+) I Loss(·)
before tax & interest from Segment
(a) Flexible Packaging Activities	9411	11226	9216	38494	32633
(b) Engineering Activities	1564	133	647	3024	6773
(c) Others (Unallocable)	131101	(42321	~	(14277)	(17497)
Total	~	Ill	5534	llill	21909
Less: (i) Interest	4178	4345	4259	17289	16794
Add: (ii) Other unallocable Income net offunallocable expenditure	457	7020	924	8265	2155
Total Profit before tax	4144	9802	~	18217	ill.!!
3. Segment Assets
(a) Flexible Packaging Activities	334210	338057	341089	334210	341089
(b) Engineering Activities	46815	46598	46236	46815	46236
(c) Others (Unallocable)	61002	59980	53044	61002	53044
Total	lliill	~	440369	442027	440369
4. Segment Liabilities
(a) Flexible Packaging Activities	69890	69103	66868	69890	66868
(b) Engineering Activities	44319	45472	39532	44319	39532
(c) Others (Unallocable)	101858	105786	119466	101858	119466
Total	216067	220361	225866	216067	225866
5. Segment Capital Employed(Segment assets. segment liabilities)
(a) Flexible Packaging Activities	264320	268954	274221	264320	274221
(b) Engineering Activities	2496	1126	6704	2496	6704
(c) Others (Unallocable)	(408561	(458061	(illll}	(408561	lIBm
Total	225960	224274	214503	225960	214503

~ Page (7)

CIN : L74899DL 1988PLC032166

• 1. Consolidated financial results includes the results of its associate concern, Jointly Controlled Entities and subsidiaries.
• 1. Figures have been regrouped I re-arranged wherever considered necessary.
• 1. The figure for the quarter ended 31st March,2020 are the balancing figures between the audited figures in respect of full year & published figures upto 3rd quarter of the relevant financial year.
• 1. The Auditors have conducted the audit of the financial statements for the year ended 31st March,2020.
• 1. Effective 1st April,2019, the Company has adopted IND AS 116 on 'Leases' as notified by the Ministry of Corporate Affairs (MCA) vide Companies (Indian Accounting Standard) Amendment Rules,2019, using the modified retrospective approach. The adoption of this standard did not have any material impact on the profit for the quarter and year ended 31st March,2020.
• 1. 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 efforts 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 Q4 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.
• 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 30th June,2020.
• 1. The Board of Directors have recommended a dividend of Rs. 2.00 per share (20%) for the year 2019-2020 subject to the approval of shareholders in the Annual General Meeting.

Noida 30th June,2020 Place Date

Page (8)

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-110092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

Independent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial Results of UFLEX LIMITED, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To, The Board of Directors, UFLEX LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of quarterly and year to date Consolidated Financial Results of UFLEX LIMITED ("the Parent Company"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its associate and jointly controlled entities for the quarter and year ended March 31, 2020 ("the Statement"), attached herewith, being submitted by the Parent Company pursuant to the requirement of the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate audited financial statements/financial results/financial information of subsidiaries, associate and jointly controlled entities, the Statement:

a. includes the results of the following entities:

List of the Subsidiaries

USC Holograms (P) Ltd., Flex Middle East FZE, Flex P Films (Egypt) S.A.E., Flex Films Europa Sp. z.o.o, Flex Americas S.A. de C.V., Flex Films (USA) Inc., Flex Films Europa Korlatolt Felelossegu Tarsasag (Hungary), Uflex Europe Ltd., Uflex Packaging Inc., Flex Films Africa (P) Ltd., UPET Holdings Ltd., UPET (Singapore) PTE. Ltd., Flex Chemicals (P) Ltd., Flex Films Rus LLC (Russia), U Tech Developers Limited {Ceased w.e.f. October, 3, 2019) & SD Buildwell (P) Ltd. (Ceased w.e.f October, 3, 2019)

List of the Associate:

Flex Foods Limited

List of the Jointly Controlled Entities:

Digicyl Pte. Ltd. (Singapore) and Digicyl Ltd. (Israel), being Wholly owned subsidiary of Digicyl Pte. Ltd. (Singapore).

• b. is presented in accordance with the requirements of the Listing Regulations; and
• c. gives a true and fair view, in conformity with the applicable Indian Accounting Standards (Ind AS), and other accounting principles generally accepted in India, of the consolidated net profit, consolidated other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2020.

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Ddhi-110092 Tel.: +91-1 1-43049941 Email: info@kaap.in Website: www.kaap.in

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" Section of our report. We are independent of the Group, its associate and jointly controlled entities in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" Section below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the Consolidated Annual Financial Statements. The Parent Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit, consolidated other comprehensive income and other financial information of the Group including its associate and jointly controlled entities in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and jointly controlled entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Parent Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate and jointly controlled entities are responsible for assessing the ability of the Group and of its associate and jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate and jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its associate and jointly controlled entities.

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-110092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Parent Company, an Indian Subsidiary Company and an Indian Associate Company, has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate and jointly controlled entities to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate and jointly controlled entities to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate and jointly controlled entities to express an opinion on the Statement. We are responsible for the direction,

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Yihar, Delhi- I I 0092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

supervision and performance of the audit of financial information of one of the entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Parent Company and one other entity included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/2019, dated March 29, 2019, issued by the Securities and Exchange Board of India under the Listing Regulations, to the extent applicable.

Other Matters

l. Financial statements/ financial results, as considered in the Statement, in respect of one of the Indian subsidiary viz. USC Holograms (P) Ltd., has been audited by us.

Further, we have reviewed the interim financial results and other financial information in respect of an Indian subsidiary, viz. SD Buildwell (P) Ltd., for the six months ended September, 30, 2019, which ceased to be subsidiary, w.e.f. October, 3, 2019, whose results for the six months period ended September, 30, 2019, have been included in the Statement.

• 1. The accompanying Statement include the audited financial results/statement and other financial information, in respect of:
  • a) 13 subsidiaries, whose financial statements/ financial results reflect total assets of Rs. 630,076 lacs, as at March 31, 2020, total revenue of Rs. 73,088 lacs and Rs. 401,099 lacs and total net profit/(loss) after tax of (Rs. 18,287 lacs) and Rs. 37,818 lacs, Other Comprehensive Income of Rs. Nil and Rs. Nil for the quarter and year ended March 31, 2020 respectively, and net cash inflow of Rs. 18,393 lacs for the period ended March 31, 2020, as considered in the Statement, which have been audited by their respective independent auditors.

Further in respect of one Indian Subsidiary, U Tech Developers Ltd., which ceased to be subsidiary, w.e.f. October, 3, 2019, whose interim financial results and other financial information reflects total revenue of Rs. 133 lacs, total net profit/(loss) after tax of (Rs. 194 lacs) and Other Comprehensive Income of Rs. Nil, for the six months period ended September, 30, 2019, have been included in the Statement which has been reviewed by it's independent auditor.

b) an associate and two jointly controlled entities whose financial statements/

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Yihar, Delhi- I I 0092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

financial results reflect Group's share of net profit/(loss) of Rs. 209 lacs and of (Rs.169 lacs) and Negative Other Comprehensive Income of Rs. 13 lacs and Rs. 13 lacs, for the quarter and year ended March 31, 2020 respectively, as considered in the Statement, which have been audited by their respective independent auditors.

The independent auditors' reports on financial statements/financjal results/financial information of these entities referred in Para 2 (a) & (b) above have been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as covered in Section "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" above.

Our opinion on the Statement is not modified in respect of the above matters, with respect to our reliance on the work done and the reports of the other auditors.

1. The Statement includes the results for the quarter ended March 31, 2020, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020, and the published unaudited year-to-date figures up to the third quarter for the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

NOIDA, June 30, 2020

For KAAP & Associates, Chartered Accountants Firm's Regn. No.: 019416N

pak Sehgal Partner Membership No. 085391 UDIN: 20085391AAAAAE5269

CIN: L74899DL 1988PLC032166 CONSOLIDATED

AUDITED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED 31 03 2020

						(Rs. in lacs)
		Quarter	Quarter	Quarter	Year	Year
	Particulars	Ended	Ended	Ended	Ended	Ended
		31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1.	Income
	(a) Value of Sales / Income from operations	174080	175403	197377	726956	77655219170
	(b) Value of Other Operating income	2024176104	3935179338	8354205731	13528740484	795722
	(c) Value of Revenue from operations (a+b)(d) Other income	987	977	668	2847	2071
	(e) Share of (Loss) / profit of associate & Jointly Controlled Entities	209	(182)	(339)	(169)	(313)
	Total income [c+d+e]	177300	180133	206060	743162	797480
2.	Expenditure
	(a) Cost of Materials consumed	95366	104282	118477	428919	488156
	Purchase of Stock-in-trade(b)	239	421	17	967	1335
	Change in inventories of finished goods, work-in-progress and stock-in-trade(c)	174	(2445)	4942	(4793)	(3304)
	Power & fuel(d)	8548	8890	9324	37007	38069
	Employee benefits expense(e)	18197	18212	17621	71977	66241
	Finance costs(f)	5319	5674	5442	22479	21793
	Depreciation and amortisation expense$\mathbf{q}$	10212	10085	9595	40320	38085
	Other expenses(h)	27139	23133	29670	98200	106230
	Total expenses	165194	168252	195088	695076	756605
3.	Profit / (Loss) befor Exceptional items (1-2)	12106	11881	10972	48086	40875
4.	Exceptional items
5.	Profit / (Loss) before tax (3+4)	12106	11881	10972	48086	40875
6.	Tax expense	2467	3298	2494	10180	4774
	- Current Tax- Deferred Tax	(451)	102	1437	818	4580
7.	Net profit / (Loss) after tax (5-6)	10090	8481	7041	37088	31521
8.	Non - Controlling interest	32	24	34	106	138
9.	Net Profit / (Loss) after Non - Controlling interest (7-8)	10058	8457	7007	36982	31383
10.	Other Comprehensive income, net of income tax
	Items that will not be reclassified to profit or lossА.	(1049)	4	(486)	(1220)	(740)
	Items that will be reclassified to profit or loss8.	(2727)	6158	(2217)	5073	3432
	Other Comprehensive income, net of income tax	(3776)	6162	(2703)	3853	2692
11.	Total Comprehensive income for the period (7+10)	6314	14643	4338	40941	34213
	Total Comprehensive income for the period attributable to:			4304	40835	34075
	Owners of the Holding Company [9+10]Non-Controlling Interest [8]	628232	1461924	34	106	138
		7221	7221	7221	7221	7221
12.	Paid-up equity share capital (FV Rs 10/-)				461756	422584
13.	Other Equity, excluding Non - Controlling interest
14.	EPS (in Rs.) (not annualised)Basic	13.93	11.71	9.70	51.21	43.46
	Diluted	13.93	11.71	9.70	51.21	43.46

Stnement: of Assets & Liabilities

(Rs. in '-cs}

			CONSOUOA TEDSTATEMENT OFASSETS & LIABILITIES
		Pa,ticuar.;	~=ASAT	ASAT:u.oim9
	A ASSETS		(Audited)	(Audited)
		Non-Cunwrt Assets
		a) FO{ed Assets
		i) Property,P1ant and Equipment	371900	368969
		i) Capital WOO(-tni)f"ogressii)lnvewnentP,-openies	200361	26064
		iv) Rigrt to use Assets	13423676	1465
		v) Goodwil
		YI) Intangible assets	3849	5470
		vi) Intangible assets U'lder devek>pment	388	20
		b) Fonancial Assets
		i) Investmentsi) Pledged Equty Instrument	18886	4165
		ii) Long Tenn Loans	3465	6136
		iv) Other Non-Coo-ent financial asset	913	1815
		c) Other Non-CuTent Assets	211422	26-411
		Total NorH:urrent Assets	633272	440517
		2 Current Assets
		a) Inventoriesbl Fonancial Assets	854!14	84354
		i) Trade Receivables	194736	204553
		i) Cash and cash eqLMVa'ent's	33107	21252
		ii) Bank balances other than above	11247	7562
		iv) Loans	3102	54
		v) Other financial assetsc) Other a.wrent assets	29739398	786629805
		Total Current Assets	367361	355446
		TOTAL ASSETS	1000653	795963
		B EOlNTY ANO UASIUTIES
		a) Equity
		i) E(pJity Share Capital	7221	7221
		i) Qtt,-Equ;ty	462490	423212
		TolalEqUity	469711	430433
		bl Non-CU-U.IHlities
		i) Financ:ialUabilities- Long Term Borr0¥lings	245114	87637
		- Lease Liabilities	2586
		- Other Financial Liabilibes	1882	1118
		i) Long Term Provisions	2842	2482
		i) Deferred Tax Liabilities (Net)	18730	17895
		Tobi Non Current Liabilities	271154	109132
		c) Current Liabilities
		i) FinancialUabilities
		- Short Tenn Borrowings- Lease Liabilities	92051954	87584
		- Trade PayatMes
		Total outstanding dues of Micro,Smal &
		Medium enterprises	990	n9
		Total outstanding dues of creditors other
		than Micro,Smal & Medium enterprises	104258	104851
		- Other Financial Uabiities	43163	48346
		i) Other Coo-ent Liabilities	8705	10086
		i) Short Term ProvisionsYI) C1JTentTax Liability	25357132	21412611
		Tobi Current Liabilities	259788	256398
		TOTAi. EQUITY AND UASlUTIES	1000653	795963

Page 7

1. Segment Re11orting

(Rs. in lacs)

AUDITED CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2020

		Quarter	Quarter	Quarter	Year	Year
		Ended	Ended	Ended	Ended	Ended
	Particulars	31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	1. Segment Revenue
	(a) Flexible Packaging Activities	171109	174025	198537	718857	764198
	(b) Engineering Activities	5911	6963	9272	26259	38281
	(c) Others (Unallocable)	135	Q!ll	{.ill.I	~	lill1
Total		177155	180950	207218	745002	802006
	Less : Inter Segment Revenue	1051	1612	1487	4518	6284
	Sales / Income from operations	176104	179338	205731	740484	795722
	2. Segment Results: Profit(+) I Loss(-)
	before tax & interest from Segment
	(a) Flexible Packaging Activities	17776	20864	24660	79215	76498
	(b) Engineering Activities	1564	133	647	3024	6773
	(c) Others (Unallocable)	13111)	142371	19222)	114352)	1223611
Total		16229	16760	16085	67887	60910
	Less: (i) Interest	5319	5674	5442	22479	21793
	Add: (ii) Other unallocable Income net off	1196	795	329	2678	1758
	unallocable expenditure
	Total Profit before tax	12106	11881	10972	48086	40875
	3. Segment Assets
	(a) Flexible Packaging Activities	890270	853863	674036	890270	674036
	(b) Engineering Activities	46815	46598	46236	46815	46236
	(c) Others (Unallocable)	63568	62349	75691	63568	75691
Total		1000653	962810	795963	1000653	795963
	4. Segment Liabilities
	(a) Flexible Packaging Activities	384765	348156	201865	384765	201865
	(b) Engineering Activities	44319	45472	39532	44319	39532
	(c) Others (Unallocable)	101858	105786	124133	101858	124133
Total		530942	499414	365530	530942	365530
	5. Segment Capital Employed
	(Segment assets - segment liabilities)
	(a) Flexible Packaging Activities	505505	505707	472171	505505	472171
	(b) Engineering Activities	2496	1126	6704	2496	6704
	(c) Others (Unallocable)	138290)	143437)	1484421	138290)	1484421
		469711	463396	430433	469711	430433

CONSOLIDATED CASH FLOW STATEMENT

		(Rs. In lacs)
	For the Year ended3111 Man;h 2020	For the Year Ended31st March 2019
A. CASH FLOW FROM OPERATINGACTIVITIES	IAudlledl	IAudlt•dl
Net Profit before taxAdjustment for :	48086	40875
Share in Profit of the Associate for the period	(320)	(520)
Share in Loss of the Joint Venture for the Period	489	833
Exchange differencesof foreign operationson translation(net of adjustmentto costof Property, Plant & Equipment (PPE), Intangibles & Deferred Tax)
Depreciation & amortisation expense	(2459)	(1831)38085
Exchange rate fluctuations (Net)	40319(1641)	899
Loss on Sale of Property, Plant & Equipment (Net)	23	142
Property, Plant & Equipments written Off	2	12
Gain on Sale of Investment PropertyLoss on Sale of Right of use Assets	(10)1
Finance Cost	22479	21793
Interest received from Banks I others	(794)	(891)
Rent Received	(920)	(862)
Dividend received on Investments carried at Fair value through othercomprehensive income	(3)	(11)
Gain on sale of Investments (Net)	(542)	(13)
Sundry Credit Balances written Back	(105)	(5077)
Remeasurement of the net defined benefit liability I asset	(918)	(302)
Allowance for doubtful Trade receivables Written back	(61)	(44)
Allowance for bad and doubtful Trade receivablesAllowance for bad and doubtful Advance recoverable	1322	8511000
Sundry Debit Balances I Bad Debts written off	2730	4086
	59592	58150
Operating Profit before Working Capital changes	107678	99025
Adjustment for :	4180	(12073)
Trade ReceivablesLoans and Other financial assets and other assets	(24691)	(15948)
Inventories	(1141)	(4670)
Trade payables	2312	(9072)
Other financial liabilities,other liabilities and provisions	2013	3751
Cash generated from operations	(17327)90351	(38012)61013
Income Tax	(10180)	(4774)
Exchange rate fluctuations	1641	(899)
Cash from operating activities before exceptional Items	(8539)	(5673)
Net Cash generated from operating activities (A)	81812	55340
B. CASH FLOW FROM INVESTING ACTIVITIES	(218610)	(38536)
Purchase of Property, Plant & Equipment (PPE) & Intangible assetsSale proceeds of PPE & Intangibles etc.	10930	222
Investment in Joint Venture (Net)		(338)
(Outflow) /Inflow on Investments (Net)	(881)	4347
Income Tax on Sale of Investments		(377)
Loans to Employees & OthersLoan to Joint Venture (Net)	3687(5)	(1431)(52)
Interest received from Banks I others	794	891
Rent Received	920	862
Dividend received on Investments carried at Fair value through other
comprehensive incomeNet Cash used in Investing Activities (B)	3(203162)	11(34401)
C. CASH FLOW FROM FINANCING ACTIVITIES
Dividend Paid	(1444)	(1444)
Dividend Distribution Tax	(219)	(297)
Lease Payments	(1200)
Finance CostBorrowings (Net)	(22192)161945	(21793)!142)
Net Cash used In Financing Activities (C )	136890	(23676)
Net (Decrease) /Increase in Cash and Cash equivalents (A+B+C)	15540	(2737)
Cash and Cash equivalents
Opening Cash and Cash equivalentsClosing Cash and Cash equivalents	2881444354	3155128814

Includes Rs. 11247 lacs (Previous Year Rs. 7562 lacs) in respect of amount lying in unclaimed dividend accounts I margin money accounts I fixed deposits pledged with banks as margin for letter of credits, guarantees & bills discounted.

Non- Cash Items

The Holding Company has tranferred its entire Equity Shaeholding in its Wholly Owned Subsidiary UTECH Developers Limited along with its subsidiary S.D. Buildwell Private Limited for Rs. 15250 Lacs in exchange of the allotmenl of 7.5% Cummulalive, Non Participative Preference Shares of Rs 15250 Lacs.

CIN : L7 4899DL 1988PLC032166

Notes:-

• Consolidated financial results includes the results of its associate concern, Jointly Controlled Entities and subsidiaries. 1.
• Figures have been regrouped I re-arranged wherever considered necessary. 2.
• The figure for the quarter ended 31st March,2020 are the balancing figures between the audited figures in respect of full year & published figures upto 3rd quarter of the relevant financial year. 3.
• We have conducted the audit of the Consolidated financial statements for the year ended 31st March,2020. 4.
• Effective 1st April,2019, the Group has adopted IND AS 116 on 'Leases' as notified by the Ministry of Corporate Affairs (MCA) vide Companies (Indian Accounting Standard) Amendment Rules,2019, using the modified retrospective approach. The adoption of this standard did not have any material impact on the profit for the quarter and year ended 31st March,2020. 5.
• 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 efforts 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 Q4 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. 6.
• The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 30th June,2020. 7.

page 10

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi- I I 0092 Tel.: +91-11-41049941 Email: info@kaap.in Website: www.kaap.in

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of UFLEX LIMITED, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To, The Board of Directors UFLEX LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying quarterly and year to date Standalone Financial Results of UFLEX LIMITED ("the Company"), for the quarter and year ended March 31, 2020 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirement of the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) and other accounting principles generally accepted in India of the net profit, other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statement under the provisions of the Act 'and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of Standalone Annual Financial Statements. The Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income of the Company and

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi- I I 0092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors of the Company are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi- I I 0092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2020, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter for the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For KAAP & Associates, Chartered Accountants Firm's Regn. No.: 019416N

e ak Sehgal Partner Membership No. 085391 UDIN: 20085391MAAAD7616

NOIDA, June 30, 2020

CIN: L74899DL 1988PLC032166

STANDALONE

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 03 2020

						Rs. In lacs)
		Quarter	Quarter	Quarter	Year	Year
	Partteulars	Ended	Ended	Ended	Ended	Ended
		31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	<,
	)
1.	Income
	(a) Value of Sales/ Income from operations	93136	99898	101195	395387	409942
	(b) Value of other Operating Income	2870	3396103294	3620104815	584406971	rnfil!422097
	(c) Value of Revenue from operations (a+b)	96006457	7020	924	8265	2155
	(d) Other IncomeTotal income [c+d]	96463	110314	105739	415236	424252
2.	Expenses	58221	60776	62692	247908	268442
	(a) Cost of Materials consumed			17	967	1335
	(b) Purchase of Stock-in-trade	239	421
	(c) Change in inventories of finished goods.work-in-progress and stock-4n-ttade	(6155)	117	2569	(8139)	58
	(d) Power&fuel	4289	4694	4466	19227	19090
	(e) Em~O"f"! benef'rts expense	11228	11949	10244	45743	41640
	(f} Finance costs	4178	4345	4259	17289	16794
	(g) Depreciation and amortisation expense	6643	6522	6057	26136	23993
		13676	11688	13236	47888	45630
	(h) Other expenses	92319	100512	103540	397019	416982
	Total expenses
	3. Profrt I (Loss) before Exceptional Items (1-2)	4144	9802	2199	18217	7270
	Exceptional items				-
	5. Profrt I (Loss) before tax (3+4')	4144	9802	2199	18217	7270
	6. Tax expense-Cunent Tax	1383	1611	650	3912	1306
	• Deferred Tax	39	(5301	122	(22)	798
	l7. Net prof'"rt I (oss) after tax (5-4)	2722	8721	1427	14327	5166
8.	Other Comprehensive income, net of income tax
	A. teems that will not be redasstfted lo pro <rt loss<="" or="" td="">(103614(4711(1207)(7251	(10361	4	(4711	(1207)	(7251
	B. hems that will be reclassifted to profit or loss	-	-	-	-
	Other Comprehensive income, net of income tax	(1036)	4	(4711	(12071	(7251
	Total Comprehensive income for the period (7+8)	1686	8725	956	13120	4441
		7221	7221	7221	7221	7221
	10. Paid~p equity share capital (FV Rs 10/-)
	11. Other Equity				218739	207282
	12. EPS (in Rs.) (not annualised)
	Basic	3.77	12.08	1.98	19.84	7.15
	Diluted	3.77	12.08	1.98	19.84	7.15

Sbltet'nent ot Assets & Liabilities

			(Rs. in lacs)
				STANDALONESTATEMENT OF
				ASSETS & LIABILITIES
			AS AT	AS AT
		Particulars	31.03.2020	31.03.2019
			(Audited)	(Audited)
A	ASSETS
		Non-Current Assets
	a)	Fixed Assets
		i) Property, Plant and Equipment	195185	190853
		ii) Capital work-in-progress	2496	17284
		iii) Investment Properties	1342	1465
		iv) Right to use Assets	2312
		v) Goodwill
		vi) Intangible assets	3067	4348
	ы	vii) Intangible assets under developmentFinancial Assets	368	20
		i) investments	46186	37447
		ii) Pledged Equity Instrument
		b) Long Term Loans	1579	1849
		iv) Other Non-Current financial asset	83	29
	c)	Other Non-Current Assets	5831	5307
		Total Non-Current Assets	258449	258602
	2	Current Assets
	a)	Inventories	48146	38751
	b)	Financial Assets
		i) Trade Receivables	111443	118795
		ii) Cash and cash equivalents	3956	7432
		(ii) Bank balances other than above	2756	1095
		iv) Loans	1948	1303
		v) Other financial assets	238	191
	c)	Other current assetsTotal Current Assets	15091183578	14200181767
		TOTAL ASSETS	442027	440369
		BEQUITY AND LIABILITIES
	a)	Equity
		i) Equity Share Capitalii) Other Equity	7221218739	7221
		Total Equity	225960	207282214503
	b)	Non-Current Liabilities
		i) Financial Liabilities
		Long Term Borrowings	63672	72034
		Lease Liabilities	1629
		Other Financial Liabilitiesii) Long Term Provisions	12571838	1105
		iii) Deferred Tax Liabilities (Net)	5914	13395936
		Total Non Current Liabilities	74310	80414
	c)	Current Liabilities
		i) Financial Liabilities
		- Short Term Borrowings	46820	41334
		- Lease Liabilities	795
		- Trade PayablesTotal outstanding dues of Micro, Small &
		Medium enterprises	990	779
		Total outstanding dues of creditors other
		than Micro, Small & Medium enterprises	62697
		- Other Financial Liabilities	18273	6299032894
		ii) Other Current Liabilities	7404	5564
		iii) Short Term Provisions	2226	1796
		vi) Current Tax Liability	2552	95
		Total Current Liabilities	141757	145452
		TOTAL EQUITY AND LIABILITIES		440369
			442027

$$ \frac{1}{2} $$

Page 5

(Rs. In lacs)

AUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUART!;R AND Y~B !;NDED 31.03.2020

	Particulars	QuarterEnded31.03.2020	QuarterEnded31.12 2019	QuarterEnded31.03.2019	YearEnded31.03.2020	YearEnded31.03.2019
		(Audited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	1. Segment Revenue
	(a) Flexible Packaging Activities	91011	97551	9n36	384914	390803
	(b) Engineering Activities	5911	6963	9272	26259	38281
	(c) Others (Unallocable)	lli	rn!l	~	~	!Wl
	Total	97057	104476	106302	411059	428381
	Less : Inter Segment Revenue	1051	1182	1487	4088	6284
	Sales I Income from operations	96006	103294	104815	406971	422097
	2. Segment Results : Profit(+) I Loss(-)
	before tax & Interest from Segment
	(a) Flexible Packaging Activities	9411	11226	9216	38494	32633
	(b) Engineering Activities	156-4	133	647	3024	6n3
	(c) Others (Unallocable)	131101	(42321	(43291	1142n1	1174971
	Total	7865	Zill	5534	27241	21909
	Less: (I) Interest	4178	4345	4259	17289	16794
	(II) Other unallocable Income net offAdd:unallocable expenditure	457	7020	924	8265	2155
	Total Profit before tax	4144	9802	2199	18217	mo
	3. Segment Assets
	(a) Flexible Packaging Activities	334210	338057	341089	334210	341089
	(bl Engineering Activities	46815	46598	46236	46815	46236
	(cl Others (Unallocablel	61002	59980	53044	61002	53044
	Total	442027	444635	440369	442027	440369
	4. Segment Liabilities
	(a) Flexible Packaging Activities	69890	69103	66868	69890	66868
	(b) Engineering Activities	44319	45472	39532	44319	39532
	(cl Others (Unallocable)	101858	105786	119466	101858	119466
	Total	216067	220361	225866	216067	225866
5.
		264320	268954	274221	264320	274221
		2496	1126	6704	2496	6704
		1408561	~	Llliru	1408561	166422)
		225960	224274	214503	225960	214503

Page6

(Rs. In lacs)

STANDALONE CASH FLOW STATEMENT

		For the Year anded31st March 2020	For the Year Ended31st March 2019
		(Audited)	(Audited)
	A. CASH FLOW FROM OPERATING ACTIVITIES
	Net Profit before taxAdjustment for :	18217	7270
	Depreciation & amortisation expense	26136	23993
	Exchange rate fluctuations (Net)	(1021)	(60)
	Loss on Sale of Property, Plant & Equipment (Net)	23	142
	Property, Plant & Equipments written Off	2	12
	Gain on Sale of Investment Property	(10)
	Loss on Sale of Right of use Assets	1
	Finance CostInterest received from Banks I others	17289(358)	16794(446)
	Rent Received	(896)	(862)
	Dividend received on Investments carried at amortised cost	(59)	(379)
	Dividend received on Investments carried at Fair value through other
	comprehensive income	(3)	(11)
	Sundry Credit Balances written Back	(105)	(138)
	Remeasurement of the net defined benefit liability I assetAllowance for doubtful Trade receivables Written back	(918)(61)	(302)
	Gain on Sale of Investment in Subsidiaries	(6717)
	Allowance tor bad and doubtful Trade receivables	960	299
	Sundry Debit Balances I Bad Debts written off	2732	106
		36995	39148
	Operating Profit before Working Capital changes	55212	46418
	Adjustment for :
	Trade Receivables	(638)	(6197)
	Loans and Other financial assets and other assetsInventories	(1287)(9396)	18721895
	Trade payables	(81)	(4541)
	Other financial liabilities. other liabilities and provisions	[9243)	8830
		(20645)	1859
	Cash generated from operations	34567	48277
	Income Tax	(3912)	(1306)
	Exchange rate fluctuations	1021	60
	Cash from operating activitiesbefore exceptional items	(2891)	(1246)
	Net Cash generated from operating activities (A)	31676	47031
	B. CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of Property, Plant & Equipment (PPE) & Intangible assets	(13897)	(23828)
	Sale proceeds of PPE & Intangibles etc.	131	203(338)
	Investment in subsidiaries (Net)Inflow on Investments (Net}	2153	4334
	Income Tax on Sale of Investments		(377)
	Loans to Employees & Others	42	49
	Loan to Subsidiary (Net)	(640)	(126)
	Loan to Joint Venture (Net)	(5)	(52)
	Interest received from Banks I others	358	446
	Rent ReceivedDividend received on Investments carried at cost	89559	862379
	Dividend received on Investments carried at Fair value through other
	comprehensive income	3	11
	Net Cash used in Investing Activities (B}	(10901)	(18437)
	C. CASH FLOW FROM FINANCING ACTIVITIES
	Dividend Paid	(1444)	(1444)
	Dividend Distribution Tax	(219)	(297)
	Lease PaymentsFinance Cost	(1023)(17027)	(16794)
	Borrowings (Net)	[2877}	(10185}
	Net Cash used In Financing Activities (C )	(22590)	(28720)
	Net (Decrease) /Increase in Cash and Cash equivalents (A+B+C)	(1815)	(126)
	Cash and Cash equivalents
	Opening Cash and Cash equivalents	8527	8653
	Closing Cash and Cash equivalents	6712	8527

Includes Rs. 2756 lacs ( Previous Year Rs.1095 lacs) in respect of amount lying in unclaimed dividend accounts I margin money accounts I fixed deposits pledged with as margin for letter of credits, guarantees & bills discounted. Non- Cash Items:

The Company has entered into following non-cash items during the year:

a Transfer of entire equity investment held in its Wholly Owned Subsidary UTECH Developers Private Limited for Rs. 15250 Lacs in exchange of the allotment of 7.5% Cummulative. Non Participative Redeemable Preference Shares of Rs 15250 Lacs.

CIN : L74899DL 1988PLC032166

Notes:-

• Figures have been regrouped I re-arranged wherever considered necessary. 1.
• The figure for the quarter ended 31st March,2020 are the balancing figures between the audited figures in respect of full year & published figures upto 3rd quarter of the relevant financial year. 2.
• We have conducted the audit of the financial statements for the year ended 31st March,2020. 3.
• Effective 1st April,2019, the Company has adopted IND AS 116 on 'Leases' as notified by the Ministry of Corporate Affairs (MCA) vide Companies (Indian Accounting Standard) Amendment Rules,2019, using the modified retrospective approach. The adoption of this standard did not have any material impact on the profit for the quarter and year ended 31st March,2020. 4.
• 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 efforts 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 04 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. 5.
• The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 30th June,2020. 6.

Noida 30th June,2020 Place Date

page 8