Uflex Limited — Annual Report 2021

Jun 29, 2021

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

UFLISEC/2021/ June 29, 2021

TheNationalStockExchangeofIndiaLimited	TheBSELimited
ExchangePlaza	CorporateRelationshipsDepartment
th Floor,5PlotNo.CIl	5t Floor,1NewTradingRing
G-Block	RotundaBuilding,PJTowers
Bandra-KurlaComplex	DalalStreet
Bandra(E)	Fort
Mumbai-400051	Mumbai-400001

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 315t March, 2021 as recommended by the Audit Committee, Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/year ended 315t March, 2021, 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, 2021.

• 1. Recommended a Dividend of Rs.2.50 per equity share of Rs.l 0/- each (25%) for the financial year ended 31st March, 2021.
• 1. Approved the proposed expansion of the Company at Sanad, Gujarat, India.

Details required under Regulation 30 of the Listing Regulations read with SEBI Circular NO.CIRlCFD/CMD/412015 dated 9 th September, 20'~5 are given in the enclosed Annexure.

/ \ ... 2 I

Division/Office: CORPORATE - SECRETARIAL Corporate Office: A-107-10B, Sector-IV, Distt. Gautam Budh Nagar, NOIDA - 201301, (UP), India Tel.: +91-120-4012345/2522558 Fax: +91-120-2442903 Website: www.uflexltd.com E-maiIID:secretarial@uflexltd.com

-: 2 :-

The meeting of the Board of Directors commenced at 5:30 P.M. and concluded at 7:00 P.M.

This is for your information and record.

Thanking you,

Yours fai fully, For UF X LIMITED

(Ajay Krishna) Sr. Vice President (Legal) & Company Secretary ~ Enc!.: As above

UFLEX LIMITED 'Apart of your daily life' Division/Office: CORPORATE - SECRETARIAL Corporate Office: A-107-108, Sector-IV, Distt. Gautam Budh Nagar, NOIDA - 201301, (UP), India Tel.: +91-120-4012345/2522558 Fax: +91-120-2442903 Website: www.uflexltd.com E-mail ID:secretarial@uflexltd.com

Annexure

Disclosure under Regulation 30(4) read with the Clause B of Part A of Schedule III of SEBI (LODR) Regulations for Capacity AdditionlExpansion:

81.	Particulars	Disclosures
No.		(Sanad,Gujarat,India)
1.	Existingcapacity(AsepticPackaging)	3.50billionpacks(perannum)
2.	Existingcapacityutilization	85-90%
3.	Proposedcapacityaddition	3.50billionpacks(perannum)
4.	Periodwithinwhichtheproposedcapacityistobeadded	March,2022
5.	Investmentrequired	INR120Crore&(Onlyprintinglinesomeassociatedequipmentnotfullplant)
6.	Modeoffinancing	OwnedandBorrowedFunds.
7.	Rationale	Tothegrowingdemandofmeet(AsepticCompany'sproductsPackaging).

CIN: l74899Dl1988PlC032166

CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2021

						(Rs. in lacs)
		Quarter	Quarter	Quarter	Year	Year
	Particulars	Ended	Ended	Ended	Ended	Ended
		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1.	Income(a) Value of Sales / Income from operations	249514	207255	174080	867451	726956
	(b) Value of Other Operating income	6903	3260	2024	21624	13528
	(c) Value of Revenue from operations (a+b)	256417	210515	176104	889075	740484
	(d) Other income	828	592	987	2281	2847
	(e) Share of (Loss) / profit of associate & Jointly Controlled EntitiesTotal income [c+d+e]	(68)257177	211109	209177300	130891486	(169)743162
2.	Expenditure
	(a) Cost of Materials consumed	137264	110676	95366	466347
	Purchase of Stock-in-trade(b)	695	469		5883	428919
	Change in inventories of finished goods, work-in-progress and stock-in-trade(c)	5409		239		988
		11017	(971)	174	(3250)	(4814)
	(d)Power & fuel	22329	926420525	854818197	3959379368	37007
	Employee benefits expense$\left( \mathbf{e} \right)$	5995	5668	5319		71977
	Finance costsn				22907	22479
	Depreciation and amortisation expense(g)	12011	11637	10212	45572	40320
	(h) Other expenses	28827	29480	27139	120847	98200
	Total expenses	223547	186748	165194	777267	695076
3.	Profit / (Loss) befor Exceptional items (1-2)	33630	24361	12106	114219	48086
4.	Exceptional items
5.	Profit / (Loss) before tax (3+4)	33630	24361	12106	114219	48086
6.	Tax expense
	- Current Tax- Deferred Tax	53461789	28765466	2467(451)	1935210499	10180818
7.	Net profit / (Loss) after tax (5-6)	26495	16019	10090	84368	37088
8.	Non - Controlling interest	24	27	32	78	106
9.	Net Profit / (Loss) after Non - Controlling interest (7-8)	26471	15992	10058	84290	36982
10.	Other Comprehensive income:
	Items that will not be reclassified to Profit or Loss(i)	(98)	281	(1049)	513	(1220)
	Income Tax relating to items that will not be reclassified to Profit or Loss(ii)	16	(105)		(89)
	(iii) Items that will be reclassified to Profit or Loss	(5652)	7834	(2727)	2604	5073
	Total Other Comprehensive income / (Loss) (net of income tax)	(5734)	8010	(3776)	3028	3853
11.	Total Comprehensive income for the period (7+10)	20761	24029	6314	87396	40941
	Total Comprehensive income for the period attributable to:
	Owners of the Holding Company [9+10]	20737	24002	6282	87318	40835
	Non-Controlling Interest [8]	24	27	32	78	106
12.	Paid-up equity share capital (FV Rs 10/-)	7221	7221	7221	7221	7221
13.	Other Equity, excluding Non - Controlling interest				547629	461756
14.	EPS (in Rs.) (not annualised)
	Basic	36.66	22.15	13.93	116.73	51.21
	Dituted	36.66	22.15	13.93	116.73	51.21

~

CIN: L74899DL1988PLC032166

STANDALONE

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2021

						Rs.ln lacs)
		Quarter	Quarter	Quarter	Year	Year
	Particulars	Ended	Ended	Ended	Ended	Ended
		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	t. Income
	(a) Value of Sales I Income from apeman.(b) Value of Other Operating income	1199854341	1147325260	931362870	44726316244	39538711584
	(e) Value of Revenue from operations (a+b)	124326	119992	96006	463507	406971
	(d) Other Income	550	524	457	2034	8265
	ToWl income [c+d]	124876	120516	96463	465541	415236
	2. Expenses
	ta) Cost of MMerials consumed	76898	67345	58221	261642	247908
	(b) Purchase of Stock-in-trade	708	550	239	1716	988
	(e) Change in inventories of finished goods,work-in.progressand stock-in-trade	(91)	116	(6155)	5857	(8160)
	(d) Power &, fuel	4696	4548	4289	18385	19227
	(e) Employee benef'rts expense	12274	11827	11228	45418	45743
	(f) Finance costs	3554	3723	4178	15228	17289
	(gl Depreciation and amortisation expense	6357	6593	6643	25965	26136
	(h) other expenses	11598	15140	13676	55921	47888
	Total expenses	115994	109842	92319	430132	397019
3.	Prof"rt I (Loss) before Exceptional items (1-2)	8882	10674	4144	35409	18217
4.	Exceptional items	-	-			-
	5. Profit I (Loss) before tax. (3+4)	8882	10674	4144	35409	18217
	6. Tax expense
	- Current Tax- Deferred Tax	13951756	16031953	138339	64115954	3912(22)
	No!profil I (Lo,,) _, tax (5~)	5731	7118	2722	23044	14327
7.	8. other Comprehensiveincome. net of income tax
	A. Items that will not be reclassified to profit or loss	(114)	91	(1036)	76	(1207)
	B. Items tMt will be reclassified to profit or loss	-	-
	Other Comprehensiveincome, net of income tax	(114)	91	(1036)	76	(1207)
	income for the period (7+1)	5617	7209	1686	23120	13120
	9. Total Comprehensive	7221	7221	7221	7221	7221
	'0. Paid-up equity share capital (FV Rs 101-)
	11. Other Equity				240414	218739
	'2. EPS (in Rs.) (not annualised)
	Basic	7.94	9.86	3.77	31.91	19.84
	Diluted	7.94	9.86	3.77	31.91	19.84

Notes: 1. Statement of Assets & Liabilities

(Rs. In lacs)

		STANDALONE		CONSOLIDATED
		STATEMENT	OF	STATEMENT	OF
		ASSETS & LIABILITIES		ASSETS & LIABILITIES
		AS AT	AS AT	AS AT	AS AT
	Particulars	31.Q3.2021	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Audited)	(Audited)	(Audited)
A ASSETS
	Non-CurrentAssets
a)	Fixed Assets
	i) Property. Plant and Equipment	189592	195185	493171	371900
	ii) Capital work-in-progress	6249	2496	150918	200361
	iii) InvestmentProperties	1222	1342	1222	1342
	iv) Right to use Assets	4000	2312	5499	3676
	v) Intangible assets	2959	3067	3322	3849
	vi) Intangible assets under development	836	368	836	388
b)	Financial Assets
	i) Investments	46314	46186	20530	19871
	ii) Long Term Loans	1875	1579	4004	3465
	iii) Other Non-Current financial asset
c)	Other Non-Current Assets	28	83	28	983
		11263	5831	25248	28422
	Total Non-CurrentAssets	264338	258449	704778	634257
2	CurrentAssets
a)	Inventories	51243	48146	115057	85494
b)	Financial Assets
	i) Trade Receivables	133850	111443	240550	194736
	ii) Cash and cash equivalents	18076	3956	55992	33107
	iii) Bank balances other than above	1986	2756	9912	11247
	iv) Loans	1240	1948	3024	3102
	v) Other financial assets	2906	238	3050	297
c)	Other current assets	18335	15091	60003	39398
	Totsl CurrentAssets	227636	183578	477588	367381
	TOTAL ASSETS	491974	442027	1182366	1001638
	B EQUITY AND LIABILITIES
a)	Equity
	i) Equity Share Capital	7221	7221	7221	7221
	ii) Other Equity	240414	218739	548441	462490
	Total Equity	247636	225960	555662	469711
b)	Non-CurrentLiabilities
	i) Financial Liabilities
	- Long Term Borrowings	63946	63672	280670	245114
	- Lease Liabilities	3621	1629	4727	2586
	- Other Financial Liabilities	1365	1257	1365	1882
	ii) Long Term Provisions	1781	1838	2852	2842
	iii) Deferred Tax Liabilities (Net)	11869	5914	29607	18730
	Total Non CurrentLiabilities	82582	74310	319221	271154
c)	CurrentLiabilities
	i) Financial Liabilities
	- Short Term Borrowings	39110	46820	75457	92051
	- Lease Liabilities	578	795	835	954
	- Trade Payables
	Total outstandingdues of Micro,Small&
	Medium enterprises
		1497	990	1497	990
	Total outstandingdues of creditors
	other than Micro,Small& Medium	75331	62697	133214	104258
	- Other Financial Liabilities	30957	18273	66398	44147
	ii) Other Current Liabilities	7908	7404	19073	8705
	iii) Short Term Provisions	2110	2226	2542	2536
	vi) Current Tax Liability	4266	2552	8467	7132
	Total CurrentLiabilities	161757	141757	307483	260773
	TOTAL EQUITY AND LIABILITIES	491974	442027	1182366	1001638

Page (3)

~

CONSOLIDATED CASH FLOW STATEMENT

	Forthe Vearended31stMarch2021	(Rs. in lacs)Forthe Ye.r ended31.t Mlrch 2020
A. CASH FLOW FROM OPERATINGACTIVITIES	(Audited)	(Audited)
Net Profit before tax	114219	48086
Adjustmentfor:Exchange differenceson devaluationof Currency
Share in Profit of the Associatefor the period	(566)	(320)
Share in Loss of the Joint Venture for the Period	435	489
Exchangedifferenceson translationof foreignoperations(net of adjustmentto
cost of Prooertv. Plant & Eauioment(PPE). Intanaibles& Deferred Tax)	1430	(2459)
Depreciation& amortisationexpense	45572	40319
Exchange rate fluctuations(Net)Loss I (Gain) on Sale of Property. Plant & Equipment(Net)	(4362)258	(1641)23
Property, Plant & Equipmentswritten Off	70	2
Gain on Sale of InvestmentProperty		(10)
(Gain) I Loss on Sale ot Right ot use Assets	(10)	1
Finance Cost	22907	22479
Interest received from Banks I others	(969)	(794)
Rent Received	(976)	(920)
Interest received on Investments
Dividend received on Investmentscarried at Fair value through othercomprehensiveincome		(3)
Dividend received on Investmentsin Subsidiaries
Gain on sale of Investments(Net)		(542)
Sundry Credit Balances written Back	(186)	(105)
ot the net defined benefit liability I assetRemeasurement	(53)	(918)
Allowance for doubtful Trade receivablesWritten back	(863)	(61)
Allowance for bad and doubtful Trade receivables	4182	1322
Sundry Debit Balances I Bad Debts written off	643872307	273059592
OperatingProfit before WorkingCapitalchanges	186526	107678
Adjustmentfor:
Trade Receivables	(54384)	4180
Other financial assets and other assets	(9800)	(21651)
Inventories	(29562)	(1141)
Trade payables	2946333452	23122013
Other financial liabilities, other liabilities and provisions	(30831)	(14287)
Cash generatedfrom operations	155695	93391
Income Tax	(19441)	(10180)
Exchange rate fluctuations	4362	1641
Cash from operatingactivitiesbefore exceptionalItems	(15079)	(8539)
Net Cash generatedfrom operatingactivities(A)	140616	84852
B. CASH FLOW FROM INVESTINGACTIVITIES
Purchase ot Property. Plant & Equipment(PPE) & Intangible assets	(115504)	(218610)
Sale proceeds of PPE & Intangiblesetc.Investmentin Joint Venture (Net)	556(435)	10930
(Outflow) !Inflow on Investments(Net)	472	(881)
Loans to Employees& Others	34	3687
Loan to Joint Venture (Net)	1	(5)
Loan to Body Corporate	76	(3040)
Interest received from Banks I others	969	794
Rent ReceivedDividend received on Investmentscarried at Fair value through other	976	920
comorehensiveincome		3
Net Cash used In InvestingActivities(B)	(112855)	(206202)
C. CASH FLOW FROM FINANCINGACTIVITIES
Dividend Paid	(1444)	(1444)
Dividend DistributionTax	(1102)	(219)(1200)
Lease Payments (net)Finance Cost	(22626)	(22192)
Borrowings(Net)	18961	161945
(e )Net Cash used In FinancingActivities	(6211)	136890
Net Increase in Cash and Cash equivalents(A+B+C)	21550	15540
Cash and Cash equivalents
Opening Cash and Cash equivalents	44354	28814
Closing Cash and Cash equivalents#	65904	44354

Includes Rs. 9912 lacs (Previous Period Rs. 11247 lacs) in respect ot amount lying in unclaimed dividend accounts I margin money accounts I fixed deposits pledged with banks as margin for letter ot credits, guarantees & bills discounted.

Page (0)

STANDALONE CASH FLOW STATEMENT

(Rs. in lacs)

	Forthe V.ar ended31st Man:h 2021	Forthe V.ar ended31st Man:h 2020
	(Audited)	(AudHod)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax	35409	18217
Adjustmentfor:
Depreciation & amortisation expense	25965	26136
Exchal1ge rate fluctuations (Net)	(2125)	(1021)
Loss' (Gain) on Sale of Property, Plant & Equipment (Nel)Property, Plant & Equipments written Off	24370	232
Gain on Sale of Investment Property		(10)
(Gain)' Loss on Sale of Riqht of use Assets	(10)	1
Finance Cost	15228	17289
Interest received from Banks lathers	(745)	(358)
Rent Received	(944)	(896)
Dividend received on Investments carried at amortised cost	(44)	(59)
Dividend received on Investments carried at Fair value through other
comprehensive income		(3)
Dividend received on Investments in SubsidiariesSundry Credit Balances written Back	(171)	(105)
Expenses For Earlier Years
Loss on Liquidation of Foreiqn Subsidiary
Provision for impairment on Fixed Assets
Remeasurement of the net defined benefit liability' asset	(53)	(918)
Allowance for doubtful Trade receivables Written back	(251)	(81)
Gain on Sale of Investment in Subsidiaries		(8717)
Allowance for bad and doubtful Trade receivables	3209	980
Sundry Debit Balances' Bad Debts written off	4824	2732
Operating Profit before Working Capital changes	4519680605	3699555212
Adjustmentfor:
Trade Receivables	(30018)	(638)
Loans and Other financial assets and other assets	(11619)	(1287)
InventoriesTrade payables	(3097)13141	(9396)(81)
Other financialliabililies, other liabilities and provisions	14838	(9243)
	(16755)	(20645)
Cash generated from operations	838SO	:usa7
Income Tax	(6411)	(3912)
Exchanlle rate fluctuations	2125	1021
Cash from operating activitiesbefore exceptionalitems	(4286)	(2891)
Net Cash generated from operating activities (A)	59564	31878
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Propertv, Piant & Equipment (PPE) & IntanQible assets	(24434)	(13897)
Sale proceeds of PPE & lntanolbles etc.	538	131
(Decrease) 'Increase in Non-Controllinll InterestInvestment in subsidiaries (Net)
Loans to Employees & Others	34	215342
loan to SubSidiary (Net)	706	(640)
loan to Joint Venture (Nel)	1	(5)
Interest received from Banks' others	745	358
Rent Received	944	895
Dividend received on Investments carried at costDividend received on Investments carried at Fair value through other	44	59
comprehensive income		3
Net Cash used In tnvesting Activities(B)	(21422)	(10901)
C. CASH FLOW FROM FINANCING ACTIVITIES
Dividend Paid	(1444)	(1444)
Dividend Distribution Tax		(219)
lease Payments (net)	(934)	(1023)
Finance Cost	(14979)	(17027)
Borrowinqs (Net)Net Cash used in Financing Activitie.(C )	(7435)(24792)	(2877)(22590)
Net Increase' (Decrease)in Cash and Cash equivalents (A+B+C)	133SO	(1815)
Cash and Cash equivalents
Openin~ Cash and Cash equivalents	6712	8527
Ctosinq Cash and Cash equivalents 1#	20062	6712

1# includes Rs. 1986 lacs ( Previous Period RS.2756 lacs) in respect of amount lying in undaimed dividend accounts' margin money accounts' fIXed deposits pledged with banks as margin for letter of credits, guarantees & bills discounted.

1. Segment Reporting

AUDITED CONSOLIDATED SEGMENT·WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2021

Particulars	QuarterEnded31.03.2021(Audited)	QuarterEnded31.12.2020(Unaudited)	QuarterEnded31.03.2020(Audited)	YearEnded31.03.2021(Audited)	YearEnded31.03.2020(Audited)
1. Segment Revenue
(a)Flexible Packaging Activities	247267	202983	171109	859915	718857
(b)Engineering Activities	10197	8863	5911	35265	26259
(c)O1hers (Unallocable)	503	11	135	470	ill4l.
Total	257967	211863	177155	895650	745002
Less: Inter Segment Revenue	1550	1348	1051	6575	4518
Sales {Income from operations	256417	210515	176104	889075	740484
2. Segment Results: Profit (+) {Loss (.)
before tax & interest from Segment
(a) Flexible Packaging Activities	37712	33920	17776	147880	79215
(b)Engineering Activities	2275	1954	1564	5614	3024
(c)O1hers (Un allocable)	(11221	(64391	ann	(18779)	(14352)
Total	38865	29435	16229	134715	67887
Less:(i) Interest	5995	5668	5319	22907	22479
Add:(ii) O1her unallocable Income net offunallocable expenditure	760	594	1196	2411	2678
Total Profit before tax	33630	24361	12106	114219	48086
3. Segment Assets
(a)Flexible Packaging Activities	1063008	1025795	890270	1063008	890270
(b)Engineering Activities	52905	48720	46815	52905	46815
(c)Others (Unallocable)	66453	62588	64553	66453	64553
Total	1182366	1137103	1001638	1182366	1001638
4. Segment Liabilities
(a)Flexible Packaging Activities	463397	449650	384765	463397	384765
(b)Engineering Activities	47560	45592	44319	47560	44319
(c)Others (Unallocable)	115747	106959	102843	115747	102843
Total	626704	602201	531927	626704	531927
5. Segment Capital Employed(Segment assets . segment liabilities)
(a)Flexible Packaging Activities	599611	576145	505505	599611	505505
(b)Engineering Activities	5345	3128	2496	5345	2496
(c)Others (Unallocable)	(49294)	(443711	(382901	(492941	(38290)
Total	555662	534902	469711	555662	469711

(Rs. in lacs)

(Rs. In lacs)

AUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS & CAPITAL EMPLOVED FOR THE QUARTER ANP YEAR ENPED 31 03 2021

Particulars	QuarterEnded31.03.2021(Audited)	QuarterEnded31.12.2020(Unaudited)	QuarterEnded31.03.2020(Audited)	YearEnded31.03.2021(Audited)	YearEnded31.03.2020(Audited)
1. Segment Revenue
Flexible Packaging Activities(a)	115171	112289	91011	434115	384914
Engineering Activities(b)	10197	8863	5911	35265	26259
Others (Unallocable)(c)	503	17	135	470	(114)
Total	125871	121169	97057	469850	411059
Less: Inter Segment Revenue	1545	1177	1051	6343	4088
Sales / Income from operations	124326	119992	96006	463507	406971
2. Segment Results: Profit (+) / Loss (-)
before tax & interest from Segment
Flexible Packaging Activities(a)	10728	18187	9411	61536	38494
Engineering Activities(b)	2275	1954	1564	5614	3024
Others (Unallocable)(c)	(1117)	(6268)	(3110)	(18547)	(14277)
Total	11886	13873	7865	48603	27241
Less: (i) Interest	3554	3723	4178	15228	17289
(ii) Other unallocable Income net offAdd:unallocable expenditure	550	524	457	2034	8265
Total Profit before tax	8882	10674	4144	35409	18217
3. Segment Assets
Flexible Packaging Activities(a)	376697	355387	334210	376697	334210
Engineering Activities(b)	52905	48720	46815	52905	46815
(c)Others (Unallocable)	62372	59868	61002	62372	61002
Total	491974	463975	442027	491974	442027
4. Segment Liabilities
Flexible Packaging Activities(a)	82452	69405	69890	82452	69890
Engineering Activities(b)	47560	45592	44319	47560	44319
Others (Unallocable)(c)	114327	106959	101858	114327	101858
Total	244339	221956	216067	244339	216067
5. Segment Capital Employed
(Segment assets - segment liabilities)
Flexible Packaging Activities(a)	294245	285982	264320	294245	264320
Engineering Activities(b)	5345	3128	2496	5345	2496
(c)Others (Unallocable)	(51955)	(47091)	(40856)	(51955)	(40856)
Total	247635	242019	225960	247635	225960

Page (7) ~

CIN : l74899DL1988PlC032166

• 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,2021 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,2021.
• 1. Flex P Films Egypt SA.E., has commenced commercial operation of the new BOPP Film line of Its plant situated at 6th of October City, Egypt.
• 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 Phanna 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 period. While Uflex believes that its business will continue to remain unscathed by the pandemic; however there could be uncertainties in the future due to underlying developments w.r.t COVID 19. which are difficult to oredict.
• 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetlngs held on 29th June,2021.
• 1. The Board of Directors have recommended a dividend of Rs. 2.50 per share (25%) for the year 2020-2021 subject to the approval of shareholders in the Annual General Meeting.

For Uflex limited

~

~ (Chairman & Managing Director) DIN-00023452

Place Nolda

Date 29th June'2021

Page (8)

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-l 10092 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, UFLEXLIMITED

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, 2021 ("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/results/information of subsidiaries, associate and a jointly controlled entity, and separate unaudited financial statements/results/information of a Jointly Controlled Entity certified by the Management, the Statement:

a. includes the results of the following entities:

list of the Subsidiaries

USC Holograms Pvt. 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., Uflex Europe Ltd., Uflex Packaging Inc., UPET Holdings Ltd., UPET (Singapore) PTE. Ltd., Flex Films (USA) Inc., Flex Chemicals Pvt. Ltd., Flex Films Africa Pvt. Ltd., Flex Films Europa Korlatolt Felelossegu Tarsasag (Hungary) & Flex Films Rus LLC(Russia).

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, 2021.

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-I 10092 Tel.: +91-11-43049941 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.

KAAP & Associates Regd. Off.:

Chartered Accountants

89, Lower Ground Floor, Gujarat Vihar, Delhi-l10092 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

KAAP & Associates Regd. Off.:

Chartered Accountants

89, Lower Ground Floor, Gujarat Vihar, Delhi-I 10092 Tel.: +91-11-43049941 Email: info@kaap.in Website: www.kaap.in

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, 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/CMD1/44/2019, dated March 29, 2019, issued by the Securities and Exchange Board of India under the Listing Regulations, to the extent applicable.

Other Matters

• 1. Financial statements/results/information, as considered in the Statement, in respect of one of the Indian subsidiary viz. USC Holograms Pvt. Ltd., has been audited by us.
• 1. The accompanying Statement include the audited financial statements/results/information in respect of:
  • a) 13 subsidiaries, whose financial statements/results/information reflect total assets of Rs. 777,638 lacs, as at March 31, 2021, total revenue of Rs. 153,717 lacs and Rs. 530,835 lacs and total net profit after tax of Rs. 23,135 lacs and Rs. 68,439 lacs, Other Comprehensive Income of Rs. 23 lacs and Rs. 339 lacs for the quarter and year ended March 31, 2021 respectively, and net cash inflow of Rs. 7709 lacs for the year ended March 31, 2021, as considered in the Statement, which have been audited by their respective independent auditors and
  • b) an associate and a jointly controlled entity whose financial statements/results/information reflect Group's share of net profit/(Ioss) of Rs. (63) lacs and of Rs. 136 lacs and Other Comprehensive Income of Rs. 9 lacs and Rs. 9 lacs, for the quarter and year ended March 31, 2021 respectively, as considered in the Statement, which have been audited by their respective independent auditors.
• 1. The independent auditors' reports on financial statements/results/information of the 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

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-I 10092 Tel.: '-91-11-43049941 EmaiI: info@kaap.in Website: www.kaap.in

procedures performed by us are as covered in Section "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" above.

1. The accompanying Statement includes unaudited financial statements/results/information in respect of a jointly controlled entity whose financial statements/results/information reflects the Group's share of net loss of Rs. 5 lacs and Rs. 5 lacs and the Group's share of Other Comprehensive Income of Rs. Nil and Rs Nil for the quarter and for the year ended March 31, 2021, respectively, as considered in the Statement whose financial statements/results/information have not been audited by their auditors.

These unaudited financial statements/results/information have been certified and 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 this jointly controlled entity is based solely on such unaudited financial statements/results/information. In our opinion, and according to the information and explanations given to us by the Management, these financial statements/results/information are not material to the Group.

• S. 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 referred in Para 3 above and the financial statements/results/information certified by the Management referred in Para 4 above.
• 1. The Statement includes the results for the quarter ended March 31, 2021, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021, 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 Accoqntants Firm's Regn. No.: 01~1

CAf.'Deepak Sehgal Partner Membership No. 085391 UDIN: 21085391AAAAAE7289

NOIDA, June 29, 2021

Statement of Assets & liabilities

(Rs. in lacs)

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES

	Particulars	AS AT31.03.2021(Audited)	AS AT31.03.2020(Audited)
A ASSETS
Non-Current	Assets
a)	Fixed Assets
	i) Property. Plant and Equipment	493171	371900
	ii) Capital work-in-progress	150918	200361
	iii) InvestmentProperties	1222	1342
	iv) Right to use Assets	5499	3676
	v) Intangible assets	3322	3849
	vi) Intangible assets under development	836	388
b)	Financial Assetsi) Investments		19871
	ii) Long Term Loans	205304004	3465
	iii) Other Non-Current financial asset	28	983
c)	Other Non-Current Assets	25248	28422
	Total Non-CurrentAssets	704778	634257
2	Current Assets
a)	Inventories	115057	85494
b)	Financial Assets
	i) Trade Receivables	240550	194736
	ii) Cash and cash equivalents	55992	33107
	iii) Bank balances other than above	9912	11247
	iv) Loans	3024	3102
c)	v) Other financial assetsOther current assets	305050003	29739398
	Total CurrentAssets	477588	367381
	TOTAL ASSETS	1182366	1001638
	B EQUITY AND LIABILITIES
a)	Equityi) Equity Share Capital	7221	7221
	ii) Other Equity	548441	462490
	Total Equity	555662	469711
b)	Non-CurrentLiabilitiesi) Financial Liabilities
	Long Term Borrowings	280670	245114
	Lease Liabilities	4727	2586
	Other Financial Liabilities	1365	1882
	ii) Long Term Provisions	2852	2842
	iii) Deferred Tax Liabilities (Net)	29607	18730
	Total Non CurrentLiabilities	319221	271154
c)	Currentliabilities
	i) Financial Liabilities
	Short Term Borrowings	75457	92051
	Lease Liabilities	835	954
	Trade Payables
	Total outstandingdues of Micro.Small&Medium enterprises		990
	Total outstandingdues of creditors	1497
	other than Micro.Small& Medium
		133214	104258
	Other Financial Liabilities	66398	44147
	ii) Other Current Liabilities	19073	8705
	Iii) Short Term Provisions	2542	2536
	vi) Current Tax Liability	8467	7132
	Total CurrentLiabilities	307483	260773
	TOTAL EQUITY AND LIABILITIES	1182366	-1001638

Page (6)

CIN : L74899Dl1988PLC032166

CONSOLIDATED

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2021

			Rs. in lacs)
		Quarter	Year
	Particulars	Ended	Ended
		31.03.2021	31.03.2021
		(Audited)	(Audited)
1.	Income(a) Value of Sales I Income from operations	249514	867451
	(b) Value of Other Operating income	6903	21624
	te) Value of Revenue from operations (a+b)	256417	889075
	(d) other income(e) Share of (Loss) I profit of associate & Jointly Controlled Entities	828	2281
	Total income [c+d+e]	1m257177	130891486
2.	Expenditure
	la) Cost of Materials consumed	137264	466347
	(b) Purchase of Stock-in-trade	695	5883
	Ie) Change in inventories of finished goods,work-in-progressand stock-in-trade	5409	(3250)
	Id) Power & fuel	11017	39593
	Ie) Employee beneffts expense	22329	79368
	If) Finance costs	5995	22907
	(g) Depreciation and amortisation expense	12011	45572
	Ih) Other expenses	28827	120847
	Total expenses	223547	777267
3.	Pforlt I (loss) befor Exceptional items (1-2)	33630	114219
	Exceptional items	-
5.	Profit , (Loss) before tax (3+4)	33630	114219
6.	Tax expense
	- Current Tax- Deferred Tax	53461789	1935210499
7.	Net profit I (Loss) after tax (5~)	26495	84368
	Non - Controlling interest	24	78
s.	Net Profrt I (Loss) after Non - Controlling interest (7~)	26471	84290
10.	Other Comprehensiveincome:
	Ii) Items that will not be reclassified to Profrt or Loss	(98)	513
	Iii) Income Tax relating to items that will not be reclassified to Profrt or Loss	16	(89)
	{iii} Items that will be reclassified to Profit or Loss	(5652)	2604
	income I (Loss) (net of income tax)Total Other Comprehensive	(5734)	3028
11.	Total Comprehensiveincome for the period (7+10)	20761	87396
	Total Comprehensiveincome for the period attributable to :
	Owners of the Holding Company [9+10]Non-ControllingInterest [8]	2073724	8731878
12.13.	Paid-up equtty share capital (FV Rs 10/-)	7221	7221
	Other Equity. excluding Non - Controlling interest		547629
14.	EPS (in Rs.) (not annualised)Basic	36.66	116.73
	Diluted	36.66	116.73

CONSOLIDATED CASH FLOW STATEMENT

(Rs. in lacs)

	Forthe Year ended31st March 2021	For the Year ended31s1March 2020
A. CASH FLOW FROM OPERATING ACTIVITIES	{Audited}	{Audited}
Nel Profit before taxAdjustmentfor:	114219	48086
Exchange differences on devaluation of Currency
Share in Profit of the Associate for the period	(566)	(320)
Share in Loss of the Joint Venture for the PeriodExchange differences on translation of foreign operations (net of adjustment to costof Property, Plant & Equipment (PPE), Intangibles & Deferred Tax)	435	489
	1430	(2459)
Depreciation & amortisation expense	45572	40319
Exchange rate fluctuations (Net)	(4362)	(1641)
Loss' (Gain) on Sale of Property, Plant & Equipment (Net)	258	23
Property, Plant & Equipments written Off	70	2
Gain on Sale of Investment Property(Gain) , Loss on Sale of Right of use Assets	(10)	(10)1
Finance Cost	22907	22479
Interest received from Banks' others	(969)	(794)
Rent Received	(976)	(920)
Interest received on InvestmentsDividend received on Investments carried at Fair value through other
comprehensive income		(3)
Dividend received on Investments in SubsidiariesGain on sale of Investments (Net)
Sundry Credit Balances written Back	(186)	(542)(105)
Remeasurement of the net defined benefit liability , asset	(53)	(918)
Allowance for doubtful Trade receivables Written back	(863)	(61)
Allowance for bad and doubtful Trade receivables	4182	1322
Sundry Debit Balances' Bad Debts written off	5438	2730
Operating Profit before Working Capital changes	72307186526	59592107678
Adjustmentfor:
Trade Receivables	(54384)	4180
Other financial assets and other assets	(9800)	(21651)
InventoriesTrade payables	(29562)29463	(1141)2312
Olher financial liabilities. other liabilities and provisions	33452	2013
	(30831)	(14287)
Cash generated from operations	155695	93391
Income Tax	(19441)	(10180)
Exchange rate fluctuations	4362	1641
Cash from operating activitiesbefore exceptionalitems	(15079)	(8539)
Net Cash generated from operating activities (A)	140616	84852
B. CASH FLOW FROM INVESTING ACTIVITIESPurchase of Property, Plant & Equipment (PPE) & Intangible assets	(115504)	(218610)
Sale proceeds of PPE & Intangibles etc.	556	10930
Investment in Joinl Venture (Net)	(435)
(Outflow) /lntlow on Investments (Net)	472	(881)
Loans to Employees & Others	34	3687
Loan to Joint Venture (Net)	1	(5)
Loan to Body CorporateInterest received from Banks' others	76969	(3040)794
Interest received on Investments	o	o
Rent Received	976	920
Dividend received on Investments carried at Fair value through other		3
Net Cash used in Inv~tingActivities(6)	(112855)	(206202)
C. CASH FLOW FROM fiNANCINGACTIVITIES
Dividend Paid	(1444)	(1444)
Dividend Distribution Tax		(219)
Lease Payments (net)	(1102)	(1200)
Finance CostBorrowings (Net)	(22626)18961	(22192)161945
Net Cash used in Financing Activities(C )	(6211)	136890
Net Increase in Cash and Cash equivalents (A+B+C)	21550	15540
Cash and Cash equivalents
Opening Cash and Cash equivalents	44354	28814
Closing Cash and Cash equivalents #	65904	44354

Includes Rs. 9912 lacs (Previous Period Rs. 11247 lacs) in respect of amount lying in unclaimed dividend accounts' margin money accounts' fixed deposits pledged with banks as margin for letter of credits, guarantees & bills discounted.

(Rs. in lacs)

AUDITED CONSOLIDATED SEGMENT·WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2021

Quarter Year Ended Ended Particulars 31.03.2021 31.03.2021 (Audited) (Audited) 1. Segment Revenue (a) Flexible Packaging Activities 247267 859915 (b) Engineering Activities 10197 35265 (c) Others (Unallocable) §.Q1 470 Total 257967 895650 Less: Inter Segment Revenue 1550 6575 Sales I Income from operations 256417 889075 2. Segment Results: Profit (+) I Loss H before tax & Interest from Segment (a) Flexible Packaging Activities 37712 147880 (b) Engineering Activities 2275 5614 (c) Others (Unallocable) (11221 1187791 Total 38865 134715 Less: (I) Interest 5995 22907 Add: (ii) Other unallocable Income net off 760 2411 unallocable expenditure Total Profit before tax 33630 114219 3. Segment Assets (a) Flexible Packaging Activities 1063008 1063008 (b) Engineering Activities 52905 52905 (c) Others (Unallocable) 66453 66453 Total 1182366 1182366 4. Segment Liabilities (a) Flexible Packaging Activities 463397 463397 (b) Engineering Activities 47560 47560 (c) Others (Unallocable) 115747 115747 Total 626704 626704 5. Segment Capital Employed (Segment assets· segment liabilities) (a) Flexible Packaging Activities 599611 599611 (b) Engineering Activities 5345 5345 (c) Others (Unallocable) (492941 (492941 Total 555662 555662

CIN: L74899DL1988PLC032166

• 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,2021 are the balancing figures between the audited figures in respect offull year & published figures upto 3rd quarter ofthe relevant financial year. 3.
• We have conducted the audit ofthe Consolidated Financial Statements for the year ended 31st March,2021. 4.
• Flex P Films Egypt S.A.E., has commenced commercial operation of the new BOPP Film line of its plant situated at 6th of October City, Egypt. 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 period. While Uflex believes that its business will continue to remain unscathed by the pandemic; however there could be uncertainties in the future due to underlying developments w.r.t COVID 19, which are difficult to predict. 6.
• 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Holding Company at their respective meetings held on 29th June,2021.

Place Date

Noida 29th June'2021

Page (10)

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-I 10092 Tel.: +91-11-43049941 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 (lithe Company"), for the quarter and year ended March 31, 2021 (lithe 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 (lithe Listing Regulations").

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

• L 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, 202l.

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

Chartered Accountants

Rcgd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-l 10092 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.

Chartered Accountants

Regd. Off.: 89, Lower Ground Floor, Gujarat Vihar, Delhi-I 10092 Tel.: t91-11-43049941 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, 2021, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 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.: 0 9416N

NOIDA, June 29, 2021

Statement of Assets & Liabilities

(Rs. in lacs)

STANDALONE STATEMENT OF ASSETS & LIABILITIES

		Particulars	AS AT31.03.2021(Audited)	AS AT31.03.2020(Audited)
	A ASSETS
	Non-Current	Assets
	a)	Fixed Assets
		i) Property. Plant and Equipment	189592	195185
		ii} Capital work-in-progress	6249	2496
		iii} InvestmentProperties	1222	1342
		iv) Right to use Assets	4000	2312
		v} Intangible assets	2959	3067
		vi} Intangible assets under development	836	368
	b)	Financial Assets
		i) Investments	46314	46186
		ii) Long Term Loans	1875	1579
		iii) Other Non-Currentfinancial asset	28	83
	c)	Other Non-CurrentAssets	11263	5831
		Total Non-CurrentAssets	264338	258449
	2	CurrentAssets
	a)	Inventories	51243	48146
	b)	Financial Assets
		i) Trade Receivables	133850	111443
		ii} Cash and cash equivalents	18076	3956
		iii} Bank balances other than above	1986	2756
		iv) Loans	1240	1948
		v) Other financial assets	2906	238
	c)	Other current assets	18335	15091
		Total CurrentAssets	227636	183578
		TOTAL ASSETS	491974	442027
		B EQUITY AND LIABILITIESEquity
	a}	i) Equity Share Capital	7221	7221
		ii} Other Equity	240414	218739
		Total Equity	247635	225960
	b)	Non-CurrentLiabilities
		i) Financial Liabilities
		Long Term Borrowings	63946	63672
		- Lease Liabilities	3621	16291257
		- Other Financial Liabilitiesii} Long Term Provisions	13651781	1838
		iii} Deferred Tax Liabilities (Net)	11869	5914
		Total Non CurrentLiabilities	82582	74310
	c)	CurrentLiabilities
		i) Financial Liabilities	39110	46820
		- Short Term BorrowingsLease Liabilities	578	795
		Trade Payables
		Total outstandingdues of Micro.Small&
		Medium enterprises	1497	990
		Total outstandingdues of creditors
		other than Micro.Small& Medium
			75331	62697
		Other Financial Liabilities	30957	18273
		ii} Other Current Liabilities	7908	7404
		iii} Short Term Provisions	2110	2226
		vi} Current Tax Liability	4266	2552
		Total CurrentLiabilities	161757	141757
			491974	442027

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CIN : L74899DL 1988PLC032166

STANDALONE

Rs. in lacs Quarter Year Particulars Ended Ended ~ 31.032021 (Audited) (Audited) t. Income (a) Value of Sates I Income from operations 119985 447263 (bl V••••••• Othet' Opoming income ~ 16244 (e) v.tue of Revenue 'rom operations (a+b) 124326 463507 (dl Othof Income ~ 2Q.H Total income {c+d) llilli 465541 2. Expen•.• s (a, Cost of Matarials consumed 76898 261642 (b) PUn;Mse of Stock-m-trade 708 1716 (e) Change in inventories of finished goods,work-in-progress and stock-in-trade (91) 5857 (dl POWtr& fuel 4696 18385 Ie' Emptoyee benefits expense 12274 45418 (~ Fm.nc:ecosts 3554 15228 ta) ~irion andamortisation expense 6357 25965 (hI Othe-r expenses 1lli.§ 55921 Total.HS ~ 430132 ,. profit I (Lonl bolo•• Ex items (1·21 8882 35409 .. Exceptional items 5. profit I (Lonl -.. tal<('+'1 8882 35409 .. Tax expense - Current Tax 1395 6411 • o.t.rred Tax 1756 5954 7. Net profit I (loss) after tax (5--6) 5731 23044 B. Other Comprehensive income, net of income tax A. Items that will not be reclassified to profit or loss (114) 76 B. Items that will be rec:lassified to profit or ~s - Other Comprehensive income, net of income tax (114) 76 .. Total Compnthensive klcome for the period (7+8) 5617 23120 10. Paid-up equity share capital (FV Rs 101-) 7221 7221 11. Othof eq1lity 240414 12. EPS (in Rs.) (not annualised) Basic 7.94 31.91 AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2021

Diluted 7.94 31.91

STANDALONE CASH FLOW STATEMENT

(Rs. in lacs)

	Forthe Year ended31st March 2021	For the Year ended31st March 2020
	(Audited)	(Audited)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax	35409	18217
Adjustmentfor:
Depreciation & amortisation expenseExchange rate fluctuations (Net)	25965(2125)	26136(1021)
Loss' (Gain) on Sale of Property, Plant & Equipment (Net)	243	23
Property, Plant & Equipments written Off	70	2
Gain on Sale of Investment Property		(10)
(Gain)' Loss on Sale of Right of use Assets	(10)	1
Finance CostInterest received from Banks' others	15228(745)	17289(358)
Rent Received	(944)	(896)
Dividend received on Investments carried at amortised cost	(44)	(59)
Dividend received on Investments carried at Fair value through other
comprehensive income		(3)
Dividend received on Investments in Subsidiaries
Sundry Credit Balances written Back	(171)	(105)
Expenses For Earlier YearsLoss on Liquidation of Foreign Subsidiary
Provision for impairment on Fixed Assets
Remeasurement of the net defined benefit liability' asset	(53)	(918)
Allowance for doubtful Trade receivables Written back	(251)	(61)
Gain on Sale of Investment in SubsidiariesAllowance for bad and doubtful Trade receivables	3209	(6717)960
Sundry Debit Balances' Bad Debts written off	4824	2732
	45196	36995
Operating Profit before Working Capital changes	80605	55212
Adjustmentfor:
Trade Receivables	(30018)	(638)
Loans and Other financial assets and other assetsInventories	(11619)(3097)	(1287)(9396)
Trade payables	13141	(81)
Other financial liabilities, other liabilities and provisions	14838	(9243)
	(16755)	(20645)
Cash generated from operationsIncome Tax	63850(6411)	34567(3912)
Exchange rate fluctuations	2125	1021
Cash from operating activitiesbefore exceptionalitems	(4286)	(2891)
Net Cash generated from operating activities (A)	59564	31676
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment (PPE) & Intangible assets	(24434)	(13897)
Sale proceeds of PPE & Intangibles etc.(Decrease) 'Increase in Non-Controlling Interest	538	131
Investment in subsidiaries (Net)		2153
Loans to Employees & Others	34	42
Loan to Subsidiary (Net)	706	(640)
Loan to Joint Venture (Net)	1	(5)
Interest received from Banks' othersRent Received	745944	358895
Dividend received on Investments carried at cost	44	59
Dividend received on Investments carried at Fair value through other
comprehensive income		3
Net Cash used In Investing Activities(B)	(21422)	(10901)
C. CASH FLOW FROM FINANCING ACTIVITIESDividend Paid	(1444)	(1444)
Dividend Distribution Tax		(219)
Lease Payments (net)	(934)	(1023)
Finance Cost	(14979)	(17027)
Borrowings (Net)	(7435)	(2877)
Net Cash used in Financing Activities(C )Net Increase' (Decrease)in Cash and Cash equivalents (A+B+C)	(24792)13350	(22590)(1815)
Cash and Cash equivalents
Opening Cash and Cash equivalents	6712	8527
Closing Cash and Cash equivalents #	20062	6712

Includes Rs. 1986 lacs ( Previous Period RS.2756 lacs) in respect of amount lying in unclaimed dividend accounts' margin money accounts' fixed deposits pledged with banks as margin for letter of credits, guarantees & bills discounted.

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AUDITED STANDALONE SEGMENT·WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31.03.2021

			(Rs. in lacs)
		Quarter	Year
		Ended	Ended
Particulars		31.03.2021	31.03.2021
		(Audited)	(Audited)
1. Segment Revenue
(a)	Flexible Packaging Activities	115171	434115
(b)	Engineering Activities	10197	35265
(c)	Others (Unallocable)	503	470
Total		125871	469850
Less: Inter Segment Revenue		1545	6343
Sales I Income from operations		124326	463507
2. Segment Results:	Profit (+) I Loss (-)
	before tax & interest from Segment
(a)	Flexible Packaging Activities	10728	61536
(b)	Engineering Activities	2275	5614
(c)	Others (Unallocable)	L111I1	(18547)
Total		11886	48603
Less:(i) Interest		3554	15228
Add:	(ii) Other unallocable Income net off	550	2034
	unallocable expenditure
Total Profit before tax		8882	35409
3. Segment Assets
(a)	Flexible Packaging Activities	376697	376697
(b)Engineering	Activities	52905	52905
(c)	Others (Unallocable)	62372	62372
Total		491974	491974
4. Segment Liabilities
(a)	Flexible Packaging Activities	82452	82452
(b)	Engineering Activities	47560	47560
(c)	Others (Unallocable)	114327	114327
Total		244339	244339
	5. Segment Capital Employed
	(Segment asseta- segment liabilities)
(a)	Flexible Packaging Activities	294245	294245
(b)	Engineering Activities	5345	5345
(c)	Others (Unallocable)	(51955)	(51955)
Total		247635	247635

CIN : L74899DL1988PLC032166

• 1. Figures have been regrouped I re-alTanged wherever considered necessary.
• 1. The figure for the quarter ended 31st March,2021 are the balancing figures between the audited figures in respect of full year & published figures upto 3rd quarter of the relevant financial year.
• 1. We have conducted the audit of the financial statements for the year ended 31st March,2021.
• 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 period. While Uflex believes that its business will continue to remain unscathed by the pandemic; however 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 respective meetings held on 29th June,2021.

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