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Uflex Ltd. Company History and Annual Growth Details

YEAR EVENTS
1988 - The Company was Incorporated on 21st June, and obtained the
Certificate for Commencement of Business on 8th August. It was
promoted by Ashok Kumar Chaturvedi and Harish Chaturvedi. By a
scheme of amalgamation, the assets and liabilities of Flex
Laminates Ltd. and Flex Papers Ltd. were taken by the company
effective from 1st August. The Company's objects is to
manufacture and deal in flexible packaging materials of printed
laminated of plastics and paper based materials.

- 70 No. of equity shares subscribed for by Signatories to
Memorandum of Association. 22,15,640 No. of equity shares
allotted to erstwhile Flex Laminates Ltd. (in proportion 82
shares: 100 held in Flex Laminates) and 6,25,016 shares allotted
to erstwhile Flex Papers Ltd. (in proportion 56 shares; 100 held
in Flex Papers Ltd.,) both consequent to the Scheme of
Amalgamation without payment in cash.

1989 - The Company proposed to undertake the Modernisation-Cum-Backward
integration scheme, at its existing unit at NOIDA. It was to be
undertaken under two projects. The first project was to involve
an outlay of Rs.234 lakhs while the second one Rs.775 lakhs.
Financial institution sanctioned a term loan of Rs.169 lakhs for
for the first project and the remaining Rs.65 lakhs was to be met
by internal accruals. The second project was to be financed by a
term loan of Rs.580 lakhs and the balance of Rs.195 lakhs was to
be met by internal accruals.

- 21,59,274 No. of equity shares then issued at reserved and
allotted to promoters, resident directors etc. Of the balance
20,00,000 shares, 1,07,964 shares were reserved for allotment on
a preferential basis to employees (including Indian working
directors)/workers of the Company as well as promoter companies
(only 94,700 shares taken up). The remaining 18,92,036 shares
alongwith 13,264 shares not taken up by employees were offered
for public subscription during September 1989 (all were taken up)

1990 - With a view to further improving the quality of end products and
to keep pace with the changing market requirements, the Company
embarked upon a Scheme of Upgradation of technology, process and
products to enable the Company to introduce high quality and new
range of products. The Company hence proposed to acquire and
commission eight colour rotogravure printing machine, colour
scanner and other high speed, energy saving, high process control
equipments and machines.

- The Company issued 2,13,000 secured Redeemable non-convertible
debentures of Rs.100 each for cash at par by way of private
placement to Canbank Mutual Fund.

- 25,00,000 Right equity shares issued in prop. 1:2. Another
1,25,000 shares offered to employees (all were taken up).

1991 - During June the company issued 26,25,000 No. of equity shares of
Rs.10 each for cash at par at a premium of Rs.10 each aggregating
to Rs.525 lakhs. Out of these 25,00,000 No. of equity shares
were offered to shareholders, on rights basis in the ratio of 1:2
(all were taken up).

1993 - The Company made inroads into the exports market and registered
Rs 26.98 crores compared to Rs 1.57 crores in previous year.

- The Company undertook to set up a plant with the state-of-the-art
technology for manufacture of pet film.

- With a view to sustaining growth and cater to the expanded
domestic and international market with greater strength, the
Company undertook to the expansion-cum-backward integration
projects. A plant to manufacture BOPP film with a capacity of
15,000 TPA was to be set and the existing capacity at pet film
plant was to be expanded from 10,000 TPA to 23,000 TPA.

- During May-June, the company issued 38,12,500 - 17.5% secured
partly convertible debentures of Rs.100 each in Rights basis in
prop. 1 debenture : 2 equity shares held.

- Another 1,20,000 - 17.5% debentures were issued to employees on
an equitable basis.

- Rs.50 of the face value of each PCD was to be converted into 1
equity share of Rs.10 each at a premium of Rs.40 per share on the
date of allotment of debentures.

- Balance Rs.50 of the face value of each debentures was to be
redeemed in 3 annual instalments of Rs.16, Rs.17 and Rs.17 at the
end of the 7th, 8th and 9th years from the date of allotment of
debentures.

- Simultaneous to the above issue, the company also issued 9,15,000
- 18.5% secured non-convertible debentures of Rs.100 each with
detachable warrant on Rights basis in prop. 16 NCDs : 50 equity
shares held.

- Each NCD was to be redeemed in 3 annual instalments of Rs.30,
Rs.35 and Rs.35 at the end of 7th, 8th and 9th year respectively
from the date of allotment of debentures or at the option of the
company earlier but not before 3 years from the date of allotment
of debentures.

- Each warrant entitled the holder to apply for one equity share of
Rs.10 each between 3 to 5 years from the date of allotment of
NCD.

1994 - During September-October, the company issued 45,75,500 No. of
equity shares of Rs.10 each for cash at a premium of Rs.215 per
share on Rights basis in prop. 2:5. A warrant was attached to
two equity shares and in entailed the holder to apply for 1
equity share at par between 3-5 years from the date of allotment
of debentures (all shares were taken up).

- Also, 22,87,750-13.5% secured non-convertible debentures were
issued on Rights basis in proportion INCD:5 equity shares held,
along with warrants. Each warrant attached to a NCD entitled the
holder to apply for 1 equity share.

- If warrants are not excercised during the said period, the
entitlement would lapse.

- The NCDs would be redeemed at the end of 5 years from the date
of allotment at the option of the Company but not before three
years from the date of allotment.

- 49,28,416 No. of equity shares allotted at a premium of Rs.215
per share.

1995 - The Company registered a quantum jump over the previous year
dispite facing a reverse shortage of BOPP film.

- During November, the company issued 31,05,590 Global Depository
Receipts representing 62,11,180 No. of equity shares.

- The Company issued 74,53,416 GDR of U.S. $30 Million at a premium
to the market price in December. The GDR issued at a price of
U.S.$ 8.05 per GDR. 74,53,416 No. of equity shares were issued.

1996 - To give a further thrust to exports, the Company has set up a Joint
Venture in U.S.A. with Vinmar Inc., viz., Flex Vin Inc.

- The Company won Dupont Award for Innovation in Food Processing and
Packaging, U.S.A.

- The Company has been awarded ISO-9002 Certification for confirmation
to quality system standard for one of its units.

- The GDRs issued at a price of US $ 8.05 per GDR resulted in allotment of
7453416 No. of Equity Shares of Rs. 10/- each.

- Shri Shailendra Swarup, Shri R.K. Khanna and Shri Amar Singh, Directors of
the Company retire by rotation and being eligible offer themselves for re-appointment.

- Shri R.K. Sharm resigned as Director of the Company w.e.f. 21.8.96.

1997 - FIL modernised and expanded the capacity of is polyester film unit in 1996
from 12,000 tpa to 24,000.

- The Credit Rating & Information Services of India Ltd (Crisil) has downgraded
the non-convertible and partly convertible debenture programmes of Flex Industries
from A+ to A, indicating adequate safety for timely payment of interest and principal.

- Crisil has also downgraded the fixed deposit programme of the company from FAA- to
FA+ indicating that the degree of safety regarding the timely payment on the instrument
is adequate.

- Flex Engineering Ltd, a sister concern of Flex Industries, has also been downgraded by
Crisil. The AA- rating assigned tot he non-convertible debenture programme of the company
has been downgraded to A indicating adequate safety of timely payment of interest of
interest and principal.

1998 - The Company has successfully developed some new products indigenously
viz. Packaging material for commodity items, for grey cement; pouted
flexi tubes for packaging of tooth paste, jam, jelly, face cream gel
etc.; peelable film for medical applications etc.

- Due to adverse operating conditions in the company's business more
particularly in PET & BOPP films sectors, general sluggishness in the
economy and slackness in demand, it faced tight liquidity position, which
not only affected company's capacity to meet its financial obligations to
Financial Institutions and Banks but also affected the smooth operations
of activities.

- The Company had allotted 915000 - 18.5% Secured Non-Convertible
Debentures alongwith Detachable Warrants in July, 1993.

1999

--Flex Industries Ltd and Polyplex Corporation Ltd--two polyester majors have decided to hive-off their polyester film businesses to form a joint venture.

-The companies had signed a memorandum of understanding (MoU) recently to create the country's largest and the world's fifth largest polyester film manufacturing company with an installed capacity of 39 000 tonne per annum.

2000

-Board Approves, the proposal to acquire 100% share holding in Cincom Systems India Pvt. Ltd., 100% subsidiary of Cincom System Marutius (CSM) and which is a 100% subsidiary of Cincom System Inc.

2001

-Financial institutions led by ICICI sanction a debt restructuring package

-Issues and allotts 1,00,00,000 warrants at a price of Rs 24 per warrant to promoters and their associates.

-The restructuring package, worth Rs 700 crore cancelled by the Financial Institutuions(FI)

-Delhi High Court rejected the bail applications of suspended central excise chief commissioner Someshwar Mishra and Flex Industries chief Ashok Chaturvedi in a bribery case.

2002

-Mr. M G gupta and Mr. N Sitaraman have been appointed as Directors of the company.

-Shri K.E.C. Raja Kumar has been nominated by UTI on the Board of Directors of the company as their new nominee in place of Shri Ravi Kathpalia. Shri Ravi Kathpalia has been co-opted as a Director on the Board of the company.

-Mr. N Sitaraman, Director of the company has been appointed as Director (Secretarial & Legal) of the company w.e.f. July 08, 2002.

2003

-Approves the allotment of 10000000 equity shares against the conversion of 10000000 warrants on preferential basis

- Mr. Paresh Nath Sharma has been appointed as a Whole-time Director of the Company with effect from September 15, 2003.

-Major fire breaks out at two of the production lines located at Sector-60, Noida engaged in manufacturing flexible plastic materials on October 01, 2003

-Mr. P Abraham has been appointed as Nominee Director of Unit Trust of India in place of Mr. K E C Raja Kumar on the Board of the Company.

-Independent investigator appointed by the Department of Company Affairs to probe the charges against Flex Industries

2007

-Uflex Ltd has informed that ICICI Bank Ltd has nominated Mr. Sandeep Malhotra as their Nominee Director on the Board of the Company in place of Mr. A Karati.

-Company name has been changed from Flex Industries Ltd to Uflex Ltd.
 
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