1. The above results as reviewed by the Audit Committee have been approved by the Board of Directors at their meeting held on May 26, 2008.

2. The Company has consolidated the financial results of its wholly owned subsidiary i.e. Flex Art Foil Pvt. Ltd.

3. The operations of the Company relate only to single segment viz, advanced packaging solutions, Hence, there is no reportable segment identifiable in accordance with AS-17 issued by ICAI.

4. During the year, the company issued 1,410,000 equity shares of Rs 10/- each on preferential basis at a premium of Rs 565/- per share to Morgan Stanley.

5. The Company has entered into an arrangement with Madras Aluminium Company Ltd for revival of India Foils Ltd, through a Rehabilitation Scheme in consultation with the operating agency & subject to BIFR approvals & regulations as may be necessary.

6. Board of Directors have recommended a dividend @ 20% i.e Rs 2/- per share.

7. Previous period’s figures have been regrouped/rearranged wherever necessary.

8. Utilization of IPO proceeds is as under:

(Rs in Million)

---------------------------------------------------------------------------------------------------------------------Objects					Total Estimated Project Cost		Amount Spent till March 31, 2008----------------------------------------------------------------------------------------------------------------------Land & Building				181.294					244.620Plant & Machinery			884.304					635.960Electrical Installations R&D Expenses & Misc Assets		82.310					67.385Public issue expenses			105.936					109.947General Corporate Expenses		530.196					530.196----------------------------------------------------------------------------------------------------------------------					1784.040				1588.108----------------------------------------------------------------------------------------------------------------------


Unutilised money is temporarily invested in Debt related Mutual Funds and Bank Deposits.

Sudip Dutta
Chairman & Managing Director