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.  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.