>UFLEX LIMITED (FIRST CALL)

■ We initiated the coverage of Uflex Ltd and set a target price of Rs.118.00.

■ It is a largest Integrated Flexible Packaging Company in Asia and One of its kind in the World, having a turnover of USD 600 million.

■ Uflex had issued Foreign Currency Convertible Bonds (FCCBs) of the nominal value of USD 85 million out of which FCCBs of nominal value of USD 68.6 million were outstanding.

■ It recently bought back FCCBs worth $47 million leaving $21.6 million FCCBs outstanding.

■ Uflex has sold 51% stake of the distillery unit that is part of the wholly owned subsidiary UBIO Chemicals.

■ Net sales and PAT of the company are expected to grow at a CAGR of 17% and 12% over 2008 to 2011E respectively.

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