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Purity Flex Pack Ltd.

BSE: 523315 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Purity Flex Pack Ltd
NSE 05:30 | 01 Jan Purity Flex Pack Ltd

Purity Flex Pack Ltd. (PURITYFLEXPACK) - Chairman Speech

Company chairman speech

PURITY FLEXPACK LIMITED ANNUAL REPORT 2005-2006 CHAIRMAN'S REPORT From the Desk of Chairman...... Dear Shareholders, While welcoming you all, it gives me a great pleasure to address you through this message since I took over the reins of the Company in 1994. During these years, I was confronted with several problems & was struggling to conquer the same with a view to improving financial position. Despite my hard work, issues year after year, were accumulating. I am very glad to inform you that during this year the entire accumulated losses, were wiped out & we are on clean slate. Two major events happened during the 2-3 years: 1. The paid up share capital was reduced to the extent of Rs.8.50 per share with the requisite sanction of the Hon'ble High Court of Gujarat by its Order dated 2nd December, 2004. As a consequence, the paid up share capital of the company got reduced from Rs.520 lacs to Rs.78 lacs. This would enable the Company to service its shareholders and put the Company on dividend paying companies list in coming years. 2. Vaikunth Packaging Limited [VPL], an associate Company, which was also engaged in the manufacturing and sale of Packaging material, got amalgamated with the Company vide the Orders dated 01.03.2006 under Sections 391 to 394 of the Companies Act, 1956 from the Hon'ble High Court of Gujarat sanctioning the Scheme of Amalgamation of VPL with the Company. The combined operations of both the units would now go a long way in making the Company more remunerative and enhancing the Shareholders' value. I would like to thank the Senior Management & Workmen at the plant for their strenuous and sincere work for all these years. But for their dedication, the Company would not have achieved the present position. Thank you all, Anil Patel Chairman