PURITY FLEXPACK LIMITED
ANNUAL REPORT 2005-2006
From the Desk of Chairman......
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,