SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
AMENDMENT ONE FOR
FLEXIBLE SOLUTIONS
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
33938T104
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(CUSIP Number)
4th June 2004
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(Date of Event Which Requires Filing of this Statement)
Check appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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CUSIP No. 33938T104 13G Page 1 of 1 Pages
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Pictet (London) Limited
Pictet Asset Management Limited ("PAM")
Pictet (London) Limited is the parent corporation of PAM
The reporting persons disclaim beneficial ownership of the shares
reported, which are owned of record and beneficially by two non-U.S.
investment funds, both managed by PAM.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Pictet (London) Limited - United Kingdom
Pictet Asset Management Limited - United Kingdom
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5 Sole Voting Power:
Pictet (London) Limited: 1,323,800
(indirect through PAM)
Number of PAM: 1,323,800
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Shares 6 Shared Voting Power:
Pictet (London) Limited: None
Beneficially PAM: None
Owned by -------------------------------------------------------
7 Sole Dispositive Power:
Each Pictet (London) Limited: 1,323,800
(indirect through PAM)
Reporting PAM: 1,323,800
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Person With 8 Shared Dispositive Power:
Pictet (London) Limited: None
PAM: None
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Pictet (London) Limited: 1,323,800 (indirect through PAM)
PAM: 1,323,800
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
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11 Percent of Class Represented by Amount in Row (9)
Pictet (London) Limited: 10.3% (indirect through PAM)
PAM: 10.3%
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12 Type of Reporting Person:
Pictet (London) Limited: HC
PAM: IA
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Item 1.
(a) Name of Issuer: Flexible Solutions
(b) Address of Issuer's Principal Executive Offices:
2614, Queenswood Drive,
Victoria, BC,
V8N 1X5
CANADA.
Item 2
(a) Names of Persons Filing:
Pictet (London) Limited, holding company for:
Pictet Asset Management Limited ("PAM")
Pictet (London) Limited is the parent corporation of PAM
(b) Address of Principal Business Office or, if none, Residence:
Pictet (London) Limited: Tower 42 Level 37
25 Old Broad Street
London EC2N 1HQ
UNITED KINGDOM
PAM: Same
(c) Citizenship:
Pictet (London) Limited: United Kingdom
PAM: Same
(d) Title of Class Securities: Common Stock
(e) CUSIP Number: 33938T1043
Item 3. If this statement is filed pursuant to Rule 13d-1 (b), or 13d-2 (b) or
(c), check whether the person is A
Not applicable.
Item 4. Ownership
The reporting persons disclaim beneficial ownership of the shares
reported, which are owned of record and beneficially by two non-U.S. investment
funds, both are managed by PAM.
(a) Amount Beneficially Owned:
Pictet (London) Limited: 1,323,800 (indirect through PAM)
PAM: 1,323,800
(b) Percent of Class:
Pictet (London) Limited: 10.3% (indirect through PAM)
PAM: 10.3%
(c) Number of shares as to which such person has:
Pictet (London) Limited (indirectly through PAM):
(i) sole power to vote or to direct the vote: 1,323,800 shared
power to vote or to direct the vote: None
(ii) sole power to dispose or to direct the disposition of:
1,323,800
(iii) shared power to dispose or to direct the disposition of:
None
PAM:
(i) sole power to vote or to direct the vote: 1,323,800
(ii) shared power to vote or to direct the vote: None
(iii) sole power to dispose or to direct the disposition of:
1,323,800
(iv) shared power to dispose or to direct the disposition of:
None
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
See answer to Item 2 (a)
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of the Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date:
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David Cawthrow
Chief Compliance Officer
AGREEMENT OF REPORTING PERSONS
The undersigned herby agree that the foregoing Schedule 13G is filed on
behalf of each of the undersigned.
Pictet (London) Limited Pictet Asset Management Limited
By: By:
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David Cawthrow, Chief David Cawthrow, Chief
Compliance Officer Compliance Officer