Packages Annual Report

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Annual Report

‘08

Packages Limited

Contents

02 05 07 08 10 14 19 21 23 25 27 33 39

Company Profile Company Information Corporate Structure Board of Directors Highlights Ten Year Summary Mission Statement & Vision and Objectives Environment, Health and Safety Policy Statement of Ethical Practices and Quality Policy Notice of Annual General Meeting Directors’ Report to the Shareholders Shareholders’ Information Statement of Compliance with the Code of Corporate Governance

43 Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance 45 Auditors’ Report to the Members 48 Balance Sheet 50 Profit and Loss Account 51 Cash Flow Statement 52 Statement of Changes in Equity 53 Notes to and Forming Part of the Financial Statements 88 Directors’ Report on the Consolidated Financial Statements 89 Auditors’ Report to the Members 90 Consolidated Financial Statements Form of Proxy

Contents

01

Company Profile
Packages Limited was established in 1957 as a joint venture between the Ali Group of Pakistan and Akerlund & Rausing of Sweden, to convert paper and paperboard into packaging for consumer industry. Over the years, the company continued to enhance its facilities to meet the growing demand of packaging products. Additional capital was raised from sponsors, International Finance Corporation and from the public in 1965. Packages commissioned its own paper mill in 1968 having production capacity of 24,000 tonnes of paper and paperboard based on waste paper and agricultural by-products i.e. wheat straw and river grass. The capacity has been increased eventually at 208,000 tonnes per year. In 1982, Tetra Pak Pakistan was formed as a joint venture between Tetra Pak International and Packages Limited to manufacture paperboard for liquid food packaging and to market Tetra Pak packaging equipment. In July, 1994, DIC Pakistan Limited, in which Packages Limited has 55% ownership, commenced production and sale of printing inks.

02

Company Profile

Annual Report

‘08

Packages Limited

In 1995, Tri-Pack Films Limited, a joint venture between Packages Limited & Mitsubishi Corporation of Japan, was established. Packages Limited owns 33% of Tri-Pack Films Limited. In 1996, a joint venture agreement was signed with Printcare (Ceylon) Limited for the production of flexible packaging materials in Sri-Lanka. This project Packages Lanka (Private) Limited commenced production in 1998. Packages Limited now owns 79% of this company. Packages Limited is producing most of its packaging material and tissue range of products mainly from its factory in Lahore with conversion capacities of 115,000 tonnes of paper and

paperboard and 13,000 tonnes of plastics all sor ts for packaging. It is also producing corrugated boxes from its plant in Karachi and Kasur since 2002 & 2007 respectively. The green field project 50 km from the present site envisaged in 2003 and named after the great Sufi Poet and Saint Bulleh Shah (1680 - 1757) is functional with 115,000 tonnes / year liner board capacity and presently 115,000 tonnes / year fine paper and news print machine backed by DIP pulp line is under optimization. A world class 70,000 tonnes / year Corrugator plant is also fully operational. A very elaborate and efficient Effluent Treatment Plant is functional making BSPM an environment friendly mill.

Company Profile

03

Annual Report

‘08

Packages Limited

Company Information
Board of Directors Khalid Yacob Matti Ilmari Naakka Mujeeb Rashid Shahid Aziz Siddiqui Shamim Ahmad Khan Syed Aslam Mehdi Syed Hyder Ali (Chief Executive & Managing Director) Syed Shahid Ali Tariq Iqbal Khan Towfiq Habib Chinoy (Chairman) Advisor Syed Babar Ali Company Secretary Adi J. Cawasji Executive Committee Syed Hyder Ali Mujeeb Rashid Syed Aslam Mehdi Khalid Yacob Audit Committee Shamim Ahmad Khan (Non-Executive Director) Tariq Iqbal Khan (Non-Executive Director) Syed Shahid Ali...
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