ANNUAL REPORT
2022
TABLE OF
CONTENTS
Company Information | 2 |
Company Profile | 4 |
Product Information | 5 |
Performance of the Company at a Glance | 6 |
Review Report by the Chairman | 8 |
Directors» Report | 9 |
Mission Statement & Vision | 20 |
Statement of Ethics and Business Practices | 21 |
Statement of Compliance with the | 22 |
Code of Corporate Governance | |
Review Report on Statement of Compliance | 25 |
Independent Auditor»s Report | 26 |
Statement of Financial Position | 32 |
Statement of Profit or Loss | 33 |
Statement of Comprehensive Income | 34 |
Statement of Changes in Equity | 35 |
Statement of Cash Flows | 36 |
Notes to the Financial Statements | 37 |
Pattern of Shareholding | 80 |
Notice of Annual General Meeting | 83 |
Form of Proxy |
Annual Report 2022
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COMPANY INFORMATION
Annual 2022Report
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BOARD OF DIRECTORS | MR. KHURSHID AKHTAR | CHAIRMAN - INDEPENDENT | ||
MR. YAKOOB HAJI KARIM | CHIEF EXECUTIVE | |||
MR. NOMAN YAKOOB | EXECUTIVE | |||
MR. ABID UMER | NON- EXECUTIVE | |||
MR. MUBBASHIR AMIN | NON- EXECUTIVE | |||
MR. ALI KAMAL | INDEPENDENT | |||
MR. FARAZ YOUNUS BANDUKDA | INDEPENDENT | |||
MS. SADAF SHABBIR | INDEPENDENT | |||
AUDIT COMMITTEE | MR. ALI KAMAL - CHAIRMAN | |||
MR. MUBBASHIR AMIN | ||||
MR. FARAZ YOUNUS BANDUKDA | ||||
HUMAN RESOURCE AND | MR. FARAZ YOUNUS BANDUKDA | |||
REMUNERATION COMMITTEE | MR. MUBBASHIR AMIN | |||
MR. NOMAN YAKOOB | ||||
CHIEF FINANCIAL OFFICER | MR. SHAHID YAQOOB | |||
COMPANY SECRETARY | MR. MUHAMMAD IMRAN | |||
BANKERS | ASKARI BANK LIMITED | |||
BANK AL HABIB LIMITED | ||||
BANK OF PUNJAB LIMITED | ||||
BANK AL-FALAH LIMITED | ||||
BANK ISLAMI PAKISTAN LIMITED | ||||
DUBAI ISLAMIC BANK PAKISTAN LIMITED | ||||
HABIB BANK LIMITED | ||||
HABIB METROPOLITAN BANK LIMITED | ||||
MEEZAN BANK LIMITED | ||||
AUDITORS | KPMG TASEER HADI & CO. | |||
CHARTERED ACCOUNTANTS | ||||
HEAD OF INTERNAL AUDIT | MR. JAFFAR IQBAL | |||
REGISTRAR | F.D REGISTRAR SERVICES (PVT.) LTD. | |||
OFFICE # 1705, 17TH FLOOR, SAIMA TRADE TOWER-A, | ||||
I.I. CHUNDRIGAR ROAD, KARACHI. | ||||
LEGAL ADVISOR | TASAWUR ALI HASHMI | |||
ADVOCATE | ||||
REGISTERED OFFICE | OFFICE # 1504, 15TH FLOOR, EMERALD TOWER, | |||
BLOCK 5, CLIFTON, KARACHI. | ||||
FACTORY | F-1, 2, 3, & 13, 14 & 15 | |||
HUB INDUSTRIAL TRADING ESTATE | ||||
DISTRICT LASBELLA, BALOCHISTAN. | ||||
PLOT # A-5, N.W.I.Z, PORT QASIM AUTHORITY, | ||||
Annual Report 2022 | ||||
KARACHI. | ||||
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COMPANY PROFILE
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The Company was incorporated on 18 November 1984 as a private limited company in Pakistan and subsequently converted into a public limited company on 30 December 1987. The shares of the Company are listed on Pakistan Stock Exchange (formerly they were listed on all Stock Exchanges of Pakistan) with effect from 27 June 1995. The principal activity of the Company is manufacturing and sale of Plastic and Crown Caps, PET Resin, PET Preform and BOPET Resin. The registered offfice of the Company is situated in Karachi.
Due to continuing depressed polyester staple fibre market situation, the Board had decided on April 20, 2015 to convert polyester staple fibre plant into PET Resin manufacturing plant by making necessary modifications
and addition then to existing plant. PET Resin manufacturing facility has started its commercial production in October 2016.
The commencement of PET Resin manufacturing has enabled the Company to go further downstream in packaging industry and provide complete one window solution to beverage industry customers which has shown continuous growth over years. The Company is now poised to participate in growing needs of beverage consumption by playing an integral role by being a priority one-window supplier to multinational bottlers and local brand owners in Pakistan.
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