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Annual Report 2008

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Annual Report 2008 Annual Report ‘08 Packages Limited Contents 02 Company Profile 43 Review Report to the Members on Statement of 05 Company Information Compliance with Best Practices of Code of 07 Corporate Structure Corporate Governance 08 Board of Directors 45 Auditors’ Report to the Members 10 Highlights 48 Balance Sheet 14 Ten Year Summary 50 Profit and Loss Account 19 Mission Statement & Vision and Objectives 51 Cash Flow Statement 21 Environment, Health and Safety Policy 52 Statement of Changes in Equity 23 Statement of Ethical Practices and Quality Policy 53 Notes to and Forming Part of the Financial 25 Notice of Annual General Meeting Statements 27 Directors’ Report to the Shareholders 88 Directors’ Report on the Consolidated Financial 33 Shareholders’ Information Statements 39 Statement of Compliance with the Code of 89 Auditors’ Report to the Members Corporate Governance 90 Consolidated Financial Statements Form of Proxy Contents 01 Company Profile Packages Limited was established in 1957 as a joint venture based on waste paper and agricultural by-products i.e. wheat between the Ali Group of Pakistan and Akerlund & Rausing of straw and river grass. The capacity has been increased Sweden, to convert paper and paperboard into packaging for eventually at 208,000 tonnes per year. consumer industry. In 1982, Tetra Pak Pakistan was formed as a joint venture Over the years, the company continued to enhance its facilities between Tetra Pak International and Packages Limited to to meet the growing demand of packaging products. Additional manufacture paperboard for liquid food packaging and to capital was raised from sponsors, International Finance market Tetra Pak packaging equipment. Corporation and from the public in 1965. In July, 1994, DIC Pakistan Limited, in which Packages Limited Packages commissioned its own paper mill in 1968 having has 55% ownership, commenced production and sale of production capacity of 24,000 tonnes of paper and paperboard printing inks. 02 Company Profile Annual Report ‘08 Packages Limited In 1995, Tri-Pack Films Limited, a joint venture between paperboard and 13,000 tonnes of plastics all sorts for Packages Limited & Mitsubishi Corporation of Japan, was packaging. It is also producing corrugated boxes from its plant established. Packages Limited owns 33% of Tri-Pack Films in Karachi and Kasur since 2002 & 2007 respectively. Limited. The green field project 50 km from the present site envisaged In 1996, a joint venture agreement was signed with Printcare in 2003 and named after the great Sufi Poet and Saint Bulleh (Ceylon) Limited for the production of flexible packaging Shah (1680 - 1757) is functional with 115,000 tonnes / year materials in Sri-Lanka. This project Packages Lanka (Private) liner board capacity and presently 115,000 tonnes / year fine Limited commenced production in 1998. Packages Limited paper and news print machine backed by DIP pulp line is under now owns 79% of this company. optimization. A world class 70,000 tonnes / year Corrugator plant is also fully operational. A very elaborate and efficient Packages Limited is producing most of its packaging material Effluent Treatment Plant is functional making BSPM an and tissue range of products mainly from its factory in Lahore environment friendly mill. with conversion capacities of 115,000 tonnes of paper and Company Profile 03 Annual Report ‘08 Packages Limited Company Information Board of Directors Khalid Yacob Matti Ilmari Naakka Mujeeb Rashid Rating Agency: PACRA Shahid Aziz Siddiqui Shamim Ahmad Khan Company Rating: AA Syed Aslam Mehdi Syed Hyder Ali Auditors (Chief Executive & Managing Director) A.F. Ferguson & Co. Syed Shahid Ali Chartered Accountants Tariq Iqbal Khan Towfiq Habib Chinoy (Chairman) Legal Advisors Hassan & Hassan - Lahore Advisor Orr, Dignam & Co. - Karachi Syed Babar Ali Bankers & Lenders Company Secretary Allied Bank Limited Adi J. Cawasji Askari Bank Limited Bank Alfalah Limited Executive Committee Bank Al-Habib Limited Syed Hyder Ali - Chairman Barclays Bank PLC, Pakistan Mujeeb Rashid - Member Citibank N.A. Syed Aslam Mehdi - Member Deutsche Bank A.G. Khalid Yacob - Member Dubai Islamic Bank Pakistan Limited Audit Committee Faysal Bank Limited Shamim Ahmad Khan - Chairman Habib Bank Limited (Non-Executive Director) Habib Metropolitan Bank Limited Tariq Iqbal Khan - Member HSBC Bank Middle East Limited (Non-Executive Director) (Formerly The Hongkong & Shanghai Banking Corporation Limited) Syed Shahid Ali - Member International Finance Corporation (IFC) (Non-Executive Director) JS Bank Limited Matti Ilmari Naakka - Member MCB Bank Limited (Non-Executive Director) Meezan Bank Limited Adi J. Cawasji - Secretary National Bank of Pakistan NIB Bank Limited Business Strategy Committee Oman International Bank, S.A.O.G. Syed Hyder Ali - Chairman Mujeeb Rashid - Member Samba Bank Limited Syed Aslam Mehdi - Member (Formerly Crescent Commercial Bank Limited) Khalid Yacob - Member Saudi Pak Commercial Bank Limited Standard Chartered Bank (Pakistan) Limited System and Technology Committee The Bank of Tokyo - Mitsubishi UFJ, Limited Mujeeb Rashid - Chairman The Royal Bank of Scotland Limited Khalid Yacob - Member (Formerly ABN-AMRO Bank Pakistan Limited) Suleman Javed - Member United Bank Limited Company Information 05 Head Office & Works Zonal Sales Offices Shahrah-e-Roomi, C-2, Hassan Arcade Nusrat Road, P.O. Amer Sidhu, Multan Cantt. - 60000, Pakistan Lahore - 54760, Pakistan Tel. & Fax: (061) 4504553 PABX : (042) 5811541-46 : (042) 5811191-94 2nd Floor, Sitara Tower, Bilal Chowk, Fax : (042) 5811195 Civil Lines, Faisalabad - 38000, Pakistan : (042) 5820147 Tel. & Fax: (041) 2629417 Kasur Factory Uzair Enterprises Bulleh Shah Paper Mills (BSPM) Teer Chowk Bhuta Road, 10-km Kasur Kot Radhakishan Road, Sukkur - 65200, Pakistan District Kasur, Pakistan Tel. & Fax: (071) 5616138 Tel. : (049) 2017051, 2018201 : (049) 2008666 M. Hamza Traders Fax : (049) 2717220-21 15-D Gul Plaza, Opp: Charsadda Bus Stand, Peshawar-25000, Pakistan Karachi Factory Cell : 0344-4448892 Plot No. 6 & 6/1, Sector 28, Tel. : (091) 2043719 Korangi Industrial Area, Karachi-74900, Pakistan Haq Brothers Tel. : (021) 5045320, 5045310 Tehsil Road, Jhelum-49600, Pakistan Fax : (021) 5045330 Cell : 0321-5332095 : 0333-5179706 Registered Office & Regional Sales Office 4th Floor, The Forum Shares Registrar Suite No. 416 - 422, G-20, Block 9, FAMCO Associates (Pvt.) Limited Khayaban-e-Jami, Clifton, [Formerly Ferguson Associates (Pvt.) Limited] Karachi-75600, Pakistan 4th Floor, State Life Building No. 2-A PABX : (021) 5874047-49 Wallace Road off, I. I. Chundrigar Road, : (021) 5378650-52 Karachi-74000, Pakistan : (021) 5831618, 5833011 Fax : (021) 5860251 Web Presence www.packages.com.pk Regional Sales Office 2nd Floor, G.D. Arcade 73-E, Fazal-ul-Haq Road, Blue Area, Islamabad-44000, Pakistan PABX : (051) 2276765 : (051) 2276768 : (051) 2278632 Fax : (051) 2829411 06 Company Information Annual Report ‘08 Packages Limited Corporate Structure BOARD OF DIRECTORS CHIEF EXECUTIVE & MANAGING DIRECTOR GENERAL MANAGER BUSINESS PAPER & PACKAGING CONSUMER GENERAL SEGMENTS PAPERBOARD CONVERSION PRODUCTS PAPER & BUSINESS TISSUE ROLL BOARD MILLS CARTON UNITS MANUFACTURING COVERS LAHORE BULLEH SHAH MECHANICAL FLEXIBLE TISSUE PAPER MILLS FABRICATION & PACKAGING CONVERSION KASUR WORKSHOP CORRUWAL PRODUCTS ROLL COVERS & MARKETING PAPER & BOARD PACKAGING CONSUMER MECHANICAL & SALES PRODUCTS PRODUCTS PRODUCTS FABRICATION POWER CUSTOMERS' RESEARCH & CENTRAL FINANCE DEPARTMENTS SERVICES SERVICES DEVELOPMENT ENTERPRISE LIAISON & INDUSTRIAL MATERIALS RESOURCE ADMINISTRATION RELATION MANAGEMENT PLANNING (ERP) QUALITY & HUMAN ENVIRONMENT MEDICAL RESOURCE HEALTH & SAFETY (EHS) DEVELOPMENT Corporate Structure 07 YEAR TO YEAR TO Highlights DECEMBER 31, DECEMBER 31, 2008 2007 Invoiced Sales - million rupees 14,301 10,540 (Loss) / Profit before tax - million rupees (308) 4,633 (Loss) / Profit after tax - million rupees (196) 4,326 Stock dividend - % of paid up capital - 15 Shareholders’ equity - million rupees 16,273 18,171 Total assets - million rupees 35,035 33,438 Net assets employed - million rupees 29,418 31,473 (Loss) / earnings per share - rupees (2.32) 51.27 Price earnings ratio (34.98) 6.17 Return on capital employed (%) 4.80 *6.25 Return on shareholders’ equity (%) (1.20) *4.39 Paper and paperboard produced - tonnes 154,231 114,993 Paper and paperboard converted - tonnes 91,450 92,499 Plastic all sorts converted - tonnes 9,724 10,300 Number of shareholders 4,344 3,764 Number of shares 84,379,504 73,373,482 Number of employees 3,400 3,450 * Excludes effect of Capital Gain for comparison 10 Highlights Annual Report ‘08 Packages Limited Return on Shareholders’ Equity ( Percentage ) 22.40 22.81 * 14.81 13.10 * 4.40 (1.20) 2003 2004 2005 2006 2007 2008 * Return on Shareholders’ equity for the years 2006 & 2007 excludes net effect of Capital Gain for comparison. Return on Capital Employed ( Percentage ) 27.90 27.37 21.63 *13.81 *6.25 4.80 2003 2004 2005 2006 2007 2008 *Return on Capital Employed for the years 2006 & 2007 excludes net effect of Capital Gain for comparison. Highlights 11 Market Value Per Share Vs Break up Value Per Share ( Rupees ) 363.80 210.00 202.00 198.85 247.65 167.90 195.66 192.85 81.19 110.71 88.18 76.42 2003 2004 2005 2006 2007 2008 Market Value Per Share Break up Value Per Share Earnings Per Share ( Rupees ) 87.30 58.96 19.68 17.11 16.24 (2.32) 2003 2004 2005 2006 2007 2008 12 Highlights Annual Report ‘08 Packages Limited Invoiced Sales ( Rs. in Million ) 14,301 10,540
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