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Annual Report 2017 60YEARS of DEDICATION

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Annual Report 2017 60YEARS of DEDICATION Annual Report 2017 60YEARS OF DEDICATION With a historic identity and solid leadership, Packages Limited has been instrumental in shaping the business land- scape of Pakistan, and stands today as a hallmark of success within the business sphere. This remarkable prosperity is due in no small part to the outstanding dedication at the heart of the Company that has, through its collective foresight and knowledge, guided the Company over the years to achieve remarkable results. For this year’s report, we honor those visionaries whose leadership and hard work has been the cornerstone for the Company’s effective administration and success. 3 Company Profile 7 Organogram 8 Company Information CO 9 Management Team 10 Nature of Business 12 Board of Directors 14 Management Committees 17 Vision NT 17 Mission Statement 19 Entity Rating 20 Policies 21 Core Values EN 22 Code of Conduct 24 Decade at a Glance 26 Horizontal and Vertical Analysis 30 Value Added and its Distribution 31 Sources and Application of Funds TS 32 Corporate Social Responsibility 36 Corporate Calendar 38 Notice of Annual General Meeting 43 44 Chairman’s Review Report 45 Directors’ Report to the Shareholders 55 57 Shareholders’ Information 64 Statement of Compliance with the Code of Corporate Governance 66 Review Report on Statement of Compliance with Best Practices of Code of Corporate Governance 68 Auditors’ Report to the Members 69 Financial Statements 132 Directors’ Report on the Consolidated Financial Statements 134 135 Auditors’ Report to the Members on the Consolidated Financial Statements 136 Consolidated Financial Statements 219 Video Conference Facility 221 223 Electronic Transmission Consent 225 227 Form of Proxy 229 Electronic Credit Mandate Form ANNUAL 231 REPORT 232 2017 1 As an entrepreneur and industrialist, Syed Wajid Ali set up and managed a number of industrial ventures. He remained Chairman of some of the largest enterprises in Pakistan, including Packages Limited, Treet Corporation, Zulfeqar Industries, Loads Limited and Wazir Ali Industries. He was involved in all aspects of the development and growth of Packages Limited, which has thrived to become a trendsetter for the local industry. His activities in the healthcare sector included his efforts in founding Liaquat National Hospital in 1953 in Karachi of which he was the Chairman. He also remained Chairman of Pakistan Red Crescent Society from 1968 to 1998. His dedication to sports has been exemplary. He remained the President of Pakistan Olympic Association for more than 25 years. He also remained the member of International Olympic Committee (IOC) Executive Board, member of Information and Culture Commission of IOC and member and Vice Chairman of Coordination and Supervising committee for IOC. SYED WAJID ALI 2 COMPANY PROFILE HISTORICAL OVERVIEW Packages Limited is Pakistan’s leading packaging solution provider. Our job is to deliver high quality packaging in the most efficient, profitable and sustainable way. We are primarily a “business to business” company and our customer base includes some of the world’s best-known branded consumer products companies across industries. We are also a leading manufacturer of tissue paper products. Our leadership position in tissue products is a result of our ability to offer products manufactured under highest standards of hygiene and quality to meet the household and cleanliness needs of our consumers. We provide a complete range of tissue paper products that are convenient, quick and easy to use. Packages Limited was established in 1957 as a joint venture between During the same year, the Company initiated the capacity expansion of its the Ali Group of Pakistan and Akerlund & Rausing of Sweden, to convert Paper and Board Mill to 65,000 tons per year and conversion capacity to paper and paperboard into packaging for consumer industry. Over the 56,000 tons per year. At the same time, the Company also upgraded the years, Packages has continued to enhance its facilities to meet the quality of Packages’ products and substantially improved pollution control growing demand of packaging products. to meet the World Bank environmental guidelines. The said expansion was completed in 1998 at a cost of PKR 2.7 billion. In 1968, with IFC participation, Packages integrated upstream by establishing a Pulp and Paper Mill with a capacity of 24,000 tons per year In 1996, Packages entered into a joint venture agreement with based on waste paper and agricultural by-products i.e. wheat straw and Printcare (Ceylon) Limited for the production of flexible packaging river grass. With growing demand, the capacity was increased periodically materials in Sri Lanka. The project, Packages Lanka (Private) Limited, in and in January 2003, total capacity was nearly 100,000 tons per year. which Packages Limited has 79.07% ownership, commenced production in 1998. In 1982, Packages modified a paper machine to produce tissue paper in response to growing awareness and demand for hygienic and During 1999-2000, Packages successfully completed the disposable tissues. The “Rose Petal” brand name was launched with facial expansion of the flexible packaging line by installing a new rotogravure tissues and was later expanded to include toilet paper, kitchen roll and printing machine and enhancing the carton line by putting up a new table napkins. Lemanic rotogravure inline printing and cutting creasing machine. In addition, a new 8-color Flexographic printing machine was also installed In 1986, the Company established a flexible packaging unit to cater to in the flexible packaging line in 2001. the increasing demand from consumers for sophisticated packaging used primarily in the food industry. Packages commenced production of corrugated boxes from its plant in Karachi in 2002. In 1993, a joint venture agreement was signed with Mitsubishi Corporation of Japan for the manufacture of Polypropylene films at In 2005, the Company embarked upon its Paper & Board expansion the Industrial Estate in Hattar, Khyber Pakhtunkhwa. This project, Tri- plan at a new site ‘Bulleh Shah Paper Mills’ (currently Bulleh Shah Pack Films Limited, commenced production in June 1995 with equity Packaging (Private) Limited), almost tripling its capacity from 100,000 participation by Packages Limited, Mitsubishi Corporation, Al-Tawfeek tons per annum to 300,000 tons per annum. Capacity expansion at Company for Investment Funds, Saudi Arabia and general public. Bulleh Shah Paper Mills was completed in two phases. In the first phase, Packages Limited owns 33.33% of Tri Pack Films Limited’s equity. Brown Board Machine (PM-6) along-with high yield straw pulping & OCC plants and its back processes such as 11 MW Power House, Gas Turbine In July, 1994, Coates Lorilleux Pakistan Limited (currently DIC Pakistan and Primary Effluent Treatment Plant were installed and commercial Limited), in which Packages Limited has 54.98% ownership, commenced operations were commenced during the year 2007. Second phase ANNUAL production and sale of printing inks. REPORT 2017 3 PACKAGES LIMITED Subsidiaries Joint venture Associates DIC Pakistan Bulleh Shah Packages Packages Anemone Packages Omya IGI Holdings Tri-Pack Films Limited Packaging Construction Lanka Holdings Power Pack Limited Limited 54.98% (Private) (Private) (Private) Limited (Private) (Private) 10.46% 33.33% Limited Limited Limited 100% Limited Limited 100% 75.16% 79.07% 100% 50% Linnaea Holding Flexible Inc. Packages 100% Convertors (Pty)Limited 55.00% Chantler Packages Inc. 80.00% comprising of Writing and Printing Paper Machine (PM-7), De-inking wholly owned subsidiary, Bulleh Shah Packaging (Private) Limited. The Pulp Plant, 41MW Power House, Steam Turbine and Secondary Effluent Joint Venture included Paper & Paperboard and Corrugated business Treatment Plant was completed in the year 2009. operations at Kasur and Karachi. The Joint Venture Agreement with Stora Enso OYJ Group, signed in 2012, was implemented in 2013 and In 2008, the Company embarked upon capacity expansion in its tissue Packages completed the transfer of assets and related obligations of division through installation of a new tissue paper manufacturing machine Paper & Paperboard and Corrugated business operations to Bulleh Shah (PM-9) with production capacity of 33,000 tons per annum. Packaging (Private) Limited along with cash equity injection for a 65% stake. During 2011, a lamination machine was installed in the flexible department at a cost of PKR 96 million. This was Pakistan’s first high During 2014, the Company invested in an Offset Printing Line in speed solvent-less automatic lamination machine. It has turret winders continuation of its efforts to remain abreast of improved technological for automatic reel and a capacity of 450 meters per minute. The rebuild developments in the Packaging business. The Offset Printing Line project of Paper Machine (PM-6), installed at Bulleh Shah Paper Mills, was commenced its commercial operations during the first quarter of 2014 completed in the second quarter of 2011 leading to capacity expansion of and had made available additional capacity to meet growing customer 30,000 tons. The machine started commercial operations with enhanced demands in the Folding Carton business. In May 2014, as part of its asset capability of producing high value added liquid packaging and bleached and income diversification strategy, the Company initiated development board. Moreover, the Corrugator Machine in Kasur Plant was upgraded in of a high quality retail mall at its Lahore land through its subsidiary, 2011 to improve efficiency, reliability, enhance capacity and reduce waste. Packages Construction (Private) Limited. The Company currently holds This upgrade activity resulted in increased capacity of 14%. 75.16% equity in Packages Construction (Private) Limited. In 2012, the Company invested in a rotogravure machine for its In 2015, as a part of its continuing efforts towards technological Flexible Packaging business with a total estimated project cost of upgradation, the Company invested in a new toilet roll line to cater to the PKR 326 million as part of the Company’s efforts to remain abreast of growing demand.
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