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

1

COMPANY INFORMATION

Annual 2022Report

2

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.

3

COMPANY PROFILE

Annual 2022Report

4

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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Pakistan Synthetics Ltd. published this content on 26 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 06:24:02 UTC.