Pakistan Synthetics : Transmission of Annual Report for the Year Ended June 30, 2022
September 26, 2022 at 02:25 am EDT
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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.
Pakistan Synthetics Limited is a Pakistan-based company, which is engaged in the manufacturing and sale of plastic and crown caps and polyester staple fiber. The Companyâs products include Crown Caps, Polyethylene terephthalate (PET) resin, PET Preform, biaxially oriented polyethylene terephthalate (BOPET) resin, Closure Cap. Its crown cap provides bottlers capping solutions that provide secure sealing, safe opening, consistent and consumer friendly removal torques, tamper evidence and application optimization. Its PET products are used for soft drinks, still water, edible oil industry and pharmaceutical sector. The Companyâs closure cap products produced on compression molding machines.