Transcription
Annual Report2017
60YEARS OFDEDICATIONWith a historic identity and solid leadership, Packages Limited has been instrumental in shaping the business landscape of Pakistan, and stands today as a hallmark of success within the business sphere. This remarkable prosperity isdue in no small part to the outstanding dedication at the heart of the Company that has, through its collective foresightand knowledge, guided the Company over the years to achieve remarkable results. For this year’s report, we honorthose visionaries whose leadership and hard work has been the cornerstone for the Company’s effective administrationand success.
mpany ProfileOrganogramCompany InformationManagement TeamNature of BusinessBoard of DirectorsManagement CommitteesVisionMission StatementEntity RatingPoliciesCore ValuesCode of ConductDecade at a GlanceHorizontal and Vertical AnalysisValue Added and its DistributionSources and Application of FundsCorporate Social ResponsibilityCorporate CalendarNotice of Annual General MeetingChairman’s Review ReportDirectors’ Report to the ShareholdersShareholders’ InformationStatement of Compliance with theCode of Corporate GovernanceReview Report on Statement of Compliance withBest Practices of Code of Corporate GovernanceAuditors’ Report to the MembersFinancial StatementsDirectors’ Report on the ConsolidatedFinancial StatementsAuditors’ Report to the Members on theConsolidated Financial StatementsConsolidated Financial StatementsVideo Conference FacilityElectronic Transmission ConsentForm of ProxyElectronic Credit Mandate FormANNUALREPORT20171
As an entrepreneur and industrialist, Syed Wajid Ali set up and managed a numberof industrial ventures. He remained Chairman of some of the largest enterprises inPakistan, including Packages Limited, Treet Corporation, Zulfeqar Industries, LoadsLimited and Wazir Ali Industries. He was involved in all aspects of the developmentand growth of Packages Limited, which has thrived to become a trendsetter for thelocal industry.His activities in the healthcare sector included his efforts in founding LiaquatNational Hospital in 1953 in Karachi of which he was the Chairman. He alsoremained Chairman of Pakistan Red Crescent Society from 1968 to 1998.His dedication to sports has been exemplary. He remained the President of PakistanOlympic Association for more than 25 years. He also remained the member ofInternational Olympic Committee (IOC) Executive Board, member of Information andCulture Commission of IOC and member and Vice Chairman of Coordination andSupervising committee for IOC.SYEDWAJIDALI2
COMPANYPROFILEHISTORICAL OVERVIEWPackages Limited is Pakistan’s leading packaging solution provider. Our job is to deliver high quality packaging in themost efficient, profitable and sustainable way. We are primarily a “business to business” company and our customer baseincludes 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 ourability to offer products manufactured under highest standards of hygiene and quality to meet the household and cleanlinessneeds of our consumers. We provide a complete range of tissue paper products that are convenient, quick and easy to use.1957Packages Limited was established inas a joint venture betweenthe Ali Group of Pakistan and Akerlund & Rausing of Sweden, to convertpaper and paperboard into packaging for consumer industry. Over theyears, Packages has continued to enhance its facilities to meet thegrowing demand of packaging products.1968In, with IFC participation, Packages integrated upstream byestablishing a Pulp and Paper Mill with a capacity of 24,000 tons per yearbased on waste paper and agricultural by-products i.e. wheat straw andriver grass. With growing demand, the capacity was increased periodicallyand in January 2003, total capacity was nearly 100,000 tons per year.1982In, Packages modified a paper machine to produce tissuepaper in response to growing awareness and demand for hygienic anddisposable tissues. The “Rose Petal” brand name was launched with facialtissues and was later expanded to include toilet paper, kitchen roll andtable napkins.1986In, the Company established a flexible packaging unit to cater tothe increasing demand from consumers for sophisticated packaging usedprimarily in the food industry.1993In, a joint venture agreement was signed with MitsubishiCorporation of Japan for the manufacture of Polypropylene films atthe Industrial Estate in Hattar, Khyber Pakhtunkhwa. This project, TriPack Films Limited, commenced production in June 1995 with equityparticipation by Packages Limited, Mitsubishi Corporation, Al-TawfeekCompany for Investment Funds, Saudi Arabia and general public.Packages Limited owns 33.33% of Tri Pack Films Limited’s equity.1994In July,, Coates Lorilleux Pakistan Limited (currently DIC PakistanLimited), in which Packages Limited has 54.98% ownership, commencedproduction and sale of printing inks.During the same year, the Company initiated the capacity expansion of itsPaper and Board Mill to 65,000 tons per year and conversion capacity to56,000 tons per year. At the same time, the Company also upgraded thequality of Packages’ products and substantially improved pollution controlto meet the World Bank environmental guidelines. The said expansion wascompleted in 1998 at a cost of PKR 2.7 billion.1996In, Packages entered into a joint venture agreement withPrintcare (Ceylon) Limited for the production of flexible packagingmaterials in Sri Lanka. The project, Packages Lanka (Private) Limited, inwhich Packages Limited has 79.07% ownership, commenced productionin 1998.1999-2000During, Packages successfully completed theexpansion of the flexible packaging line by installing a new rotogravureprinting machine and enhancing the carton line by putting up a newLemanic rotogravure inline printing and cutting creasing machine. Inaddition, a new 8-color Flexographic printing machine was also installedin the flexible packaging line in 2001.Packages commenced production of corrugated boxes from its plant inKarachi in2002.2005, the Company embarked upon its Paper & Board expansionInplan at a new site ‘Bulleh Shah Paper Mills’ (currently Bulleh ShahPackaging (Private) Limited), almost tripling its capacity from 100,000tons per annum to 300,000 tons per annum. Capacity expansion atBulleh Shah Paper Mills was completed in two phases. In the first phase,Brown Board Machine (PM-6) along-with high yield straw pulping & OCCplants and its back processes such as 11 MW Power House, Gas Turbineand Primary Effluent Treatment Plant were installed and commercialoperations were commenced during the year 2007. Second phaseANNUALREPORT20173
PACKAGES LIMITEDSubsidiariesDIC Pakistan Bulleh a(Private)Limited79.07%Joint tesIGI HoldingsLimited10.46%Tri-Pack FilmsLimited33.33%Linnaea Holding 0%Chantler Packages Inc.80.00%comprising of Writing and Printing Paper Machine (PM-7), De-inkingPulp Plant, 41MW Power House, Steam Turbine and Secondary EffluentTreatment Plant was completed in the year 2009.2008In, the Company embarked upon capacity expansion in its tissuedivision through installation of a new tissue paper manufacturing machine(PM-9) with production capacity of 33,000 tons per annum.2011During, a lamination machine was installed in the flexibledepartment at a cost of PKR 96 million. This was Pakistan’s first highspeed solvent-less automatic lamination machine. It has turret windersfor automatic reel and a capacity of 450 meters per minute. The rebuildproject of Paper Machine (PM-6), installed at Bulleh Shah Paper Mills, wascompleted in the second quarter of 2011 leading to capacity expansion of30,000 tons. The machine started commercial operations with enhancedcapability of producing high value added liquid packaging and bleachedboard. Moreover, the Corrugator Machine in Kasur Plant was upgraded in2011 to improve efficiency, reliability, enhance capacity and reduce waste.This upgrade activity resulted in increased capacity of 14%.2012In, the Company invested in a rotogravure machine for itsFlexible Packaging business with a total estimated project cost ofPKR 326 million as part of the Company’s efforts to remain abreast ofimproved technological developments in the Packaging business. Inthe same year, to enable continuous growth and technical developmentin the Paper & Paperboard segment, Packages signed a 50/50 JointVenture agreement with Stora Enso OYJ Group of Finland in its 100%4wholly owned subsidiary, Bulleh Shah Packaging (Private) Limited. TheJoint Venture included Paper & Paperboard and Corrugated businessoperations at Kasur and Karachi. The Joint Venture Agreement withStora Enso OYJ Group, signed in 2012, was implemented in 2013 andPackages completed the transfer of assets and related obligations ofPaper & Paperboard and Corrugated business operations to Bulleh ShahPackaging (Private) Limited along with cash equity injection for a 65%stake.2014During, the Company invested in an Offset Printing Line incontinuation of its efforts to remain abreast of improved technologicaldevelopments in the Packaging business. The Offset Printing Linecommenced its commercial operations during the first quarter of 2014and had made available additional capacity to meet growing customerdemands in the Folding Carton business. In May 2014, as part of its assetand income diversification strategy, the Company initiated developmentof a high quality retail mall at its Lahore land through its subsidiary,Packages Construction (Private) Limited. The Company currently holds75.16% equity in Packages Construction (Private) Limited.2015In, as a part of its continuing efforts towards technologicalupgradation, the Company invested in a new toilet roll line to cater to thegrowing demand. A new brand by the name of “Maxob” produced on thismachine was launched. In line with strategy to diversify and enter intonew high growth markets, in June 2015, the company
Year2017completed the acquisition of 55% share in the operation of a flexiblepackaging company in South Africa. Further, during 2015, the Boardof Directors resolved to start a 50/50 joint venture with Omya Group ofSwitzerland. The joint venture will set up a production facility to supply arange of high quality ground calcium carbonate products.2016In, as a part of Company’s continuing efforts towardstechnological upgradation, the Company invested Rs 292 million in a newoffset printing line having double coating capability to cater to the growingdemand in the folding cartons business. The Company also made aninvestment of Rs 122 million in their pre-press department for a state ofart engraving machine and cylinder making line. This investment was inline with the Company’s efforts to provide its customers with the highestquality of printing. Further, the Company made strategic investments of Rs82 million including a new facial line, toilet roll line and a fully automatedparty pack machine to meet growing customer demand.In line with strategy to diversify, the Company incorporated a whollyowned subsidiary, Packages Power (Private) Limited, for the purpose ofsetting up a 3.1 MW hydropower project with an initial equity injection ofRs 25 million.The Company also made an additional investment of Rs 309.5 millionin the equity of Omya Pack (Private) Limited (“JV Company”). This wasfollowed by matching cumulative equity investment by joint venturepartner, Omya Singapore Pte Limited.2017In, the Company invested Rs 540 million in upgradation ofthe flexible packaging line that includes wide-web Flexo Printing Pressas well as a state of the art 7-layer blown film Extruder which not onlyboasts of higher production capabilities but also adds depth to thePackaging solutions. Further investments to the tune of Rs 105 millionhave been made in the downstream operations of lamination, slittingand bag-making to complement the additional capacity brought in. Allthese investments are in line with the Company’s efforts to provide itscustomers with the highest quality of Packaging solutions for FlexiblePackaging line and to grow the market share despite ever growingcompetition by staying ahead of the technological curve.Packages Mall was inaugurated on April 20, 2017 and the customerresponse has been very encouraging. The mall has been designed oninternational standards by a team of foreign and local professionals.Packages Mall offers over 180 brands, a multiplex cinema, food court,play area and Hyperstar all under one roof.During the year, the Company acquired remaining 35% shares heldby Stora Enso in Bulleh Shah Packaging (Private) Limited (“BSPPL”).Accordingly, BSPPL became the fully owned subsidiary of theCompany from September 18, 2017.OmyaPack (Private) Limited, the JV Company is in its final phase toset up a state of the art production facility and commercial productionis targeted for Q2-2018.ANNUALREPORT20175
As an entrepreneur and visionary, Syed Babar Ali envisioned and set up PackagesLimited, Milkpak Limited–now Nestlé Pakistan Limited, Tetra Pak Pakistan Limited,IGI Insurance Company Limited, Tri-Pack Films Limited and IGI Investment Bank.He is Chairman of Sanofi-Aventis Pakistan Limited, IGI Insurance Limited, Tetra PakPakistan Limited,Tri-Pack Films Limited and Coca-Cola Beverages Pakistan Limited.He believes in the joint venture philosophy and most of his businesses are jointventures with major multinationals.As an educationist, he led the establishment of the Lahore University of ofManagement Sciences (LUMS) in 1985 of which he is the first Pro-Chancellor.LUMS is Pakistan’s premier management education institution. In 1992, he foundedAli Institute of Education for training of primary and secondary school teachers. He isa member of the Board of the following important educational institutions of Lahore:Aitchison College, LUMS and Lahore School of Economics. He is also a FoundingMember of the South Asia Initiative of Harvard University and the Co-Chair of SouthAsia Centre for Policy Studies currently based in Nepal. He served as Pakistan’sMinister of Finance, Economic Affairs & Planning in 1993.SYEDBABARALI6He promoted the cause of the World Wide Fund for Nature (earlier World WildlifeFund) where he served in various capacities, both in Pakistan and internationally,from 1972 to 1996. He was International President of WWF from 1996 to 1999succeeding HRH Prince Philip, the Duke of Edinburgh. He is now Vice PresidentEmeritus, WWF International, and President Emeritus WWF-Pakistan.Being a philanthropic, he set up Babar Ali Foundation in 1985. He is also a memberof Layton Rehmatullah Benevolent Trust, Karachi and Shalamar Hospital, Lahore.He received honors and awards from the Government of Sweden, theNetherlands, an OBE from Britain (1997), and was awarded an Honorary DoctorateDegree of Laws from McGill University, Montreal, Canada (1997).
ORGANOGRAMBOARD OFDIRECTORSAUDITCOMMITTEECHIEF EXECUTIVE &MANAGING DIRECTORHEAD OFINTERNALAUDITHEAD OFPACKAGINGDIVISIONHEAD OFCONSUMERDIVISIONHEAD TONSROLL NGEXCELLENCESECURITYANNUALREPORT20177
COMPANYINFORMATIONBOARD OF DIRECTORSAUDITORSOFFICESTowfiq Habib ChinoyA.F. Ferguson & Co.Registered Office & Regional Sales officeChairmanNon-Executive DirectorChartered AccountantsSyed Hyder AliLEGAL ADVISORSChief Executive & Managing DirectorExecutive DirectorHassan & Hassan - LahoreAsghar AbbasExecutive DirectorImran Khalid NiaziNon-Executive DirectorJosef Meinrad MuellerNon-Executive DirectorMuhammad AurangzebIndependent DirectorShamim Ahmad KhanNon-Executive DirectorOrr, Dignam & Co. – KarachiSHARES REGISTRARFAMCO Associates (Pvt.) Ltd8-F, Next to Hotel FaranNursery, Block 6, P.E.C.H.S.Shahrah-e-FaisalKarachi-75400PABX : (021) 34380101-5(021 34384621-3Fax: (021) 34380106Email :info.shares@famco.com.pkSyed Aslam MehdiNon-Executive DirectorBANKERS & LENDERSSyed Shahid AliAllied Bank LimitedAskari Bank LimitedBank Alfalah LimitedBank Al-Habib LimitedDeutsche Bank A.G.Dubai Islamic Bank Pakistan LimitedHabib Bank LimitedHabib Metropolitan Bank LimitedInternational Finance Corporation (IFC)JS Bank LimitedMCB Bank LimitedMeezan Bank LimitedSamba Bank LimitedSoneri Bank LimitedStandard Chartered Bank (Pakistan)LimitedThe Bank of PunjabThe Bank of Tokyo - Mitsubishi UFJ,LimitedUnited Bank LimitedNon-Executive DirectorTariq Iqbal KhanNon-Executive DirectorADVISORSyed Babar AliCHIEF FINANCIAL OFFICERKhurram Raza BakhtayariCOMPANY SECRETARYAdi J. CawasjiRATING AGENCYPACRACOMPANY CREDIT RATINGLong-Term : AAShort-Term : A1 8HEAD OFFICE & WORKSSHAHRAH-E-ROOMIP.O. Amer SidhuLahore - 54760, PakistanPABX : (042) 35811541-46Fax:042) 358111954th Floor, The ForumSuite No. 416 - 422, G-20, Block 9Khayaban-e-Jami, CliftonKarachi - 75600, PakistanPABX:(021) 35874047-49:(021) 35378650-51:(021) 35831618,35833011, 35831664Fax:(021) 35860251REGIONAL SALES OFFICE2nd Floor, G.D. Arcade73-E, Fazal-ul-Haq Road, Blue AreaIslamabad - 44000, PakistanPABX:(051) 2348307-9:(051) 2806267Fax:(051) 2348310ZONAL SALES OFFICESC-2, Hassan Arcade Nusrat RoadMultan Cantt. - 60000, PakistanTel. & Fax :(061) 45045532nd Floor Sitara TowerBilal chowk, Civil LinesFaisalabad - PakistanTel:(041) 2602415Fax:(041) 2629415WEB PRESENCEwww.packages.com.pk
MANAGEMENTTEAMFrom Left to Right (Sitting)From Left to Right (Standing)Khurram Raza BakhtayariSamad GorayaChief Financial OfficerHead of EngineeringShaheen SadiqMehreen NasirHead of Consumer Products DivisionBusiness Unit Manager - Flexible PackagingSyed Hyder AliNauman NoorChief Executive and Managing DirectorBusiness Unit Manager - Folding CartonsAsghar AbbasBilal NaeemHead of Packaging DivisionComptroller of AccountsSyeda Henna Babar AliAdvisor Tissue DivisionANNUALREPORT20179
NATURE OFBUSINESSPACKAGING DIVISIONPackages provides multi-dimensional and multi product packagingsolutions to its clients that are involved in manufacturing consumerproducts across industries.The Packaging Division comprises of two business units based onpackaging material categories:1.2.Folding CartonsFlexible PackagingFOLDING CARTONSWith decades of experience in providing reliable service and quality,Folding Cartons business provides a wide range of carton boardpackaging products to various industry segments.Folding Cartons business is equipped with state of the art machinery anda dedicated and qualified workforce that is supported by strong valuechain. These factors contribute in providing high volumes and consistentquality at a competitive price for our esteemed customers.Market Segment – As the consumer industry in Pakistan matures,competition in the market has increased and the market has a greaterfocus on product differentiation through branding. In the first instance,this is carried out through attractive and unique packaging which isdriving demand for our products. Our team understands well the needsof the market and thus development work and packing modifications areundertaken correspondingly. Folding Cartons business works to deliver thebest carton board products that result in high value-added packaging forindustries like: Pharmaceutical Tobacco Personal care Confectionery Home care products Food (including frozen)FLEXIBLE PACKAGINGTo accommodate increasing demand for sophisticated packaging,Packages established a Flexible Packaging business unit in 1986 at itsLahore Plant. Flexible Packaging business provides a one stop packaging10solution by providing high quality detailed graphics in Flexographic andRotogravure printing. Flexible Packaging business also provides laminationfor plastic films, aluminium foil, paper, multi-layer blown film extrusion forhigh speed technology in multi-lane slitting, standalone spout insertedbags, poly-bags, zipper-bags, sleeves and ice cream-cones. As part ofenvironmental friendly organization, Flexible Packaging business unit isalso working on 4 R’s of Packaging i.e. Reduce, Re-use, Recycle andRecover.Market Segment – Flexible packaging business unit not only providescost effective and perfect packaging solutions to our valuable customersbut also offers them strong technical support on products. We have greatin-house R&D facilities which help us in keeping ourselves updated toaggressive market needs. The Flexible Packaging business caters toa wide range of customers across industries including food, soaps &detergents, pharmaceuticals, pesticides and personal & home care.CONSUMER PRODUCTS DIVISIONPackages started commercial production of tissue and other consumerproducts in 1982 at the Lahore Plant. We currently provide a completerange of tissue and personal hygiene products that are convenient,quick and easy to use; ranging from facial tissues to tissue rolls, tablenapkins, pocket packs, kitchen towels, party packs, paper plates andcups. We understand that tissue and allied products are seen as a luxuryitem without the requisite attention being paid to the hygiene element.Packages has always attempted to develop the market for this businesssegment through education of the population on the hygiene associatedwith the use of the products.Product development has always been our focus based on the demandsand needs of our consumers. Great effort is put into producing improvedand innovative products to make life hygienic and comfortable for ourconsumers.BRANDSKey brands of Consumer Products Division are: Rose Petal Tulip Maxob Double Horse Zzoop
CERTIFICATIONSThe disciplined, motivated and hardworking team of Packages Limitedhas never compromised on the standards of work environment. Thispositive professional attitude has helped the business divisions to acquirenumerous certifications including:PRE-PRESS DEPARTMENTPre-Press is the nerve center of Packages Limited where concepts andideas are developed and woven with marketing strategies of customers toattract the end users of the products produced by customers.The department has been revolutionized over the last two decades andnow follows the design process completely in soft form; images and textsare simultaneously directed from computers to: Food Safety System Certification-ISO 22000: 2005 PASS223 ISO 14001: 2015 Image setters; OHSAS 18001: 2007 Plate making devices (CDI, Digital System for Flexo); and ISO 9001 & FSC CoC Digital engraving machines HALAL (S.A.N.H.A) / HALAL Packaging Management System British Retail Consortium Grade “A” Green Office DiplomaPackaging Division is also certified for URSA (Unilever ResponsibleSourcing Audit). The Company is aiming for implementation of TotalProductive Maintenance (TPM) to achieve zero downtimes, defects andaccidents.SERVICE DEPARTMENTSPackages believes that its entire operations have to be in line with theneeds of the customers. Our operations are supported by excellent servicedepartments who consistently strive to deliver what the customers needon timely basis.CUSTOMER SERVICES DEPARTMENT (CSD)Our Customer Services Department (CSD) constantly monitors productionand supply chain to ensure on-time delivery to the customer, to ensurethat the right quality product reaches the customer at the right time. CSDalso performs core liaison function to arrange development activities aswell as technical support and after sales support to customers. Customercomplaints are followed by proper feedback and management reportingso that customers are always given the due attention they require.In the Art and Camera Department, the Company has high-tech computersystems where digital files are produced instead of photographicnegatives. For achieving high quality in all of printing methods (Roto, Flexoand Offset), Pre-Press department is equipped with the latest technologyin cylinder, photo polymer and plate making equipment which providessupport to various production departments.Pre-Press converts the packaging design according to the technicalrequirements on any printing technique like Gravure, Flexography andOffset without compromising the creative integrity of designs.RESEARCH AND DEVELOPMENT (R&D)Research & Development continues to be one of Packages unique sellingpoints. As the consumer industry focuses on cost control, limiting carbonfootprint and an overall mindset of “more with less”, innovation is thename of the game.The Research and Development department at Packages is tirelesslyworking to understand consumer needs and providing innovations on bothdesign and structure based on global trends. The department also plays akey role in supporting the customers in their cost control initiatives as wesee the growth of our customers business as our success.ANNUALREPORT201711
BOARD OFDIRECTORS12MR. TOWFIQ HABIB CHINOY SYED HYDER ALIMR. ASGHAR ABBASMR. IMRAN KHALID NIAZIMR. JOSEFMEINRAD MUELLERMr. Towfiq Habib Chinoy,Non-Executive Director,has been associatedwith the Company asChairman of the Board ofDirectors since 2008. Healso holds chairmanshipat the board of JubileeGeneral InsuranceCompany Limited. Heholds directorship of IGIInvestment Bank Limitedand Pakistan BusinessCouncil. He is also theChairman of the Boardof Governors of IndusValley School of Arts andArchitecture and Trusteeof Mohatta Palace GalleryTrust and Habib UniversityFoundation.Mr. Asghar Abbas joinedthe Company in 1998 andcurrently holds the positionof Director and Head ofPackaging Operationsof the Company. He hasbeen associated withthe Group in variouscapacities over the yearsincluding ManagingDirector of PackagesLanka (Private) Limited. Heholds a Masters’ degreein Business Administrationfrom NanyangTechnological University(NTU), Singapore. Currently,he also holds directorshipof Bulleh Shah Packaging(Private) Limited, PackagesLanka (Private) Limited,Anemone Holdings Limitedand Flexible PackagesConvertors (Proprietary)Limited.Mr. Imran Khalid Niaziis associated with theCompany as a NonExecutive Director. He isa seasoned leader havingprovided professional,technical leadership atmultinational companiesacross the globe. Hisprofessional journeyhas taken him fromfertilizer, food, dairyand pharmaceuticalmultinational companiesto Coca-Cola Company. Heholds a Masters’ degree inChemical Engineering fromthe University of Arizona,USA. Currently, he alsoholds directorship of BullehShah Packaging (Private)Limited, Dynamic Textiles(Pvt.) Ltd, Lahore, Damen (aWomen Development NGO),Lahore and Damen SupportProgram (a MicrofinanceInstitution), Lahore.Mr. Josef Meinrad Muelleris associated with theCompany as a NonExecutive Director. Hewas born in Switzerlandwhere he obtained hiseducation including MBAfrom IMD (formerly IMEDE)in Lausanne where he alsoserved as an Executive-inResidence. He has over 38years of senior internationalmanagement experienceat the Nestle Group indeveloped and emergingmarkets. He is familiarwith Pakistan where heserved as ManagingDirector of Nestle PakistanLimited during 19921995. Throughout hisinternational career, hewas entrusted with severalsenior leadership positionsin different countries,including his importantrole as CEO and Chairmanof Nestle in the GreaterChina Region. Followinghis retirement from theNestle Group, Mr. Muellercontinues to remain veryactive in the internationalbusiness world as anindependent businessadvisor.Syed Hyder Ali joined PackagesLimited in July 1987 andpresently holds the positionof Managing Director of theCompany. He has done hisMasters in Sciences fromInstitute of Paper Chemistryand has also served as MillManager of Paper and Boardoperations of the Company. Heholds directorship in severalother companies including IGIHoldings Limited (formerlyIGI Insurance Limited), IGILife Insurance CompanyLimited, International SteelsLimited, Nestle PakistanLimited, Packages Construction(Private) Limited, PackagesLanka (Private) Limited, SanofiAventis Pakistan Limited,Tri-Pack Films Limited, TetraPak Pakistan Limited, BullehShah Packaging (Private)Limited, KSB Pumps CompanyLimited and Flexible PackagesConvertors (Proprietary)Limited, South Africa. He isalso serving on the Boardof several philanthropic,educational, charitable andbusiness support organizationsincluding Pakistan Centrefor Philanthropy, NationalManagement Foundation,Packages Foundation, SyedMaratib Ali Religious andCharitable Trust Societyand Babar Ali Foundation.He is also board memberof Ali Institute of Education,International Chamber ofCommerce, Lahore Universityof Management Sciences andWorld-Wide Fund for Nature.
MR. MUHAMMADAURANGZEBMR. SHAMIM AHMADKHANSYED ASLAM MEHDISYED SHAHID ALIMR. TARIQ IQBAL KHANMr. Muhammad Aurangzebis an IndependentDirector of the Companyand has over 29 yearsof banking experience.He is currently the CEOof Global CorporateBank, Asia Pacific at JPMorgan. He has servedas Non-Executive Directorof RBS Berhad andwas also a member ofthe Risk Management,Remuneration andNominating Committee,all of which are subcommittees of the Board.He has also served onBoards of various businessschools, Aga KhanFoundation and ABN AMROFoundation.Mr. Shamim Ahmad Khanis associated with theCompany as Non-ExecutiveDirector. He has servedvarious governmentorganisations in differentcapacities namelySecurities and ExchangeCommission of Pakistanand Ministry of Commerce.He was the founderChairman of the Securitiesand Exchange Commissionof Pakistan. He hasalso been engaged withconsultancy assignmentsfor Asian DevelopmentBank and otherorganizations. Currently, heholds directorship of AbbottLaboratories PakistanLimi
quality of Packages' products and substantially improved pollution control to meet the World Bank environmental guidelines. The said expansion was completed in 1998 at a cost of PKR 2.7 billion. In 1996, Packages entered into a joint venture agreement with Printcare (Ceylon) Limited for the production of flexible packaging materials in Sri Lanka.
