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PAKISTAN PAPER PRODUCTS LIMITED
CONTENTS
Company Information
Notice of Meeting
Key Operation and Financial Data
Director's Report
Corporate Governance
Statement of Compilance and Auditor's review Report
Auditor's Report to the Members
Balance Sheet
Profit & Loss Account
Cash Flow Statement
Statement of Changes in Enquity
Notes to the Accounts
Pattern of Shareholding
NOTICE OF MEETING
Notice is hereby given that the 40th Annual General Meeting of the Shareholders of Pakistan
Paper Products Limited, will be held at the registered office of the Company at D-58,
Estate Avenue, S.I.T.E., Karachi on Saturday the 12th October, 2002 at 12:15 p.m. to transact
the following business:
1. To confirm the minutes of the Extra Ordinary General Meeting held on 15th May, 2002.
2. To receive and adopt the Audited Accounts of the Company for the year ended on 30th
June 2002 together with the Directors report and Auditors report thereon.
3. To approve the Payment of Dividend at the rate of Rs. 2.50 per share (25%) & issue
of Bonus Share in the ratio 4:1 (1 Bonus share for every 4 Shares) as recommended
by the Directors.
4. To appoint Auditor for the year 2002-2003 and to fix their remuneration.
5. To transact any other business with the permission of the Chair.
Special Business:
(i) To consider to increase the authorised capital of the Company from Rs. 20 million to
Rs. 40 million and if thought fit to pass the following resolution as a special resolution.
Resolved that the authorized capital of the company be and is hereby increased to Rs.
40 million by creation of 2 million ordinary shares of Rs. 10/- each and the relevant
phrase in clause V of the Memorandum of Association be and is hereby substituted by
the following new phrase.
The authorized capital of the company is Rs. 40 million (Rupees: Forty Million) divided
into 4 Million ordinary Shares of Rs. 10/- each.
Resolved further that the Article 4 of the Article of Association of the company be and
is hereby amended to read as under:
Authorized capital of the Company is Rs. 40 Million (Rupees: Forty Million) divided into
4 million ordinary Shares of Rs. 10/- each.
(ii) To consider and if thought fit, pass the following resolution for capitalization of profit.
"Resolved that a sum of Rs. 5,000,000/- out of the company's current year profit be
capitalized for issuing fully paid up ordinary shares to Rs. 10/- each to those Shareholders
whose names appear in the register of members on 4th October, 2002 in proportion
of one share for every 4 Shares held and that the Bonus Share when issued shall Rank
COMPANY INFORMATION
BOARD OF DIRECTORS
Chairman /  Chief Executive
Mr. HASHIM B. SAYEED
Directors
Mr. MOHAMMAD ALI SAYEED
Mr. KH. MANSOOR MUKHTAR SHAH
Mr. ABBAS SAYEED
Mrs. MULEIKA SAYEED
Mr. ABID SAYEED
Dr. ASADULLAH SAYEED
Chief Financial Officer Mr. MOHAMMED HANIF
Company Secretary Mr. M.Z.B. CHUGHTAI
BOARD OF AUDIT COMMITTEE
Chairman Mr. ABBAS SAYEED
Members
Mr. ASADULLAH SAYEED
Mr. ABID SAYEED
Secretary
Mr. M.Z.B. CHUGHTAI
Auditors
M/s. Z. LAKHANI & CO.
Chartered Accountants
Bankers
• HABIB BANK LIMITED
• MUSLIM COMMERCIAL BANK LIMITED
• STANDARD CHARTERED BANK
Registered Office &  Factory
D-58, ESTATE AVENUE,
S.I.T.E., KARACHI.
SUMMARISED STATEMENT OF KEY OPERATING AND
FINANCIAL DATA OF LAST SIX YEARS
Years at a Galance		RUPEES IN THOUSAND
		2002	2001	2000	1999	1998	1997
Sales-Net		111,918	83,980	72,104	69,469	65.34	57,535
Other Income		382	201	88	43	142	300
Profit before Taxation		17,293	11,650	6,540	4,691	5,760	6,463
Taxation		4.065	5,102	2,165	1,559	1.923	1,977
Profit after Taxation		13,228	6,547	4,375	3,132	3,838	4,486
Cash Dividend (%)		25%	25%	25%	20%	20%	25%
Bonus Shares (%)		25%	33.33%	-	50%	-	-
Earning per Share (Rs.)		6.61	4.36	2.93	3.14	3.84	4.49
Paid up Capital		20,000	15,000	15,000	10,000	10,000	10,000
Shareholder Equity		50,667	42,439	39,642	34,017	37,995	36,157
Total Assets		78,067	66,846	55,542	54,885	53,823	44,391
Working Capital		29,723	24,867	27,172	22,759	27,147	26,901
Numbers of Employees		88	96	99	94	105	107
Production
Ammonia Paper (Rolls 10 yds)		89,127	103,982	119,926	109,981	118,988	100,238
Exercise Books (Gross)		47,761	36,641	38,199	34,096	44,447	39,618
Pro-Labels (Sq. Meters)		516,134	242,000	125,200	158,538	-	-
Pari-Passu in all respect with the existing ordinary shares of the company".
"Further resolved that aggregate of the fractions of a share arising on such allotment
be sold and that net proceeds thereof be distributed prorata to the members according
to their entitlement".
"Also resolved that the Chief Executive be and is hereby authorised and empowered to
give effect to this resolution and to be done all acts deeds and things that may be necessary
for the issue allotment and distribution of company's shares and the payment of the sale
proceed of the fractions'.
Statement under section 160 of the Company's Ordinance 1984.
1. The Directors have recommended increase in the authorized capital from Rs. 20 million
to Rs. 40 million by creating 2 million shares of Rs. 10/- each.
2. The Directors have recommended capitalization of the reserve for issue of Bonus Shares
of Rs. 5 million in proportion 1 Share for every four shares.
By Order of the Board
M.Z.B. CHUGHTAI
Company Secretary
Date: 14th September, 2002
Karachi
NOTES:
1. The Share Transfer Books of the Company will remain closed from 05-10-2002 to 12-
10-2002 (both days inclusive).
2. A member entitled to attend and vote at this meeting, may appoint any other member
as his/her proxy to attend the meeting and vote instead of him/her. The Proxies in order
to be effective must be received by the Company not less than 48 hours before the
meeting.
3. The Share-holders are requested to promptly notify any change in their address.
4. The share-holders are further requested to quote their folio number in all correspondence
with the company and at the time of attending the Annual General Meeting.
				2002	2001
Profit before taxation				17,293,394	11,649,534
Taxation
Current				5,602,833	4,770,000
Prior Years				(2,225,268)	205,546
Deferred				687,919	126,598
				4,065,484	5,102,144
Profit after taxation				13,227,910	6,547,390
Un-appropriated profit brought forward				39,367	641,977
Available for Appropriation				13,267,277	7,189,367
Appropriation
Reserve for issue of Bonus Shares 4:1 (2001: 3:1)				(5,000,000)	(5,000,000)
Transfer to/from General Reserve				(3,000,000)	1,600,000
Cash Dividend 25%				(5,000,000)	(3,750,000)
Un-appropriated profit carried forward				267,277	39,367
Earning per Share
Earning per share after taxation comes to Rs. 6.61 per share (2001: Rs. 4.36 per share)
Dividend
Directors propose cash dividend at the rate of 25%.
Operating and Financial Data
Operating and Financial data and key ratios of the Company for last six years are annexed.
Employees Provident fund
The Company has maintained recognized provident fund for the employees.
Value of Investment Rs. 8.285 Million
Based on Audited Accounts as at 30th June 2001
Gratuity Scheme
Gratuity Scheme has been introduced for management staff and provision has been made
in accounts accordingly.
DIRECTORS REPORT
The Directors of your Company take pleasure in presenting their report together with the
Audited Accounts and Auditors' Report thereon for the year ended 30th June, 2002.
Company Operations
During the year under review your Company showed excellent progress with Net Sales growing
by 33.27% to Rs 111.92 million compared to Rs 83.98 million in the previous year. All
sections of the Company showed good growth levels with the Pro Labels section growing
by 92.5%, and the Exercise Book section by 20.53%. This was achieved by gearing up our
marketing and production resources to meet the increased demand. We are particularly pleased
with the growth seen in the Exercise Books section, as we continued to face stiff competition
from the unorganized sector which was dumping low price, substandard products in the market
and avoiding all government taxes and duties. The only area of the Company which did not
show good progress was the Ammonia Paper segment which saw a nominal decline of 10.04%
in sales. This product has witnessed a declining trend over the last several years due to the
fact that people are now shifting towards plotters and other plain paper products. The
management has taken note of this and has introduced alternative plain paper products which
have been well received in the market.
The Company plans to invest further in expansion and modernization of the Karachi Factory
during the next financial year. We have already added some equipment to our Printing De
partment which will enhance the production capacity of our Exercise Book section. We are
also looking towards expanding the capacity of our Pro Labels section, and for this your
management is devising a future strategy which will soon be presented to the Board of Directors
for their approval.
Financial Results
By the grace of Allah, your Company was able to earn a Net Profit after tax of Rs 13.23
million compared to Rs 6.55 million in the previous year, which is an increase of 102%.
This increase was made possible through better management of resources and favorable parity
of the Pak Rupee versus the US $ as a large portion of our raw materials are imported.
The total profit available for appropriation is Rs 13.27 million. Your Directors recommend
a final dividend of 25% and issue of Bonus Shares of 25% which amounts to Rs 10 million,
while Rs 3 million will be transferred to general reserve, and Rs 0.27 million will be carried
forward as un-appropriated profit. The issue of Bonus Shares is based on the approval of
the shareholders to increase the Authorized Capital of the Company from Rs 20 million to
Rs 40 million, which in turn will increase the paid up Capital to Rs 25 million. The summary
of the accounts for the year ended 30th June, 2002 is given below:
Board of Directors
The Board comprises of two executive and five non-executive Directors including one inde
pendent Director. All the Directors keenly take interest in the proper stewardship of the
company's affair. The non-executive Directors are independent of management.
The Board has approved the remuneration of the Chief Executive at Rs. 1.5 million, and
Executive Director at Rs. 1.0 million inclusive of all benefits like telephone facility, medical
expenses etc., as per Company's policy for the year 2002-2003.
CEO, CFO, Company Secretary and their spouse and minor children have made no transactions
of Company's shares during the year. However, one Director Mrs. Muleika Sayeed has
purchased 9000 shares of the Company during the year. None of the other Directors have
made any transactions of the Company's shares.
During the year four Board Meetings were held and attended as follows:
Mr. Hashim. B. Sayeed	4
Mr. Abid Sayeed	4
Mr. Abbas Sayeed	4
Mr. Muhammad Ali Sayeed	3
Kh. Mansoor Mukhtar Shah	3
Mrs. Muleika Sayeed	2
Dr. Asadullah Sayeed	1	Appointed on 15-05-2002
Mr. Mehboob Rawjee	1	Retired on 14-05-2002
Corporate Governance
Compliance of Corporate Governance is annexed.
Pattern of Shareholding
The pattern of shareholding of the Company is annexed.
Auditors
The present Auditors M/s Z Lakhani & Co., retire and being eligible, offer themselves for
reappointment.
Special Resolution
The Board of Directors of your Company recommend increasing the Authorized Share Capital
of the Company from Rs 20 million to Rs 40 million.
Acknowledgments
The Directors would like to thank the staff and workers for their hard work and cooperation
during the year. We assure the shareholders that the management would do its best to maintain
the progress and keep them well informed with the developments.
For and on behalf of the Board of Directors
HASHIM B. SAYEED
Chief Executive Officer
CORPORATE GOVERNANCE
Statements of Directors' responsibilities
The Board regularly reviews the Company's strategic direction. Annual plans and performance
targets for business are set by the Chief Executive and are reviewed in total by the Board
in the light of the Company's overall objectives. The Board is committed to maintain the
high standards of good corporate governance. The Company is in process of implementing/
compliance with the provisions set out by the Securities & Exchange Commission of Pakistan
and accordingly amended listing rules of the Stock Exchange.
Presentation of Financial Statements
The financial statements, prepared by the management of the Company, fairly present its
state of affairs, the results of its operations, cash flows and changes in equity.
Books of Account
The Company has maintained proper books of account.
Accounting Policies
Appropriate accounting policies have been consistently applied in preparation of financial state
ments and accounting estimates are based on reasonable and prudent Judgment.
Application of International Accounting Standards
International Accounting Standards, as applicable in Pakistan, have been followed in preparation
of financial statements.
Internal Control System
The system of internal control is sound in design and has been effectively implemented and
monitored.
Going Concern
There is no doubt about the Company's ability to continue as a going concern.
Audit Committee
Audit Committee was established by the Board in its meeting on May 15, 2002 to assist
the Board in discharging its responsibilities for Corporate Governance. Financial Reporting
and Corporate Control. The committee consists of three members including the Chairman
of the committee who is a non-executive Director.
The Board Audit Committee is responsible for reviewing reports of the company's financial
results, audit and adherence to standards of the system of management controls. The committee
reviews the procedures for ensuring their independence with respect to the services performed
for the company and make recommendations to the Board of Directors.
Code of business Principles
As a leading Paper Converting Company, reputation for high ethical standards is central to
business success. Code of Business Principles has been developed and is now being com
municated and acknowledged by each Director and employee of the Company.
Communication
Communication with the shareholders is given a high priority. Annual, Half yearly and Quarterly
Reports are distributed to them within the time specified in the Companies Ordinance. There
is -also an opportunity for individual shareholders to attend and ask questions at the Annual
General Meeting.
Safety & Environment
The Company strictly complies with the standard and follows the safety rules & regulations.
The Company has held various sessions on safety awareness and no accident occurred.
REVIEW REPORT TO THE MEMBERS ON STATEMENT OF
COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
We have reviewed the Statement of Compliance with the best practices contained in the Code
of Corporate Governance prepared by the Board of Directors of Pakistan Paper Products Limited
to comply with the Listing Regulation No 31-A, 31-B, 31-C and 37 of the Karachi Stock Exchange
(Guarantee) Limited where the Company is listed.
The responsibility for compliance with the Code of Corporate Governance is that of the Board
of Directors of the Company. Our responsibility is to review, to the extent where such compliance
can be objectively verified, whether the Statement of Compliance reflects the status of the
Company's compliance with the provisions of the Code of Corporate Governance and report
if it does not. A review is limited primarily to inquiries of the Company personnel and review
of various documents prepared by the Company to comply with the Code.
As part of our audit of financial statements we are required to obtain an understanding of the
accounting and internal control systems sufficient to plan the audit and develop an effective audit
approach. We have not carried out any special review of the internal control system to enable
us to express an opinion as to whether the Board's statement on internal control covers all controls
and the effectiveness of such internal controls.
Based on our review nothing has come to our attention which causes us to believe that the
Statement of Compliance does not appropriately reflect the Company's compliance, in all material
respects, with the best practices contained in the Code of Corporate Governance as applicable
for the period from 2nd May, 2002 to 30th June, 2002.
Z. Lakhani & Co.
Chartered Accountants
Date: 14th September, 2002
Karachi
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed Balance Sheet of M/S. PAKISTAN PAPER PRODUCTS
LIMITED, Karachi as at 30th June, 2002 and the related Profit and Loss Account, Cash
Flow Statement and statement of changes in equity together with the notes forming part thereof,
for the year ended and we state that we have obtained all the information and explanations
which, to the best of our knowledge and belief, were necessary for the purposes of our audit.
It is the responsibility of the company's management to establish and maintain a system of
internal control, and prepare and present the above said statements in conformity with the
approved accounting standards and the requirements of the Companies Ordinance, 1984. Our
responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan.
These standards require that we plan and perform the audit to obtain reasonable assurance
about whether the above said statements are free of any material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
above said statements. An audit also includes assessing the accounting policies and significant
estimates made by management, as well as, evaluating the overall presentation of the above
said statements. We believe that our audit provides a reasonable basis for our opinion and,
after due verification, we report that:
(a) in our opinion, proper books of account have been kept by the company as required
by the Companies ordinance, 1984.
(b) in our opinion:
i)  the balance sheet and profit and loss account together with the notes thereon
have been drawn up in conformity with the Companies Ordinance, 1984 and
are in agreement with the books of accounts and are further in accordance with
accounting policies consistently applied;
ii) the expenditure incurred during the year was for the purpose of company's business;
and
iii) the business conducted, investment made and the expenditure incurred during the
year were in accordance with the objects of the company;
(c) in our opinion and to the best of our information and according to the explanations
given to us, the balance sheet, profit and loss account, cash flow statement and
statement of changes in equity together with the notes forming part thereof confirm
with approved accounting standards as applicable in Pakistan, and give the
information required by the Companies Ordinance, 1984 in the manner so required
and respectively give a true and fair view of the state of the company's affairs
as at 30th June, 2002 and of the profit, its cash flow and changes in equity
for the year then ended; and
(d) in our opinion, Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of 1980), was deducted by the company and deposited in the Central
Zakat Fund established under section 7 of that Ordinance.
Z. LAKHANI & CO.
CHARTERED ACCOUNTANTS
Date: 14th September, 2002
Karachi
BALANCE SHEET AS AT 30TH JUNE , 2002
				2002	2001
			Notes	Rupees	Rupees
CAPITAL AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share Capital
Authorised
2,000,000 Ordinary Shares of Rs. 10 each				20,000,000	20,000,000
Issued, Subscribed and Paid-up			3	20,000,000	15,000,000
Revenue Reserves			4	30,400,000	27,400,000
Un-Appropriated Profit				267,277	39,367
				50,667,277	42,439,367
Surplus on Revaluation of Fixed Assets			5	316,590	316,590
LIABILITIES AGAINST ASSET
SUBJECT TO FINANCE LEASE			6	4,159,441	6,550,339
DEFERRED LIABILITIES
Deferred Taxation			7	2,132,269	1,444,350
Provision for Gratuity			8	713,860	591,727
				2,846,129	2,036,077
CURRENT LIABILITIES
Current Maturity of Finance Lease				3,371,156	2,516,396
Creditors, Accrued and Other Liabilities			9	11,705,946	9,237,224
Proposed Dividend				5,000,000	3,750,000
				20,077,102	15,503,620
CONTINGENCIES AND COMMITMENTS			10
				78,066,539	66,845,993
The annexed notes form an integral part of these accounts.
HASHIM BIN SAYEED
Chief Executive
Date: 14th September, 2002
Karachi
				2002	2001
			Notes	Rupees	Rupees
PROPERTY AND ASSETS
TANGIBLE FIXED ASSETS			11	27,010,245	23,489,649
CAPITAL WORK-IN-PROGRESS			12	-	1,930,181
LONG TERM DEPOSITS AGAINST LEASES			13	1,256,100	1,055,000
CURRENT ASSETS
Stores and Spares			14	1,299,864	1,057,980
Stock-in-Trade			15	26,534,428	22,554,512
Trade Debtors			16	14,276,406	9,194,226
Advances and Other Receivables			17	1,324,286	4,423,723
Deposits and Prepayments			18	451,463	451,694
Cash and Bank Balances			19	5,913,747	2,689,028
				49,800,194	40,371,163
				78,066,539	66,845,993
				2,002	2,001
			Notes	Rupees	Rupees
TURNOVER				130,896	97,486,887
Sales tax, discounts, commission and sales return				(18,978,034)	(13,507,000)
SALES			20	111,918,056	83,979,887
COST OF GOODS SOLD			21	(83,398,202)	(64,168,904)
GROSS PROFIT				28,519,854	19,810,983
OPERATING EXPENSES
Administrative			22	7,720,516	6,570,344
Selling and Distribution			23	1,085,508	630,729
Financial			24	1,548,314	295,912
Workers' Profit Participation Fund				908,276	615,700
Workers' Welfare Fund				345,868	250,000
				(11,608,482)	(8,362,685)
OPERATING PROFIT				16,911,372	11,448,298
OTHER INCOME			25	382,022	201,236
NET PROFIT BEFORE TAXATION				17,293,394	11,649,534
TAXATION			26	(4,065,484)	(5,102,144)
NET PROFIT AFTER TAXATION				13,227,910	6,547,390
UNAPPROPRIATED PROFIT BROUGHT FORWARD				39,367	641,977
PROFIT AVAILABLE FOR APPROPRIATION				13,267,277	7,189,367
APPROPRIATIONS
Transfer from/(to) Revenue Reserve				(3,000,000)	1,600,000
Proposed Dividend @ 25% (2001: 25%)				(5,000,000)	(3,750,000)
Transfer to reserve for issue of bonus shares 4:1			(2001:1:3:1)	(5,000,000)	(5,000,000)
				(13,000,000)	(7,150,000)
Unappropriated Profit Carried Forward				267,277	39,367
BASIC EARNING PER SHARE			31	6.61	4.36
The annexed notes form an inteqral part of these accounts.
Date: 14th September, 2002
Karachi
HASHIM BIN SAYEED
Chief Executive
ABID SAYEED
Director
CASH FLOW STATEMENT FOR THE YEAR ENDED 30TH JUNE, 2002
				2002	2001
			Notes	Rupees	Rupees
CASH FLOW FROM OPERATING ACTIVITIES
Cash Generated From Operations			27	17,709,490	8,449,884
Income Taxes Paid				(3,055,010)	(3,836,832)
Gratuity Paid				-	(130,411)
Financial Charges				(1,548,314)	(295,912)
Net Cash from Operating Activities				13,106,166	4,186,729
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Fixed Assets				(3,702,034)	(2,133,613)
Disposal of Fixed Assets				510,102	-
Capital Work-in-Progress				-	(1,566,062)
Income from Investment & Deposit Account				233,732	201,236
Sale of Investment				-	10,000
Lease Deposit				(256,100)	(1,000,000)
Net Cash used in Investing Activities				(3,214,300)	(4,488,439)
CASH FLOW FROM FINANCING ACTIVITIES
Finance Lease				(3,056,139)	(1,222,412)
Dividend Paid				(3,611,008)	(3,692,897)
Net Cash used in Financing Activities				(6,667,147)	(4,915,309)
Net Increase/(Decrease) in Cash				3,224,719	(5,217,019)
Cash and cash equivalent at the beginning of year				2,689,028	7,906,047
Cash and cash equivalent at the end of year				5,913,747	2,689,028
HASHIM BIN SAYEED
Chief Executive
ABID SAYEED
Director
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE, 2002
		Share	Reserve for	Revenue	Unappro	Total
		Capital	issue of	Reserve	priated
			Bonus shares		Profit
		(Rupees)
Balance as at June 30, 2000		15,000,000	-	24,000,000	641,977	39,641,977
Net profit for the year
ended June 30, 2001		-	-	-	6,547,390	6,547,390
Appropriation:
Transfer from revenue reserve		-	-	(1,600,000)	1,600,000	-
Proposed final dividend @ 25%		-	-	-	(3,750,000)	(3,750,000)
Transfer to reserve for issue
of bonus shares		-	5,000,000	-	(5,000,000)	-
		-	5,000,000	(1,600,000)	(7,150,000)	(3,750,000)
Balance as at June 30, 2001		15,000,000	5,000,000	22,400,000	39,367	42,439,367
Transfer to share capital		5,000,000	(5,000,000)	-	-	-
Net profit for the year
ended June 30, 2002		-	-	-	13,227,910	13,227,910
		20,000,000	-	22,400,000	13,267,277	55,667,277
Appropriation:
Transfer to revenue reserve		-	-	3,000,000	(3,000,000)	-
Proposed final dividend @ 25%		-	-	-	(5,000,000)	(5,000,000)
Transfer to reserve for issue
of bonus shares		-	5,000,000	-	(5,000,000)	-
		-	5,000,000	3,000,000	(13,000,000)	(5,000,000)
Balance as at June 30, 2002		20,000,000	5,000,000	25,400,000	267,277	50,667,277
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE, 2002
1. THE COMPANY AND ITS OPERATIONS
The company was incorporated in July, 1962 as a private limited company and was
converted into public limited company and listed on the Karachi Stock Exchange in July,
1964. The Company is principally engaged in the production and sale of sensitised papers,
pro-labels and exercise books.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Accounting
These accounts have been prepared under the historical cost convention as modified
by the revaluation of certain fixed assets in prior years.
2.2 Taxation
Provision for current taxation is based on taxable income on current rates of taxation.
Deferred liability for taxation is provided by using the liability method on all major
timing differences, expected.
2.3 Staff Retirement Benefits
a) The company operates an approved defined contribution provident fund scheme
applicable to all employees. Monthly contributions are made by the company and
the employees equally in accordance with the fund's rules. During the year Rs.
291,256 (2001: Rs. 274,648) has been recognized as an expense by the company.
b) The company also operates an unfunded gratuity scheme covering all eligible
employees which provides for benefits dependent on the length of service of the
employee on terminal date, subject to a minimum qualifying period of service.
Gratuity is also based on last drawn salary. Provisions are made to cover obligation
in accordance with the terms of the scheme.
2.4 Tangible Fixed Assets and Depreciation
These are stated at cost or revalued amount (as appropriate) less accumulated
depreciation except for leasehold land which is stated at cost. Depreciation is charged
to income applying the reducing balance method, using the rates specified in Note
11
Depreciation is charged for full year on only those assets remaining with the Company
at the end of the year.
Maintenance and normal repairs are charged to income as and when incurred. Profits
or losses on disposal of assets are included in current income.
2.5 Assets Subject to Finance Lease
These are stated at the lower of present value of minimum lease payments under
the lease agreements and fair value of the assets. The related obligation of lease are
accounted for as liabilities. Financial charges are allocated to accounting periods in
a manner so as to provide a constant periodic rate of financial cost on the remaining
balance of principal liability for each period.
Depreciation is charged at the rate stated in note 11 applying the Reducing Balance
Method.
2.6 Investment
These are stated at cost.
2.7 Stores and Spares
These are valued at lower of cost and net realisable value.
2.8 Stock-'m-Trade
Basis of valuation are as follows:
Particulars               Mode of valuation
Raw Materials           At lower of average cost and market value
Work in process        At lower of average cost and market value
Finished Goods          Selling price less estimated profit margin
2.9 Revenue Recognition
Sales are recognised on dispatch of goods to the customers.
Income on investment is accounted for on receipt basis.
2.10 Allocation of Expenses
The Company has maintained the policy of allocation of certain expenses to
manufacturing, administrative and selling expenses at the end of the year using
calculated percentages.
3. ISSUED	(SCRIBED & PAID-UP CAPITAL
578,000	Ordinary Shares of Rs. 10/- each
	fully paid in cash		5,780,000	5,780,000
172,000	Ordinary Shares of Rs. 10/- each
	issued for consideration other
	than cash		1,720,000	1,720,000
12,500,000	Ordinary Shares (2001:750,000) of
	Rs. 10/- each issued as fully paid		12,500,000	7,500,000
	bonus shares
2,000,000			20,000,000	15,000,000
4. RESERVE
Reserve for Issue of Bonus Shares
Transfer from profit and loss account				5,000,000	5,000,000
Revenue Reserve
Opening balance				22,400,000	24,000,000
Transfer from / (to) Profit & Loss Account				3,000	(1,600,000)
				25,400	22,400,000
				30,400,000	27,400,000
5. SURPLUS ON REVALUATION OF FIXED ASSETS
Building on leasehold land and plant and machinery were revalued by J.B. Stevenson, ACII
in June, 1964 resulting an increase over book value of Rs. 99,690 and Rs. 216,900
respectively. No further revaluation have taken place since the above date.
6. LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE
Opening Balance				9,066,735	862,864
Prior year adjustment (Note 6.1)				337,402	-
Assets aquired during the year				985	10,000,000
				10,389,137	10,862,864
Payments				2,858,540	1,796,129
Current portion				3,371,156	2,516,396
				(6,229,696)	(4,312,525)
				4,159,441	6,550,339
Lease rentals are payable in quarterly installments for machinery and monthly installments
for vehicles under the lease agreements latest by year 2005. Overdue rental payments are
subject to an additional charge of 3% per month. Taxes, repairs, replacement and insurance
cost are to be borne by the Company (lessee). Financing rates of approximately 17% to
19.25% per annum have been used as discounting factor. Purchase option can be exercised
by the lessee, paying 10% to 26% of the assets amount.
Balance amount of future lease payments and the period in which they will fall due:
		2002		2001
		Minimum Lease	Finance	Present	Present
		Payment '	Charge	Value	Value
Year ended 2002		-	-	-	2,685,192
Year ended 2003		4,221,229	850,073	3,371,156	3,141,255
Year ended 2004		4,111,339	258,776	3,852,563	3,577,690
Year ended 2005		308,024	1,145	306,879	-
		8,640,592	1,109,994	7,530,598	9,404,137
6.1 This represents lease of a vehicle previously recorded as an operating lease.
				2002	2001
			Notes	Rupees	Rupees
7. DEFERRED TAXATION
Balance				1,444,350	1,317,752
Credit balance arising due to:
- Accelerated tax depreciation allowance				747,516	123,129
- Staff Gratuity				-	3,469
Debit balance arising due to:
- Provision for unfunded retirement benefits				(42,747)	-
- Others				(16,850)	-
				2,132,269	1,444,350
8. PROVISION FOR GRATUITY
Opening balance				591,727	601,738
Expense recognized				122,133	120,400
				713,860	722,138
Payments during the year				-	(130,411)
				713,860	591,727
The company has accounted for the gratuity on liability method. However as required by
IAS-19 the liability has not been determined on actuarial valuation basis as the management
feels that the existing provision is adequate to cover the obligation.
				2002	2001
			Notes	Rupees	Rupees
9. CREDITORS, ACCRUED AND OTHER LIABILITIES
Income Tax Payable
(Tax Liability Minus Advance Tax)				2,355,828	2,127,605
Trade Creditors				4,071,625	1,029,548
Customers' Credit Balances				1,749,973	2,777,953
Accrued Expenses				1,444,635	1,431,397
Due to Associated Concern (note 9.1)				43,114	172,365
Workers' Profit Participation Fund (note 9.2)				1,009,714	642,146
Workers' Welfare Fund				345,868	251,536
Unclaimed Dividend and Bonus Shares				543,383	405,925
Sales Tax Payable				92,168	-
Others				49,638	398,749
				11,705,946	9,237,224
9.1 Due to Associated Concern
Syed Grap[hics				3,114	112,365
Management & Enterprises (Pvt) Ltd.				40,000	60,000
				43,114	172,365
The maximum aggregate amount due to associated concern with reference to month end
balance, during the year was Rs. 187,636 (2001: Rs. 172,365).
9.2 Workers' Profit Participation Fund
Balance at the beginning of the Year				642,146	372,221
Interest on Fund utilised in
Company's Business				59,438	26,446
				701,584	398,667
Amount paid to the Fund Trustees				386,538	210,130
Amount deposited with Government				213,608	162,091
				(600,146)	(372,221)
				101,438	26,446
Allocation for the Year				908,276	615,700
				1,009,714	642,146
10. CONTINGENCIES AND COMMITMENTS
Contingencies
a) In respect of guarantees issued by bank on behalf of the company aggregating to Rs.
156,036 (2001: Rs. 147,597).
b) In respect of cases filed before labour court by seven workers who were retrenched.
However, the liability is not quantified.
Commitments
In respect of letter of credit amounting to Rs. 1,612,000.
11. TANGIBLE FIXED ASSETS
		COST / REVALUATION				DEPRECIATION
		Cost and		Cost and
PARTICULARS		revaluation	Additions/	revaluation	Rate	Accumulated	Charge	Adjustmen	Accumulated	Written down
		as at	(Deletions)	as at	%	As at	for the	on	As at	value as at
		1/7/2001		30/6/02		1/7/2001	year	Disposal	1/7/2002	30/6/02
Leasehold Land (Karachi)		191,203	-	191,203	-	-	-	-	-	191,203
Leasehold Land		800,000	-	800,000	-	-	-	-	-	800,000
Building on Leasehold Land (Karachi)
Factory		865,824	146,797	1,012,621	10	575,260	43,736	-	618,996	393,625
Office		539,591	2,154,963	2,694,554	5	449,754	112,240	-	561,994	2,132,560
Building on Leasehold
Land (Hub Chowki)		1,100,000	-	1,100,000	5	441,390	32,931	-	474,321	625,679
Plant and Machinery (Karachi)		19,013,822	1,332,470	20,346,292	10	8,492,341	1,185,395		9,677,736	10,668,556
Plant and Machinery (Hub Chowki)		960,000		960,000	10	625,269	33,473		658,742	301,258
Furniture & Fixtures		394,441	232,032	510,783	10	237,801	35,102	78,040	194,863	315,920
			(115,690)
Factory and Other Equipments		1,733,877	502,993	2,166,509	10	994,429	122,999	57,909	1,059,519	1,106,990
			(70,361)
Electric Equipment and Fittings		827,488	132,500	959,988	15	540,048	62,991		603,039	356,949
Vehicles		1,931,548	1,125,960	2,191,912	20	1,140,554	317,449	535,886	922,117	1,269,795
			(847,596)
Laboratory Apparatus		21,740	4,500	26,240	15	20,423	873	-	21,296	4,944
Assets Subject to Finance Lease
Plant and Machinery		9,605,983	-	9,605,983	10	960,598	864,539	-	1,825,137	7,780,846
Vehicles		-	1,520,000	1,520,000	20	-	458,080	-	458,080	1,061,920
Total 2002		37,967,517	7,152,215	44,086,085		14,477,867	3,269,808	671,835	17,075,840	27,010,245
			(1,033,647)
Total 2001		20,927,921	17,039,596	37,967,517		11,895,576	2,582,292	-	14,477,868	23,489,649
11.1 Depreciation for the year includes Rs. 192,600/- relating to a vehicle which was recorded as operating lease in prior year.
11.2 Danrec'iation has been alloratpd as under-
				2002	2001
			Notes	Rupees	Rupees
Manufacturing				2,452,356	2,194,948
Administration				653,962	258,229
Selling and Distribution				163,490	129,115
				3,269,808	2,582,292
11.3. The following fixed assets were disposed of during the year
		Cost	Accumulated	Book	Sale	Particulars of Buyers
			Depreciation	Value	Proceeds
		Rupees	Rupees	Rupees	Rupees
Vehicle
Sold by negotiation		150,000	73,200	76,800	85,000	Mr. Ghulam Anwar, Karachi
		112,846	106,641	6,205	60,000	Mian Khalil-ur-Rehman, Karachi
		405,050	320,105	84,945	115,000	Mr. M. Hakim, Karachi
		179,700	35,940	143,760	200,000	Mr. Abid Sayeed (Director)
		847,596	535,886	311,710	460,000
Furniture and Fixtures
Sold by negotiation		115,690	78,040	37,650	37,650	M/s. Management &
						Enterprises (Private) Ltd.
						(Associated Company)
Office and Factory Equipment
Sold by negotiation		70,361	57,909	12,452	12,452	M/s. Management &
						Enterprises (Private) Ltd.
Total 2002		1,033,647	671,835	361,812	510,102
Total 2001		-	-	-	-
				2002	2001
			Notes	Rupees	Rupees
12. CAPITAL WORK-IN-PROGRESS
Opening Balance				1,930,181	364,119
Addition during the Year				224,782	1,566,062
				2,154,963	1,930,181
Less: Transfer to fixed assets				(2,154,963)	-
				-	1,930,181
Note: This represents construction work completed at Factory, for setting up office premises.
				2002	2001
13. LONG TERM DEPOSITS AGAINST LEASES			Notes	Rupees	Rupees
Opening Balance				1,055,000	55,000
Addition				256,100	1,000,000
				1,311	1,055,000
Current portion (note 18)				(55,000)	-
				1,256,100	1,055,000
14. STORES AND SPARES
Stores				1,210,796	923,898
Spares				89,068	134,082
				1,299,864	1,057,980
15. STOCK-IN-TRADE
Raw Materials				17,802,447	13,566,038
Work in Process (note 15.1)				4,292,789	5,295,960
Finished Goods (note 15.2)				4,439,192	3,692,514
				26,534,428	22,554,512
15.1 These have been valued at average cost of raw material which is consistent with previous
year. The management considers that the cost assigned to the raw material and work-in-
process inventories approximate their market value.
15.2 These are valued at selling price less profit margin estimated by the management.
Finished goods include slow moving items which have been valued at their net realisable
value Rs. 638,200 (2001: Rs. 701,111).
However, as required by IAS-2 inventories are not measured at the lower of cost and net
realisable value. The management considers that there would be no material affect if the
inventories were measured as required by IAS-2.
16. TRADE DEBTORS
(Unsecured, Considered Good)
Due from Customers 12,204,947 8,582,921
Due from Associated Concerns (Note 16.1) 2,069,632 605,266
Due from Staff 1,827 6,039
14,276,406 9,194,226
				2002	2001
			Notes	Rupees	Rupees
16.1. The amounts due from associated concerns are as follows:
H.B. Sayed (Pvt) Ltd.				1,880,045	589,423
Sayeed Graphics				180,091	-
Sayeed International				9,496	15,843
				2,069,632	605,266
The maximum aggregate amount due from Associated Concerns with reference to month-
end balances, during the year was Rs. 2,069,632 (2001: Rs. 1,603,036).
17. ADVANCES AND OTHER RECEIVABLES
(Unsecured, Considered Good)
Advances to Suppliers				149,746	66,478
Advance against Letter of Credit				946,070	3,135,760
Advance against Expenses				28,470	28,818
Due from Director (note 17.1)				200,000	-
Others				-	1,192,667
				1,324,286	4,423,723
17.1. This is against sale of a vehicle. The maximum amount due at the end of any month
during the year was Rs. 200,000 (2001: Nil).
18. DEPOSITS AND PREPAYMENTS
Utility Deposits				88,447	87,352
Current portion of lease deposit (note 13)				55,000	-
Other Deposits				262,427	287,025
Prepayments				45,589	77,317
				451,463	451,694
CASH AND BANK
Cash at Banks (in Current Accounts)				2,282,286	770,316
Cash at Bank (in Depoisit Account)				3,600,675	1,886,907
Factory Imperest				30,000	30,000
Cash in Hand				786	1,805
				5,913,747	2,689,028
19.1. SHORT TERM RUNNING FINANCE (UNDER MARK-UP ARRANGEMENT)
The company enjoys short-term finance facility from Habib Bank Limited up to Rs.
13.35 million. The Finance is secured against hypothecation of stocks and account
receivables of the company. The finance is further secured by personal securities and
guarantees of the directors. The facility carries markup of 45 paisas daily for every thousand
rupees. However balance at the close of year under this account was Debit Rs. 543,057
(2001: Rs. 116,837) which is shown under Cash and Bank Balances.
				2002	2001
			Notes	Rupees	Rupees
20. SALES
Exercise Books				60,976,111	50,588,516
Ammonia Paper				12,372,018	13,752,208
Prolabels				34,613,901	17,966,840
Plain Paper				3,541,208	1,462,602
Printing Charges				-	17,735
Waste Paper				753,874	452,218
				112,257,112	84,240,119
Commission and Rebate				(339,056)	(260,232)
				111,918,056	83,979,887
(The Sales are net of Sales Tax Rs. 18,638,978 last year Rs. 13,246,768).
21. COST OF SALES
Raw Material Consumed
Opening Stock				13,566,038	11,019,844
Purchases				71,871,643	51,712,205
Closing Stock				(17,802,447)	(13,566,038)
				67,635,234	49,166,011
Salaries, Wages and other Benefits				3,188,767	3,998,549
Printing, Binding & Rulling Charges				4,860,594	3,361,971
Fuel and Power				1,379,485	835,649
Spares and Stores Consumed (note 21.1)				491,145	941,393
Insurance				326,632	228,425
Repairs and Maintenance				2,368,841	1,959,716
Rent, Rates and Taxes				117,198	119,401
Telephone and Trunk Calls				114,220	96,996
Other Manufacturing Expenses				207,237	121,150
Depreciation				2,452,356	2,194,948
Cost of Production				83,141,709	63,024,209
Work in Process-Opening				5,295,960	4,983,400
Work in Process-Closing				(4,292,789)	(5,295,960)
				1,003,171	(312,560)
Cost of Goods Manufactured				84,144,880	62,711,649
Finished Goods-Opening				3,692,514	5,149,769
Finished Goods-Closing				(4,439,192)	(3,692,514)
				(746,678)	1,457,255
				83,398,202	64,168,904
				2002	2001
			Notes	Rupees	Rupees
21.1 Spares and Stores Consumed
Opening Balance				1,057,980	1,273,038
Purchases				733,029	726,335
Closing Balance				(1,299,864)	(1,057,980)
				491,145	941,393
22. ADMINISTRATIVE EXPENSES
Directors' Fees				14,000	4,500
Directors' Remmuneration				739,211	885,392
Staff Salaries and Benefits				4,269,069	3,221,649
Rent, Rates and Taxes				302,095	336,498
Insurance				61,244	37,623
Travelling and Conveyance				319,324	350,372
Postage and Telegrams				74,619	107,892
Telephone				101,908	75,802
Electric Charges				172,429	334,708
Stationery and Periodicals				107,117	99,841
Repairs and Renewals				552,691	293,494
Trade Subscriptions				37,951	47,482
Legal & Professional Fees (note 22.1)				52,868	151,406
Lease Rentals and other charges					258,420
Auditors' Remmuneration (note 22.2)				82,500	33,500
General Expenses				179,528	73,536
Depreciation				653,962	258,229
				7,720,516	6,570,344
22.1. Includes Rs. Nil (2001: 33,000) paid/payable to auditors for tax representation.
22.2. Auditors' Remuneration
Jawad Abdul Ghaffar & Co.
Audit Fee				-	15,000
Z. Lakhani & Co.
Audit Fee				75,000	15,000
Provident Fund Audit Fee				5,500	2,000
Workers' Profit Participation Fund Audit Fee				2,000	1,500
				82,500	33,500
				2002	2001
			Notes	Rupees	Rupees
23. SELLING AND DISTRIBUTION EXPENSES
Staff Salaries and Benefits				394,180	77,371
Advertisement and Publicity				117,459	53,165
Cartage and Forwarding				288,685	198,098
Vehicle Expenses				66,014	59,798
Tender Fees				2,610	3
Sales Promotion Expenses				26,083	74,927
Insurance				20,415	2,687
Depreciation				163,490	129,115
Others				6,572	32,368
				1,085,508	630,729
24. FINANCIAL EXPENSES
Interest on Workers' Profit
Participation Fund				59,438	26,446
Mark-up on Short-Term Running Finance				99,693	60,339
Bank and other charges				46,540	57,148
Interest on finance lease				1,342,643	151,979
				1,548,314	295,912
25. OTHER INCOME
Interest on Deposit Account				233,732	196,236
Gain on Disposal of Assets				148,290	-
Gain on Sale of Investment				-	5,000
				382,022	201,236
26. TAXATION
Current Year				5,602,833	4,770,000
Prior Year				(2,225,268)	205,546
Deferred				687,919	126,598
				4,065,484	5,102,144
26.1 The income tax assessments of the company have been finalized upto and including
assessment year 2001-2002.
				2002	2001
			Notes	Rupees	Rupees
27. CASH GENERATED FROM OPERATION
Profit before Taxation				17,293,394	11,649,534
Adjustment for non cash items and
other adjustments:
Depreciation				3,269,808	2,582,292
Gratuity Provision				122,133	120,400
Income from Investment				(233,732)	(201,236)
Financial Charges Paid				1,548,314	295,912
(Gain)/Loss on Disposal of Fixed Assets				(148,290)	-
				4,558,233	2,797,368
(Increase)/Decrease in Current Assets
Stores, Spares				(241,884)	215,058
Stock in Trade				(3,979,916)	(1,401,499)
Trade Debtors				(5,082,180)	(1,267,978)
Advances and Other Receivables				3,099,437	(3,562,709)
Deposits and Prepayments				55,231	(105,679)
				(6,149,312)	(6,122,807)
Increase/(Decrease) in Current Liabilities
Creditors, Accrued and Other Liabilities				2,007,175	125,789
				17,709,490	8,449,884
28. REMUNERATiUON OF CHIEF EXECUTIVE AND DIRECTOR
		2002			2001
		Chief			Chief
		Executive	Directors	Executive	Executive	Director	Executive
		Rs.	Rs.	Rs.	Rs.	Rs.	Rs.
Fees		-	14,000	-	-	4,500	-
Managerial remuneration
& Allowences		316,667	245,810	366,324	300,000	240,000	217,858
Provident Fund		24,996	18,924	17,568	24,996	20,000	8,376
Medical expenses		850	5	21	10,200	12,317	10
House Rent		142,500	102,190	146,544	135,000	108,000	88,044
Reimbursable expenses		83	-	-	78,460	-	7,500
		568,239	386,250	551	548,656	384,817	331,798
Number of persons		1	6	3	1	6	2
Chief Executive of the company is provided with company maintained car.
The company has borne the telephone and utility charges of the Chief Executive's residence.
Remuneration of Chief Executive does not include amounts paid or provided for, if any, by
associated undertakings.
				2002	2001
			Notes	Rupees	Rupees
29. TRANSACTIONS WITH ASSOCIATED CONCERNS
The company made following transactions during the year with its Associated Concerns:
Sales				8,468,769	7,902,187
Purchases				320,804	12,333
Adjustment of expenses				297,753	196,740
Rent paid				215,500	240,000
Fixed Asset sold				50,102	-
30. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURE
30.1 Financial Assets and Liabilities
		Interest Bearing			Non - Interest Bearing
		Maturity	Maturity		Maturity	Maturity
		upto	after	Sub	upto	after	Sub	Grand
		one year	one year	Total	one year	one year	Total	Total
Financial Assets
Long-term Deposits		-	-	-	-	1,256,100	1,256,100	1,256,100
Trade Debtors		-	-	-	14,276,406	-	14,276,406	14,276,406
Advances and
Other Receivables		-	-	-	1,324,286	-	1,324,286	1,324,286
Deposits		-	-	-	405,874	-	405,874	405,874
Cash and Bank Balances		3,600,675	-	3,600,675	2,313,072	-	2,313,072	5,913,747
		3,600,675	-	3,600,675	18,319,638	1,256,100	19,575,738	23,176,413
The company made following transactions during the year with its Associated Concerns:
Financial Liabilitie
Liabilities against asset subject
to finance Lease		3,371,156	4,159,441	7,530,597	-			7,530,597
Creditors, Accrued and
other Liabilities		-	-	-	8,806,735	-	8,806,735	8,806,735
Unclaimed Dividend		-	-	-	543,383	-	543,383	543,383
		3,371,156	4,159,441	7,530,597	9,350,118	-	9,350,118	16,880,715
30.2 Credit Risk Exposure
Credit risk represents the accounting loss that would be recognized at the reporting date
if parties failed completely to perform as contracted. The company controls its credit risk
by ascertainment of credit worthiness of its customers, monitoring of debt on a continuous
basis applying credit limits to its customers. The company does not believe that it is exposed
to major concentration of credit Risk.
30.3 Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rate will effect value
of financial instruments. The company is not exposed to interest rate risk.
30.4 Fair value of financial Instruments
The carrying value of all financial assets and liabilities reflected in the financial statement
approximate their fair value.
				2002	2001
			Notes	Rupees	Rupees
31. BASIC EARNING PER SHARES
Net Profit after Taxation				13,227,910	6,547,390
Number of ordinary shares issued and
subscription at end of the year				2,000,000	1,500,000
Earning per share				7	4
32. NUMBER OF EMPLOYEES
Number of employees as at year end				88	96
33. DATE OF AUTHORIZATION FOR ISSUE
These financial statements were authorized for issue on September 14th, 2002 by the Board
of Directors of the Company.
34. CAPACITY AND PRODUCTION
		Capacity		Production		Remarks
		2002	2001	2002	2001
a) Exercise Books (Gross)		48,215	48,215	47,761	36,641	As per market demand
b) Sensitised Paper (Rolls)		216,000	216,000	89,127	103,982	- do -
c) Pro-Labels		500,000	250,000	516	242,000	- do -
(Square meter converted)
34.1 The capacity is determined on signie shift basis.
35. FIGURES
(a) The corresponding figures of previous year have been re-arranged and re-grouped,
wherever necessary, for the purpose of comparison.
(b) Figures have been rounded off to the nearest rupee.
PATTERN OF HOLDING OF THE SHARE-HOLDERS
AS ON 30TH JUNE 2002
NO OF			TOTAL
SHAREHOLDERS	SHAREHOLDING		SHARE HELD
	FROM	TO
233	1	100	8,541
182	101	500	47,303
67	501	1000	48,823
42	1001	5000	85,904
9	5001	10000	63,483
3	10001	15000	33,019
1	15001	20000	18,753
3	20001	25000	68,787
-	25001	30000	NIL
2	30001	35000	67,732
1	35001	40000	40,000
1	40001	45000	42,409
-	45001	50000	NIL
-	50001	55000	NIL
-	55001	60000	NIL
-	60001	65000	NIL
1	65001	70000	67,128
-	70001	75000	NIL
1	75001	80000	76,873
1	80001	85000	84,849
-	85001	90000	NIL
-	90001	95000	NIL
-	95001	100000	NIL
-	100001	105000	NIL
-	105001	110000	NIL
1	110001	115000	112,009
1	115001	120000	119,614
-	120001	125000	NIL
-	125001	130000	NIL
-	130001	135000	NIL
-	135001	140000	NIL
-	140001	145000	NIL
-	145001	150000	NIL
-	150001	155000	NIL
-	155001	160000	NIL
-	160001	165000	NIL
-	165001	170000	NIL
-	170001	175000	NIL
-	175001	180000	NIL
-	180001	185000	NIL
-	185001	190000	NIL
-	190001	195000	NIL
-	195001	200000	NIL
-	200001	205000	NIL
-	205001	210000	NIL
1	210001	215000	211,667
-	215001	220000	NIL
-	220001	225000	NIL
-	225001	230000	NIL
-	230001	235000	NIL
-	235001	240000	NIL
1	240001	245000	240,961
-	245001	250000	NIL
1	250001	255000	256,857
-	255001	260000	NIL
-	260001	265000	NIL
-	265001	270000	NIL
-	270001	275000	NIL
-	275001	280000	NIL
-	280001	285000	NIL
-	285001	290000	NIL
-	290001	295000	NIL
-	295001	300000	NIL
-	300001	305000	NIL
1	305001	310000	305,288
553			2,000,000
CLASSIFICATION OF SHARES BY CATEGORIES AS AT 30TH JUNE, 2002
CATEGORIES OF			NUMBER OF	SHARES HELD	PERCENTAGE
SHARE HOLDERS			SHARE HOLDER		OF CAPITAL
INDIVIDUALS			539	1,236,538	61.82%
INVESTMENT COMPANIES			2	223,332	11.12%
INSURANCE COMPANIES			2	107,128	5.36%
FINANCIAL INSTITUTIONS			3	338,650	16.93%
JOINT STOCK COMPANIES			5	52,942	2.65%
OTHERS:
CORPORATE LAW AUTHORITY			1	1	NIL
ADMINISTRATOR
ABANDONED PROPERTY			1	42,409	2.12%
			553	2,000,000	100%
DETAILS OF PATTERN OF SHAREHOLDING AS PER
REQUIREMENTS OF CODE OF CORPORATE GOVERNANCE
ASSOCIATED COMPANIES			SHARES HELD
M/s. Management & Enterprises (Pvt.) Limited			211,667
NIT/ICP
National Investment Trust Ltd.			9,065
National Bank of Pakistan, Trustee Wing			305,288
Investment Corporation of Pakistan			24,297
DIRECTORS, CEO THEIR SPOUSE AND MINOR CHILDREN
Mr. Hashim B. Sayeed			Director/Chief Executive		240,961
Mrs. Muleika Sayeed			Director		256,857
Mr. Muhammad Ali Sayeed			Director		2,840
Mr. Abbas Sayeed			Director		76,873
Mr. Asadullah Sayeed			Director		112,009
Mr. Abid Sayeed			Director		119,614
Mr. Khawaja Mansoor Mukhtar Shah - Nominee			Director		-
Mrs. Aliya Rehman					84,849
Mr. Abbas Sayeed & Mrs. Nusser Abbas Sayeed					3,200
Mrs. Nusser Abbas Sayeed W/o Abbas Sayeed					23,025
Mrs. Faiza Haswary W/o Asadullah Sayeed					34,400
Mrs. Nadia Sayeed W/o Abid Sayeed					10,089
Mrs. Nusser Abbas Sayeed A/c (Usman) - Minor					265
EXECUTIVE					NIL
INDIVIDUALS					271,556
PUBLIC SECTOR COMPANIES AND CORPORATIONS					NIL
OTHER BANKS, DEVELOPMENT FINANCE INSTITUTIONS,					213,145
NON-BANKING FINANCE INSTITUTIONS, INSURANCE
COMPANIES, MODARABAS AND MUTUAL FUNDS
SHAREHOLDERS HOLDING 10% OR MORE
Mr. Hashim B. Sayeed					240,961
Mrs. Muleika Sayeed					256,857
National Bank of Pakistan, Trustee Wing					305,288
Management & Enterprises (Pvt) Ltd.					211,667

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