TREET CORPORATION LIMITED
Annual Reports 2003
CONTENTS
COMPANY INFORMATION
COMPANY'S HISTORY
STATEMENTS OF ETHICS AND BUSINESS PRACTICES
NOTICE OF ANNUAL GENERAL MEETING
DIRECTORS' REPORT TO THE SHAREHOLDERS
MISSION, VISION STATEMENTS
BALANCE SHEET
STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE
PROFIT AND LOSS ACCOUNT
AUDITORS' REPORT TO THE MEMBERS
NOTES TO THE ACCOUNT
CASH FLOW STATEMENT
PATTERN OF SHAREHOLDING (FORM-34)
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
BOARD OF DIRECTORS
Syed Wajid AM		Chairman
Syed Shahid AM		Chief Executive Officer
Dr. Mrs. Niloufer Mahdi
Syeda Feriel Rifaat Ali
Mr. Ahmed Salahuddin		(Nominee International General Insurance Company of Pakistan Lim
Mr. Asif Jameel		(Nominee National Investment Trust Limited)
Syed Sheharyar Ali
Mr. Muhammad Shafique Anjum
BOARD AUDIT COMMITTEE
Mr. Ahmed Salahuddin               Chairman
Mr. Asif Jameel                        Member
Syed Sheharyar Ali                   Member
COMPANY SECRETARY
Mr. Anwar Khalil Sheikh
CHIEF FINANCIAL OFFICER
Mr. Amir Zia
EXTERNAL AUDITORS
Taseer Hadi Khalid & Co.
Chartered Accountants
Lahore.
INCOME TAX CONSULTANTS
Gardezi & Co.
Chartered Accountants
Lahore.
LEGAL ADVISORS
	Salim & Baig, Advocates - Lahore.
BANKERS
Standard Chartered Bank Limited		Bank Al-Habib Limited
Askari Commercial Bank Limited		Habib Bank Limited
Mashreq Bank psc.		National Bank of Pakistan
United Bank Limited		Habib Bank A.G. Zurich
PICIC Commercial Bank Limited
REGISTERED OFFICE
& SHARE DEPARTMENT
72-B, Kot Lakhpat Industrial Area, Lahore.
Phones: 042-5830881, 5156567 & 5122296
Fax: 042-5836770 E-mail: treet@nexlinx.net.pk & treet@tele.net.pk
FACTORIES			NATIONAL SALES OFFICE
Hali Road, P.O. Box No. 308, Hyderabad.			56, Shahrah-e-Quaid-e-Azam, Lahore.
Phones      : 0221-880846, 883058 & 883174			Phones      : 042-6303680, 6303501, 6303502
Fax           : 0221-880172			Fax           : 042-6303681
E-mail       : treet@hyd.netasia.com.pk			E-mail       : treet @brain.net.pk
72-B, Kot Lakhpat Industrial Area, Lahore.
Phones      : 042-583088 1 , 5 1 56567 & 5 1 22296 Fax           : 042-5836770			KARACHI OFFICE
E-mail       : treet@nexlinx.net.pk & treet@tele.net.pk			17-Abdullah Haroon Road, Karachi.
E-mail       : treet@cyber.net.pk			Phone        : 021-5681576 Fax           : 021-5681575
Company's History
The Ali family of Pakistan commenced its business activities in South East Asia about a century
ago under the dynamic leadership of Late Sir Syed Muratib Ali, a nationally respected an honored
pioneer. His unremitting efforts and devotion to the highest standard of integrity and honest dealings
contributed in no small measure to the success of his ventures in the highly competitive environment
of pre-independence days in subcontinent. It is a legacy that has been maintained to the present.
From 1947 onward, the family diversified from the main business of agriculture & trading into the
fledgling industries of soaps, vegetable oil and razor blades in 1954 & 1956. The enterprises were
consolidated in to a Public Limited Company, quoted on Pakistan Stock Exchange in 1959. Later,
in 1977, the razor blade and soap operations were managed under the rubric of new company, the
Treet Corporation, also a Public Limited Company, Quoted on the Stock Exchanges.
In 1984, Treet set up a second factory, the machinery and technology was imported from American
Safety Razor Company Staunton USA to manufacture super quality, double edge stainless steel
blades & bounded shaving system. In 1997 Treet obtained ISO-9002 Certification from BSI, UK.
The Manufacturing Operations of blades are located in Hyderabad and Lahore and that of Soaps in
Gujranwala and the marketing of all brands produced through these locations are managed from
marketing and sales offices situated in Lahore.
Treet Corporation Limited, the leading manufacturer of top quality shaving products for the past
49 years, received ISO-9002 certification in 1997 from BSI, U.K., one of the initial
recipients of certificate in pakistan.
Treet practices and closely monitors quality through Total Quality Management. Quality products
for the satisfaction of its customer is the main objective of the company. Hence ISO-9002 is an
assurance that Treet meets the world quality standards and its products can compete in the world
market on quality.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Twenty Sixth Annual General Meeting of Treet Corporation Limited will be held at Avai
Hotel, 87-The Mall, Lahore on Thursday October 30, 2003 at 10.00 A.M. to transact the following Ordinary and Specia
Business:
A.            ORDINARY BUSINESS
1         To confirm the minutes of previous Annual General Meeting of the shareholders held on October 22, 2002
2        To receive, consider and adopt the statement of audited accounts for the year ended June 30, 2003 alongwitl
the reports of Auditors and Directors thereon.
3        To approve and declare a dividend @ 150% (Rs. 157- per share) as recommended by the Board of Directors
4        To appoint Auditors of the Company for the year ending June 30, 2004 and to fix their remuneration. The retirinj
Auditors M/S. Taseer Hadi Khalid & Co., Chartered Accountants being eligible offer themselves for re-appointmenl
B.           SPECIAL BUSINESS
5        To consider and pass the following ordinary resolution with or without modification as recommended by th
Board:
I             RESOLVED that consent be and is hereby given for the payment of remuneration to Mr. Muhammai
Shafique Anjum as a whole time working Director, the sum not exceeding Rs. 837,000/- per year am
the provision to him of housing, transport, medical, leave fare facilities and other benefits relating ti
his  office  in  accordance  with  the  Company's  rules  enforced  from  time  to  time
RESOLVED FURTHER that the said whole time working Director shall also be entitled for increment
and other benefits/facilities as per Company's Policy.
II           RESOLVED that consent be and is hereby given for the payment of Rs. 2,5007- to each member o
Audit Committee for attending each meeting of the Audit Committee of the Company
6        To transact any other business with the permission of the Chair.
By order of the Board
Lahore: October 01, 2003
(ANWAR KHALIL SHEIKH)
Company Secretary
STATEMENT U/S 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984 PERTAINING TO THE SPECIAL
BUSINESS:
ITEM #5.
I
II
Notes:
As required by the Article No. 98 of the Articles of Association of the Company the remuneration
of Mr. Muhammad Shafique Anjum who is working as whole time working Director has to
be approved by the shareholders in the General Meeting.
Mr. Muhammad Shfique Anjum is interested in this business up to extent of his remuneration.
As required by the Code of Corporate Governance the Board has established Audit Committee
consisting of three Members and as required by the Article No. 98 of the Articles of Association
of the Company the fee for attending meetings of the Audit Committee has to be approved by
the shareholders in General Meeting.
Mr. Ahmed Salahuddin, Mr. Asif Jameel and Syed Sheharyar Ali, directors and members of
the audit committee of the Company are interested in this Business up to extent of their fee.
The Share Transfer Books of the Company will remain closed from October 24, 2003 to
October 30, 2003 (both days inclusive).
Any member of the Company entitled to attend and vote may appoint another member as
his/her proxy to attend and vote instead of him/her. Proxies in order to be effective must be
received at the Registered office of the Company not less than 48 hours before the time of
holding the Meeting and must be duly signed, stamped and witnessed.
The shareholders having shares deposited with the Central Depository Company (CDC) are
requested to bring their original National Identity Card or passport and CDC account number
for verification.
Members are requested to promptly notify the Company for any change in their addresses, if
any.
Treet Corporation Limited
Mission Statement
Our MISSION is, to satisfy and exceed the needs of our customers, providing our products and services
with only the best quality, adjusted to their needs and preferences and to create value for our stakeholders.
In order to accomplish this, we will continue our emphasis on being the industry's lowest cost producer
that responds to customer needs with value-added products and services. We will strive to exceed customer
expectations.
It is our belief that we can fulfill this mission through a unique combination of industry vision, supply
chain expertise and innovative technology.
Vision Statement
To be an innovative market leader in our businesses that benefit society. We will be differentiated from
our competitors by technology, quality, engineering, sales and marketing expertise, while ensuring financial
strength and sustainable growth of the company for the benefits of its stake holders
Principle
We will base our human resources systems on our proven principles reflective of our core values and our
commitment to attract, reward, develop and motivate sophisticated people. They will reflect the global
scope of our business while demonstrating responsibility and flexibility with respect to cultural diversity
and statutory and regional business realities.
Emphasis
Our emphasis on continuous improvement in all aspects of our business will enable us to reward our
shareholders and employees.
Social Responsibility
We will continually strive to be environmentally responsible and support the communities where we operate
and the industries in which we participate.
Corporate Values
•     Total Customer Services
•     Long-Term Business Focus
•     Technology Oriented
•     Quality & Reliability
•     Staff Development & Teamwork
•     Effective Resources & Cost Management
•     Corporate Responsibility
STATEMENTS OF ETHICS AND BUSINESS PRACTICES
GUIDE LINES TO BUSINESS CONDUCT
Employees
No one should ask any employee to break the law, or go against company policies and values.
We treat all employees equally and fairly.
We do not tolerate any form of harassment.
Information and necessary facilities are provided to perform jobs in a safe manner.
Employees must not use, bring, or transfer illegal drugs or weapons on company property.
Employees should report suspicious people and activities.
Business Partners
Avoid conflicts of interest and identify situations where they may occur.
Do not accept or give gifts, favors, or entertainment if it will appear to obligate the person who
receives it.
Use and supply only safe, reliable products and services.
Respect our competitors and do not use unfair business practices to hurt our competition.
Do not have formal or informal discussions with our competitors on prices, markets or products,
or production or inventory levels.
Manufacture and produce products according to contract specifications.
Market our products and services in an honest and fair manner.
Do not compromise our values to make a profit.
Business Resources
Do not use inside information about the company for personal profit. Do not give such information
to others.
Do  not  use  company  resources   for personal  gain  or  any  non-business  purpose.
Protect confidential and proprietary information.
Do not use company resources to send, receive, access or save electronic information that is sexually
explicit, promotes hate, violence, gambling, illegal drugs, or the illegal purchase or use of weapons.
Do  not  make  false  or  misleading  entries  into  the  Company's  books  or records.