Security Papers Limited

SPL is manufacturing banknote paper and other security papers such as Prize Bonds, Defence Savings Certificate, Non-Judicial Stamp Paper and certificate paper for educational boards and degree paper for universities. SPL was established in 1965 as a private limited company, and became a public limited company in 1967, as the first joint venture of Iran, Turkey and Pakistan under RCD (now ECO).
The commercial production of the old paper machine PM-1 was started in 1969. The production process involves input of locally procured textile waste as raw material. Pakistan Security Printing Corporation (Pvt) Limited is the main customer of SPL Being self-reliant, the company is also saving substantial amount of foreign exchange, which would have been otherwise required for import of such paper.
The new paper machine PM-2 started commercial productions in 2003. The initial paid-up capital of Rs 12.50 million has grown to Rs 343 million entirely through capitalisation of internally generated reserves, while additional reserves of Rs 2,444 million were available as on June 30, 2008.
TRANSFORMATION: Security Papers Limited has undergone a complete transformation since the year 2000, unprecedented in the public sector, through the institutionalisation of Strategic Management, with a 5-year plan and annual business planning, aiming at strategic goals relating to customer base expansion and satisfaction, quality manufacturing, counterfeit deterrence, security and resource management efficiency. There is a visible turnaround in human resource mindset. Many changes have taken place in all areas of operations.
The new state-of-the-art German machine PM-2 manufactures custom-made paper of world-class specifications with latest counterfeit deterrence features such as 3-Dimensional tonal-variation watermarks. Entire process of tendering, evaluation, award of contract and execution of the PM-2 project was handled by an in-house team of experts without the aid of outside consultants. Notwithstanding various adverse events such as 9/ 11 incident and Iraq war, the project was completed with minimal time delay. However, there was no cost over runs.
The means of financing as well as funding were most diligently arranged enabling substantial economies to the completed cost of the project. The new plant was so dovetailed with the old plant that no production losses occurred during the entire project execution. SPL engineers have undergone extensive, foreign as well as local, on-the-machine training that enriched their capabilities to operate the plant independently and efficiently.
The plant manufactures custom-made paper of world class specifications with latest counterfeit deterrence features such as 3-Dimensional tonal-variation watermarks. The Hon able Prime Minister performed the formal inauguration of the new paper machine PM-2.
SPL is maintaining high level of efficiency. The operational efficiency of all the departments has substantially increased with the implementation of an integrated computerised information system. The in-house laboratory is now modernised with latest and more efficient equipment. A latest and most effective security system has been introduced. Through risk analysis, SPL is promptly addressing all major risk issues. Line authority and responsibility are now well defined, enabling transparency of transactions and internal audit function. A system of performance appraisal and reward has been implemented.
The Company is focusing on various other up-gradation projects to further improve production efficiency. The reverse Osmosis (RO) Plant has already started functioning on BOT basis. A co-generation power plant project is under process of implementation. Product base is being diversified to attract more customers and improve profitability.
THE AWARDS/CERTIFICATIONS/ RATINGS ALREADY HELD BY SPL ARE:
THE TOP COMPANIES AWARDS OF THE KARACHI STOCK EXCHANGE FROM 2000 TO 2007:
24th and 25th Corporate Excellence Awards of the Management Association of Pakistan (MAP).
-- Best Corporate Report Awards 2006 and 2007 of ICAP / ICMAP.
-- Certification by SGS, a certifying agency in respect of:
-- ISO 9001:2000 Integrated Quality.
-- ISO 14001:2004 Environmental Management System.
-- Corporate Governance Rating of CGR-8, signifying high level of Corporate Governance by M/s JCR-VIS.
-- Medium to long-term entity Credit Rating of "AAA" (Triple A) and short term Credit Rating of "A1+" (A one plus) by M/s JCR-VIS