Feb-25 - Mar- 10, 2002
Allianz Contributes over Rs. 10 million for Afghan
In line with its policy to extend support for
humanitarian and community causes, Allianz AG of Germany, in
cooperation with PLAN Pakistan, a renowned NGO, has donated essential
goods worth 200,000 euros (Rs. 10,600,000) for more than 30,000 Afghan
refugees stationed at Roghani Camp in Chaman city of Western
Balochistan. A further 50,000 euros (Rs. 2,650,000) have been donated
to Medecins Sans Frontiers (Doctors without Borders), a recognized
international humanitarian aid organization, to provide full medical
service to the people in the camps.
The products, which comprise of winter clothing,
mattresses and other household items, were presented by Mr. Ahmir ud
Deen, Managing Director, Allianz EFU Health Insurance Ltd and Dr.
Purnima Chattopadhayay-Dutt, Country Director, PLAN Pakistan to the
first batch of refugees in Chaman. Speaking at the occasion, Mr.
Ahmiruddin said that the sad plight of the hundreds of thousands of
Afghan refugees is a pressing and urgent concern for Pakistan and the
entire world community.
HUBCO Promotes Syed Khalid Masood as Finance
The Board of Directors of the Hub Power Company are
pleased to announce that Mr. Syed Khalid Masood, Financial Controller
of the Company, has been promoted as Finance Director with immediate
Khalid Masood has been with HUBCO since 1995. He is
a seasoned finance executive with an excellent track record. He is a
Certified Management Accountant and MBA (Finance) from the USA, and
has M.Sc. (Mathematics) from the Karachi University.
Microsoft and Intel
At the 3GSM World Congress 2002, Microsoft Corp.
and Intel Corp. announced that they have formed an initiative to
develop reference designs for personal digital assistants (PDAs) and
The reference designs, based on the Microsoft®
Windows® Powered Pocket PC and Smartphone 2002 software platforms and
Personal Internet Client Architecture (Intel PCA), will promote the
rapid development of next-generation wireless applications and
services for consumer and enterprise market segments. In addition,
this collaboration will enable wireless device and software companies
to expedite the market availability of their respective mobile
As part of the initiative, Microsoft also announced
its support for Intel PCA, a development blueprint for building
wireless handheld communications devices that combine voice
communications and Internet access capabilities.
Performance review meeting of First Women Bank
Mr. Shaukat Aziz, the Finance Minister expressed
his satisfaction on the progress made by the First Women Bank Ltd,
especially the last six months in making significant profits and
showing growth in all financial activities during the year 2001. He
was chairing the performance review meeting. He appreciated
management's efforts in achieving these results and advised the
management to workout strategic plan for best utilization of funds to
further maximize its profits.
Earlier Ms. Zarine Aziz, FWBL's President in her
welcome address said that it is a very positive indicator for the
women's bank that Government is committed towards economic empowerment
of Women and recognizes FWBL's importance as a unique institution.
Highlighting the progress for the year 2001, the President informed
that net profit before tax for the year ended 31st December 2001 is Rs
118 million as compared to Rs.26 million earned during the previous
year (growth of 353.9%). Deposits have increased to Rs.6.2 billion as
compared to Rs.3.4 billion (growth of 82.4%). Advances have improved
from Rs.585 million to Rs.833 million (growth of 42.4%). The five loss
making branches have been converted in to profit generating units. Two
branches have crossed the deposits figure of over Rs. 1.5 billion and
two branches crossed the profits figure of Rs. 15 million.
The President said that Financial Service Desk has
been launched to identify, support and empower the corporate women.
Ms. Zarine Aziz also informed the meeting that bank
has hired professionals, including expertise in high risk areas to
improve bank's financial discipline, high yield opportunities,
document and strengthen systems and procedures. Financial Services
Desk & Micro Credit Division have been formed to identify, support
and empower the corporate and poor women, respectively. Branches have
been re- organized into Corporate, Micro, Medium and Small branches to
prioritize need for strengthening the set-up to focus women
The meeting was also attended by Mr. Tawfiq A.
Husain, Deputy Governor, SBP, Mr Shamsi from Ministry of Finance and
other Government officials.
PSO declares 30% Interim Cash Dividend
The Board of Management of Pakistan State Oil
Company Limited met on Wednesday, February 20, 2002 at the PSO House,
Karachi, to review the company's half-yearly performance ended on
December 31, 2001.
The company earned before tax profit of Rs. 691
million while after tax profit was Rs. 452 million. The decline of
earnings was mainly on account of inventory losses, which had to be
borne by the company as a result of downward price revisions due to
fortnightly price changes. Based on the results, the Board of
Management was pleased to announce an interim cash dividend of 30% (Rs.
3 per share) as the fundamentals of the company remain sound and are
Effective July 1, 2001, the linking of domestic
prices to international price risks as a result of the mandate given
to the OCAC by the government to notify the POL prices on fortnightly
basis have exposed OMCs to international price fluctuations while
margins have remained fixed. Prior to July '01, the government used to
absorb all such fluctuations. Eight downward price revisions during
Jul-Dec 2001 against maximum three in the last 32 years resulted not
only in margin drops in the range of 15-30% but also caused inventory
losses to OMCs in the last six months.
Due to September 11 crisis, the overall POL
industry shrunk by 9.1% with the reduction in consumers' prices as
well. All key products witnessed negative growth in the first half of
FY-2002 in the range of 4-30%.
The company maintained its strong focus on the New
Vision Retail Development Programme and expanded the network to 343.
During July-Dec 2001, 10 CNG facilities were commissioned, bringing
the total to 36 while Lube shop network expanded to 74. With strong
media support, new lubricant grades were introduced. Various
successful sales promotion campaigns have been launched to further
improve the brand image of the company.
In order to have assured long-term cost-effective
supplies, the company sign a 10-year product supply agreement with the
NRL while negotiations with the KPC for HSD premium for the first half
of FY-2001 concluded successfully. The company acquired 16 new tankers
equipped with satellite tracking system for product deliveries in
Karachi and gradually major cities charitable institutions through our
donations and other constructive gestures that continue the entire
year," he said.
Mr. Kirmani said that it might be the right time
for children to be given an opportunity to visit the PSO House podium
and Atrium. "We are deliberately embarking on this goal as we
deeply care for the public who are our major customers," he said.
The Inspector General o Police, Sindh, Syed Kamal
Shah, said that there were more than a million vehicles on the city
roads while there were only 2,500 policemen to manage them. He said
that of the 7,000 people killed in road accidents throughout the
country each year, around 700 died in Karachi alone.
Mrs Yasmin Lari, the Chairperson Heritage Wallay,
in her speech said the programme, whose purpose was to save lives and
improve the society, was open to all the schools in Karachi. Lari said
that she wanted to create a healthy relationship between the children
and the police. "The underlying message of KaravanKarachi's first
social empowerment initiative for 2002 is that citizens and government
institutions need to work together for the betterment of civil
society," she said.
The KaravanKarachi-PSO RoadSense progrmame seeks to
inculcate traic sense among the children of the city. It comprises
high profile monthly events that include exhibition of posters by
children at PSO House and five-day traffic safety workshops in a large
number of public and private schools.
PSO clinches 100pc FO ORDER FROM WAPDA
Pakistan State Oil (PSO) has regained its 100 per
cent Fuel Oil supplies to the Water and Power Development Authority (Wapda)
at competitive rates. According to senior officials, the current
monthly demand of 150,000 metric tons will be surpassed by PSO by end
After a brief downslide, PSO's sales to Wapda
started picking up again from October 2001 when the Authority placed
an order of 109,000 tons against its total requirement of 2000,000
metric tons. In November '01, PSO supplied 85,000 metric tons against
an overall demand of 138,000 metric tons of Fuel Oil. In December '01,
the figure reached 94,000 tons against a total purchase of 159,000
metric tons by Wapda. In January however, PSO succeeded in winning 100
per cent FO order from Wapda.
The Institute of Chartered Accountants of Pakistan
(ICAP) led by the President, Mr. A. Husain A. Basrai and certain
council members called on the SECP Chairman, Mr Khalid A. Mirza, and
made presentations to him and his colleagues on the Institute's
Quality Control Review (QCR) Programme. The QCR Programme is designed
to ensure that audits are performed by ICAP's members in accordance
with International Standards of Auditing and meet requirements of the
local laws and regulations. The ICAP team also gave a presentation on
its investigation procedures on cases of professional misconduct.
ICAP's Investigation Committee includes a member of the Auditor
General's Office, a nominee of the Karachi Stock Exchange and an
independent senior advocate to ensure transparency, and necessary
disciplinary action is taken by the Institute to fulfil its role in
regulating the accounting profession in accordance with the Chartered
Accountants Ordinance, 1961 and the Bye-laws made there-under.
The Institute has informed SECP that it has welomed
the recent Directive to the Stock Exchange relating to QCR, which
would facilitate the programme initiated by ICAP. However, the
Institute has formed a Committee including some Past Presidents to
study various implications of SECP's Directive to the Stock Exchanges,
which proposes debarring of auditors found guilty of professional
misconduct and restricts the auditor of a listed company from
providing other services to their audit clients.
ICAP recognizes its obligations to ensure effective
regulation of practicing accountants including enhancing the quality
of audit, ensuring independence of auditors in line with IFAC Code of
Ethics and to endeavour to narrow the perception gap which exists
amongst various stakeholders, accountants and regulators. It also
recognises the need for proactivisim on the part of regulators and
self regulatory bodies in view of international developments and
increasing concern and emphasis on quality of audit and conduct of
auditors particularly auditors of listed Companies. ICAP in this
context is making all its efforts on the one hand to expedite the
disciplinary process within its current constrained regime of law and
on the other hand to expedite the amendment of the ICAP Ordinance and
Bye-laws which will ensure more independent and transparent process of
investigation and discipline and its expeditious disposal.
ICAP is also conscious of developments all over the
world and considers that ICAP and SECP have common objectives and
these can be better achieved with closer interaction and continuous
consultation process; the recent meeting with SECP was an effort in
this direction. ICAP and SECP should work together and share their
resources and burden. ICAP being a professional body has resources to
guide on technical matters, and has a due role as a self-regulatory
body, whereas SECP as a regulator is there to safeguard the larger
interest of the society. ICAP however, considers that the emphasis on
good corporate governance and effective monitoring of the role of
various corporate players including Directors, Stock Exchanges and
Accountancy profession would be imperative; a process of continuous
improvement needs to be in place but all of this would need to factor
the ground realities and the prevailing Corporate Culture, where
transition has to be smoother and effective, rather than volatile, so
that the objectives could be achieved in a cohesive manner.
Pak Suzuki introduces new Baleno
Pak Suzuki Motor Company Limited, launched the New
BALENO car at an impressive ceremony held at a local hotel in Karachi
on 15th February 2002.
Speaking on the occasion the Managing Director of
Pak Suzuki Mr Yasuo Suzuki informed that the New Baleno is a result of
their utmost efforts to meet customer demands in the luxury segment.
Pak Suzuki engineers have managed a total renovation in this Baleno
with its new look, improved driving comfort, and adoption of latest
technologies such as immobilizer and double click key-less entry as
convenience and safety items.
Capt. (Retd) Bashir Ahmed, the Deputy Managing
Director Pak Suzuki Motor Co Ltd. said that Suzuki has been a success
story all along and compact cars are Suzuki speciality. He informed
that Suzuki has been the Number one seller of mini vehicles in Japan
for consecutive 30 years that reflects Suzuki's technical expertise
and strong appeal.
He further said that Suzuki has brought a
revolution in Pakistan with compact cars and light commercial
vehicles. He emphasized said that the present model of Baleno car is
the flagship of Suzuki, which has emerged from the Suzuki philosophy
of uniqueness and market innovation. He also mentioned that Pak Suzuki
has play a pioneering role in the matter of localization and continues
to be in the forefront. Pak Suzuki has achieved deletion level of over
The ceremony was attended by a large gathering
including dealers, customers, and officials from automobile financing
and leasing companies.
Former Finance Secretary, Mr. Aftab Ahmad Khan said
that Pakistan's economy is confronted with several challenges which
need to be tackled on the basis of a consistent and coordinated set of
economic policies with clear-cut priorities.
Delivering a talk at the Dadabhoy University, he
said low investment and saving rates, large fiscal deficit,
inequalities of income, uncomfortable level of unemployment and low
rating in terms of HDI were the principle weaknesses of our economy.
He said at the moment our economy is under lot of
pressure but with increased availability of aid from US and
International Finance Institutions alongwith Government's efforts at
reforming and restructuring the economy would put the economy on a
respectable growth path.
He stressed the importance of enhancing savings and
dedicated building up efforts for human capital to improve the quality
Earlier, Vice-Chancellor, Dadabhoy University.
Prof. Hasnain Kazmi welcomed the guest speaker while Dr. Justice (R)
Ghous Mohammad offered vote of thanks. The lecture was followed by a
lively question- answer session.