Aug 19 - 25, 2002



Sugar mills of Sindh in a meeting held on August 10 last here under the aegis of the Pakistan Sugar Mills Association-Sindh Zone reviewed the bulging sugar stocks of 384,728 tons left with the Sindh sugar industry segment at the end of July 2002.
The stocks formed a hefty 41% of the sugar production at 957,308 tons in Sindh for the current 2001-02 season.
With an average sugar lifting at 63,600 tons per month, derived from the lifting in aggregate of

572,580 tons during the past seven months at a stretch, the disposal of the balance inventory at 384,728 tons could normally extend to a further six month time.

In view of highly optimistic estimates of the ensuing season 2002-03, reports coming of a bumper sugarcane crop in the country, barring Sindh for want of adequate and timely water supplies, the sugarcane and sugar production estimates have been of a sizable surplus situation to shape.

In the emerging situation, the sugar millers were of firm view that the Sindh sugar industry would not be in a position to begin the next sugarcane crushing campaign and sugar production until its existing stocks were exhausted. This process would take a minimum of 140/150 days from now onwards.

Any early start up could simply lead to repletion of stock piling, liquidity crunch and financial constraints which it was not feasible to bear further in the backdrop of severe jolt suffered in the current season.


The National Council of the Institute of Cost and Management Accountants of Pakistan (ICMAP) announced Summer 2002 Examination result on July 27, 2002 in which "M. Shoaib Gold Medal" has been awarded to Rizwan Ahmed s/o Prof. Zafar Ahmed, bearing Registration No. 981746 & Roll No. 294, for securing highest marks in the paper of "Strategic Financial Management", Professional IV (Final) Examinations. Rizwan Ahmed is currently working as Relationship Manager at Investment Banking Group, Muslim Commercial Bank Ltd.


Regional and global leader LG Electronics recently announced that LG Electronics will fund a series of cleft-lip surgery operations at the Civil Hospital that will start from 19th of this month.

LG Electronics has invited a group of Korean doctors to Pakistan to carry out the surgery. The team of Korean doctors will consist of 9 doctors and 2 nurses. Out of 9 doctors, six are senior professors. The Korean doctors will operate the cleft-lip patients along with the senior doctors at the Civil Hospital.

The team of Korean doctors will stay in Pakistan for a week and during their stay in Pakistan they will operate approximately 30-35 patients at the Civil Hospital.


Crescent Leasing Corporation Ltd. exhibited a 47 per cent growth in its business during 2001-2002. Creslease announced its results for the fiscal 2002 on August 12 which shows a profit after tax of Rs. 52.35 million. This is higher by 19.27 per cent than the previous year profit of Rs. 42.26 million.

New leases written during the period increased by 47 per cent and were placed at Rs. 747 million in comparison to Rs. 508 million written in the pervious period. The net investment in leases thus stood at Rs. 1,290 million as on June 30, 2002 an increase of 34.6 per cent over the previous year figure of Rs 958 million. Lease income during the period amounted to Rs. 171.60 million compared with Rs. 132.92 million of previous year showing an increase of 29.1 per cent. Income from other business activities was placed at Rs. 89.79 million significantly better than comparable figure of Rs. 60.72 million for the previous year. The increase in other income is largely reflective of the realization of the gain on sale securities and dividends accruing on investments. The company was thus able to post a net profit after taxation and provisions of Rs. 52.35 million surpassing the previous year's figure by Rs. 10.09 million or 19.2 per cent. The post tax earning per share is placed at Rs. 2.36.

The Board of Directors in its meeting held on August 12th, 2002 recommended a cash dividend @ 10% and a bonus share @ 5% i.e. one share for every 20 share(s) held.

The entity rating of the company is placed at A for long term and A1 for short term by PACRA. The rating assigned by JCR-VIS are A+ for long term and A1 for short term. These rating denote a low risk profile for the company.


A simple and impressive Flag Hoisting Ceremony was held at MCB-Main Branch. Mr. Mohammad Aftab Manzoor, President, MCB hoisted the National Flag. All members of MCB Team sang the National Anthem alongwith the Nation.