Inbox Business technologies formally announced the
opening of the first branded computer store in the country. The
"Inbox" store is located on main Zamzama Boulevard and will
house the entire Inbox range of computers and peripherals. Inbox is the
first computer brand, local or international, in the country to open a
branded outlet. Although there are numerous shops selling PCs, there is
an obvious absence of branded stores.
At the Inbox outlet, consumers can be sure of
the quality of products and service. Being the first Intel Premier
Provider in the country, Inbox has the expertise and knowledge to ensure
customers a value-added computing experience.
PSO CUSTOMER FOCUSED COMPANY TODAY: MANAGING DIRECTOR
The Managing Director of Pakistan's largest oil
marketing company, Mr Tariq Kirmani, said that Pakistan State Oil (PSO)
was geared to solving problems to its customers' satisfaction.
Addressing a large gathering of PSO dealers, media
representatives, company employees and other guests at the launch of PSO
Castrol Master Brand, Mr Tariq Kirmani said wherever human element was
involved, problems were bound to erupt. "We are now training our
employees to solve customers' complaints to their satisfaction and not
ours'," he said.
The Managing Director said that he personally went
through all the customer complaints because he took them very seriously.
Mr Tariq Kirmani said that we have come a long way in
PSO. "It is not simply a question of change but of real
transformation," he said, adding that all PSO employees — from
filling operators to general managers — had contributed to the massive
Mr Kirmani said that all PSO employees and its
business partners were making efforts to satisfy our customers. "We
are not only working to satisfy our customers rather we want to delight
them," he said, explaining that the after sales service was as
important as making the sale itself.
Mr Kirmani said BP Castrol was one of the largest
petroleum companies in the world and the relationship between PSO and
Castrol was flourishing.
Mr Kalim Siddiqui, General Manager Lubricants and
Chemicals, said that this division had made tremendous progress during
the last one year. He said with the launching of the Castrol Master
Brand, PSO had now completed the range of its products. "PSO means
business and quality," he asserted.
Mr Siddiqui said quality was now being maintained
through improved packaging, trend-setting anti-counterfeit measures like
laser-jet coding and introduction of Dedicated Lubricants
BP Castrol Country Manager, Mr Asad Ayub, speaking on
the occasion said that Castrol was the most preferred brand in the
world. The company, which now makes more than 5,000 products, was
present in South Asia since the 1930s. He said the change at PSO that he
had seen during the last one year was nothing short of a miracle.
He congratulated the PSO's management for the
revolutionary transformation that was achieved in a short period.
PSO WINS PROGRESSIVE AWARD FOR OUTPERFORMING RIVALS
Pakistan State Oil (PSO) has recently been awarded
the "Most Progressive Partner" by the British Petroleum Middle
East (BPME) in the annual Partners Conference 2002 held at Sun City,
Mr. Jeremy Bowen, General Manager, BP Middle East,
presented the shield to Mr. Kalim A. Siddiqui, General Manager,
Lubricants & Chemicals, PSO.
"PSO's name could well have been Progressive
State Oil instead of Pakistan State Oil. During the last year, Pakistan
State Oil has done something short of a miracle in outperforming its
rivals like Shell, Caltex, Mobil & Total," Mr Brown said.
In the lubricants field, PSO has fought back to
revive its position of leadership with remarkable improvement in all
Heavy investment in branding had led to a revival of
the Castrol image in Pakistan — this includes ASP, improved lubricants
displays at retail outlets and setting up Lube Change Centres.
Product range improvements include introduction of
new packs, rationalization and revitalization of the lubricants range
and Masterbrand launch.
Improved packaging, trend-setting anti-counterfeit
measures like laser-jet coding and introduction of Dedicated Lubricants
Transportation have also been taken.
Moreover, Inventory Management, Additives
Rationalization and other cost control measures have been adopted to
bring down the costs of production.
A new HSE Department has been set up and work has
started to make improvements in this important field.
With some other major changes on the way that include
complete modernization of LOBP, setting up of state-of-the art
laboratory to ensure world-class testing facilities, setting up of small
pack manufacturing and introduction of a new MIS, PSO is truly on a fast
Finally, Mr. Jeremy Bowen mentioned that Castrol has
had a long and fruitful relationship with PSO he was looking forward to
a great future together.
All these efforts were made under the aggressive
leadership of Mr. Kalim A. Siddiqui, who has led his team from the front
and deserves full credit for the transformation.
PSO DISPLAYS UNMATCHED PERFORMANCE
The Board of Management, Pakistan State Oil, met at
PSO House, Karachi, to review the performance and accounts for the first
quarter ended September 30, 2002. Mr. M. Salim, Chairman BoM, presided
over the meeting.
The Board observed that the company continued to
further improve on its preceding year's performance and achieved newer
During the first quarter of FY-03, PSO sold 2.6
million tons of POL products translating into sales revenues of over Rs.
48 billion, up by 12% over the prior year period. Profit before tax rose
to Rs 1.4 billion, registering an impressive growth of around 143% over
the same period last year, whereas profit after tax soared to Rs 1.05
billion, up by 176%. This remarkable and impressive performance
demonstrated by the company was mainly due to increased operating
efficiency, more concentration on higher margin products, further
expansion of new product line and services and enhanced margins.
During July - Sept 2002, the domestic POL industry
displayed a modest growth of 1%, which was essentially the same growth
witnessed during the second half of FY-02. The political stability in
the country coupled with economic revival led to consumption growth of
key products. In July - Sept 2002 Mogas, HSD and JP1 showed growth of
3%, 12% and 26% respectively. However, FO demand decreased by 13%, owing
to improved hydel generation and low product off take by IPPs and HUBCO.
PSO consolidated its position as the market leader in
the industry despite intensifying competition in the wake of
deregulation, impediments from cartage contractors and arrival of new
entrants. During the first quarter of FY-03, PSO increased its market
participation in Mogas to 41.7% (an increase of 2%) over the prior year
period, while in HSD the company showed significant growth of 14% in
sales volume, thus, increasing its share to 59.5% (an increase of 1.3%).
Similarly in JP 1, PSO sales grew substantially by 31% compared to the
same period last year, increasing its market share by 3% to 71%.
However, in Fuel Oil PSO sales have declined owing to general decline in
the overall industry.
The deregulation and privatization of Oil & Gas
sector remained the top priority of the government. As part of its
staged deregulation of downstream sector, the government mandated OMCs
to announce their product price on fortnightly basis with the margin
remained capped at 3.5%. With the enhancement in POL product margins
from July 1, 2002, OMCs have strengthened their financial health, which
would lead to further investment and improved services.
The board expressed fullest satisfaction and hoped
that with the resolution of stuck up claims combined with the strategic
initiatives undertaken by the company and the full impact of enhanced
margins, PSO is well placed to face the challenges of changing business
environment and maintain its leadership in the downstream sector.
FIRST GRINDLAYS MODARABA (FGM)
FGM is managed by Grindlays Services of Pakistan
(Private) Limited which is a wholly owned subsidiary of Standard
Chartered Grindlays Bank Limited. In Pakistan, the Standard Chartered
Group comprises of Standard Chartered Bank, Standard Chartered Grindlays
Bank and FGM.
FGM is one of the largest leasing entities in the
country with gross leased assets of over Rs. 3.6 billion. FGM maintains
the highest modaraba financial strength rating in the modaraba sector of
A2 which signifies a modaraba in outstanding financial condition with a
consistent record of above average performance.
FGM has made the highest profit before tax amongst
all leasing companies and modarabas for the year ended June 30, 2002
resulting in a record 40% cash dividend. FGM's profitability ratios of
return on total assets of 7% and return on equity of 24.80% for the year
ended June 30, 2002 continue to remain, by far, the highest amongst all
leasing companies and modarabas.
COM scheme of FGM has been formulated within
parameters laid down by the Religious Board and has been specifically
approved by the Securities and Exchange Commission of Pakistan. These
certificates are similar to certificates of investments of leasing
companies with maturities ranging from 3 months to 5 years. For only Rs.
10,000 you can invest in COMs directly from FGM or across 21 Standard
Chartered Bank (SCB) or Standard Chartered Grindlays Bank (SCGB)
branches without even opening an account. COMs pay profits quarterly and
the certificate is transferable and encashable at any time. These
transfer and encashable features are similar to those found in shares of
a company and make COMs extremely liquid.
A certain percentage of total profits (stated on the
face of each certificate) is shared by FGM's certificate holders
(shareholders) and the COM holders. The profit (and also the encashed/matured
principle) can be credited to any SCB and SCGB account on a quarterly
basis or if the investor does not have an account with these banks the
profit cheque is delivered to the investor's address.
The COM scheme affords many safeguards to its
investors like, disclosure of credit rating on all offer for sale and
advertising materials, publication of quarterly profit and loss account
in two national dailies for the information of COM holders, premature
encashment at any time, appointment of a Trustee (A. F. Ferguson &
Co.) to oversee the use of a Redemption Reserve Fund created for
premature encashment and strict reporting requirement of the SECP.
FGM's web site (www.grindlaysmodaraba.com) contains
inter-alia, full terms and conditions of the COM scheme.
CERTIFICATES OF MUSHARIKA (COMS)
Major features of the COM Scheme are given below:
Maturity Available in tenors of three months, six
months, one year, two years, three years, four years and five years.
Currency Pakistan Rupees only.
Denominations Minimum denominations of
Investment Limit A minimum investment of
* 3 months 5.50% per
* 6 months 6.50% per
* 1 year 7.00% per annum
* 2 years 7.50% per
* 3 years 8.50% per
* 4 years 8.75% per
* 5 years 9.00% per
to change. Profit payments are made on a quarterly basis.
Profit Calculation Profit rates to be computed on a
365 days basis and paid for the actual number of days the certificate
remains outstanding within the relevant profit payment quarter.
Premature Encashment Permitted at any time. A
redemption reserve fund equal to 5% of the face value of COMs
outstanding has to be maintained by FGM to cater to premature
Penalty for early encashment 1% of encashment value.
Taxation/Zakat/Stamp duty Subject to 2.5% Zakat and
withholding tax 10% wherever applicable. Stamp duty 0.15% of face value
on issue and 0.10% on transfers.
Profit Payment Mode By crossed cheque/ direct account
transfer for SCGB/SCB account holders.
PROFESSIONAL CONDUCT OF CHARTERED ACCOUNTANTS
Members & students of the Institute of Chartered
Accountants of Pakistan (ICAP) are required to maintain professional
conduct as laid down in the C.A. Ordinance, 1961. The Institute of
Chartered Accountants of Pakistan (ICAP) has also issued a Code of
Ethics for Chartered Accountants based on the recommendations of the
International Federation of Accountants (IFAC). Cases of professional
misconduct, against ICAP's members and students, are investigated by an
Investigation Committee, which submits its findings to the ICAP Council
for necessary consideration.
ICAP's Investigation Committee has been functioning
ever since the inception of the Institute in 1961, and includes two
persons (not being members of the Council), of whom one is a person who
has exercised the powers of or who is or has been, a judge of the High
Court or has been an advocate of a High Court and is qualified to be a
judge of a High Court.
During the year 2001-2002, the Council disposed of 46
complaints. In 15 cases ICAP members found guilty, and were reprimanded
by name, in one case the name of the member was removed for five years
and one case was referred to the Sindh High Court with the
recommendations to remove his name from the Register of members
permanently. In four cases the members were reprimanded without name and
in six cases, the members were cautioned; whereas 19 complaints were not
The ICAP expects that its members would maintain a
high level of professional conduct. The Institute encourages all
concerned persons to report cases of professional conduct by Chartered
Accountants but frivolous complaints should be avoided.
LG & MADADGAR 15
Regional and global leader LG Electronics joins hand
with Karachi Capital City Police to make Karachi crime free.
Madadgar 15, the Police help line, is a rapid
emergency response center operating in all parts of the city. Recently a
suitably furnished office of Madadgar 15 Clifton Town started its
operations on main Shahra-e-Faisal.
LG Electronics has sponsored the main hoardings of
Madadgar 15 emergency response center and 15 helpline bill boards across
"Such moves by the corporate side are certainly
encouraging and give us strength to serve our fellow citizens with more
interest & care" commented Duty Officer Madadgar 15 Station
ACCA Pakistan held its second graduation ceremony in
Karachi on Thursday, October 31, 2002. The ceremony was well attended by
over 120 newly qualified ACCA affiliates, their families and members of
the business community. The chief guest, Ms. Musharaf Hai, Chief
Executive, Unilever Pakistan Ltd, handed out the certificates to the
affiliates and placewinners. The Keynote speaker was Mr. Shabbir Zaidi,
Partner A.F. Ferguson
Addressing the students at the ceremony, Arif Masud
Mirza, ACCA's head of Pakistan affairs said, "Your ACCA
qualification is a passport to career opportunities around the world. It
has equipped you with the skills worthwhile of a career in any business
sector — industry, commerce, public sector, financial services or
public practice here in Pakistan or in any of the more than 160
countries in which ACCA has members and students."
The Association of Chartered Certified Accountants (ACCA)
is the largest, fastest growing global professional accountancy body,
with over 300,000 members and students. The latest global innovation
from ACCA provides students with the opportunity to obtain a BSc Honours
in Applied Accounting from Oxford Brookes University while studying for
the ACCA qualification.
ACCA Pakistan provides counseling and support
services to some 10,000 members and students in Pakistan and has
offfices in Karachi, Lahore and Islamabad.
Pakistani delegation led by Tariq A. Nizami of Sir
Syed University with Japanese IT Official in Japan to promote IT for
FAYSAL BANK ORGANIZES GOLF TOURNAMENT
Mr. Khalid Tirmizey, General Manager Commercial
Banking of Faysal Bank, is seen in the picture going for a tee off.
Faysal Bank was one of the two organizers of the tournament in which
around 60 players had participated.
OMEGA SERVICE CENTRE
New Era Watches, the distributor of Omega in Pakistan
proudly inaugurated the first official Omega Sales and Service Center at
Clifton Center. The simple ceremony was performed by Mr. Khalid Latif,
Secretary, Govt. of Sindh amidst a select gathering of industrialists
and traders. Omega had long felt the need of an official Service Outlet
in Karachi where Swiss-trained technicians have the equipment and
ability to service Omega Watches.
PPL OPERATED JOINT VENTURE DISCOVERS GAS IN SINDH
Pakistan Petroleum Limited, the Operator of the Block
2768-3 (Block 22) Exploration Licence has announced a gas discovery at
Khanpur Well X-1, the fifth exploration well drilled and the fourth
discovery in the Block, located about 35 Km from Sukkur in the districts
of Shikarpur and Sukkur in the Province of Sindh.
Pakistan Petroleum Limited 45% (Operator), Petroleum
Exploration (Pvt.) Ltd. (30%), Pyramid Energy International Inc. (20%)
and Government Holding (Pvt.) Ltd. (5%) are the working interest owners
in Block 22.
The Khanpur Well X-1 was spud on 1 September, 2002
and reached a total depth of 1230 meters in 20 days. The structure was
defined using latest seismic technology. The well has penetrated 26
meters of gas column in the Sui Main Limestone formation with 24 meters
of net pay.
One successful Drill Stem Test was carried out which
produced 10 MMscfd of gas on 1/2" choke at flowing wellhead
pressure of 800 psig. Initial gas analysis indicates gas with
approximate heating value of 840 BTU/scf.
The Joint Venture intends to appraise the reserves
and commercial viability of the Khanpur X-1 gas discovery along with the
earlier discovery at Well Hamza X-1 in the block.
PPL is actively pursuing an ambitious exploration
programme besides being the operator and producer from Adhi, Kandhkot
and Sui — the largest Gas Field in Pakistan.