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Dec 31, 2001 - Jan 06, 2002


The 241st Board of Directors' meeting of PICIC was held on Saturday December 15, 2001 at 10:00 am at its Head Office in Karachi. On this auspicious occasion PICIC honorably announced "approval of its Annual Accounts" for the year ending June 30, 2001.

Disclosure of PICIC's Annual Accounts depicted a very impressive and outstanding performance with a remarkable Operating Profit of Rs. 530 million during 2000-2001 which was 70% higher than the profit of previous year i.e. Rs.311 million. PICIC declared Cash Dividend and Bonus Shares for the FY 01 @ 12% and 15% as compared to previous year of @ 10% and 15% respectively. The break up value of PICIC share has increased from Rs 15.79 to Rs. 24.56 per share.

During FY 01, PICIC exhibited an impressive growth in terms of loan sanctioning. It approved Rs.2,053 million for 14 industrial projects as compared to Rs.928 million for 5 projects last year reflecting an increase of Rs.1,125 million i.e. 121% in the approved funding. The implementation of these projects would contribute Rs.1,420 million annually to the National Economy, generate employment opportunities and earn Rs.4,648 million foreign exchange for the country every year.

PICIC has very recently started leasing business in a big way as its other major activity, during the FY 01 finalized lease contracts of Rs.212 million. Of these contracts amounting, to Rs.178 million has been executed up to June 30, 2001.

PICIC through its well conceived marketing strategy and customer oriented policy managed to sanction short term advances of Rs.1,174.9 million during 2000-01 as compared to Rs.524 million in the preceding year, thus recording a growth of 124%. Recovery of short-term advances exhibited a growth of 82% over the previous year.

During the FY 01 disbursement effected were to the tune of Rs.856.9 million for 5 projects. In the FY 01 Cash recoveries amounted to Rs.3.2 billion as against Rs.2.9 billion reflecting a growth of 10% over last year.

PICIC acquired 60% shares along with management control on 26th Feb. 2001 of former Gulf Commercial Bank Limited now PICIC Commercial Bank and have performed very well in this short period, which will be reflected in the annual accounts for the year ending Dec 31, 2001.

Portugal gives Aga Khan Foundation Euro 1 million

The Portuguese Agency for Development (Agencia Portuguesa para o Apoio ao Desenvolvimento) (APAD) has approved a grant of one million Euros for a long-term rural development programme launched by the Aga Khan Foundation (AKF) and aimed at some 120,000 people in Mozambique's northernmost province of Cabo Delgado.

The North Coast Rural Support Programme (NCRSP), initiated by the Aga Khan Foundation (Portugal) last year, seeks to improve the lives of the rural communities in a sustainable and equitable manner by reinforcing their capacity to plan and manage their social and economic development. Programme activities include the creation and reinforcement of organizational structures at community level, management of natural resources, interventions in the agricultural, fishery and husbandry sectors, and community management of forests and fauna, as well as of savings and credit schemes.

"Building human capacity and social infrastructure, and improving the use of the area's natural resources are key priorities for the NCRSP" said Mr. Nazim Ahmad, the Aga Khan Development Network Representative for Mozambique. Acknowledging the support that the APAD grant will provide, he went on to note that "five micro-projects that are already underway and that benefit some 10,000 people include: the improvement of cashew production, the introduction of sesame cultivation, the distribution of fishing nets and boats, support for artisanal production and fisheries, and training initiatives for fishermen and farmers."

The APAD grant will contribute towards funding the Programme's activities in the Quissanga district and on the island of Ibo for the coming three years. The Programme will, at a later stage, be extended to other coastal districts of Northern Mozambique. The Government of Canada, through the Canadian International Development Agency (CIDA) has also contributed to the Programme.

The Programme area is one of the country's poorest and least developed in the country with a population that has very limited access to social services and markets. Other concerns include deficient use of natural resources, limited qualified manpower, and investment in basic social infrastructure that is well below the levels required for sustainable development. Education is a particular priority. Literacy amongst women stands at 7% - amongst the lowest in the country. More than 60% of girls over six years of age have never been to school. There is a serious shortage of trained teachers and school construction is inadequate.

AKF's approach to rural development emphasises the strengthening of local institutions at village level as essential requirements for sustainability. The creation or reinforcement of the organisational structures in rural communities assure that it is the beneficiary communities themselves that make or control decisions pertaining to activities such as managing saving and credit schemes, management of natural resources, the creation and maintenance of productive infrastructures, the introduction of techniques to increase agricultural production and the development of professional competencies.

NCRSP is one of several integrated rural development programmes that have been established or supported by the Aga Khan Development Network (AKDN) in South and Central Asia and Eastern Africa over the past two decades and more. Similar programmes exist in Bangladesh, India, Kenya, Pakistan and Tajikistan.

Other AKDN initiatives underway in Mozambique include the construction by the Aga Khan Education Service, Mozambique of a high quality bilingual (Portuguese and English) school to cater to approximately 1,400 students, a training programme for officers in the public administration and support from the Aga Khan University for the establishment of a Faculty of Biomedical Sciences at the Catholic University of Beira.


New! Stronger! Better! High Performance Heavy Duty Diesel Engine Oil. PSO is introducing new high performance heavy-duty diesel engine oil "Castrol CR40 Plus (API CF/SF)" to its family of diesel engine oils. Earlier, it recently launched Castrol GIX-XL (for gasoline engines) and PSO CNG Oil (for CNG fueled engines).

Pakistan State Oil (PSO) and Castrol International have a longstanding relationship of providing quality lubricants to their customers in Pakistan. PSO operates an ISO-9002-approved lubricant manufacturing plant, including a laboratory that houses the latest product testing equipment. PSO is the biggest oil marketing company in Pakistan, having approximately 72% market share in petroleum products while Castrol is the No. 1 lubricant manufacturer in the world. Therefore, Castrol and PSO are "The Top Two Together".

The deregulation of lubricant trade in 1993 made way for a number of multinational and local companies to operate freely in this market. PSO has constantly been working hard to build on its brand image through advertising, promotions and other marketing-related activities. New products and services are regularly being introduced in order to cater to all the segments of the market.

PSO and Castrol bring a powerful combination of skills and resources to develop a product mix that is ideally suited for the requirements of the local market. On the one hand, it offers high value automotive products that meet and exceed the demands of various automobile manufacturers and, on the other hand, it offers customized industrial products that enhance the efficiency and productivity of high technology machinery.

The international exposure of Castrol and the local market expertise of PSO combine to produce synergies in terms of product differentiation cost minimization and provision of customer value. PSO and Castrol have been continuously sharing technical and marketing intelligence to make available the latest state-of-the-art lubricants. Castrol brands 'GTX and CR40', manufactured and marketed by PSO, are one of the highest-selling lubricants in Pakistan.

PSO has the largest lubricants selling network in Pakistan which comprises more than 3,800 retail outlets, over 600 independent agents and over 60 - PSO exclusive - lube shops spread all over the country. The company operates two lubricant manufacturing plants, situated in Karachi, and more than 28 lubricant warehouses all across the country.

The introduction of Castrol CR40 Plus for heavy-duty diesel engines will provide a better protection to engine parts and ensure longer engine life. Castrol CR40 Plus is equally beneficial to highway and off-highway vehicles, tractors, generators and engines in marine service (fishing and transport) operating on diesel fuel.

Castrol CR40 Plus is being introduced in packs of 4 and 10 liter cans as well as 210 liter drums. The color scheme and labeling of the packs are very similar to that of CR40, so as to keep the uniformity in the diesel engine oil range and give it a feel of a family member. PSO is offering prices that are attractive compared to competitive brands for a very high performance heavy-duty engine oil that has been manufactured with high quality imported base stocks and specially selected additive system.

Gold Virtuosi 2002 First Phase Concludes

The on-going World Gold Council designs contest entitled 'Gold Virtuosi 2002' has completed its first phase of receiving entries for the competition. WGC Pakistan has received an overwhelming response for the contest from within Pakistan. Some 375 design sketches from 125 designers have been accepted from Karachi, Lahore and other major cities of the country.

The competition is now closed and designs received from all over the world will now be sent to London, where judges will scrutinize for the initial phase of judging the entries as they stand, in black and white. From these entries, 100 designs will be short-listed to be converted to real gold jewelry. Gold Virtuosi-sponsored jewelers will be responsible for the fabrication of the designs.

In the final stage of judging, 30 entries will be selected as 'winning pieces', 25 in the Most Innovative Designs', category and the other 5 will be classified under the 'Immovative Gold Technology' genre. An elite panel of judges, consisting of photographers, jewelry designers and journalists will assess the entries.