Jan 26 - Feb 01, 2004

 

CRESCENT GROUP INSTALS ITANIUM® 2 SERVERS

Crescent Bahuman & Crescent Textile, Pakistan's leading textile manufacturers have upgraded their central IT operations to an Intel® Itanium® 2 processor-based HP Integrity platform to drive maximum performance from their customized mission-critical Enterprise Resource Planning (ERP) and Customer Relation Management (CRM) system. This deployment is expected to significantly enhance the efficiency and responsiveness of all processes along its supply chain. Both the companies are vertically integrated.
With a combined annual produce which includes about 70 million sq. meters of griege fabric, 50 million meters of processed fabric, 34 million kgs of yarn, and almost 8 million pairs of denim jeans, the sheer 

 

 

scale of operations has made it critical for both companies to optimise the entire supply chain through streamlined IT operations. The selection of Itanium-2 based systems is a part of Crescent Textile and Crescent Bahuman's long term plans to upgrade their customized ERP and CRM infrastructure to minimize downtime and enhance performance.

"The smooth and continuous running of our operations is of vital importance to us, since any unplanned interruptions will have significant cost implications," said Noor Ellahi, IT Manager & ERP coordinator, Crescent Bahuman & Crescent Textile. "We clearly see the improved power from Itanium-2 based systems as a key component in streamlining our IT operations and minimizing downtime."

The platform will run Oracle 9i databases on Microsoft* Windows* 2003 operating system, powered by a total of 16 Intel Itanium 2 processors with 6Mb L3 cache. "The textile industry in Pakistan has witnessed significant growth over the last few years, and leading players in this field are increasingly relying upon their IT infrastructure to differentiate themselves. The price/performance, availability and flexibility advantages that Intel's Itanium architecture brings will help give Crescent Bahuman and Crescent Textile the desired competitive edge," said William Wu, Itanium Processor Family Regional Manager, Asia Pacific, Intel Technology Asia.

BANK OF TOKYO-MITSUBISHI

RATES OF RETURN ON PLS DEPOSITS FOR THE HALF YEAR ENDED JULY- DECEMBER, 2003

 

NATURE OF DEPOSITS

RATE (PER ANNUM)

1)

Special Notice deposits

7 To 29 Days Notice
30 Days and Over Notice

0.75%
1.00%

2)

Saving Accounts

1.40%

3)

Current Deposit

Profit Plus Account

0.65%

4)

Term Deposits

3 Months

1.50%

6 Months

1.75%

1 Year

2.00%

5)

Corporate Investment A/c.
90 Days
Upto 200,000,000

From 01-07-2003 To 07-11-2003

1.90%

From 08-11-2003 To 31-12-2003

1.70%

From Rs.200,000,001 To Rs.500,000,000

From 01-07-2003 To 31-12-2003

1.60%

180 Days

 

From 01-07-2003 To 31-12-2003

1.25%

PAKISTAN CHAPTER HONORS NEW CFA CHARTER HOLDERS

After more than three years of study, 13 local investment professionals in Pakistan have qualified for the prestigious Chartered Financial Analyst® (CFA®) designation. This was announced by the Pakistan Chapter of Investment Professionals (PCIP) during the award ceremony held at Indus Hall, Hotel Avari Towers. This brings the total number of CFA charter holders in Pakistan to more than 60. Certificates were awarded by Mr. Sultan Ali Allana, Executive Director, NDLC-IFIC Bank Limited (NIB) who was the Chief Guest.

The CFA charter is one of the most sought-after credentials in the financial profession. Administered by the Association for Investment Management and Research® (AIMR®), the CFA program is a graduate-level, self-study curriculum and series of rigorous examinations taken over at least three years that test candidates around the world in ethical and professional standards, accounting and financial statement analysis, economics, portfolio management and analysis and valuation of debt, equity and alternative investments.

 

 

Mohammad Shoaib, CFA, president of the Pakistan Chapter and Chief Executive at Al Meezan Investment Management, briefed the audience about the CFA charter. He also informed them of the activities of PCIP and encouraged members to devote more time to this volunteer organization.

SENIOR VICE CHAIRMAN OF FPCCI OFFICE ISLAMABAD APPOINTED

Mr. Riaz Ahmed Tata, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has appointed Mr. Munawar Mughal as the Senior Vice Chairman of FPCCI's Islamabad office. Mr. Mughal is a former President of Islamabad Chamber of Commerce & Industry (ICCI) and has represented ICCI on FPCCI's Managing Committee. He is a prominent businessman and is President of All Pakistan Gem and Jewellery Merchants Association.

Mr. Tata has endorsed Mr. Mughal's appointment and regarded it as an important step towards improving the Federation's interaction with the traders and businessmen in the country.

GAS SUPPLY PROJECT TO KALAT, BALOCHISTAN

The Prime Minister of the Islamic Republic of Pakistan Mir Zafarullah Khan Jamali will perform the ground breaking of gas supply project to Kalat, on Wednesday, January 21, 2004. Approving the demand of the people of Kalat and fulfilling his promise to serve the people of this country, the Honourable Prime Minister has taken keen interest and directed the Sui Southern Gas Company to start the project for supply of gas to Kalat within the shortest possible time.

Kalat is the third largest city of the Balochistan situated nearly 90 KMs away from Quetta. Under this project, 144 KMs long of High Pressure Gas Supply Main Line of 8" diameter and 150 kms of distribution gas network comprising 6" diameter to 1" diameter will be laid lines at a cost of Rs. 470 million. The Government of Pakistan providing an amount of Rs. 150 million from the Prime Minister's Development Fund. The SSGC will provide Rs. 320 million from its own resources. 3150 domestic and 50 commercial connections will be given to the people of Kalat and enroute villages. The gas requirement of the area is 357 MMCFD in Summur and 567 MMCFD in Winter. Nearly 70,000 population of the Kalat and adjoining areas will benefit from this project.

FIRST WOMEN BANK LIMITED

RATES OF PROFIT ON PLS DEPOSITS FOR THE PERIOD JULY TO DECEMBER 2003

First Women Bank Ltd. has announced profit rates on various types of PLS Deposits for the half year ended July to December 2003.

SPECIAL NOTICE TIME DEPOSITS

PER ANNUM

(JULY-DECEMBER)

7 Days SNTD

1.00 %

30 Days

1.25 %

SAVINGS

Pls Savings

1.80 %

Home Management Savings

1.80 %

Women Own Savings

1.80 %

Student Savings

1.80 %

HYPER PROFIT SCHEME (CURRENT CUM SAVINGS)

For deposits of Rs. 100,000 to Rs. 4,999,999

1.55%

For deposits of Rs. 5,000,000 to Rs. 49,999,999

1.60%

For deposits of Rs. 50,000,000 to Rs. 99,999,999

1.65%

JULY-SEPT OCT NOV-DEC

For Deposits of Rs.100,000,000 to Rs.499,999,999

3.00% 2.50% 1.75%

For Deposits of Rs. 500,000,000 & above

3.25% 2.75% 2.00%

TERM DEPOSITS

JULY TO DECEMBER

3 Month

2.00 %

6 Month

2.25 %

1 Year

2.50 %

Two Year

2.75 %

Three Year

3.00 %

Five Year

3.25 %

 

 

AMERICAN EXPRESS BANK LTD.

The following profit rates have been offered by our bank on different categories of PLS Deposits maintained with us during July to December 2003.

TYPE OF DEPOSIT

RATE %

SAVINGS - PLS

Upto 49,999

0.10

50,000 to 99,999

0.20

100,000 to 199,999

0.25

200,000 to 299,999

0 35

300,000 to 499,999

0.50

500,000 & above

0 75

We are also submitting the Rate of returns offered by our bank for other PLS Deposits maintained with us during July to December 2003.

1 Month

(upto) 1.25

3 Months

(upto) 1.50

6 Months

(upto) 1.75

1 Year

(upto) 2.25

Saving - Rupee Plus

(upto) 1.75

AWARDS 1953-2003, BUSINESS PERFORMANCE AWARD

NCR and LUMS team members at the signing ceremony of NCR Teradata University agreement phase II, which encompasses software upgrades, OLAP tool and Train the Trainer Program.

MODARABA AL-MALI

Al-Mal Corporation Limited, the management company of Modaraba Al-Mali, was incorporated in January 1986 by a group of experienced bankers lead by Maqbool Hussain on his return to Pakistan after sixteen years of exposure to commercial and merchant banking in Middle East, East Africa, Europe, USA and Hong Kong. The company was later on registered with the Registrar of Modarabas in Islamabad and sought approval to float its first pioneering Modaraba Al-Mali in August 1987, specifically designed to undertake the business of leasing and other financial services in conformity with Islamic Sharia.

Starting with a fund capital of Rs.15.00 million Modaraba Al-Mali gradually increased its paid-up fund capital to Rs.182.57 million and total equity base of Rs.224.55 million in June, 2003. Since inception, the Modaraba has written over 1600 leases at the prime cost of over Rs.1.1 billion. A substantial portion of these lease relate to small and medium ticket assets in Karachi and Lahore comprising mainly the following sectors: Glass, Ceramics, Plastic, Chemical, Fertilizer, Pharma, Electronic, Media, Educational Institutions, Hospital, Distributors, Wholesalers and Retailers.

The Modaraba extends a variety of financial functions whilst leasing business constitute its core activity. In line with growing activity for providing consumer finance, the Modaraba Al-Mali has set-up consumer finance department and extended leasing facilities to agriculturists to carve out a niche in the rural sector of economy on a very selective basis. Approval of the registrar is being sought for extending home-finance to needy citizens.

Modaraba Al-Mali is small in size but solid in strength pursuing its Sharia compliant policies consistently. Its management strives to earn and share Halal profits with its certificate holders to the best of its ability working in secular environment.

Leasing and financial business is fraught with investment risk and full of pitfalls in highly liquid market where more money is chasing few creditworthy customers. Direct entry of banks and DFIs in this business offering lowest mark up is posing new challenges to small sized leasing companies and modarabas to survive. In this rapidly changing environment, Modaraba Al-Mali, has taken strategic steps to keep on serving reliable, tried and tested customers at lower rates with fresh marketing plans for avoiding risky business. It intends to continue with efficiency building measures, rental recovery, market research and diversification.

Significant ratios achieved by the modaraba are given under:

 

1999

2000

2001

2002

2003

Break-up value per certificate (Rs)

11.18

11.32

11.52

11.79

12.30

Market Price on 30th June (Rs)

4.45

5.30

4.75

4.75

9.15

Earning per Certificate (Rs)

1.62

1.63

1.30

1.52

2.11

Dividend per Certificate (Rs)

1.25

1.50

1.10

1.25

1.60

Net Profit Margin (%)

22.93

21.35

15.64

17.90

24.58

Return on Equity (%)

14.49

14.43

11.29

13.05

17.18

 

 

ALLIED BANK EARNS RS.2.2 BILLION PROFIT IN 2003

Allied Bank has recorded an operating profit of Rs.2.2 billion during the year 2003 which is an increase of 30% over the last year. The Bank continued its focus on restructuring and remedial measures. During the year a significant achievement has been made in the recovery of Non Performing Loans (NPLs) and an amount of Rs.7.8 billion has been recovered/settled including cash recovery of Rs.3.3 billion. The recovery of NPLs has improved by 81% and cash recovery is 57% above the corresponding period.

The deposits of the Bank have increased to Rs.114 billion i.e. almost by 10% over the last year, however, Saving Deposits have increased by 22% and Current Deposits by 39% thus achieving a very healthy deposit mix. The foreign trade business handled during the year 2003 has increased to Rs.57 billion and the advances portfolio stood at Rs.54 billion at the year end.

During the year the Bank has extended ATM services to its customers by providing them access to over 275 ATM's across the country.

The Bank has also introduced on-line banking facilities for its customers and at the end of 2003 has achieved online connectivity of over 300 branches spread all over the country. The Allied Bank has thus become the largest online network bank in Pakistan.

MCB — EXTENDS PAK RS. 423 MILLION TERM FINANCE FACILITY TO SURAJ FABRICS LTD.

Muslim Commercial Bank entererd into an agreement to extend Term Finance Facility to Suraj Fabrics Ltd., for Pak Rs. 423 million for setting up a new Spinning Unit of 25,000 spindles at Raiwind. Suraj Fabrics Ltd., is a part of Crescent Group of Companies, a renowned business house comprising over thirty Public and Private Limited Companies. The transaction demonstrates MCB's commitment to the growth of the Corporate Sector through the provision of value-added financial solutions matching customers needs.

Signing Ceremony of Term Finance Facility of Pak Rs. 423 million was held at MCB Corporate North Office, Lahore. Mr. Aamer H. Zaidi, SEVP/Head of Corporate & Investment Banking, MCB and Mr. Ahsan Bashir Director, Suraj Fabrics Ltd., signed the deal on behalf of their respective organizations. Also present on the occasion were Mr. Mohammed Aftab Manzoor, President, MCB, Mr. Imran Maqbool, Corporate Heads North MCB, Mr. Khalid Bashir, Director Suraj Fabrics & others senior officials.