...Monetary policy ups KIBOR rates By Mohiuddin Aazim BENCHMARK KIBOR of all tenures witnessed an increase of 22 to 35 basis points during the week ending December 3 after a 50bps rise in the central bank`s policy rate. The State Bank of Pakistan raised its discount rate from 13.5 to 14 per cent from November 30 to rein in inflation. During July-October this year, the average CPI inflation was up 14.2 per cent over the same period of last year. The rate rise—the third in a row so far this fiscal year—came at a time when banks reported a pick up in demand for private sector credit and amidst signals that the government would be borrowing more from banks rather than from the SBP. “It is in this context that the pass-through of policy rate hike is immediate and strong and we hope to sustain it,” said treasurer of a large local bank. The federal government`s borrowing from the SBP between July and November 19 reached Rs282 billion which, in part, has been responsible for accelerating inflation. Its borrowing from commercial banks, during this period, totalled Rs76 billion. Bankers say, more recent data should show in coming weeks an increasing trend in government borrowing from commercial banks. They base their anticipation on huge auctioning of treasury bills in the last two weeks. Credit off-take from the private sector that remained negative in the first quarter has now picked...
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...SZABIST Financial Management FOOD FOR THOUGHT Problem Set 1 Faizan Ahmed 1 SZABIST Financial Management Fair Value Valuation Relevant Formulae… Faizan Ahmed 2 SZABIST Financial Management Question # 1 Construction of Yield Curve… • Given the PKRV rates available under the sheet named RELEVANT DATA in the excel workbook provided FOOD FOR THOUGHT – SET 1, you’re required to do the following: – Construct a short-term yield curve and comment on its shape; – Construct a long-term yield curve and comment on its shape. Faizan Ahmed 3 SZABIST Financial Management Question # 2 Valuation of Government Securities… • Consider its January 03, 2011, you’re required to calculate the fair values of the following government securities: Treasury Bills Days to Maturity PIBs Initial Maturity Years to Maturity T-Bill – A 9 PIB – A 30 Years 3 Years T-Bill – B 117 PIB – B 7 Years 5 Years T-Bill – C 360 PIB – C 15 Years 11 Years • Suppose State Bank of Pakistan (SBP) in its monetary policy announce a hike of 50 basis points in the discount rate. Please revisit your fair value calculations after accommodating the increase in your discount rates (Assume that the surge in discount rate affects every tenor equally). *Look up the sheet named RELEVANT DATA within the excel file for appropriate discount rates. Faizan Ahmed 4 SZABIST Financial Management Question #...
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...Morning Briefing Monday, March 24, 2014 FOOD PRODUCERS: Earnings decline but outperforming In our today's morning briefing we would discuss the performance of Food producer sector in 2013-14. Trading at highly expensive multiples The sector is currently trading at highly expensive PE multiples of 57.3 as against a PE multiples of 8 of KSE-100 Index due to buyback rumors in few companies after Unilver Buyback and Nestle India. Furthermore, lower multiple remain also reason to corner float by major institution. We believe this is unjustified and can witness heavy sell-off once market goes through a bearish trend. Therefore investors are advised to adopt a cautious stance and switch to other sector. Market Review KSE 100 Index KSE 30 Index KMI 30 Index All Share Index Market Cap. (Rs bn) Volume Leaders TRG BAFL LPCL JSCL AICL Last Change 26,765.49 -383.03 18,990.38 -348.77 44,606.35 -604.01 20,026.10 -249.31 6,460.62 -83.52 Close 15.17 25.86 11.24 10.99 44.33 Volume 14,782,000 11,662,000 9,405,000 7,747,000 5,402,400 Outperforming KSE-100 index so far in CY14 The sector has posted a return of 15% so far in CY14 outperforming the benchmark KSE-100 index by 9% which Sector Cap Relative to KSE 100 Index Inde x posted a return of 6%. This was main- 28,000 ly on back of tremendous performance 25,000 by NESTLE which posted a return of 22,000 27.5% in CY14TD outperforming 19,000 KSE-100 index by 21.5% primarily 16,000 owing to buyback news of NESTLE India. Second on the...
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...On Wed, 7/20/11, Muhammad Ibrahim wrote: From: Muhammad Ibrahim Subject: Re: [FiNpRoS] Help to Find Thesis Topic Finance To: FinProS@yahoogroups.com, "Rizwan karedia" Date: Wednesday, July 20, 2011, 1:16 AM Rizwan This thesis topics will help you to select the research topic. 1 Determinants Of Capital Structure in cement industry of Pakistan 2 Impact of interest rate on stock market 3 A study based on the effects of interest rate (KIBOR) on share price 4 Market Interest rate and commercial bank profitability in Pakistan 5 Determinants of Corporate dividend payout policy 6 Effects of Free Cash flow on profitability of firms 7 Determinant of dividend payout ratio: A study of Pakistani fertilizer sector 8 Fundamentals and stock returns in Pakistan 9 Effects of mergers and acquisition in banking sector of Pakistan 10 Impact of Privatization of banks on profitability 11 Can risk aversion indicators anticipate financial crises? 12 Cash flow and capital spending relationship: evidence from automobile sector 13 Impact of Privatization on profitability and efficiency of banks in Pakistan 14 To study the relationship between price earning ratio and return on investment 15 A test of price earning ratio to predict future growths 16 Factors affect on the dividend payout ratio (sugar industry) 17 Impact of macro-economic variables on stock sector of Pakistan 18 Relationship between Cash flow and investment spending in textile industry 19 Impact of taxation...
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...Conte nts Company Information Notice of Annual General Meeting Directors ’ Report Financial Highlights Statement of Compliance with the Code of Corporate Governance Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance Nis hat (Chunian) Limited - Financial Statements Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements Pattern of Shareholding Cons olidated Financial Statements Directors’ Report Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Consolidated Financial Statements Proxy Form 66 67 68-69 70 71 72 73 74-111 113 23 24-25 26 27 28 29 30-62 63 4 5 6-16 17-19 20-21 22 JUNE 2013 3 Nishat (Chunian) Limited Company Information Bo a rd o f Dire c to rs : Mr. Shahzad Saleem Ms . Farhat Saleem Mr. Y ahya Saleem Mr. Manzoor Ahmed Mr. Aftab Ahmad Khan Mr. Mus htaq Ahmad (Res igned on July 16, 2013) Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Aftab Ahmad Khan Mr. Shahzad Saleem Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Mus htaq Ahmad (Res igned on July 16, 2013) Mr. Shahzad Saleem Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Umar Shahzad Mr. Saqib Riaz Allied Bank Limited As kari Bank Limited Al Barka Bank (Pakis tan) Limited Bank Alfalah Limited Barclays Bank plc...
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...| 2014 | | SUBMITTED TO: SIR MAQBOOL-UR-REHMAN SUBMITTED BY : AMAN CHHATANI (10462) | [ Financial Market Association of Pakistan] | The financial market association of Pakistan was formed in 1997, is a noncommercial nonprofit and self-financed organization of dealers of financial instruments. | Financial Market Association of Pakistan ABOUT The financial market association of Pakistan was formed in 1997, is a noncommercial nonprofit and self-financed organization of dealers of financial instruments. The members of the association are drawn from dealing room staff engaged within the financial trading or sales environment representing the Foreign Exchange, Interest Rate Products, Securities, and Derivatives working with Scheduled Commercial Banks, DFIs, NBFCs and accredited Interbank Brokerage Houses. FMAP has about more than 285 members who elect the governing body annually. FMAP is affiliated with “Association Comb site International – Paris”, like other similar national associations across the world. The Primary objective of FMAP is to promote the financial markets (Money & Foreign Exchange) related activities and issues vis-à-vis the market, its participants and relationship with the State Bank of Pakistan... The Association works to cultivate, promote and enhance the education of foreign exchange, money markets management and dealing in other financial instruments, to hold seminars, symposia, workshops etc. on national and international levels...
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...Glossary Chapter 2- Money and Credit Other Depository Corporations (ODCs) The other Depository Corporations consists of all resident financial corporation’s (except the central bank) and quasi-corporations that are mainly engaged in financial intermediation and that issue liabilities included in the national definition of broad money. It includes Scheduled Banks, Development Financial Institutions (DFIs), Microfinance Institutions (MFIs) and all Depository NBFIs. Depository Corporations (DCs) Depository Corporations refers collectively to the Other Depository Corporations (ODCs) and Central Bank (CB) where Central Bank (CB) is the national financial institution that exercises control over key aspects of the financial system and caries out such activities as issuing currency, regulation money supply and credit, managing international reserves, transacting with the IMF, and providing credit to other depository corporations. Reserve Money (M0) Reserve Money is an indicator used to measure money supply in the economy and includes currency in circulation (held with Public), other deposits with State Bank of Pakistan; currency in tills of schedules bank’s and bank deposits with SBP. M0 is used to measure the most liquid assets which can be spent most easily. M0 is sometimes referred to as the monetary base. Deferred Tax Assets The amount of income taxes recoverable in foreseeable future periods in respect of: i) Deductible temporary differences ii) The carry forward of unused tax...
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...Sunny side up: Country has changed, future looks really bright, says Mansha KARACHI : It is no secret that a group within the Memon community of Karachi harbours a grudge against the Manshas of Lahore. After all, many of the businesses that the former built — and then lost to the disastrous policy of nationalisation in the 1970s — were eventually acquired and turned around by Mian Muhammad Mansha, Chairman of the Nishat group, one of Pakistan’s largest business houses, with interests in textiles, cement, banking, energy, insurance, aviation and agriculture. Attribute it to his relentless hard work spanning over half a century or call it a result of the privatisation policy that ultimately proved favourable to his group of companies, the fact remains that Mian Mansha is undoubtedly the face of corporate Pakistan today — an icon of the rising private sector of the country whose counsel government officials feel obliged, and perhaps even privileged, to seek. Thus, it was least surprising to see nearly all big shots of the country’s financial services industry stand in awe as Mian Mansha walked into the ballroom of a Karachi hotel on Friday evening to speak about the offer for sale of shares in a Nishat group subsidiary, Lalpir Power Limited. However, commensurate with the stature that he has attained in the last two decades, Mian Mansha chose to speak about larger issues confronting the economy of Pakistan. “This country has changed forever. We’re going to have reverse...
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...VISION Setting trends globally in the textile industry. Responsibly delivering products and services to our partners VALUES Integrity Passion Creativity Teamwork MISSION To deliver value to our partners through innovative technology and teamwork. Fulfilling our social and environmental responsibilities Contents Gul Ahmed Textile Mills Limited Company information The decade of dreams The decade of developments The decade of change The demanding decade The decade of dedication A decade well deserved Code of conduct and ethics Shareholders' information Notice of meeting Directors' report Sust ainability Report Financial highlights Our value addition and its distribution Horizontal analysis of financial statements Vertical analysis of financial statements Statement of compliance with the code of corporate governance Review report to the members on statement of compliance with best practices of the code of corporate governance Auditors' report to the members Balance sheet Profit and loss account Statement of comprehensive income Cash flow statement Statement of changes in equity Notes to the accounts Attendance at board meetings Pattern of shareholding 02 04 06 08 10 12 14 15 16 17 19 23 25 28 29 30 31 33 34 35 37 38 39 41 42 78 79 Company Information BOARD OF DIRECTORS BASHIR ALI MOHOMMED ZAIN BASHIR ZIAD BASHIR MOHAMMED ZAKI BASHIR ABDUL AZIZ YOUSUF S.M. NADIM SHAFIQULLAH ABDUL RAZAK BRAMCHARI DR. AMJAD WAHEED ADNAN AFRIDI MOHAMMED SALEEM SATTAR MOHAMMED SALIM...
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...ACKNOWLEGEMENT: Apart from our efforts, the success of any project depends largely on the encouragement and guidelines of many others. We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this project. We would like to show our greatest appreciation to Mr. Shakeel Awan. We can’t say thank you enough for his tremendous support and help. We feel motivated and encouraged every time we attend his class. Without his encouragement and guidance this project would not have materialized. The guidance and support received from all the members who contributed and who are contributing to this project, was vital for the success of the project. We are grateful for their constant support and help. ABSTRACT: This research is conducted just to explore that what are the issues and challenges as also what opportunities are there for the Islamic banks in Pakistan. As Pakistan is a Muslim country and the main population is of Muslims, there is a great importance of Islamic banking in this country and people are getting aware of this financial system. But the main challenge here that is faced by the Islamic banking is that Pakistan govt. is supporting conventional banking more. For this research interviews were taken from the employees and the customers of Islamic banks. These interviews are about the basics of the Islamic banking, about the awareness of Muslim society, the opportunities for the development and growth...
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...CHAPTER 1 1.1 Introduction to the Report This Internship report is aimed at studying and analyzing MCB Bank in general and its branch office at Abbottabad in particular with reference to its marketing practices. The main purpose of the internship is to prepare and submit a report as a partial fulfillment for the award of BBA degree from COMSATS Institute of Information Technology Abbottabad. 1.2 Objective of Study Internship is the one of the part of the BBA course and this provide the practice knowledge of what students read about business in their books. Internship report is prepared to full fledge analysis of an organization. As this is the only field experience that students before entering practically into the market. During our internship we had been rotated different departments as accounts, remittances, car finance, clearing and collection etc. this movement and working provide a completely knowledge of their working to us, they also explained each and every concept to make us clear. This knowledge and practical experience was the thing which help we have completed the internship report. 1.3 Scope of the Study This study carried out on MCB is an effort to introduce the working and operations at MCB among students and others interested in the organization. This study reveals the MCB in terms of its history and background, its departments and their functioning. It also enlightens the techniques, procedures, and programs that are being used at MCB...
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...Pakistan’s Banking Sector Current Situation and Critical Issues ISHRAT HUSAIN Pakistan’s banking sector reforms which were initiated in the early 1990s have transformed the sector into an efficient, sound and strong banking system. The most recent comprehensive assessment carried out jointly by the World Bank and the IMF in 2004 came to the following conclusion: “ for reaching reforms have resulted in a more efficient and competitive financial system In particular, the predominantly state-owned banking system has been transformed into one that is predominantly under the control of the private sector. The legislative framework and the State Bank of Pakistan’s supervisory capacity have been improved substantially. As a result, the financial sector is sounder and exhibits an increased resilience to shocks.” The major changes that have occurred in the banking sector during the last decade or so can be summarized as follows: a) 80 percent of the banking assets are held by the private sector banks and the privatization of nationalized commercial banks has brought about a culture of professionalism and service orientation in place of bureaucracy and apathy. b) The banks that were losing money due to inefficiencies, waste and limited product range have become highly profitable business. These profits are, however, being used to strengthen the capital base of the banks rather than paying out to the shareholders. The minimum capital requirements...
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...Pakistan’s Banking Sector Current Situation and Critical Issues ISHRAT HUSAIN Pakistan’s banking sector reforms which were initiated in the early 1990s have transformed the sector into an efficient, sound and strong banking system. The most recent comprehensive assessment carried out jointly by the World Bank and the IMF in 2004 came to the following conclusion: “ for reaching reforms have resulted in a more efficient and competitive financial system In particular, the predominantly state-owned banking system has been transformed into one that is predominantly under the control of the private sector. The legislative framework and the State Bank of Pakistan’s supervisory capacity have been improved substantially. As a result, the financial sector is sounder and exhibits an increased resilience to shocks.” The major changes that have occurred in the banking sector during the last decade or so can be summarized as follows: a) 80 percent of the banking assets are held by the private sector banks and the privatization of nationalized commercial banks has brought about a culture of professionalism and service orientation in place of bureaucracy and apathy. b) The banks that were losing money due to inefficiencies, waste and limited product range have become highly profitable business. These profits are, however, being used to strengthen the capital base of the banks rather than paying out to the shareholders. The minimum capital requirements...
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...contents Vision/Mission/Core Values Notice of 54th Annual General Meeting Corporate Pro le Board of Directors’ Pro le Board of Directors’ Committees Directors’ Report Attendance of Directors Review Report on Statement of Compliance Statement of Compliance Pattern of Shareholding Categories of Shareholders Six-Year Summary Auditors’ Report to the Members on Unconsolidated Financial Statements Unconsolidated Financial Statements Auditors’ Report to the Members on Consolidated Financial Statements Consolidated Financial Statements Form of Proxy 93 95 35 37 02 04 06 07 14 16 25 26 27 29 31 32 committed to By enforcing excellent service, security and comfort PIA takes the time to nurture trust within its flyers. It is this very reason today that PIA is Pakistan’s favourite airline success annual general meeting Notice is hereby given that 54th Annual General Meeting of the Shareholders of Pakistan International Airlines Corporation will be held at 10:00 A.M. on Saturday, April 30, 2011 at Pearl Continental Hotel, Club Road, Karachi to transact the following business: 1. 2. 3. To receive and adopt the Audited Accounts for the Financial Year ended December 31, 2010 together with the Auditors’ and Directors’ Reports. To elect two Directors against vacancies as required under Sections 6 and 7 of PIAC Act 1956 in place of Mr Mubashir Iftikhar and Malik Nazir Ahmed who have completed their term of of ce of Directors. To transact any other business with the permission of the...
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...ANALYSIS OF FIANANCIAL STATEMENT MUSTEHKAM CEMENT LIMITED PRESENTED TO: TAHSEEN MOHSIN PRESENTED BY: MUHAMMAD USMAN GHANI 105221003 (03454657966) PREFACE This is the project of financial statement analysis in which we have to apply the financial technique to doo the financial analysis in deep by firm comparability, by ding credit analysis, making pro forma statements and showing reality in it, we were asked to do long term solvency analysis, profitability analysis and valuation in which we have to calculate expected return through DDM and CAPM model. We do the analysis of whole firm in detail on its financial data, calculate the whole ratios of business through which we can analyze in which position the business is running and what problems are faced by the firm and is the firm having any financial risk or in case of solvency measure the firm has through which it can pay its obligations. The project was full of problem because to apply the financial technique we need financial data have to find out which element have to put in that formula and first time I have visit the KSE site to collect the previous stock price of share which was learning point for me that which place how you have to collect data have to do interpretation. ...
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