| Atlas Investment Bank Limited |
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| Annual
Report 2000 |
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| CORPORATE
MISSION STATEMENT |
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| Attain
leadership in Investment Banking by |
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| effectively
fulfilling the needs of our clients |
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| through
an efficient use of our human resources, |
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| and
owners' capital in the market place. Maximize |
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| return
to the shareholders with due consideration |
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| to
our social responsibility. |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Growth
at a Glance |
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| Directors'
Report |
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| Chairman's
Review |
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| Graphical
Presentation |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Sources and Application of Funds |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Atlas
Group Companies |
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| COMPANY
INFORMATION |
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| Chairman |
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Yusuf H. Shirazi |
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| Chief Executive |
|
Saquib H. Shirazi |
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| Directors |
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Ahmed Reza |
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(representing Asian
Development Bank) |
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Dr. Amjad Waheed |
(representing National
Investment Trust Ltd.) |
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Frahim Ali Khan |
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M. Okuda |
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(representing The Bank of
Tokyo-Mitsubishi, Ltd.) |
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M. F. W. Zijsvelt |
(representing Asian
Development Bank) |
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Sherali Mundrawala |
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|
Yoshinori Maeda |
(representing The Bank of
Tokyo-Mitsubishi, Ltd.) |
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| Company
Secretary |
Safdar Kazi |
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|
EXECUTIVE COMMITTEES |
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| Chairman |
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| Credit
Committee |
Frahim Ali Khan |
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| Chairman |
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| Management
Committee |
M. Naeem Khan |
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| Chairman |
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| Asset
Liability Management Committee |
M. Naeem Khan |
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| Chairman |
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| Investment
Committee |
Saquib H. Shirazi |
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| Auditors |
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Ford, Rhodes, Robson,
Morrow |
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(Chartered Accountants) |
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| Legal Advisors |
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Mohsin Tayebally &
Co. |
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| Bankers |
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The Bank of
Tokyo-Mitsubishi, Ltd. |
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Emirates Bank
International PJSC |
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Muslim Commercial Bank
Ltd. |
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Deutsche Bank, A.G. |
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National Development
Finance Corporation |
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|
Allied Bank of Pakistan
Ltd. |
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| Registered
Office & Head Office |
2nd Floor, Ajmal House,
27 -Egerton Road, Lahore |
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Telephone: (92-42)
6366170-74 |
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Fax: (92-42) 6366175 |
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| Karachi Branch |
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Ground Floor, Federation
House, |
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Shahrah-e-Firdousi, Main
Clifton, Karachi |
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Telephone: (92-21)
5832292-93, 5863983 |
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Fax: (92-21) 5863984 |
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| Brokerage
Houses |
Room No. 203, Lahore
Stock Exchange Building |
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19-Khayaban-e-Iqbal,
Lahore |
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Telephone: (92-42)
6311380, 6372110, 6375922, 6375066 |
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Fax: (92-42) 6375877 |
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Room No. 428, Karachi
Stock Exchange Building |
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Stock Exchange Road,
Karachi |
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Telephone: (92-21)
2444006-8 |
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Fax: (92-21) 2444009 |
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| GROUP
EXECUTIVE COMMITTEE |
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| Chairman |
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Yusuf H. Shirazi |
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| Members |
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Jawaid Iqbal Ahmed |
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|
Frahim Ali Khan |
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|
Iftikhar H. Shirazi |
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|
Aamir H. Shirazi |
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|
Saquib H. Shirazi |
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| Secretary |
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Amjad Hussain |
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| GROUP
PERSONNEL COMMITTEE |
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| Chairman |
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Yusuf H. Shirazi |
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| GROUP
AUDIT COMMITTEE |
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| Chairman |
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Sanaullah Qureshi |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that Ninth Annual General Meeting of Atlas Investment Bank
Limited will be held |
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| at
10.00 am Monday, November 20, 2000 at the Registered Office of the Company at
2nd Floor, Ajmal House, 27 |
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| Egerton
Road, Lahore to transact the following business: |
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| Ordinary
Business: |
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| 1.
To confirm the minutes of the Annual General Meeting held on November 08,
1999. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company together
with the Directors' and Auditors' |
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| Report
thereon for the year ended June 30, 2000. |
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| 3.
To declare dividend. The Directors have recommended the payment of Cash
Dividend @ 10% i.e. Rs. 1.00 per |
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| share
of Rs. 10.00 each. |
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| 4.
To consider and approve recommendation of the Directors for Stock Dividend at
the rate of 5% i.e. one bonus |
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| share
for every 20 shares held and to consider and if thought fit to adopt with or
without modification(s) the |
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| following
Ordinary Resolution: |
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| RESOLVED: |
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| i)
"That a sum of Rs. 5,625,000 out of the Company's Reserve for Issue of
Bonus Shares be capitalized and |
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| applied
in paying up in full and to issue at par 562,500 ordinary shares of Rs. 10.00
each to be allotted as fully |
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| paid
up to and amongst the holders of the Ordinary Shares of the Company whose
names stand in the Register |
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| of
Members of the Company at the close of business on November 20, 2000 for
every 20 shares held and that |
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| such
new shares shall rank pari passu as regards future dividends and in all other
respects, with existing |
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| Ordinary
Shares of the Company. |
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| ii)
That the aggregate of the fractions of a share of Rs. 10.00 arising on such
allotment be sold through Stock |
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| Exchange
broker(s) and that the net proceeds thereof be distributed among the members
on the basis of their |
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| entitlements. |
|
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| iii)
That for the purpose of giving effect to the foregoing, the Directors be and
are hereby authorized to give such |
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| direction
as may be necessary to settle any questions or difficulties that may arise in
regard to the distribution |
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| of
the Bonus Shares or the sale proceeds of the fractions as the Directors in
their discretion shall deem fit". |
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| 5.
To appoint Auditors and to fix their remuneration for the year 2000-01. M/s.
Ford, Rhodes, Robson, Morrow, |
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| Chartered
Accountants, the present auditors retire and being eligible offer themselves
for reappointment. |
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| 6.
To transact any other business with the permission of the Chair. |
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| Special
Business |
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| 7.
To approve the remuneration of the Chief Executive. |
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| A
statement under section 160 of the Companies Ordinance 1984 pertaining to the
Special Businesses referred to |
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| above
is annexed to this Notice of Meeting. |
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By Order of the Board |
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|
Safdar Kazi |
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| Lahore:
October 10, 2000 |
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Company Secretary |
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| Notes: |
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| 1.
The Share Transfer Books of the Company will remain closed from November 12
to November 20, 2000 (both |
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| days inclusive). |
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| 2.
A member entitled to attend and vote at this meeting may appoint another
person as his/her proxy to attend and |
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| vote
on his/her behalf. Proxies in order to be effective must be received at
Company's Registered Office not later |
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| than
48 hours before the holding of the meeting. |
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| 3.
The members are requested to please communicate to the company any change in
their addresses. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
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| Approval
is being sought for the annual increase in the remuneration of the Chief
Executive working full time with |
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| the
company. The Chief Executive is interested only in the remuneration payable
to him. |
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| GROWTH
AT A GLANCE |
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| (Rupees
in million) |
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|
2000 |
1999 |
1998 |
1997 |
1996 |
1994 |
1993 |
1992 |
1991 |
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| Profit
Before Tax |
23.48 |
19.22 |
7.93 |
10.16 |
23.02 |
32.00 |
24.51 |
9.03 |
7.94 |
| Profit After Tax |
|
22.41 |
17.99 |
6.44 |
9.33 |
15.77 |
20.46 |
17.51 |
5.11 |
4.30 |
| Paid-up Capital |
|
112.50 |
112.50 |
112.50 |
112.50 |
100.00 |
100.00 |
100.00 |
100.00 |
100.00 |
| Equity |
|
155.30 |
144.14 |
178.92 |
172.48 |
163.15 |
147.39 |
126.92 |
109.41 |
104.30 |
| Total Assets |
|
1,308.09 |
1,258.91 |
1,839.83 |
1,784.42 |
1,563.87 |
1,453.45 |
945.06 |
659.20 |
284.34 |
| Dividend |
|
10% |
10% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Stock Dividend |
|
5 % |
-- |
-- |
-- |
12.50% |
-- |
-- |
-- |
-- |
| Earning
Per Share |
1.99 |
1.60 |
0.57 |
0.83 |
1.05 |
2.05 |
1.75 |
0.51 |
0.43 |
| Breakup Value of Share |
13.80 |
12.81 |
15.90 |
15.33 |
16.32 |
14.74 |
12.69 |
10.94 |
10.43 |
| Return
on Equity (%) |
14.43 |
12.48 |
3.60 |
5.41 |
6.44 |
13.88 |
13.80 |
4.67 |
4.12 |
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| Note:
Amounts for the years 1991-94 are as on December 31. Amounts for the years
1996-00 are as on June 30. |
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| Operating
results for all years for 12 months except 1996 which are for 18 months. |
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| DIRECTORS'
REPORT |
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| Your
Directors have pleasure in submitting the Ninth Annual Report of the Company
together with the Audited |
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| Accounts
and the Auditors' Report thereon for the year ended June 30, 2000. |
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| Financial
results are as follows: |
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|
Year ended |
Year ended |
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|
June 30, 2000 |
June 30, 1999 |
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|
Rupees |
Rupees |
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| Profit
for the year before tax |
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|
23,476,076 |
19,218,783 |
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| Taxation |
|
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|
1,067,182 |
1,230,000 |
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|
------------------ |
------------------ |
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| Profit
after taxation |
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|
22,408,894 |
17,988,783 |
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| Unappropriated
profit brought forward |
|
10,113,607 |
6,978,324 |
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|
------------------ |
------------------ |
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| Profit
available for appropriations |
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|
32,522,501 |
24,967,107 |
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| Appropriations: |
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| Capital Reserve |
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|
4,481,779 |
3,603,500 |
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| General Reserve |
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|
2,000,000 |
-- |
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| Proposed
final dividend @ 10% (1999-10%) |
|
11,250,000 |
11,250,000 |
|
| Proposed
Bonus Shares @ 5% (1999-Nil) |
|
5,625,000 |
-- |
|
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|
------------------ |
------------------ |
|
| Unappropriated
Profit carried forward |
|
9,165,722 |
10,113,607 |
|
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|
========== |
========== |
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| Earnings
per share |
|
|
1.99 |
1.60 |
|
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| Cash
Dividend and Bonus Shares |
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| Your
Directors proposed final cash dividend @ 10% (i.e. Re 1.00 per share of Rs.
10.00 each) and bonus shares at |
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| the
rate of 5% i.e. one bonus share for every 20 shares held. |
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|
| Chairman's
Review |
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| The
accompanying Chairman's Review deals with the performance of the company
during the year and future |
|
| outlook.
The Directors of the company endorse the contents of the review. |
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|
| Pattern
of Shareholding |
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| The
pattern of shareholding is annexed. |
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|
| Auditors |
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| The
present auditors, Messrs. Ford, Rhodes, Robson, Morrow, Chartered Accountants
retire and being eligible offer |
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| themselves
for reappointment. |
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|
For and on behalf of the |
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|
Board of Directors |
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|
|
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|
Yusuf H. Shirazi |
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| Lahore:
October 10, 2000 |
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Chairman |
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| CHAIRMAN'S
REVIEW |
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| It
gives me great pleasure in presenting the Ninth Annual |
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| Report
of your bank for the year ended June 30, 2000. |
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|
| THE
ECONOMY |
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| The
year ending 30th June 2000 remained under shadow |
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| of
the political and economic situation prevailing in the |
|
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| year
1999. Nuclear detonation, Kargil issue and ultimately |
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| army
take over continued with its impact on the political |
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| and
social fabric of the economy. Good cotton, rice and |
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| wheat
crops, however, did help in raising the GDP growth |
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| but
due to inept pricing and other policy measures could |
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| not
yield the desired socio-economic benefits at the grass |
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| roots
so as to uplift the economy on the whole. It was in |
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| this
perspective that the budget for the year 2000-2001 |
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| was
presented as a part of 3 year perspective plan aiming |
|
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| at
achieving 6% GDP growth for the year ending 2003 |
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| and
budgetary deficit below 5%. |
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| The
GDP growth for the year 1999-2000 was however |
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| up
4.5%, agriculture being highest at 5.5%, manufacturing |
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| the
lowest at 1.6% and service sector 4.5%. Inflation |
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| claimed
at 3.5% was the lowest in the past decade. The |
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| targets
set for the year 2000-2001 vis-a-vis 1999-2000 |
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| of
GDP growth rate at 5%, up 0.5%, agriculture at 3.9%, |
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| lower
1.6%, services at 5.2%, up 0.7%, and the |
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| manufacturing
at 5.9% higher, 4.9%, are welcome |
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| projections.
The inflation for the year 2000-2001 is |
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| estimated
at 4.5%, 1% higher than last year's. Despite |
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| government's
emphasis on agriculture sector, a projection |
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| of
lower growth rate compared to last year seems |
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| reasonably
cautious keeping in view the current water |
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| shortage
and vagaries of weather. In the present |
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| circumstances,
the growth in manufacturing at 5.9% |
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| seems
to be optimistic but achievable! Similarly, the |
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| budgetary
deficit target set at 4.6% of GDP vis-a-vis |
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| 6.1%
of last year and 6.6% average of last 4 years seems |
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| to
be somewhat realistic and achievable - with a lot of |
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| focus
on the rough edges of the economy. The revenue |
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| target
hinges on collection of an extra Rs. 100 billion. |
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| All
these targets are essential to be met in the wake of |
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| prevailing
economic situation particularly the IMF |
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| conditionalities
and the overall external pressures, which |
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| are
becoming harder for the borrowing nations with |
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| Pakistan
the most hard hit at the present time. |
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| On
the other hand, in July 2000 the State Bank of Pakistan |
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| chose
to remove the trading band in the inter bank market |
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| and
freed the rupee-dollar parity which caused the rupee |
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| to
fall from Rs.52.36 to a dollar to Rs.59.30 a dollar in |
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| early
October 2000, about 13.4% devaluation within a |
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| period
of 10 weeks. In the kerb market, the rupee went |
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| as
low as Rs.63 to a dollar - all cost push pressures in |
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| the
long run. This was stated to meet one of the IMF |
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| conditionalities
- before any settlement in sight. There |
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| is
thus no other way but to come out of the vicious circle |
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| of
ever rising debts, falling rupee, debt servicing and |
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| costlier
imports, consequently rendering exports |
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| incompetitive
due to rising costs. This can be done by |
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| a
better business environment which promotes greater |
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| investment
and savings. The devaluation has indeed |
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| made
everything costlier without corresponding increase |
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| in
investment and production - productivity, value |
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| addition
and volume. Full utilisation of capacity - hi- |
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| tech
value added - needs to be focussed which alone |
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| brings
the cost down and results in export competitiveness, |
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| seldom
in focus! |
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| In
order to revive the economy, the world financing |
|
| agencies
prescription perhaps may be just marginal. It |
|
| has
hardly helped any developing country so far. A |
|
| recommendation
in this connection to phase out seven |
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| main
industries in Pakistan i.e. fertiliser, sugar, cement, |
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| steel,
chemicals, refineries, automobile, etc. comprising |
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| over
50% of the economy being not competitive by world |
|
| standards,
will further dampen the economy as a whole. |
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| What
will be left then - for self-reliance, which the |
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| government
wishes to rely on! Unemployment, at least |
|
|
| is
becoming a bigger challenge, by the day. Similarly a |
|
|
| report
that localization programmes will be done away |
|
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| with
is discouraging investment. Competitive advantage |
|
|
| is
further being reduced by lowering duties from 35% |
|
|
| to
25% (without a corresponding reduction in raw material |
|
|
| duty,
which remains at 10%). Such policies will suspend |
|
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| investment
and entrepreneurial initiatives in these |
|
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| industries,
at the least, unless clarified in bold letters: |
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|
|
|
|
| (The
state secrets are the preservatives of the statesmen) |
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|
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|
|
| NON-BANKING
FINANCIAL INSTITUTIONS |
|
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| In
so far as the financial sector is concerned, financial |
|
|
| integration
is the key to national business integration. |
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|
| There
is now a long list of financial institutions. There |
|
|
| are
42 commercial banks with a paid-up capital of the |
|
|
| Pakistani
banks of Rs.51.64 billion while that of foreign |
|
|
| banks
is Rs. 18.2 billion. There are 32 leasing companies |
|
|
| whose
paid-up capital is Rs.4.84 billion and 48 modaraba |
|
|
| companies
with a paid-up capital of Rs.8.14 billion. |
|
|
| There
are 15 investment banks with a paid-up capital of |
|
|
| Rs.5.12
billion, 10 DFIs with a paid-up capital of Rs. 10 |
|
|
| billion,
39 Mutual Funds with a paid-up capital ofrs.4.76 |
|
|
| billion,
2 unit trusts with a paid-up capital of Rs. 14.0 |
|
|
| billion,
2 venture capital companies with a paid-up capital |
|
|
| of
Rs.4.8 billion and 39 insurance companies with a |
|
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| paid-up
capital of Rs.2.93 billion. |
|
|
|
|
|
| The
total paid-up capital of the above organizations is |
|
|
| Rs.
120.85 billion. Perhaps, it does not fit in with the |
|
|
| economy
of scale in relation to the size of this economy. |
|
|
| By
international standards, hardly any sector would fit |
|
|
| in
and, as such, there is a need to rationalize it with a |
|
|
| new
approach. In view of the economy of scale and |
|
|
| consolidation,
mergers are taking place all over the world. |
|
|
| Pakistan
also needs to reduce their number by mergers |
|
|
| for
consolidation. The earlier Pakistan does it, the better |
|
|
| it
would be for effective utilisation of the available |
|
|
| resources.
Otherwise, it would lead to deterioration which |
|
|
| will
be difficult to control and thus will result in financial |
|
|
| dis-equilibrium,
to say the least, affecting seriously |
|
|
| economic
integration, as a whole. |
|
|
|
|
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| So
long as the restructuring of the financial institutions |
|
|
| is
not accomplished, their working must be streamlined. |
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|
| The
government's solemn commitments must not be |
|
|
| violated
in any case; as for example, through helping |
|
|
| hostile
take-overs particularly when the rights for such |
|
| ownerships
were acquired through preferential allotment |
|
| of
capital or assets at the cost of the very management, |
|
| nor
should it create conditions for 'buy-back' at exorbitant |
|
| costs.
Such measures affect government's credibility,. |
|
| resulting
in shying away entrepreneurship, if not the |
|
| investment.
'Cartelization' for achievement of unholy |
|
| alliance
with the force of public funds or in the name of |
|
| small
shareholders must be shunned in the larger interest |
|
| of
the economy, or else, the overall collective losses to |
|
| the
nation will be greater than the individual gains. |
|
|
|
|
| THE
GROUP PERFORMANCE |
|
|
| Be
it as it may, the Atlas Group of which your company |
|
| is
a constituent member did quite well in the above |
|
| circumstances
- zealously guarding its brand equity - |
|
| good
management practices, corporate governance and |
|
| quality
of goods and services. I believe the Group enjoys |
|
| an
excellent image in government, business and social |
|
| circles,
nationally and internationally. |
|
|
|
|
| The
Atlas Group is engaged in engineering, financial |
|
| services
and trading. In addition to some private |
|
| companies,
it is comprised of seven public limited |
|
| companies
quoted on the stock exchanges. Atlas |
|
| shareholders'
equity has grown to about Rs.3.5 billion |
|
| over
the years; assets have increased to over Rs.8 billion |
|
| and
sales revenue crossed Rs. 10 billion. The listed |
|
| companies,
set-up at different times - the earliest in 1963 |
|
| with
a paid-up capital of Rs.2 million and the latest in |
|
| 1993
with a paid-up capital of Rs.400 million have paid |
|
| cash
dividend of Rs.661 million and stock dividend of |
|
| Rs.247
million (market value Rs.419 million) as on 30th |
|
| June
1999. Average ROE after tax stood at 17.61% and |
|
| EPS,
Rs.4.25. The Group paid taxes of Rs.2.5 billion |
|
| being
25% of the total turnover of the Group. Most of |
|
| the
senior and middle level managers and skilled workmen |
|
| are
exposed to education and training of the highest order |
|
| within
the country and abroad. More than 50% of the |
|
| Group
employees pay tax on their income and wealth. |
|
| The
net worth of Rs. 10 per share of the quoted companies |
|
| on
an average works out to Rs.24.15. Of these 7 |
|
| companies,
two companies have been rated 'A+' and |
|
| three
'A' by the credit rating and other evaluating agencies. |
|
|
|
|
| OPERATIONAL
RESULTS OF THE BANK |
|
| The
trend of reduction in interest rate regime that started |
|
| last
year gathered momentum during the year. While on |
|
| the
one hand, it helped reduce the cost of funds of the |
|
| banks,
on the other hand, it cut deep into their revenues. |
|
|
| The
State Bank of Pakistan, reduced its repo rates twice |
|
|
| during
1998-99 and 1999-2000. These rates were reduced |
|
|
| from
14% in May 99 to 11% in January 2000. The |
|
|
| reduction
in lending rates by the commercial banks was |
|
|
| difficult
to match by the NBFIs though they did their |
|
|
| best
to keep in step. Consequently, lending as a business |
|
|
| avenue
is falling out of favour for the investment banks |
|
|
| particularly.
Each unit is finding its own market niche |
|
|
| in
different areas of activity. As a result or perhaps, |
|
|
| inspite
of it, the investment-banking sector in the country |
|
|
| is
coming into its own. |
|
|
|
|
|
|
| Your
bank had, however, clearly marked its growth map. |
|
|
| It
defined its preferred business strategies generally. It |
|
|
| has
continued lending though with a cautious approach. |
|
|
| The
emphasis on fee based - money market including |
|
|
| capital
markets and equity trading, etc. has been more |
|
|
| pronounced.
In this connection, among others, it has |
|
|
| acquired
membership of Karachi Stock Exchange in |
|
|
| addition
to Lahore and Islamabad Stock Exchanges, |
|
|
| which
they had right in the beginning with emphasis on |
|
|
| brokerage
as an integral part of the bank. The growth in |
|
|
| these
areas is encouraging. As a thrust, the capital market |
|
|
| last
year contributed Rs.56.217 million to the gross |
|
|
| income
of your bank. |
|
|
|
|
|
|
| In
line with the lending policy, the bank revenues further |
|
|
| reduced
to Rs.210.116 million from Rs.246.322 million |
|
|
| last
year. The cost of funds also reduced to Rs. 144.295 |
|
|
| million
from Rs. 176.973 million in the corresponding |
|
|
| period.
The administrative and operating expenses moved |
|
|
| upto
Rs.37.664 million from Rs.31.810 million, leaving |
|
|
| a
profit before prudent provisions and taxation of |
|
|
| Rs.28.156
million down from Rs.37.538 million last |
|
|
| year,
not a bad progress at all in the given circumstances. |
|
|
| The
profit after taxation and provisions and three bonuses |
|
|
| to
the staff stands at Rs.22.408 million compared to |
|
|
| Rs.
17.988 million last year. In the present circumstance, |
|
|
| it
seems quite satisfactory. With brought forward profits |
|
|
| of
Rs.10.114 million net profit for appropriations stands |
|
|
| at
Rs.32.522 million. Your directors have recommended |
|
