SECP extends last date of filing of annual accounts upto December 4, 2009

The extension in time allowed by Securities and Exchange Commission of Pakistan (SECP) for filing of annual returns upto Friday December 4, 2009, is also applicable on filing of annual accounts.
SECP had already extended the last date for filing of annual returns for further four days, i.e., upto December 4, 2009 on account of the Eid holidays. It is clarified that the extension in time is also applicable on filing of annual accounts.
All public listed, public unlisted, associations not for profit, and private companies (having a paid up capital of Rs. 7.5 million or more), which have held their Annual General Meeting on October 31, 2009, are required to file their annual accounts within 30 days, by November 30, 2009. Besides, foreign companies are also required to file annual accounts relating to their business operations in Pakistan as well as global accounts.
Annual accounts from companies will be accepted during the extended period without additional payment of fee for late filing, as prescribed under the law.
The Companies may file the annual accounts through eServices, by following the link, https://eservices.secp.gov.pk/eServices. The filing fee through eServices has been set lower than manual submission, to encourage online filing.

BMA Empress Cash Fund to be launched soon

The BMA Empress Cash Fund (BECF) is being launched next week by BMA Asset Management Company as an open-end money market fund whose IPO will be held from 10 to 11 November 2009. The Fund’s key objective is to maintain high liquidity and minimize risk which makes it the ideal vehicle for savers and deposit holders seeking to enhance income while maintaining the safety of a bank deposit. The BMA Empress Fund will invest only in AA rated banks and government securities which will enable the fund to generate consistent risk adjusted returns for unit holders.
The announcement was made by Muddassar M. Malik, Chief Executive of BMA Asset Management, in an exclusive ceremony held at BMA Group Headquarters in Karachi.

Bulls prevail at KSE

Karachi stock market witnessed bullish trend on Monday as the benchmark 100 index surged by 197 points.
The business activities started on positive note at the start of a new business week. Investors showed interest in buying as some good financial results were announced by some of the companies keeping the market in positive zone. The KSE-100 index closed at 9348, up 197 points with trade volume of 196.1 million shares. Pak PTA remained volume leader with 53.5 million shares and share price of Rs 6.69, up Rs 0.62.

Karachi stocks end on green note

Karachi stock market witnessed bullish trend on Tuesday as the benchmark 100 index closed above 9500 points level.Business activities started in positive zone as technical correction was witnessed in the market. Dealers said the banking sector was in the limelight after the central bank said in a statement that banks and other financial institutions can mark 40 percent of the loans and advances they give out as assets, compared with the previous 30 percent. The Karachi Stock Exchange's benchmark 100-share index ended up 1.68 percent, or 157.77 points, at 9,569.06 on turnover of 220 million shares. Jahangir Siddiqui and Co. remained volume leader with share price of Rs 39.06, up Rs 1.06.

SECP improves Pak ranking on WB business indicator

ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP) has contributed well to improve Pakistan’s ranking in the World Bank’s `Starting a Business’ indicator. The Recently released World Bank Doing Business Report 2010 has revealed a significant improvement in `Starting a Business’ indicator, which inter-alia takes into account the procedure of registration of a company with SECP, said press release issued by the commission yesterday.
The country’s ranking has improved by 17 points from 80th in 2009 to 63rd in 2010, the statement said adding that in South Asia, Pakistan is ranked well ahead of India, which is placed at 169, Bangladesh at 98, Bhutan at 80 and Nepal at 87. According to the report, registration of a company could be completed online through the e-Services project that was launched to improve efficiency and effectiveness of the business processes of SECP with a speedy, transparent and paperless environment, making it easier for the representatives of companies and the business community to interact with and obtain information from SECP.

Pak stocks receive fresh foreign investments

Karachi Stock Exchange (KSE) witnessed fresh buying worth $235 million by foreign investors during the first quarterly in the current fiscal year.
According to statistics issued by National Clearing and Settlement Company, scrips worth $123 million were sold by the foreign investors during the first quarter last year at Karachi stock market.
According to world analysts, the Pakistani stock market stands out in comparison with Asian countries; while, the prices of companies’ scrips stand at 50 percent discount which acts as catalyst for the foreign investors.

KSE-100 Index recomposed

Karachi Stock Exchange (KSE) has re-composed KSE–100 Index for the review period from March to August 2009, as per the Re-composition Rules of KSE-100 Index.

In aggregate, 9 companies would be affected due to re-composition process. The companies included in the index are First Haibib Modaraba, Sigma Leasing Corporation of Pakistan, Habib Sugar Mills Limited, Agriauto Industries Limited, East West Insurance Company Limited, Millat Tractors Limited, Gharibwall Cement Limited, Media Times Limited and Attock Cement Pakistan Limited.

The outgoing Companies are Allied Rental Modaraba, Askari Leasing Limited, Colony Sugar Mills Limited, Baluchistan Wheel Limited, Hinopak Motors Limited, First Capital Securities Limited, Samba Bank Limited, Arif Habib Bank Limited and Altern Energy Limited. The recomposed Index, based on the prices of August 31, 2009 will capture the market capitalization to the extent of 91.56 percent of the total market capitalization as compared to 90.68 percent of the current Index. The revised Index will be implemented w.e.f. October 01, 2009, list of companies attached.

Merit Packaging Limited: Profile

Merit Packaging was incorporated in the year 1980 and is equipped with the most modern plant and machineries for paper and board packaging and conversion industry. Merit’s major customers include manufacturers and marketers of cigarettes, soap and detergents, tea and biscuits, etc. We employ over 250 persons and possess an ISO 9001-2000 certification.

On the corporate side, MPL is a part of the Lakson Group of Companies which is well-known for its businesses affiliations and joint ventures with world renowned companies of USA, i.e. Colgate-Palmolive, Kraft General Foods and McDonalds. The group as a whole, provides employment to over 4200 persons.

PAPER AND BOARD
The company meets bulk of its requirement for board and paper from its sister concern, Century Paper & Board Mills who have a 650 metric tons a day capacity to produce high quality Paper and Board.

EQUIPMENT DETAILS
We have the most modern and state of the art multicolour off-set presses with in-line single and double coating features, Bobst automatic die cutters, Folder gluers and Roto-gravure process printing machines.

FACTORY
Our well built factory located at Karachi is appropriately equipped with effective airconditioning to control the quality of our production.

POWER AVAILABLE
The local power supply company caters to our energy needs. Additionally, we have our own standby generators to fulfill our entire power requirement both for the factory and its office block.

MEHRAN SUGAR MILLS LIMITED: Profile

MEHRAN SUGAR MILLS LIMITED was incorporated as a Public Limited Company in December 1965. The company’s shares are quoted on the Karachi Stock Exchange since May 1968. The Mill is situated in the cane growing area of Distt. Tando Allayar and is spread over 118 acres. This includes Plant & Machinery, a residential estate, labor colony and a Research farm.
The plant and machinery for manufacturing and refining was imported from M/s. Mitsubishi Japan. The plant was originally designed with a crushing capacity of 1,500 TCD. With constant BMR the plant capacity was extended to 3,500 TCD. In 1992 the company went for a large-scale expansion and set up a second parallel unit. The installed capacity was thus increased to 7,500 TCD. The plant is maintained in excellent condition, ensuring quality results during all stages of production. The Company received ISO 9002 Certification in 1998, which has been upgraded to ISO 9001:2000 in 2004.

Over a period of time, the company has made steady growth. The Company's performance during the past 34 years has been satisfactory as is established by the fact that the company was awarded top 25 companies of the Karachi Stock Exchange twice, in the years 1983 and 1986.