| Orix Leasing Pakistan Limited |
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| Annual
Report 2000 |
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| Our Aim |
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To maximize investment
potential |
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|
with creative intelligent
marketing. |
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| Seeds
for Future Growth |
Viewing lease financing
as core |
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|
business from which it
has |
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|
branched into many
directions. |
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| Nationwide
Coverage |
One-on-one, personal
service. |
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| Knowledgeable,
Simplified and |
A well-trained marketing, |
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| Express Service |
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technical and
administrative |
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|
staff of proven
professionals. |
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| Full
Service Finance Lessor |
A single source of
standard or |
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|
customized finance lease
products |
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|
for all types of moveable
assets. |
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| Rich
and Fertile Ground |
Devoting necessary
resources |
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|
to nature growth in the
area of |
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|
customer needs. |
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| Associated
Companies |
|
|
| Overseas
Joint Ventures |
|
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| Oman
ORIX Leasing Company SAOG |
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| 1st
Floor, ONIC Building, Al Qurum |
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| P.O. Box 106 |
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| Postal
Code: 118, Sultanate of Oman |
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| Tel:
(968) 565612, 568109 |
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| Fax:
(968) 565610, 568106 |
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| ORIX
Leasing Egypt SAE |
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| 4th
Floor, Cairo Centre |
|
| 2
Abdel Kader Hamza Street |
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| Garden
City, Cairo |
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| Tel:
020-2-5842757, 5842758 |
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| Fax:
020-2-5942760 |
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| Saudi
ORIX Leasing (under formation) |
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| P.O. Box 3533 |
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| Riyadh 11481 |
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| Kingdom
of Saudi Arabia |
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| Tel:
966-1-4778433 |
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| Fax:
966-1-4776781 |
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| Joint
Venture in Pakistan |
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|
| ORIX
Investment Bank Pakistan Limited |
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| 3rd
Floor, PIC Towers, 32-A Lalazar Drive |
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| Moulvi
Tamizuddin Khan Road, Karachi-74000 |
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| Tel:
021-5610734, 5610618 |
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| Fax:
021-5610510 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| ORIX
CORPORATION, JAPAN |
|
| ASSOCIATED
COMPANIES |
|
| 8
NOTICE OF MEETING |
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| REPORT
OF THE DIRECTORS |
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| FINANCIAL
STATEMENTS OF THE COMPANY |
|
| PATTERN
OF SHAREHOLDING |
|
| ORIX
GROUP DIRECTORY |
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|
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| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| Mr.
Yoshihiko Miyauchi |
(alternate Mr. Takahisa
Sato) |
Chairman |
|
|
| Mr.
Shakirullah Durrani |
|
Vice Chairman |
|
|
| Mr.
Takeshi Sato |
(alternate Mr. Kotaro
Takamori) |
|
|
|
| Mr.
Masatoshi Yokota |
(alternate Mr. Nagaaki
Esaki) |
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|
|
| Mr.
Mohammed Mazharuddin |
|
|
|
| Mr.
Shaheen Amin |
|
|
|
| Mr.
Mohammad Qamrul Haq |
|
|
|
| Mr.
Humayun Murad |
|
Chief Executive |
|
|
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| COMPANY
SECRETARY |
|
| Mr.
Ramon Alfrey - FCA |
|
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| BANKS
AND LENDING INSTITUTIONS |
|
|
| Banks |
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| ABN-AMRO
Bank N.V. |
|
| Al
Faysal Investment Bank Limited |
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| Al
Meezan Investment Bank Limited |
|
| Citibank N.A. |
|
| Emirates
Bank International PJSC |
|
| Faysal
Bank Limited |
|
| First
International Investment Bank Limited |
|
| Habib
Bank Limited |
|
| Muslim
Commercial Bank Limited |
|
| Oman
International Bank SAOG |
|
| Standard
Chartered Bank |
|
| Standard
Chartered Grindlays Bank Limited |
|
| The
Bank of Tokyo-Mitsubishi Limited |
|
| Union
Bank Limited |
|
| United
Bank Limited |
|
|
| DFIs
and Lending Institutions |
|
| Asian
Development Bank |
|
| F.M.O.,
The Netherlands |
|
| International
Bank for Reconstruction and Development |
|
| International
Finance Corporation |
|
| Pakistan
Kuwait Investment Company (Private) Limited |
|
| Saudi
Pak Industrial & Agricultural Investment Company (Private) Limited |
|
| Swiss
Agency for Development and Co-operation |
|
|
| AUDITORS |
|
| Sidat
Hyder Qamar & Co., Chartered Accountants |
|
|
| LEGAL
ADVISORS |
|
| Mansoor
Ahmad Khan & Co. |
|
| Walker
Martineau & Saleem |
|
|
| REGISTRARS
AND SHARE TRANSFER OFFICE |
|
| Noble
Computer Services (Private) Limited |
|
| 14,
Banglore Town Housing Society |
|
| Shahra-e-Faisal,
Karachi. |
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|
|
| ORIX
CORPORATION |
|
|
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| Japan's
Leading Diversified and Innovative Financial Services Institution |
|
| ORIX
Corporation is Japan's largest diversified financial services institution
with assets in |
|
| excess
of US $ 50 billion. incorporated in 1964, ORIX is a pioneer of the leasing
industry in |
|
| Japan.
While leasing remains it's core business, ORIX has expanded the financial
services |
|
| and
products it offers to installment loans, real estate, insurance, securities,
venture capital, |
|
| trust
banking and commodity funds. The Company enjoys a global presence and has |
|
| established
ORIX Group companies in 20 countries. ORIX Corporation's shares are listed in |
|
| Japan
and on the New York Stock Exchange. |
|
|
| Business
Operations: |
|
| In
Japan, ORIX provides a wide array of office equipment, industrial machinery
and transport |
|
| equipment
under finance and operating leases. ORIX's leasing and loan operations have |
|
| established
a strong and unique nationwide customer base with a solid core of small and |
|
| medium
sized companies. ORIX has effectively used this base for cross selling - the |
|
| marketing
of various additional financial products to existing customers. To further
strengthen |
|
| it's
customer services, the Company is productively developing e-business by
utilising IT for |
|
| direct
provision of services to customers as well as distribution and settlement
activities and |
|
| auction markets. |
|
|
| ORIX
is amongst the leading automobile leasing companies in Japan with
approximately |
|
| 261,000
vehicles under lease. The Company owns and maintains a fleet of Airbus
aircraft and |
|
| Boeing
737's which are given on operating lease to airlines around the world. |
|
|
| During
the current year, ORIX entered into strategic alliances with the American
International |
|
| Group
(AIG) by forming a joint venture to handle casualty insurance; and with Enron |
|
| Corporation
for investment in companies which market electricity from wind power
generating |
|
| facilities. |
|
|
| International
Activities: |
|
| Since
entering the Hong Kong market in 1971, ORIX has expanded it's leasing
operations and |
|
| other
business overseas through the establishment of wholly owned subsidiaries and
joint |
|
| ventures.
The ORIX Groups' international presence is represented by 43 companies in 20 |
|
| countries.
The wide geographical spread of the ORIX Group has diversified revenue
streams |
|
| and
Group companies benefit from a deep pool of experience and technological
advances |
|
| available
to them due to a worldwide presence. |
|
|
|
| ORIX
GROUP, JAPAN - FINANCIAL HIGHLIGHTS |
|
|
|
|
(For the year ended March 31, 2000) |
|
|
|
|
|
Translation
into |
|
|
Japanese Yen
(millions) |
US Dollars
(millions) |
|
|
|
2000 |
1999 |
2000 |
1999 |
|
|
| Total Revenues |
|
616,513 |
593,941 |
5,808 |
5,595 |
|
| Net
Profit After Tax |
30,642 |
25,621 |
289 |
241 |
|
| Shareholders'
Equity |
425,671 |
327,843 |
4,010 |
3,088 |
|
| Total Assets |
|
5,341,542 |
5,347,636 |
50,321 |
50,378 |
|
|
========== |
========== |
========== |
========== |
|
|
| Note:
The dollar amounts above represent translations of Japanese Yen at an
exchange rate of |
|
| ¥ 106.15 to US $1. |
|
|
| ORIX'S
PRINCIPAL ACTIVITIES |
|
|
|
| DIRECT
FINANCE LEASES |
|
OTHER OPERATIONS |
|
| Aircraft
and Marine Vessels |
|
Investment Banking |
|
| Automobiles |
|
|
Life insurance |
|
| Industrial
Equipment |
|
Trust and Banking |
|
| Information
related and Office Equipment |
Securities Brokerage |
|
|
|
|
Securities Investment |
|
|
|
|
Real Estate and
Development Brokering |
|
| OPERATING
LEASES |
|
Venture Capital
Investment |
|
|
|
|
Futures and Options
Trading |
|
| Aircraft |
|
|
Commodities Funds |
|
| Marine Vessels |
|
|
Computer Software
Development |
|
| Measuring
Analytical Equipment |
|
Insurance Agency Services |
|
| Information-related
Equipment |
|
Ship Management |
|
| Automobiles |
|
|
Environmental Services |
|
|
|
|
Commercial Mortgage
Servicing |
|
|
| INSTALLMENT
LOANS |
|
| Corporate
Finance |
|
| Housing Loans |
|
| Card Loans |
|
|
|
| ASSOCIATED
COMPANIES |
|
|
| OVERSEAS
JOINT VENTURES |
|
|
| 1.
Oman ORIX Leasing Company SAOG (Oman ORIX) |
|
| Oman
ORIX, in which ORIX Leasing Pakistan Limited holds 20.25% of equity and
provides |
|
| management
support, continues to show strong growth in volumes and profits. In 1999, net |
|
| profit
after tax rose by 26% to Rial Omani (RO) 684,989 (Pak Rs. 92.33 million) from |
|
| RO
542,403 (Pak Rs. 73.1 million) enabling the Company to declare a dividend of
10% and a |
|
| bonus
of 2.45%. Purchase cost of new business written during the year increased to |
|
| RO
16.9 million (Pak Rs. 2.28 billion) compared to RO 13.6 million (Pak Rs. 1.84
billion) last |
|
| year
and gross lease receivables increased by 33% to RO 24 million (Pak Rs. 3.24
billion). |
|
| As
at December 31, 1999, Oman ORIX had total assets of RO 22.37 million (Pak Rs.
3.0 |
|
| billion)
and a net worth of RO 5.397 million (Pak Rs. 727.47 million). |
|
|
| For
the half year ended June 30, 2000, the Company earned a pre-tax profit of RO
455,719 |
|
| (Pak
Rs. 61.4 million) and increased its asset base to RO 29.19 million (Pak Rs.
3.9 billion). |
|
|
| Oman
ORIX leases all type of assets including motorcars, construction, earthmoving
and |
|
| transportation
equipment, information technology equipment and plant and machinery. The |
|
| Company's
lessees include individuals, small and medium size companies and large sub |
|
| contractors
in diverse economic sectors including services, trading and contracting, |
|
| construction
and manufacturing. |
|
|
| Oman
ORIX's Head office is in Muscat and during the year the Company extended its |
|
| geographical
reach by opening branches in the cities of Sohar and Salalah. |
|
|
| 2.
ORIX Leasing Egypt SAE (ORIX Egypt) |
|
| ORIX
Corporation, Japan and ORIX Leasing Pakistan Limited each hold 23% of ORIX
Egypt's |
|
| equity.
The Company started operations in November 1997 and has established a good |
|
| business base. |
|
|
| For
the year ended December 31, 1999, ORIX Egypt's profit before tax of Egyptian
Pounds |
|
| (EP)
2.04 million (Pak Rs. 30.8 million) was more than double last year's profit
of EP 0.9 |
|
| million
(Pak Rs. 13.6 million). Business volume increased by 57% with disbursements
of EP |
|
| 38.3
million (Pak Rs. 577.9 million) compared to EP 24.4 million (Pak Rs. 368.2
million) last |
|
| year.
Gross lease receivables increased to EP 47.7 million (Pak Rs. 719.8 million)
from EP |
|
| 30.5
million (Pak Rs. 460.3 million). The Company continues to focus on needs of
small and |
|
| medium
sized businesses, which enables it to diversify risk and earn good spreads. |
|
|
| 3.
Saudi ORIX Leasing Company (Saudi ORIX) |
|
| Saudi
ORIX is under formation and is expected to commence commercial operations by
the |
|
| end
of this year. The Company will be a pioneer of leasing in Saudi Arabia. As
the largest |
|
| economy
in the Gulf with the biggest oil production in the world, Saudi Arabia offers
immense |
|
| potential
for leasing. |
|
|
| Saudi
ORIX will have a paid up capital of SR 60 million (Rs. 900 million). The
sponsoring |
|
| shareholders
of Saudi ORIX Leasing Company are: |
|
|
|
|
Shareholding |
|
| Sponsor's
Name |
|
% |
|
|
| Saudi
Investment Bank |
|
28.0 |
|
| Saudi
Business Group |
|
32.0 |
|
| ORIX
Corporation, Japan |
|
20.0 |
|
| International
Finance Corporation |
|
10.0 |
|
| ORIX
Leasing Pakistan Limited |
|
10.0 |
|
|
|
|
------------------ |
|
|
|
100.0 |
|
|
|
|
------------------ |
|
|
| JOINT
VENTURE IN PAKISTAN |
|
|
| ORIX
Investment Bank Pakistan Limited (OIB) |
|
| ORIX
Corporation, Japan and ORIX Leasing Pakistan Limited hold 20% and 15%
respectively |
|
| of
OIB's equity. For the year ended June 30, 2000, OIB's profit before tax rose
by 37.5% to Rs. |
|
| 44.28
million from Rs. 32.2 million last year. The bank continues to concentrate on
maintaining |
|
| a
high quality loan portfolio while seeking to improve fee-based income from
advisory services. |
|
| OIB
is primarily engaged in providing a range of investment banking products,
which include |
|
| corporate
advisory services, project packaging, structuring and placement of capital
market |
|
| debt
products, issuance and discounting of bankers acceptance and treasury
operations. At |
|
| June
30, 2000, OIB had total assets in excess of Rs. 1.46 billion. |
|
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the Fourteenth Annual General Meeting of the Company
will be |
|
| held
at Overseas Investors Chamber of Commerce Building, Talpur Road, Karachi, on
Friday, |
|
| November
24, 2000 at 10.00 am to transact the following business: |
|
|
| ORDINARY
BUSINESS |
|
|
| 1.
To receive, consider and adopt the audited accounts together with the
Directors' and |
|
| Auditors'
Report for the year ended June 30, 2000. |
|
|
| 2.
To approve the payment of cash dividend to the Shareholders at the rate of
Rs. 4/- per share |
|
| of
Rs. 10/- each for the year ended June 30, 2000. |
|
|
| 3.
To appoint Auditors and fix their remuneration. The present Auditors Messrs.
Sidat Hyder |
|
| Qamar
& Co., Chartered Accountants, retire and being eligible, offer themselves
for re- |
|
| appointment. |
|
|
| SPECIAL
BUSINESS (STATEMENT ATTACHED) |
|
|
| 4.
To approve the remuneration of Executive Directors including the Chief
Executive. |
|
|
| 5.
To transact any other business, with permission of the Chair. |
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
|
RAMON ALFREY- FCA |
|
| Karachi:
October 19, 2000 |
|
Company Secretary |
|
|
| Notes: |
|
|
| i)
The Register of Members of the Company will be closed from November 17, 2000
to |
|
| November
24, 2000 (both days inclusive). Transfers received at our registrars, Messrs.
Noble |
|
| Computer
Services (Private) Limited, 14-Banglore Town Housing Society,
Shahra-e-Faisal, |
|
| Karachi
at the close of business on November 16, 2000, will be treated in time for
the |
|
| purpose
of payment of dividend to the transferees. |
|
|
| ii)
A Member entitled to attend and vote at the General Meeting of Members is
entitled to |
|
| appoint
a proxy to attend and vote on his behalf. A proxy need not be a Member of the |
|
| Company. |
|
|
| iii)
The instrument appointing a proxy and the power of attorney or other
authority under which it |
|
| is
signed or a notarially certified copy of the power of attorney must be
deposited at the |
|
| registered
office of the Company at least 48 hours before the meeting. A form of proxy
is |
|
| enclosed.
Shareholders are requested to notify any change of address immediately. |
|
|
| iv)
Any individual Beneficial Owner of the Central Depository Company, entitled
to vote at this |
|
| meeting
must bring his/her National Identity Card with him/her to prove his/her
identity, and in |
|
| case
of proxy must enclose an attested copy of his/her National Identity Card.
Representatives of |
|
| corporate
members should bring the usual documents required for such purpose. |
|
|
|
| Statement
under section 160 of the Companies Ordinance, 1984, |
|
| in
respect of Special business and related draft resolution |
|
|
| Material
facts concerning the special business to be transacted at the Annual General
Meeting |
|
| and
the proposed resolution related thereto is given below: |
|
|
| Item
no. 4 of Agenda - Remuneration of Chief Executive and Executive Directors |
|
| Shareholders'
approval is required for the holding of office of profit by any of the
Directors as |
|
| well
as of their remuneration. It is therefore proposed to pass the following as
an Ordinary |
|
| Resolution. |
|
|
| "Resolved that: |
|
| Approval
is hereby given for the holding of office of profit with the Company by all
the Executive |
|
| Directors
including the Chief Executive, namely, Mr. Humayun Murad, Mr. Shaheen Amin
and |
|
| Mr.
Mohammad Qamrul Haq, and for payment of remuneration to the Executive
Directors |
|
| amounting
in aggregate to Rs. 6.94 million actual for the year ended June 30, 2000, and |
|
| Rs.
8.8 million estimated for the year ending June 30, 2001, together with other
benefits in |
|
| accordance
with rules of the Company." |
|
|
| The
Executive Directors are interested to the extent of the remuneration payable
to them |
|
| individually. |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| The
Directors are pleased to present the fourteenth Annual Report together with
the audited |
|
| accounts
of the Company for the year ended June 30, 2000. |
|
|
| FINANCIAL
RESULTS |
|
|
|
|
|
RUPEES |
|
|
| Net
profit for the year after charging all expenses |
|
156,076,789 |
|
| Less: Taxation |
|
|
20,000,000 |
|
|
|
|
------------------ |
|
|
|
|
136,076,789 |
|
| Unappropriated
profit brought forward |
|
246,564 |
|
|
|
|
------------------ |
|
|
|
|
136,323,353 |
|
| Appropriations: |
|
|
|
|
| Transfer
to Statutory Reserve |
|
7,000,000 |
|
| Transfer
to Capital Reserve for deferred tax-current year |
|
34,081,000 |
|
| Transfer
to Capital Reserve for deferred tax-prior years |
|
36,532,000 |
|
| Transfer
from General Reserve |
|
(36,532,000) |
|
| Cash Dividend |
|
|
80,554,764 |
|
|
|
|
------------------ |
|
|
|
|
121,635,764 |
|
|
------------------ |
|
| Unappropriated
profit carried forward |
|
14,687,589 |
|
|
|
|
========== |
|
| Earnings
per share |
|
Rs. 6.76 |
|
|
========== |
|
|
| DIVIDEND |
|
| The
Directors recommend a cash dividend of 40% (1999: 40%) for the year. |
|
|
| REVIEW
OF OPERATIONS |
|
| Business
conditions remained slow and demand for industrial machinery was weak during
the |
|
| period
under review. However, recent indicators are positive and the revival in the
agricultural and |
|
| textile
sectors will benefit the economy. Borrowing costs fell sharply in the second
half of the |
|
| financial
year providing relief to business. |
|
|
| Lease
and installment loan volume increased by 33% to Rs. 2.72 billion (1999: Rs.
2.04 billion), |
|
| adding
Rs. 3.7 billion of new receivables. Profit before tax increased by 3.7% to
Rs. 156.0 million |
|
| in
comparison to Rs. 150.4 million earned in the previous year. Lease revenue
was higher by 9.8% |
|
| to
Rs. 790.9 million and total revenues reached Rs. 979.9 million. In compliance
with the Institute |
|
| of
Chartered Accountants of Pakistan's directive, from July 1, 1999 the Company
changed its |
|
| revenue
recognition method from "sum of the digit" to the
"annuity" method which recognises |
|
| income
more evenly over the lease period. Consequently, had revenue been recognised
on the old |
|
| method,
income and profits would have been higher by Rs.17.7 million. However,
subsequent |
|
| years
will benefit from increased income recognition under the new method. |
|
|
| Commercial
vehicles and motorcars accounted for 64% of the new business volume followed
by |
|
| machinery's
share of 31% and the balance of 5% was for office equipment and computers. |
|
| Financial
assistance was provided to 1,436 businesses, majority of which were small and
medium |
|
| sized
enterprises. Consumer finance and operating lease divisions achieved growth
of 23% and |
|
| 50%
respectively and increasing contribution is expected from these sources in
future. Dividend |
|
| income
from associated companies increased to Rs.12.9 million from Rs.11.8 million
in 1999. |
|
| These
dividends were received from Oman ORIX Leasing Company SAOG and ORIX
Investment |
|
| Bank
Pakistan Limited. |
|
|
| Financial
charges represent 68% of the total expenses and show an increase of 2.02%
over |
|
| the
previous year, although the average total borrowings increased by 16%. This
reflects the |
|
| impact
of low cost funds which the Company raised during the year. In turn, the
benefit of |
|
| lower
costs was passed on to lessees in shape of reduced lease rents. A total of
Rs. 2.3 billion |
|
| were
raised through new loans and Rs. 1.7 billion was repaid to banks and
financial |
|
| institutions. |
|
|
| Selling,
general and administrative expenses increased by 17% to Rs. 143.7 million.
Islamabad |
|
| Branch
opened in December 1999 and staff numbers also increased as most departments |
|
| were
strengthened to cope with the increased volume of business. Direct costs of
leases were |
|
| higher
by 59% and are primarily attributed to insurance premiums. Direct costs of
operating |
|
| leases
reflect maintenance expenditure and depreciation of assets given on short
term rental |
|
| and
these rose by 58% due to a bigger portfolio of assets. The charge for general
provision for |
|
| potential
lease losses was raised to Rs. 39.7 million (1999: Rs. 31.8 million) in light
of |
|
| enhanced
business. The accumulated general provision now amounts to Rs. 145.4 million |
|
| which
is equal to 3.5% of the net exposure on rent receivables. |
|
|
|
| CREDIT
RATING |
|
| Based
on results for the year ended June 30, 1999, the Pakistan Credit Rating
Agency |
|
| (PACRA)
upgraded the Company's credit rating to AA- for long term debt and maintained
A1+ |
|
| for
short-term debt. Your Company continues to enjoy the highest rating in the
leasing sector |
|
| for
both categories of debt awarded by PACRA. |
|
|
| ASSOCIATED
COMPANIES |
|
| Oman
ORIX Leasing Company SAOG (OOL) continues to demonstrate strong growth. For
the |
|
| year
ended December 31, 1999 it earned a pre-tax profit of Rs. 103.7 million
(1998: Rs. 76.5 |
|
| million)
and had total assets of Rs. 3.0 billion. It declared a cash dividend of 10%
and a bonus |
|
| of
2.45%. For its half year to June 30, 2000 OOL earned a pre-tax profit of Rs.
61.4 million and |
|
| increased
its asset base to Rs. 3.9 billion. |
|
|
| ORIX
Leasing Egypt (OLE) earned a pre-tax profit of Rs. 30.8 million for the year
to |
|
| December
31, 1999 (1998: Rs. 13.6 million) on an asset base of Rs. 821.8 million. This
was |
|
| the
second full year of operations and OLE is making steady progress. |
|
|
| ORIX
Investment Bank Pakistan Limited (OIBP) earned a pre-tax profit of Rs. 21.2
million for |
|
| the
six months ended December 31, 1999 showing an increase of 87% over the
corresponding |
|
| period
in 1998. OIBP declared its maiden dividend (7.5%) for the year to June 30,
1999. |
|
|
| Saudi
ORIX Leasing (SOL) is expected to start operations before the end of this
year. The |
|
| Government
of Saudi Arabia has approved the project and incorporation process has
started. |
|
| SOL
will have a paid-up capital of Rs. 900 million and your Company will hold 10%
equity and |
|
| will
provide management support. |
|
|
| FUTURE
PROSPECTS |
|
| The
Company looks to the future with renewed confidence and expects enhanced
business |
|
| activity,
particularly in the textile sector which should lead to demand for new
machinery. The |
|
| Company's
network of branches is being expanded with the permission given by Securities |
|
| and
Exchange Commission of Pakistan for opening of branches in Multan and
Hyderabad. |
|
| Auto
finance is an increasing business and marketing teams have been strengthened
in all |
|
| branches
to cope with the demand. Overseas ventures are expected to progress as
planned |
|
| and
work is being undertaken to identify the next overseas joint-venture. |
|
|
| DIRECTORS |
|
| Dr.
Najeeb Samie representing State Life Insurance Corporation resigned from the
Board on |
|
| his
transfer and has been replaced by Mr. Mohammed Mazharuddin. Mr. Genichi
Fujinaga |
|
| relinquished
his seat in favour of Mr. Masatoshi Yokota. The Directors place on record
their |
|
| appreciation
of the services of Dr. Najeeb Samie and Mr. Genichi Fujinaga and welcome Mr. |
|
| Mohammed
Mazharuddin and Mr. Masatoshi Yokota on the Board. |
