Pakistan Credit Rating Agency maintains entity and instrument ratings of Pakistan Refinery Limited

Lahore, June 30, 2014 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has maintained the long term and short term entity ratings of Pakistan Refinery Limited (PRL) at ‘A-’ (Single A Minus) and ‘A2′ (A Two) respectively. The rating of the TFC I of PKR2,108mln and TFC II of PKR398mln has been maintained at ‘A’ (Single A). The ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

The ratings reflect the strength of the business profile of PRL emanating from sustainable operational history, proximity to exporting/importing hub of the country, strong demand for its products, and strategic importance in the domestic context. The ratings incorporate the company’s ability to manage exposure towards prevailing inter-corporate debt in the energy chain by favourably using commercial credit from domestic E and P companies.

Nevertheless, limited operational flexibility and relatively low margin product slate exposes the company to volatile dynamics of international crude oil and refined products pricing. At the same time, the borrowings which the company has and would procure (to fund technical up-gradation to improve product mix) are likely to constrain its already thin capital structure as well as coverages.

The pressure is exacerbated in periods of stressed profitability; herein it is important for the company to timely implement the expansion project while seeking capital injection, if need arises, from existing/new sponsors.

The ratings could be impacted by prolonged constrain in refining margins and/or adverse changes in the existing regulatory framework leading to depressed core cash flows. The company is pursuing a leveraged up-gradation of its operating platform. Since repayment pattern is aligned to expected cash flows, any completion delay may impact coverages, in turn, ratings.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

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Pakistan Credit Rating Agency assigns positive outlook to ratings of Pak China Investment Company Limited

Lahore, June 30, 2014 (PPI-OT): The Pakistan Credit Rating Agency Limited (PACRA) has maintained long term and short term entity ratings of Pak China Investment Company Limited [PCICL] at ‘AA-’ (Double A minus) and ‘A1+’ (A One plus), respectively.

These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. Meanwhile, “Positive Outlook” has been assigned to these ratings.

The ratings reflect sovereign parentage – jointly owned by Governments of Pakistan and China, implying strong sponsors’ support. The company’s management is drawing a plan to grow its business on multiple fronts.

Cognizant of concentration in earnings, the company intends to establish a sustainable non-fund based revenue stream. In this regard, the role of China Advisory Desk is planned to be strengthened. Regarding fund based business, besides gradually expanding its loan book, the company has allowed its treasury function to operate in certain new investment avenues.

Importantly, the management is committed to strengthen its risk management framework in line with the growth objectives. The ratings draw comfort from the company’s robust liquidity and significantly higher capital adequacy providing the company ample room to grow operations.

The outlook on the ratings is positive. This captures the focus of new senior management in developing strategic vision of the company. This is also reflective in business plan with high focus on Chinese investment. Additionally they are also emphasizing better control environment including strengthening of policies and procedures. Meanwhile, upholding good governance standards is important.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

The post Pakistan Credit Rating Agency assigns positive outlook to ratings of Pak China Investment Company Limited appeared first on Business News Pakistan.

Pakistan Credit Rating Agency revises ratings of First Women Bank Limited

Lahore, June 30, 2014 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has downgraded the long-term entity rating of First Women Bank Limited “BBB+” (Triple B Plus) [previous: A-], while maintaining short-term rating at “A2″ (A Two). The ratings indicate that there is currently a low expectation of credit risk.

The ratings reflect majority ownership of the bank by the Government of Pakistan (GoP). A distinct capital framework has been finalized for the bank by SBP. This requires minimum capital of PKR 3,000mln.

To meet shortfall of ~PKR 1,500mln, GoP is supporting the bank through fresh capital injection; PKR 500mln has been injected while the balance has budgetary approvals. This is also resulting in gradual increase in GoP’s shareholding.

On standalone basis, the bank’s performance has significantly deteriorated in the absence of a focused business strategy and weak credit culture. Operating costs continued to rise despite consistent decline in earnings.

Substantial increase in non-performing loans has magnified the loss. FWBL’s size and limited outreach pose constraints, also reflected in declining deposit base. The ratings are dependent upon the bank’s ability in holding fall in asset quality and performance.

Lately Ms. Tahira Raza has been appointed as the bank’s president. She is a seasoned banker carrying a good experience profile, particularly from the perspective of FWBL’s challenges. Her success in improving bank’s credit profile and capitalizing on GoP’s renewed commitment in formulating a workable business strategy for the bank would be critical. Meanwhile, holding and building up a good team is important.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

The post Pakistan Credit Rating Agency revises ratings of First Women Bank Limited appeared first on Business News Pakistan.

Pakistan Credit Rating Agency maintains ratings of The Bank of Khyber

Lahore, June 30, 2014 (PPI-OT): The Pakistan Credit Rating Agency Limited (PACRA) has maintained long term and short term entity ratings of The Bank of Khyber [BoK] at ‘A’ (single A) and ‘A1′ (A One), respectively. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

The ratings, in addition to the association of the bank with Government of Khyber Pakhtunkhwa (GoKP), reflect BoK’s strong liquidity and high capital adequacy, supplemented by sustained profitability. The bank’s management is making continuous efforts to develop access to a broad based depositor profile and improve cost of deposits.

The bank still has reliance on large ticket deposits from GoKP and its related agencies. However, concentration risk is mitigated by stability in such deposits over time. Recent growth in advances was mainly manifested in commodity financing to GoKP.

Meanwhile improving asset quality, technology integration, and consistent improvement in bottom-line remained in focus. However, with desired credit growth, strengthening management information systems, in turn, control mechanism is to be strengthened.

The ratings are dependent on the bank’s ability to improve its competitive position while implementing its envisaged strategy. Meanwhile, any significant infection in asset quality and/or political intervention compromising the governance standards would impact negatively.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

The post Pakistan Credit Rating Agency maintains ratings of The Bank of Khyber appeared first on Business News Pakistan.

فلیشمان ہلارڈ 2014ء پی آر ویک ایوارڈز ایشیا میں ‘ایشیا-پیسفک میں سال کا بہترین نیٹ ورک’ قرار

ہانگ کانگ، 27 جون 2014ء/پی آرنیوزوائر — فلیشمان ہلارڈ کو پی آر ویک ایشیا ایوارڈز میں 2014ء ایشیا-پیسفک میں سال کا بہترین نیٹ ورک قرار دیا گیا ہے۔ مارکیٹ گروپ کی معروف صنعتی اشاعت پی آر ویک کی جانب سے منعقد کی گئی یہ تقریب ایشیا بحر الکاہل میں صنعت کو آگے بڑھانے کے لیے کام کرنے والے اداروں، ایجنسیوں اور کاموں کو سراہتی ہے۔

یہ 13 سال قبل اس اعزاز کے قیام سے لے کر اب تک تیسرا موقع ہے کہ فلیشمان ہلارڈ کو ایشیا بحر الکاہل میں سال کا بہترین نیٹ ورک قرار دیا گیا ہے۔ یہ اعزاز ایجنسی کے حالیہ اعزازات  میں نیا اضافہ ہے، جب پی آر ویک نے اسے پہلی بہترین عالمی ایجنسی برائے سال قرار دیا۔

“شرکت کارانہ نوعیت، جدت طرازانہ روح کے حامل اور خطے میں زبردست نمو  رکھنے والے اس انتہائی اعلیٰ اعزاز کو حاصل کرنا بہت ہیجان خیز ہے ۔” لن این ڈیوس، صدر فلیشمان ہلارڈ برائے ایشیا بحر الکاہل نے کہا۔ “گزشتہ سال کئی لحاظ سے ایک بڑا سال تھا، جس میں ہمارے تازہ ترین برانڈ کا اجراء بھی شامل رہا جو ایک مکمل ایجنسی کی حیثیت سے ہمارے ارتقاء کی طرف اشارہ کرتا ہے۔ یہ اس خطے میں ہماری 20 ویں سالگرہ کو بھی اہم بناتا ہے جو ادارے میں سب سے تیزی سے آگے بڑھتا ہوا علاقہ ہے۔ 11 ممالک میں 19 ملکیتی دفاتر کےساتھ ہم حقیقی تناظر میں ایک نیٹ ورک پر فخر محسوس کرتے ہیں،  جو مشترکہ اقدار اور صارفین کا پابند ہے، جہاں بیشتر سب سے بڑے کھاتے ہمارے اے پی اے سی دفاتر کی جانب سے پیش کیے جاتے ہیں۔”

فلیشمان ہلارڈ کو منتخب کرتے ہوئے پی آر ویک نے کہا کہ “تازہ برانڈ پیشرفت: سچ کی طاقت، کے ساتھ 2013ء نیٹ ورک کے لیے ایک سنگ میل سال تھا ۔ سچ ایجنسی کی انوکھی صلاحیت ہے جو مکمل کمیونی کیشنز حل پیش کرنے کی طاقت کے لیے ادارے کو تعلقات عامہ کی روایتی تعریف سے آگے جانے کی صلاحیت دیتا ہے۔ اسی مقصد کو پیش کرنے سے وابستگی نے سال بہ سال میں (ایشیا میں) نیٹ ورک کو بنیادی طور پر 16 فیصد نمو ملی ہے۔”

مزید برآں، فلیشمان ہلارڈ کے خصوصی برانڈ بلیوکرنٹ گروپ نے جانسین فارماسیوٹیکلز انکارپوریٹڈ (جانسن اینڈ جانسن کی کمپنی) کے لیے اپنے کام پر ایمپلائی کمیونی کیشنز سال کی بہترین مہم کا اعزاز جیتا۔ اور اپنے صارف پائیووٹل کے ساتھ فلیشمان ہلارڈ کے کام نے بزنس-ٹو-بزنس سال کی بہترین مہم کے زمرے میں سند فضیلت حاصل کی۔

“ہماری ٹیم اس اعزاز کا سہرا اپنے صارفین کے سر باندھتی ہے کیونکہ ان کے حد درجہ اعتماد اور قدردانی کے بغیر ہماری کامیابی ممکن نہیں تھی۔” ڈیوس نے کہا۔ “ہم فلیشمان ہلارڈ نیٹ ورک کے دنیا بھر میں پھیلے ہر فرد کا شکریہ ادا کرنے چاہیں گے جنہوں نے ہر روز ایشیا بحر الکاہل کے اپنے ساتھی ملازمین  کی حمایت کی اور ہماری ایجنسی کو کام کے لیے ایک زبردست مقام بنایا۔”

فلیشمان ہلارڈ کے بارے میں

فلیشمان ہلارڈ دنیا کا مکمل ترین عالمی کمیونی کیشنز ادارہ ہے، جو تعلقات عامہ، امور عامہ، مارکیٹنگ، ادا شدہ ابلاغ، اور ٹرانس میڈیا اور سوشل مواد میں مہارت رکھتا ہے۔ سچ کی طاقت، ادارے کی اعلیٰ اقدار اور غیر معمولی صداقت و شفافیت کی طلب کرنے والی دنیا میں صارفین کی رہنمائی کرنے کی انوکھی صلاحیت رکھتی ہے۔ فلیشمان ہلارڈ کو پی آر ویک کی 2014ء سال کی بہترین عالمی ایجنسی، ایڈورٹائزنگ ایج کی 2013ء اے-فہرست میں “نمایاں ایجنسی”، این اے ایفا ی کی “ایگزیکٹو خواتین کے لیے سرفہرست 50 کمپنیاں” برائے 2010ء تا 2014ء؛ اور پی آر ویک کی 2013ء “کام کے لیے بہترین مقامات” میں سے ایک قرار دیا گیا۔ ادارے کے اعزاز یافتہ کام کو بڑے پیمانے پر سراہا گیا جس میں کان بین الاقوامی میلہ برائے تخلیقی صلاحیت شامل ہے۔ فلیشمان ہلارڈ ڈی اے ایس گروپ آف کمپنیز کا حصہ ہے، جو اومنی کوم گروپ انکارپوریٹڈ کا شعبہ ہے اور 30 ممالک میں 85 سے زیادہ دفاتر اور 42 ممالک میں ملحقہ ادارے رکھتا ہے۔ ملاحظہ کیجیے www.fleishmanhillard.com۔

 ڈی اے ایس گروپ آف کمپنیز کے بارے میں

اومنی کوم گروپ انکارپوریٹڈ (این وائی ایس ای: OMC) کا حصہ ڈی اے ایس گروپ آف کمپنیز مارکیٹنگ سروسز اداروں کا ایک عالمی گروپ ہے۔ ڈی اے ایس میں مندرجہ ذیل مارکیٹ شعبوں کے 200 سے زیادہ ادارے شامل ہیں: خصوصی، پی آر، صحت عامہ، سی آر ایم، تقریبات، تشہیری مارکیٹنگ، برانڈنگ اور تحقیق۔ نیٹ ورکس اور علاقائی انجمنوں کے ملاپ سے کام کرنے والا ڈی اے ایس 71 ممالک میں 700 سے زیادہ دفاتر کے ذریعے بین الاقوامی، علاقائی، قومی اور مقامی صارفین کو خدمات دیتا ہے۔

IOK authorities prolonging Malik’s illegal detention: JKLF

Srinagar, June 30, 2014 (PPI-OT): In occupied Kashmir, the Jammu and Kashmir Liberation Front (JKLF), has said that the authorities are using delaying tactics to prolong illegal detention of its Chairman Muhammad Yasin Malik

The JKLF spokesman in a statement issued in Srinagar said that Muhammad Yasin Malik, continued to be lodged at the Srinagar Central Jail for the seventh consecutive day. He said that Yasin Malik had asked people to march towards Lal Chowk on June 23 to join the party’s launch of “Quit Kashmir” movement. Three days before the event, Malik went into hiding to evade arrest even as police raided several places including his house and office, he added.

The spokesman said that Yasin Malik along with his associates surfaced at Maisuma on June 23 and tried to lead a march towards Lal Chowk but was detained and lodged at Kothi Bagh Police Station wherefrom he was shifted to Central Jail, Srinagar, on June 24.

For more information, contact:
Kashmir Media Service
Email: info@kmsnews.org
Phone: 92-51-4435548, 4435549
Fax: 92-51-4861736

Tributes paid to June 2010 martyrs in IOK

Srinagar, June 30, 2014 (PPI-OT): In occupied Kashmir, a team of Ummat-e-Islami led by Qazi Ahmed Yasir visited the homes of the martyred youth killed on June 29 in 2010 and paid glowing tributes to them.

Qazi Yasir on the occasion said that the best way to remember the sacrifices was to glorify their path, the path they laid their lives for. “The young boys were killed in cold-blood by men in uniform who are still roaming freely and the people who protested against those uniformed terrorists were booked under frivolous charges,” he said.

Condemning the restrictions and arrests, he said that Kashmiris had given countless sacrifices for the cause of liberation and they would not hesitate to sacrifice more till their goal is achieved.

He warned people who under a well-planned strategy are trying to divert the attention of people to Indian judicial system for justice. He said people are cautious enough not to expect justice from the Indian system.

Demanding the release of Masarrat Aalam Butt, Mushtaq-ul-Islam, Misbahi Ahmed, Ghulam Qadir Butt, Dr. Qasim, Engineer Farooq, Mohammed Shafi Shariyati, Muzaffar Dar and Mehmood Topiwal, he said, “We should always remember the men who have been caged for demanding liberation from the oppression.”

For more information, contact:
Kashmir Media Service
Email: info@kmsnews.org
Phone: 92-51-4435548, 4435549
Fax: 92-51-4861736