Conspiracies against local pharma industry to be foiled: Senator Ghulam Ali

Karachi, January 16, 2015 (PPI-OT): Chairman Senate Standing Committee on Commerce Haji Ghulam Ali on Friday said Drug Regulatory Authority of Pakistan (DRAP) has become hub of conspiracies against local pharmaceutical industry.

He said that only few sectors are operating in profit in the current gloomy situation in which include the local pharma sector with over 550 industrial units and sizeable exports which must be protected.

Senator Haji Ghulam Ali who has also served as President FPCCI said this while talking to former VP FPCCI Mirza Abdul Rehman who was leading a delegation of owners of various pharma units.

He said that DRAP is full of incompetent people and without a CEO since two years, adding that the dysfunctional institution is not serving the interests of masses and the pharma industry.

Interviews for the CEO of DRAP were conducted on Dec 24 but no one was appointed from the health department rather names of two persons representing influential multinationals have been forwarded for the approval which is not acceptable, he added.

Haji Ghulam Ali said that appointment of any CEO other than the official of Health Department will play havoc with the pharma industry as they would serve the multinationals only.

At the occasion, Mirza Abdul Rehman who has also served as Chairman FPCCI Standing Committee on Pharmaceuticals said that eighty owners of local pharmaceuticals assembled in the RCCI few days back and vowed to resist appointment of CEO DRAP from the private sector.

Expressing serious reservations they decided to inform Prime Minister Nawaz Sharif about their doubts and decided to resist any move to induct anyone from private sector in DRAP.

They said that they would try to get the decision reversed or invoke courts of law to safeguard their rights.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Small and Medium Enterprises sector losing due to lethargy of government: Zulfikar Thaver

Karachi, January 16, 2015 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) invited the attention of prime minister (PM) Mian Nawaz Sharif to the lethargy in addressing the requirements of the sector although more than a year has passed for the Pakistan Muslim League (PML-N) government and major issues of access to finance, export promotion, tax exemptions, industrial estates, incentives and technical support remain unattended.

President UNISAME Zulfikar Thaver said the majority sector of micro, small to medium sized entrepreneurs (MSMEs) expected that the business friendly PML-N would take fast and positive steps to boost the MSME sector but the present government is lacking the initiative. It is true that the government is faced with other priority issues of terrorism, law and order, energy and inflation but the government cannot afford to ignore the majority sector and resolve their issues simultaneously as the sector is the backbone of the economy and deserves the best priority.

He said the sector will remain behind unless the government works on it from grass root level to uplift the sector. Thaver said the government needs to have a short term and long term policy for the sector and it is very important that the primary sector which is the source of all raw material is well looked after and educated in improving their systems. The government’s vision 2025 is far fetched and will remain just a document if not implemented from 2015 onwards.

Pakistan has the advantage of favourable seasons, water for irrigation, fertile lands and huge labour force which is the backbone of the agricultural economy.

The government needs to facilitate the primary sector with seeds, fertilizers, fumigation medicine, agricultural equipments to bring about fast track growth and uplift the primary sector. The SME farmers are borrowing money from money lenders on heavy rate of finance and pledging their harvest with the millers and middlemen. Unfortunately the rice,wheat,sugarcane, cotton growers are in turmoil as they are not recovering their cost of production due to poor policy of farm produce protection of the government. The need is to be proactive and plan. The government is always wise after the event and losses.

The secondary and tertiary sectors also play very important roles. The government is not doing as much as it should do to boost the sectors. The secondary sector holds tremendous potential but is facing adverse conditions of energy crisis and the situation demands full fledged resolutions on war footings. The government will gain in the long run by facilitating the SME units to modernize their plants and machinery and allow free import of technology and 0 duty on balancing and replacement machinery.

Immediate steps are needed to promote alternate energy by subsidized financing and facilitating the entrepreneurs for installation of solar, bio mass and wind devices to generate electricity wherever suitable. It should be mandatory on new construction to install solar energy devices and entrepreneurs should be rewarded for installing biomass or solar energy generation devices in their units.

It would be wise if the government promotes new industry by tax exemptions, providing land on easy lease payment facilities, providing marketing support, facilitating transfer of technology and access to finance on affordable mark up. PML-N government must learn from the success stories of China, Turkey, U.S.A, U.K and Japan how the SMEs are facilitated and promoted to grow.

UNISAME has urged the PML-N government to remember its promises to the sector and to facilitate the entrepreneurs who can change the destiny of Pakistan with the help and support of the policy makers.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com

JCR-VIS withdraws Entity Ratings of Security Papers Limited

Karachi, January 16, 2015 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the entity ratings of ‘AAA/A-1+’ (Triple A/A-One Plus) assigned to Security Papers Limited, with immediate effect, on account of non-renewal of rating contract.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Huawei launches its new “Ascend Y550” smartphone in Pakistan

Lahore, January 16, 2015 (PPI-OT): Huawei is a global leader in innovative telecom technologies, which has now launched its powerful new smartphone – Ascend Y550 in Pakistan. Featuring the 4G-LTE enabled connectivity, this new device promises to fulfil all the social networking, communication and infotainment needs of the tech-savvy and ambitious consumers. Through a special launch offer, the buyers of Huawei Ascend Y550 will get a Free 6 GB Zong 4G- LTE data package for 3 months (2 GB per month).

The President of Huawei Devices Business Group Middle East – Jiao Jian stated that; “It is delightful to see the overwhelming response from the consumers in Pakistan, as we introduce this feature-rich smart device in the country. The Ascend Y550 is a true symbol of Huawei’s relentless pursuit to build a more connected world, to ‘Make it Possible’ for people to enjoy the fascinating world of 4G connectivity and experience the futuristic telecom services available in the world today.”

The prominent features of the power-packed Huawei Ascend Y550 include; a 4.5 inch touch Screen, FWVGA (854×480) Auto-rotate (G-sensor) display, Quad core 1.2 GHz Processor with 1 GB RAM and 4 GB ROM, MicroSD (upto 32 GB), along with an Android 4.4 Operating system with Emoticon User Interface 2.3 for easier multi-tasking.

The powerful device also boasts a 5 Mega Pixel Auto Focus back-camera and a 2 MP Front Camera with video recording and playback. It runs on a durable 2000 mAh battery. All popular Applications have been preloaded in the Huawei Ascend Y550.

It offers a 4G LTE Cat 4 connectivity, along with WiFi 802.11b/g/n, a Bluetooth 4.0 FM Keylight and a high speed MicroUSB along with many more features. This sleek, powerful and stylish smartphone is now available in Pakistan at an attractive price of Rs. 17,499.

For more information, contact:
Sabah Uddin Qazi
ME Brand Manager
Huawei
8th Floor, Saudi-Pak Tower, Blue Area, Islamabad Pakistan
Tel: +92-51-2800000-20
Fax: +92-51-2800008
Mobile: +92-333-5240632
E-mail: qazi@huawei.com
Website: www.huawei.com

Pakistan Credit Rating Agency Limited maintains entity ratings of standard chartered modaraba

Lahore, January 16, 2015 (PPI-OT): The Pakistan Credit Rating Agency Limited (PACRA) has maintained the long-term and short-term entity ratings of Standard Chartered Modaraba (SCM) at “AA+” (Double A plus) 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.

Standard Chartered Group, as part of its global consolidation strategy, has identified a number of its entities as noncore with a plan to take exit from these. In Pakistan, it has marked Standard Chartered Modaraba (along with its management company) and Standard Chartered Leasing for prospective
divestment. Recently, Standard Chartered Bank (Pakistan) Limited (SCBPL) has signed an MoU with Orix Leasing Pakistan (ORIX) for such divesture.

PACRA would put the Rating Watch once certainty as to divesture process is established. Meanwhile, SCM continues to benefit from strong parentage and established brand name – Standard Chartered – that help the Modaraba in maintaining its market standing.

On standalone basis, SCM has witnessed improvement in its performance over the years. Despite addition of certain new NPLs, the asset quality remains good. Nevertheless, the Modaraba’s rigorous loan approval process and effective post disbursement monitoring are expected to benefit in averting any sizeable fresh infections. Given likelihood of change in ownership, in the interim period, the Modaraba intends to focus on upholding its status with cautious growth outlook.

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

JCR-VIS withdraws Corporate Governance Rating of Security Papers Limited

Karachi, January 16, 2015 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the Corporate Governance Rating of ‘CGR-9’ assigned to Security Papers Limited, with immediate effect, on account of non-renewal of rating contract.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Islamabad Stock Exchange Market Statistics Report Friday January 16, 2015

Islamabad, January 16, 2015 (PPI-OT):

MARKET TREND:                 Bullish

COMPANIES TRADED:               TOTAL           PLUS               MINUS              EQUAL
                                 162             73                 -89                 0

INDEX POSITION:                 INDEX          Opening             Closing            Change

ISE- 10 Index:                                 3954.47             3930.62           (23.85)

IMI- 25 Index:                  INDEX          Opening             Closing            Change

                                               2044.38             2043.55            (0.83)

TOTAL VOLUME:                                  Previous            Current            Change

                                               615,500             65,300            (550,200)

VOLUME LEADERS:

Company                                     VOLUME of Shares

K-Electric                                       30,000
Sui Southern Gas                                 30,000
D.G.Khan Cement                                   3,000

Top Gainer SIndus Motors Rs. 876.75 with an increase of Rs.+ 44.31.

Top Loser  Mitchells Fruit Farms Rs.439.83 with a decrease of  Rs.-22.28.

For more information, contact:
Islamabad Stock Exchange
ISE Towers
55-B, Jinnah Avenue, Islamabad, Pakistan
Tel: +92(51)111-473-473
Fax: +92(51)111-473-329
Email: info@ise.com.pk