Extraordinary general meeting of First Paramount Modaraba to be held on April 20, 2016

Karachi, First Paramount Modaraba informed Pakistan Stock Exchange that extraordinary general meeting of the company is scheduled to be held on April 20, 2016 at Karachi.

The agenda of the meeting will be confirming the minutes of annual general meeting held on October 30, 2015 and to consider and approve the amendments in the prospectus of First Paramount Modaraba.

Further, the closed period of the company is from April 14, 2016 to April 20, 2016 (both days inclusive).

First Paramount Modaraba is a multi-purpose, perpetual and multi-dimensional Modaraba floated under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed there under. It is managed by Paramount Investments Limited, a company incorporated in Pakistan. Modaraba’s principal activities includes deployment of funds on murabaha and musharika arrangements and its In-house ventures are Generator rental and sale project under the name “Advance Trading Corporation”, Weaving business under the name of “FPM Weaving” and Electrical maintenance and troubleshooting services’ business under the name of “FPM Solutions”. The stocks of the company are quoted on the Karachi and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.

The symbol “FPRM” is being used by the stock exchange for the shares of First Paramount Modaraba.

Board meeting of Agriauto Industries Limited to be held on April 25, 2016

Karachi, Agriauto Industries Limited informed Pakistan Stock Exchange that board meeting of the company is scheduled to be held on April 25, 2016 at Karachi. The agenda of the meeting shall be consideration of quarterly accounts for the period ended March 31, 2016.

Further, the closed period of the company shall be from April 05, 2016 to April 25, 2016 (both days inclusive).

Agriauto Industries Limited is a company incorporated in Pakistan on June 25, 1981 as a public limited company. The foundations of the company are laid under the Companies Ordinance, 1984. The company is engaged in the manufacture and sale of components for automotive vehicles, motor cycles and agricultural tractors. The stocks of the company are listed on the Karachi and Lahore stock exchanges of Pakistan. The registered office of the company is located at Karachi.

Quality control is maintained at all stages of manufacturing. The company follows international standards i.e. B.S.S., S.A.E, ASTM, JIS, ISO & TS-16949, as the basis of quality control program. Agriauto is a part of the prestigious House of Habib Group.

The symbol “AGIL” is being used by the stock exchanges for the shares of Agriauto Industries Limited.

Pakistan Readymade Garments Manufacturers and Exporters Association condemn recent exorbitant increase in shares of contribution by Employees Old Age Benefit Institution

Karachi, March 31, 2016 (PPI-OT):Arshad Aziz, Acting Chairman (South Zone) Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) in a statement he has strongly criticized and condemned the recent exorbitant increase in the shares of contribution by EOBI.

It is injustice that the EOBI has suddenly increased the EOBI shares of contribution with effect from 1st July 2012 to 1st July 2015. The minimum wage for Unskilled Workers Ordinance 1969 has been amended by the Minimum Wage for Unskilled Workers Amendment Act 2016 which is applicable only to Islamabad Capital Territory. A peculiar feature of this Act is that the law has been given retrospective effect from 2012.

The textile industry that is the backbone of the country and job-creating sector is already suffering due to stuck of billion of rupees with the government on account of Sales Tax, duty drawbacks and drawbacks on local taxes and levies (DLTL), moreover, exports are decreasing fast day by day and units are closing, in this critical situation, EOBI notification with a liability of 4 years would tantamount the industry to jeopardize, he added.

He said that in the prevailing situation and financial crises, the decision would not only hamper the business activities and due to prevailing economic recession shall increase financial crises particularly to the business community. He demanded to the concerned authority to withdrawal of increase immediately otherwise exporters would resort to knocking the door of high court for stay-order, he warned.

For more information, contact:
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA)
3rd Floor, Plot No. 57-C, 24th Commercial Street,
Phase II (Ext), DHA, Karachi, Pakistan
Tel: +92-21-35890651-2
Fax: +92-21-35890653
Email: info@prgmea.org
Website: www.prgmea.org

Gree launches new air-conditioners with 60 percent less power consumption

Lahore, March 31, 2016 (PPI-OT):Gree – Most popular and leading brand of air-conditioners in Pakistan, has introduced high energy-efficient smart-inverter Air-conditioning technology that saves 60 percent of the energy, compared with the regular ACs It promises an Energy Efficiency Ratio of 4.0 (E.E.R). Gree products are distributed in Pakistan by DWP Group. Gree has recently announced the availability of its new ‘Viola’ smart-Inverter AC across Pakistan.

Gree Viola Inverter AC has both options of cooling and heating. It is a European Compliant AC available in 1 Ton (12000 BTUS), 1.5 Ton (18000 BTUS) and 2 ton (24000 BTUS) capacities, using the latest, very powerful G10 inverter. The new AC is eco-friendly and generates cooling and heating swiftly due to its bigger Outdoor condenser. It comes with fire proof electric box and has ceiling cooling and floor heating system along with several new features.

Other features of the Gree Viola AC include; Elegant White Glossy finish, Ultra low frequency torque control, High Speed DSP Chip, Eco Friendly Refrigerant R410A, Power Factor Correction Technology, Ultra Low Noise Control, Computer Simulation Control, Auto Voltage Adaptation (150-260 V), Ultra High Frequency Control, Dual Installation (Both sides option), Auto Restart, Low Voltage Startup – 150V, Self-Diagnosis, SMPS, High Temperature Resistance PCB, Turbo Cooling, 4-Way Air Outlet, 3 Sleep Curves and a Double Layer Condenser.

Gree has been consistently innovating new technologies to create the best-suited products, in accordance with the experts’ insights and the changing needs of the consumers. Due to the hot weather conditions, rising costs and unstable supply of electricity in Pakistan, Gree has created the most reliable air conditioners, to ensure best performance in the country’s environment and climate. There is a rapidly increasing trend in Pakistan market, as the consumers are now opting for air conditioners based on inverter technology, which greatly reduces electricity consumption and the overall cost of air-conditioning.

Recently, a research study in Pakistan revealed that; although there are various brands of inverter ACs available at varying prices, it is evident that the lower-priced air conditioner brands do not provide the high level of performance and reliability promised by Gree. So, in the long-run Gree Inverter AC proves to be the most economical product, due to consistent performance and low maintenance costs.

Every buyer of a Gree AC gets a ‘free-of-cost’ connecting wire that joins the indoor and outdoor units. The state-of-the-art remote control of Gree ACs has a back-light display and advanced features to make it more user-friendly. Gree AC’s are more attractive, with sophisticated designs and a wider array of colours, to blend with any decorative theme in your rooms.

For more information, contact:
Corporate Headquarter,
DWP Group
DWP House, 5 Zafar Ali Road, Gulberg V, Lahore, Pakistan
UAN: +92-42-111-184-184
Email: info@dwp.com.pk
Website: www.dwp.com.pk

Pakistan Credit Rating Agency Limited maintains asset manager rating of AKD Investment Management Limited

Lahore, March 31, 2016 (PPI-OT):The Pakistan Credit Rating Agency (PACRA) has maintained asset manager rating of ‘AM3’ (AM Three) of AKD Investment Management Limited (AKDIML). The rating reflects that the company meets good investment management standards and benchmarks.

The rating captures the company’s adequately structured investment process, reasonably experienced management team, and improving operating platform. The company continues to expand its human resource base in order to strengthen the organizational structure and enhance the quality of processes. The AUM growth of the company remained subdued resulting in a largely maintained system share.

The recent allegations on the related group company has, so far, not exerted any redemption pressure on the company’s AUMs; limiting any negative impact on business operations. The rating takes cognizance of the company’s ability to outperform peer funds in equity category, distinguishing AKDIML in the domestic industry. However, it needs to witness performance improvement in the fixed income category. High concentration – both in terms of investors and type of mutual fund, and low contribution from the retail segment remain impediment.

The rating requires AKDIML to augment its market positioning, while achieving diversity in investor as well as asset base. Improving operating platform must be nurtured to reap desired benefits. At the same time, liquidity management, given certain exposure to illiquid stocks, remains 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

Pakistan Credit Rating Agency Limited maintains asset manager rating of Habib Asset Management Limited

Lahore, March 31, 2016 (PPI-OT):The Pakistan Credit Rating Agency (PACRA) has maintained the asset manager rating of Habib Asset Management Limited (HAML) at “AM3” (AM Three). The rating reflects that the company meets good investment management standards and benchmarks.

The rating captures the company’s experienced management, adequately structured Investment process and reasonable fund slate. The rating also incorporates HAML’s association with a strong commercial bank – Bank AL-Habib limited. The desired benefits towards enhancing the AUM base and strengthening the HAML’s brand value remains limited. This has resulted in a decline in the company’s AUMs, in turn, its system share. The performance of the funds lag behind its peers highlighting the need to strengthen the decision making process. The company’s funds currently have significantly high concentration levels.

The development of a sound business plan aimed at effectively utilizing parent bank’s support to increase the overall AUMs resulting in an enhancement in the system share remains crucial. Enhancing the diversity of fund slate along with the strengthening of human resource base supplementing the decision making process in turn improved performance is also 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

Pakistan Credit Rating Agency Limited maintains asset manager rating of Lakson Investments Limited

Lahore, March 31, 2016 (PPI-OT):The Pakistan Credit Rating Agency (PACRA) has maintained the asset manager rating of Lakson Investments Limited (LI) at “AM2-” (AM Two Minus) . The rating reflects the company’s high investment management industry standards and benchmarks with noted strengths in several of the rating factors.

The rating captures LI’s strategy of building a portion of strength in the niche market of separately managed accounts (SMA). This is helping in an enhanced system share. This was the result of management’s concerted efforts towards effectively utilizing group’s franchise value coupled with sound operating platform and strengthened investor services. The company has faced challenges in terms of growth in the conventional area of mutual funds and lagged behind its peers.

The management’s plan to convert its international funds into conventional and Islamic asset allocation categories would provide support in this area. In addition to that, success of LI’s initiatives to launch a well regulated and transparent investment product to attract international investors remains to be seen. Research functions develop model portfolios after detailed scenario analysis and evaluation parallel to the fund manager’s portfolio; these help in strengthening the decision making process. The rating incorporates LI’s association with an acknowledged business group – Lakson.

The rating is dependent on the company’s ability to effectively roll out its business plan to further augment its system share in its respective niche while strengthening its conventional business. At the same time, strong and stable performance in SMAs and Mutual funds remain imperative.

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