Power Packed Biscuits providing nutrition to children

Islamabad, December 28, 2018 (PPI-OT): Continental biscuits (LU), one of Pakistan’s leading biscuit brands has always remained committed to address every mother’s concern in today’s challenging environment, that is, to energize the young minds with its Tiger and MilcoLU biscuits. For a mother, it is of utmost importance that she provides her children with a balanced and nutritious diet which aids to their mental and physical development.

The recently revamped and relaunched power packed biscuit, MilcoLU, provides energy equivalent to one glass of milk. This vital energy is essential for growth and development in children, which can help them to perform best in their schools and beyond.

Another top brand, Tiger biscuits is enriched with the strength of Iron which helps in transporting oxygen to the body and Zinc which helps in boosting the immune system and cognitive development in children. These nutrients are important for the overall well-being of a growing child. Iron and Zinc deficiencies are known to be a major cause of stunted brain and physical development among children in Pakistan. Biscuits have always remained a popular choice among children as a go to snack; hence, they prove to be excellent mediums to deliver these vital nutrients to them.

“Our goal is to introduce healthy and unique products that guarantee a wonderful food experience for every consumer. With the launch of our power packed biscuits, we have taken the brand to an all new level by including a center element for a mother to develop her child’s health and nutrition.” said, Sami Wahid, GM Marketing, Continental biscuits (LU), Karachi.

With the launch of nutritional biscuits, LU has elevated the nutritional value of a daily staple in the Pakistani household. The brand guarantees health and strength that’s affordable by all and its mission is to help empower every child in its own way.

For more information, contact:
Continental Biscuits Limited (CBL)
Head Office/Registered Office – Karachi
Floor # 12, Q.M Building, Plot # BC-15, Block-7,
KDA Scheme # 5, Clifton, Karachi.
Phone: +92-21-111-771-771
Fax: +92-21-35147110; +92-21-35147109
Email: naveedshigri@cbl.com.pk

PACRA Assigns Initial Stability Rating to AKD Islamic Income Fund

Lahore, December 28, 2018 (PPI-OT): The objective of AKD Islamic Income Fund (AKDISIF) is to provide investors with an investment vehicle that strives to enhance capital coupled with regular halal income by investing in Shariah compliant income investments.

The rating reflects the fund’s moderate credit risk profile emanating from its investment strategy to invest in high credit quality investment avenues with sound liquidity. Currently, the fund’s exposure with sukuks is ~15%, while~ 62% of the fund’s assets are exposed towards banking deposits with banks rated ‘A-‘ and above. Exposure with ‘AAA’ rated banks was ~6% whereas with ‘A+’ and ‘AA’ rated banks exposure was ~62% and ~9% respectively at end-Jun 18. The unit holding pattern of the fund is concentrated with top 10 investors representing ~ 81% of the fund’s total asset which exposes the fund to a high level of redemption risk.

Going forward, the fund intends to maintain its allocation towards bank deposits. The remaining asset will be invested in Shariah-compliant good quality debt instruments. Material changes in the fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remains critical for the rating.

For more information, contact:
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

PACRA Maintains Stability Rating of PIML Income Fund

Lahore, December 28, 2018 (PPI-OT): The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instruments. The rating incorporates the fund’s good credit quality and sound liquidity profile, emanating from the fund’s current portfolio mix. At the end of Jun-18, fund’s exposure with banks was ~86% with the majority of exposure in ‘A-‘ rated banks.

The remaining ~9% assets of the fund were invested in TFCs/sukuks with the credit rating of ‘A+’ and above. The unit holding pattern of the fund is highly concentrated with top 10 investors representing ~61% of the fund’s assets, (of which ~19% are owned investments) which exposes the fund to a low level of redemption pressure. The comfort can be drawn from the liquid nature of investments.

Going forward, the fund intends to increase its exposure towards short-term placements and cash at the bank. The remaining assets of the fund will be placed in short duration Government Securities/instruments. This practice is mainly done by the management to protect the fund from downside risk in case of an interest rate hike in upcoming monetary policies due to the current rising interest rate scenario.

For more information, contact:
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

PACRA Assigns Initial Entity Ratings to Zahidjee Textile Mills Limited

Lahore, December 28, 2018 (PPI-OT): The ratings reflect stable business profile of Zahidjee Textile. The company mainly operates in spinning segment, followed by a weaving unit. Continuous expansion and BMR activities have led to significant growth in topline in recent years. While recent devaluation has benefitted the company, high input costs driven by rising cotton prices and power cost have kept gross margins relatively stagnant, though largely at par with peers. With currency devaluation and full operations of recently completed spinning unit, margins are expected to improve.

Recent expansion and rise in working capital needs has increased financing requirements. However, leveraging remains modest. The company has utilized fixed interest rate lines that provide some respite in rising interest rate environment. The financial risk profile remains strong. This is supported by improving free cash flows and, in turn, strong coverages. The company is in the process of restructuring its Board through induction of new independent directors, which is expected to improve governance structure.

The ratings are dependent on sustaining business margins as well as strong coverages and financial profile. Meanwhile, optimal utilization of recent capacity enhancement is considered important. Going forward, buildup of a non-core income stream will have positive implications on ratings along with better governance framework.

For more information, contact:
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

PACRA Maintains Rating of Engro Corporation Limited

Lahore, December 28, 2018 (PPI-OT): The ratings reflect Engro Corporation’s (‘Engro Corp’) very strong risk profile. The HoldCo’s diverse pool of investments previously under its three strategic pillars i.e. fertilizer, consumer goods and energy have been re-aligned to four strategic pillars i.e. agri-solutions, consumer, energy infrastructure and petrochemicals. Significant liquid resources post divestment of sizable stake in EFoods, EFert and Elengy Terminal allow Engro Corp to explore various investment avenues.

Engro Corp’s existing portfolio has shown significant growth. While, EFert and EVopak continue as stable cash producers, EPolymer and Elengy have also joined the ranks. This has added the much needed diversity to the HoldCo’s revenue streams which would further strengthen with increase in dividends. Of late EPolymer has made a major turnaround owing to fundamental changes in the international industry dynamics supplemented by operational efficiencies. Given the strong demand in the local markets and the company’s fortified position in the PVC industry, EPolymer is expected to reap full benefits of it’s planned expansion. Engro Corp has sizeable investment in energy chain through Engro Energy. Here, coal mining along with coal based power plant are the key projects.

Engro Corp is operating at a modest leverage signifying low financial risk. It’s strategy to limit debt levels to fifty percent of its equity (excluding sovereign linked debt) at group level give comfort to its current ratings. The ratings also recognize the HoldCo’s re-alignment of its organizational structure, which allows greater control over the strategic direction of its subsidiaries. The ratings are dependent on the management’s ability to execute its envisaged strategy of growth and expansion. Sustainability in the performance of subsidiaries as envisaged along with effective management of financial profile on a group-wide basis remains important.

For more information, contact:
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

PACRA Maintains Stability Rating of NAFA Islamic Money Market Fund

Lahore, December 28, 2018 (PPI-OT): The fund objective is to provide competitive return with maximum possible capital preservation by investing in low risk and liquid Shariah Compliant authorized instruments. The rating reflects the fund’s strong credit risk profile emanating from the fund’s investment policy to invest in high credit quality investment avenues with sound liquidity. The fund’s portfolio at June-18 comprises cash balances ~98.7%. Fund’s portfolio duration of 1 day results in low exposure towards interest rate volatility.

The fund’s unit holding pattern remains concentrated with the top10 investors comprising ~99% of the fund’s net assets, of which almost all of the investment is AMC’s own investment which exposes the fund to a very low level of redemption pressure. Going forward, the rating remains dependent on maintaining assets in AA or above category, whereas at least 50% allocation towards AA+ exposure with portfolio duration not exceeding 60 days.

For more information, contact:
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

PACRA Assigns Initial Stability Rating to NBP Aitemaad Mahana Amdani Fund

Lahore, December 28, 2018 (PPI-OT): The objective of the fund is to provide monthly income to investors by investing in Shariah Compliant money market and debt avenues. The rating incorporates the fund’s good credit quality and sound liquidity profile emanating from the fund’s strategy to invest in good quality shariah compliant instruments. At end Oct-18, ~99% of the fund’s net assets were invested as cash with banks. The fund has a diversified unit holding pattern, with top 10 investors representing ~95% of the fund size, of which ~61% are group’s own investments, which exposes the fund to a low level of redemption pressure.

Going forward, the fund intends to maintain its exposure in cash. Material changes in the fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remains critical for the rating.

For more information, contact:
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