Engr. Daroo Khan appeals to organize rallies and show solidarity with Indian Occupied Kashmiris

Karachi, August 29, 2019 (PPI-OT): Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement issued today has expressed his strong support and solidarity with the oppressed people of Indian Occupied Jammu and Kashmir. He, in response to the call of Honourable Prime Minister of Pakistan Imran Khan, has appealed to all the trade bodies (Chambers and Associations) across the board and the business community at large to organize rallies and show solidarity with the oppressed people of Indian Occupied Jammu and Kashmir on Friday, the 30th August, 2019 at 12 Noon at inter-city roads, carry banners and play-cards in hands and post banners on their offices and websites etc., and make the day successful.

The FPCCI Chief further said that at this time of need the Pakistani peoples are with their Kashmiri brothers and strongly condemned the genocide, atrocities and custodial killings of the innocent Kashmiri peoples at the hands of the Indian armed forces. The FPCCI President informed that in support of cause of the Indian Occupied Kashmiris, a rally of the business community led by him would be brought out from Federation House Karachi on Friday, the 30th August, 2019 at 12 Noon.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

PACRA Maintains IFS Rating of IGI General Insurance Limited (29-08-2019)

Lahore, August 29, 2019 (PPI-OT): The rating of IGI General Insurance Limited draws comfort from the growing business volume under the stewardship of an able team. The composition of the book is well balanced with almost equal proportion emanating from the direct business. In this, the business relationships of the group also play a pivotal role, whereby a number of multi-national companies obtain insurance coverage from IGI. Largest growth has been seen in the Motor segment. Improvement in the IT infrastructure is helping the company in bringing efficiency – notably in claims management.

Underwriting profits improved with contributions from both premiums side as well as claims. Post de-merger, the parent company, IGI Holdings Limited has injected a sizeable capital into the company. This is preserved mostly as in the form of liquid investments. The Hold Co has an express mandate to proactively support the company in times of need. The top group resources provide strategic direction and oversight. The assigned rating also takes into account its association with Packages Group and comfort is drawn from its sound governance practices of the group.

The rating remains dependent on the management’s ability to strengthen its market position in a competitive landscape while ensuring underwriting profitability. The liquid investment book need to be preserved and indeed improved in line with the growing business volumes.

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

Careem Now Lets You Book Rides Through WhatsApp (29-08-2019)

Karachi, August 29, 2019 (PPI-OT): Careem has introduced a new convenient way for customers to book their Careem rides through WhatsApp. Ride-hailing applications like Careem are a relatively new concept and were introduced in Pakistan just a few years ago but WhatsApp is already being used by millions of people.

Allowing customers to book a Careem via WhatsApp simplifies the process, provides an alternative for people who aren’t familiar with ride-hailing apps and enables Careem to bring improved mobility to even more people.

How to Book a Ride on WhatsApp:

The process of booking is as simple as sending a text message. Before you can send Careem a message, you must save the number 0311-1555169 in your contacts as Careem to make sure it shows up on WhatsApp. Once you have saved this number, here are the steps to follow:

Step 1: Say “Hi” to Careem. You will immediately get a reply asking for your location.

Step 2: Click the safety pin icon in your WhatsApp conversation and respond with “Your Current Location”. Careem will then ask you to choose a number corresponding to the “Car Type” you want to use.

Step 3: Reply with a number corresponding to the “Car Type” you want to choose. For example Press 2 for “GO” Car Type. Once the Car Type is confirmed, you will receive details of your Captain and vehicle in the conversation.

Step 4: Wait for your Captain to arrive. Don’t forget to rate your Captain at the end of the ride.
Here is a video with a step by step guide on how to book a Careem using WhatsApp.

Zeeshan Hasib Baig, General Manager Careem Pakistan, said on the occasion:

With the ability to book a Careem through WhatsApp, we want to ensure that customers with low-end smartphones and data bandwidth limitations have a seamless experience when using our ride-hailing services. As the internet platform for the Greater Middle East and Pakistan, Careem continues to constantly disrupt itself to make sure that Pakistan accelerates even more quickly towards a digital future.

WhatsApp booking for Careem has been launched across Pakistan and all types of cars can be booked through it. Payment for WhatsApp bookings can be made either through credits in your Careem PAY account (if the option has been enabled in your Careem App) or cash.

To track your ride or share it with your family or friends, Careem will send you a tracking link with your booking details (Car, Captain, Plate no, etc). One thing to keep in mind is that the WhatsApp booking feature is available for customers registered with Careem through their phone number. For customers who do not have a registered number on the application will not be able to book a ride through WhatsApp.

For more information, contact:
Careem
Tel: +92-21-111 227 336
Email: go@careem.com
Website: https://www.careem.com/karachi

PACRA Maintains Entity Ratings of Ahmed Fine Textile Mills Limited (29-08-2019)

Lahore, August 29, 2019 (PPI-OT): The ratings reflect Ahmed Fine Textile Mills (Ahmed Fine) association with renowned business groups of Pakistan – jointly owned by Fazal Group and Hussain Group. The Company is primarily engaged in the spinning business and also has presence in weaving segment through a wholly owned subsidiary – Fazal Rehman Fabrics Limited. The ratings incorporate improved business performance of the Company on the back of prudent inventory procurement, resulting in notably higher margins in first two quarters, eventually resulting in better margins for FY19.

Meanwhile, significant rupee devaluation and subsidized utilities for textile industry has made the local textile industry cost competitive. Ahmed Fine’s financial profile is considered strong reflected by (i) efficient working capital cycle, (ii) strong coverages, and (iii) moderately leveraged capital structure. Additionally, the Company is in possess of enhancing its capacity, which will increase its leveraging. However, the loan will be availed on SBP’s concessional rate. Going forward, high interest rate environment, coupled with withdrawal of zero rating status and restriction on sales to unorganized sector will have a restraining impact on local textile industry.

The ratings are dependent on sustaining business margins while maintaining a sound financial profile with strong coverages and manageable leveraging. The Company’s ability to generate ensuing cash flows to fulfill its financial obligations will remain critical for the ratings.

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 IFS Rating of Takaful Pakistan Limited (29-08-2019)

Lahore, August 29, 2019 (PPI-OT): Takaful Pakistan Limited, a dedicated Takaful company, has witnessed signs of revival in its business and financial profile after the acquisition by new owners. The group of new sponsors reflect a balanced mix of business acumen – needed to grow insurance business in the tough landscape of the insurance industry – and a strong backing of financial support – to take off the company from its current position. Convergence is fast happening. The company has increased focus on it’s customer service experience by using technology innovation and digital customer interactions.

The equity position is expected to be enhanced. Sponsors have pledged an explicit undertaking to enhance the equity by internal growth and/or capital injection. The business has picked up sizeably. In the foreseeable future, momentum is expected to continue in the foreseeable future as a result of sustained effort to propel business growth.

The company envisages a diverse segmental mix though it is currently following a motor-centric approach in the beginning to build up business volumes, a testimonial of the strength of the new sponsors. The company has also been aggressively pursuing health business, and intends to generate volumes by incorporating technology in the Health Takaful product. Takaful Pakistan will be undertaking banking enlistment to achieve diverse segmental mix while focusing on Health, Fire and Marine Takaful. Reinsurance arrangements have been augmented in line with increased growth of the company.

The rating is dependent on the management’s ability to capitalize on the group’s well-built platform for business expansion. At the same time, the equity level must improve and segmental income stream should likewise go up. Liquidity needs to be upheld. Upgradation of I.T infrastructure is being carried out and front-end customer based applications are being developed.

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 IFS Rating of Alfalah Insurance Company Limited (29-08-2019)

Lahore, August 29, 2019 (PPI-OT): The rating recognizes Alfalah Insurance’s maintained financial profile, emanating from i) well managed insurance assets/liabilities structure, and ii) investment book that contributes a sizeable income stream and provide cushion to the bottom line. Rating also draws comfort from sponsorship of the company. Growth in business volumes of the company has been observed. Impetus is being added with the launch of personal accidental products to various telecom subscribers, which has yielded noteworthy results. This augers well for the business expansion and branding of the company.

The management’s conservative stance, in the form of low risk retention, continues yielding profitability. Positive momentum in volumes is expected to continue on the back of new products. Health and accident segment intends to fortify its position in the general insurance industry via expanding it’s outreach. The company is expanding penetration in motor segment; building synergies with group bank – Bank Alfalah. Supporting its prudent risk retention policies, Alfalah Insurance has a sound panel of re-insurers with favourable treaty terms.

The rating is dependent on the company’s ability to augment its market position in the competitive landscape, while upholding the underwriting performance. Strengthening of liquid profile is vital along with prudent management of claims and receivables.

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 Rating to K-Electric Limited – Islamic Commercial Paper of PKR 8bln

Lahore, August 29, 2019 (PPI-OT): K-Electric has lately published the annual report for the year ended 30th June, 2017. The company’s net profit took dip during FY17 as compared to last year owing to significant reduction in tariff level along with the change in tariff structure. The operational parameters and the related data reflect improved performance going forward. The number of consumers have taken a growth of ~10% during FY19 as compared to FY18. The recovery ratio of the company, which reflect, amount received against amount billed, has taken almost percentage point improvement during FY19. Hence, the profitability and cashflows position of the company are expected to take a positive impact. The challenge faced by the industry is prevailing circular debt.

As of May, 2019 the Company’s gross receivables from various Federal and Provincial public sector entities stand at PKR 177bln and are nearly two times the Company’s payables which total PKR 99bln. The company has not accrued mark-up on its payable to government controlled entities. The management view is that the mark-up on these outstanding liabilities will be payable only when it receives mark-up on its own outstanding receivable balance on account of tariff differential claims and energy dues of the company’s public sector consumers. This has resulted in an increase in the company’s borrowings.

The overall leverage indicators reflect manageable position. The external settlement of the pending issues is important, going forward. The company is creating different avenues to fund it’s enhanced needs of its working capital, the recent leg of which is ICP-A (amounting to PKR 8bln). In application to PSX dated May 28th 2019, K-Electric informed that following the withdrawal of case before the Sindh High Court, Ministry of Energy (MoE) has notified long standing MYT on May 22nd, 2019 for the period of seven years applicable from July 1st, 2016 to June 30th, 2023. However, the AGM for approval of accounts for the year ended 30th June, 2018 to be held, with SECP’s direction.

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