VIS Reaffirms Entity Ratings of Artistic Milliners (Private) Limited

Karachi, December 02, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has reaffirmed entity ratings of ‘AA-/A-1’ (Double A Minus/A-One) to Artistic Milliners (Private) Limited (AML). Long Term Rating of ‘AA-’ reflects high credit quality, strong protection factors, and moderate risk but may vary slightly because of economic conditions. Short Term Rating of ‘A-1’ indicates high certainty of timely payment, excellent liquidity factors supported by good fundamental protection factors and minor risk factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on November 01, 2019.

Assigned ratings take into account AML’s strong financial and moderate business risk profile. Business risk profile of the denim industry is supported by stable and growing demand for denim products; US-China Trade disruption has enhanced sales as major buyers continue to diversify procurement. Even though concerns of a second wave of Covid-19 remain elevated, we expect the order book for the company to remain strong in the ongoing year, easing our business risk apprehensions. Moreover, increased expansion by leading denim and non-denim textile players is also on account of favorable demand and expected increase in orders. AML is well positioned to tap this opportunity given the recently completed expansion in all three segments.

Assessment of financial risk profile incorporates healthy profitability indicators, strong liquidity profile and sound capitalization levels. Gross profitability improved during the outgoing year due to rupee devaluation and enhanced efficiencies. Subdued growth in net profitability was noted on account of no support of income from subsidiaries and limited exchange gains. Going forward, AML considers itself well-positioned to surf across the second wave of COVID-19 by maintaining its focus towards volumetric growth of basic fabric and garments.

Consequently, management envisages healthy growth in sales revenue going forward through higher projected sales volumes. Liquidity profile of the company is considered strong in view of healthy cash flows, sizeable liquid assets carried on balance sheet and strong debt servicing ability. Despite higher debt drawdown to fund increasing working capital requirements, leverage indicators remained at preceding year levels due to limited dividend payout and higher retained earnings. Going forward, with limited debt drawdown and projected increase in equity base, leverage indicators are projected to improve. The assigned ratings remain dependent on maintaining projected financial indicators within benchmarks for the assigned ratings.

AML is one of the leading denim fabric and garment manufacturers and exporters with vertically integrated operations in Pakistan. The company deals in manufacturing of yarn, denim fabric and denim garments. Over the years, the management has placed significant focus on sustainability initiatives. AML owns Pakistan’s first LEED (Leadership in Energy and Environmental Design) Certified Garment Factory. Sales mix of the company is almost entirely export oriented with revenues comprising a mix of denim fabric and garments. During the outgoing year, AML completed expansion in its spinning and weaving divisions.

Going forward, the company plans to invest in a new processing unit for white fabric that will diversify sales. Albeit subdued support from the subsidiary operating a wind power plant; projected annual dividend income from the subsidiary is expected to continue to support the company’s profitability and diversify revenue streams. Going forward, the company plans to further diversify in the renewable energy segment. Assigned ratings incorporate extensive experience of sponsors and strong franchise enjoyed by AML in the denim sector.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

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Mian Anjum Nisar has called for stopping double toll collection on the Faisalabad-Pindi Bhattian motorway(M-3), suggesting the government to shift the second toll plaza to somewhere else, as it is unjust to charge extra tax in the same area

Karachi, December 02, 2020 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has called for stopping double toll collection on the Faisalabad-Pindi Bhattian motorway (M-3), suggesting the government to shift the second toll plaza to somewhere else, as it is unjust to charge extra tax in the same area.

He said that the purpose of the motorway is to make travel faster and safer but the government is doing otherwise and inviting the public anger. He said that the government has been collecting toll tax from interchange to interchange and the motorists have been paying it without any complaint although the rates of the toll are increased frequently.

He said that the travelers had to wait for hours for their turn to pay the toll due to manual way of tax collection.

Mian Anjum Nisar lamented that instead of facilitating the motorists the National Highway Authority is making the travel difficult even on the motorways. He also quoted the businessmen as complaining of waiting for hours in the queue to pay the toll on the recently reactivated toll plaza, which would increase the fuel consumption of vehicles and waste of time.

If the motorists would wait for hours on the motorway then what is the difference between the GT Road and motorway. The National Highways Authority (NHA) should introduce a mechanism and announce categorically that the vehicles having no required balance in their E-card would not be allowed to run on the motorway.

He said that erection of two toll plazas on a distance of just two kilometers does not make sense, as the toll has been charged from the motorists from the Pindi Bhattian interchange, which is just two kilometers from the earlier toll plaza, besides creating traffic mess for commuters.

He said that the double toll plazas in the same vicinity result into a constant traffic jam in the area where the motorists have to wait for a long time to pay toll while travelling on the motorway. He termed toll collection in long queues in the middle of the road an unwise decision. He observed that practice of receiving tolls on the motorway in the past has proved to be a failure but the same exercise has again been started, which should be condemned. Moreover, there are more chances of accidents due to the long queue on the motorway to pay toll in the middle of the road.

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/

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Faysal Bank, PIA Announce Second “Welcome Home” Campaign Lucky Draw Winners

Karachi, December 02, 2020 (PPI-OT): Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banking network, together with Pakistan International Airlines (PIA), carried out the second ballot for the four winners of the “Welcome Home – Roshan Digital Account” campaign, during a ceremony held at Faysal House, Karachi.

The ceremony was held in reference to a joint initiative by Faysal Bank and PIA, to promote the National cause of attracting higher inward remittances into Pakistan, through Roshan Digital Account. The winners were awarded with economy class PIA return tickets to Pakistan from their country of residence. The second lucky draw winners were Muhammad Afzal Suhail (Saudi Arabia), Rehan Umer (UAE), Yasir Bin Ashraf (UAE) and Hasnain Asif (Saudi Arabia).

Speaking at the ceremony, Mr. Tahir Bhatti, Head of Retail Banking at Faysal Bank Limited, said, “It is an honor for us to take the lead in promoting State Bank of Pakistan’s led initiative of Roshan Digital Account (RDA) and encourage Overseas Pakistanis to benefit from this easy digital banking solution in Pakistan. We are overwhelmed with the interest and response we have been getting as a result of this promotion. We are happy to reward the second set of winners, who qualified for this ballot, with return PIA airline tickets. While we welcome the winners of this ballot to Pakistan, we would also like to encourage others to open and fund their Roshan Digital Accounts with Faysal Bank and stand a chance to win too.”

AVM Amir Hayat, Advisor to CEO PIA, who was present during the ceremony added, “After the first ballot, we are now more than excited to announce the second batch of lucky draw winners for the “Welcome Home” campaign, and welcome all of our winners onboard our flights to Pakistan. We look forward to rewarding rest of our winners who will be announced in the coming weeks and months. We congratulate Faysal Bank for this initiative and remain fully committed to promoting the national cause of increasing foreign investment in the country.”

For more information, contact:
Head Office,
Faysal Bank Limited
Faysal House, ST-02, Shahrah-e-Faisal, Karachi, Pakistan
UAN: +92-21-111-747-747
Fax: +92-21-32795234
Email: corpcomm@faysalbank.com
Website: www.faysalbank.com

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Islamabad Chamber of Commerce and Industry organizes seminar to raise awareness on HIV/AIDS

Islamabad, December 02, 2020 (PPI-OT): To mark the World AIDS Day, the Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Islamabad Founder Lions Club organized a seminar to raise awareness about AIDS. Sardar Yasir Ilyas Khan President, Abdul Rehman Khan Vice President ICCI, Ch. Haroon Naseer CEO Maroof Hospital, Sheikh Amir Waheed President, Faheem Khan Vice President, Muhammad Naveed Malik Secretary General of Islamabad Founder Loins Club, Dr. Afshan Malik, Dr. Waheed, Dr. Usama, Dr. Mehwish, Baser Daud, Safina Shah, Ashfaq Chatha, Nausheen Arshad, Sheikh Jamshed and a large number of business community attended the seminar.

Addressing the seminar, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry said that the World AIDS Day reminded us to unite in the fight against HIV and to show solidarity with people living with HIV. He said that in our society people infected with HIV were facing stigma and discrimination, which was preventing them from living a full and happy life and stressed for educating people to change such negative mindsets. He said that the unsafe blood transfusions and the use of unsterilized medical and dental equipment were the main causes of the spread of HIV/AIDS in Pakistan and the government should take strong measures to ban such unhealthy practices. He stressed on enhancing the capacity of healthcare workers, adherence to injection safety standard operating procedures and the ways to implement safe blood transfusions. He thanked the office bearers of Islamabad Founder Lions Club for joining hands with ICCI for organizing seminars on an important topic that would be beneficial for the participants.

Ch. Haroon Naseer, CEO Maroof Hospital and Dr. Usama gave a detailed presentation about the technical aspects of AIDS, its progression, signs and symptoms, diagnosis process, basic knowledge and its treatment options. They informed that 1.7 million people were diagnosed with HIV/AIDS in 2019 worldwide, 38 million people were living with HIV globally in 2019 and 690,000 people died from AIDS-related illnesses in 2019 around the world.

Sheikh Amir Waheed, M. Naveed Malik, Dr. Afshan Malik, Dr. Waheed, Dr. Mehwish and others also spoke at the occasion and suggested the interventions to prevent this disease. They said that community leaders and media should be taken on board to raise more awareness about HIV/AIDs in people. They were of the view that better education of people about HIV/AIDS would be helpful in removing the stigma and misperceptions associated with this disease. They said the world was doing much more to control HIV/AIDS compared to the work being done in Pakistan. They said that disposable syringes were banned around the world, but in Pakistan many hospitals were using these syringes because they were cheaper and stressed that their use should be completely banned to save the lives of people.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

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Zameen Developments, EBCO Constructions Sign Mall 35 Construction Contract with Tameer Constructions

Lahore, December 02, 2020 (PPI-OT): Zameen Developments and EBCO Constructions have signed an agreement with Tameer Constructions, granting the latter exclusive rights to construct the grey structure of Mall 35 in Rawalpindi. The signing ceremony was held at Zameen’s Head Office in Lahore.

Zameen.com CEO Zeeshan Ali Khan, Zameen Developments Director Fahad Arif Khawaja, EBCO Constructions Senior Director Hassan Sheikh, Tameer Constructions Director Operations Intikhab Akbar, and other officials were all present at the event.

Commenting on the occasion, Zameen.com CEO Zeeshan Ali Khan, said that Zameen Developments is committed to achieving excellence with well-planned, international standard mixed-use projects such as Mall 35. “We have built trust with both local and overseas Pakistanis over the course of 14 years; consistently meeting the public’s expectations with our revolutionary real estate initiatives,’” he further stated.

Zameen Developments Director Fahad Arif Khawaja stated that Mall 35 is being developed with the best quality construction material in the heart of Rawalpindi. “Tameer Constructions is a respected name in the construction sector and have we picked them for their impressive track record on superior-quality constructions,” he added.

EBCO Constructions Senior Director Hassan Sheikh praised the collaboration between his organization and Zameen Developments, stating that the latter’s involvement in the venture “is a matter of immense pride for us”. “Mall 35 is the first-of-its-kind real estate development, not just in Rawalpindi but in Pakistan,” he further said.

Tameer Constructions Director Operations Intikhab Akbar said that his organization would provide its expertise for Mall 35’s construction. “Construction of grey structure is the inaugural phase in all kinds of construction projects and Tameer Constructions is committed to providing a high-quality grey structure for Mall 35,” he further stated.

For more information, contact:
Senior Manager Communications and PR
Zameen.com
42-A, Block XX,
Khayaban-e-Iqbal, Phase III,
DHA, Lahore, Pakistan
Tel: (+92) 42 3835 4444
Cell: +92 (0) 336 450 8982
Email: shaista@zameen.com

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VIS Suspends Broker Management Rating of Pearl Securities Limited

Karachi, December 02, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has suspended the Broker Management Rating of ‘BMR2’ assigned to Pearl Securities Limited (PSL), with immediate effect, due to non-availability of current information for ratings analysis. The ratings will be reassessed as and when the required information is available. Previous rating action was announced on October 22, 2019.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

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Upcoming Realme ‘Race’ to Feature Qualcomm Snapdragon 888 Mobile Platform

Islamabad, December 02, 2020 (PPI-OT): Smartphone maker Realme has announced that it will be launching its new phone called “Race” powered by Snapdragon 888. According to the company, the codename “Race” indicates the fast speed and high performance of the upcoming model.

It’s pertinent to note that Realme will be one of the early smartphone manufacturers to apply the latest Qualcomm flagship 5G Mobile platform, Snapdragon 888, which it announced at the Qualcomm Snapdragon Tech Summit 2020.

In his video speech at Tech Summit 2020, Realme’s CEO Sky Li said, “Qualcomm has always been one of Realme’s most important partners. Realme has already started the development of “Race” a few months ago, and will once again deliver a product that will exceed the expectations of users around the world.”

As one of the world’s fastest-growing Smartphone brands, Realme has worked closely with Qualcomm since its inception. They have brought forward a number of 4G and 5G Smartphones for its users globally.

Realme was one of the first manufacturers to use Qualcomm Snapdragon 865 and 765G Mobile platforms in 2020. Realme X50 Pro 5G with Snapdragon 865 and Realme X50 5G with Snapdragon 765G both have enjoyed success in international markets.

“Race” with Snapdragon 888 will be among the first S888-based phones to reach the market. Complete features are yet to be revealed but the phone is rumored to be paired with 12GB RAM and 256GB storage and run Android 11 with Realme UI 2.0 on top.

An image of the phone shows a quad-camera with an ‘Oreo’ style bump but no information on the modules inside yet. There’s also talk if Realme ‘Race’ will feature Realme’s 125W UltraDART charging or if that will debut with another device.

For more information, contact:
Realme
Email: global@realme.com, pr@realme.com
Website: https://www.realme.com

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