Day: September 25, 2020

Islamabad, September 25, 2020 (PPI-OT): Eighteen, the luxury real estate project, signs Mahira Khan as their brand ambassador; the actress is set to appear in Eighteen’s new TVC campaign. Mahira Khan has previously worked with the brand as well and was a part of the first ever TVC of Eighteen, a star-studded affair where Mahira Khan was featured alongside other top celebrities of Pakistan.

Eighteen’s CEO, Tarek Hamdy added, “Mahira is admired and revered by Pakistanis all over the world. She has been an integral part of Eighteen’s journey and she understands our brand values and ethos, so we are absolutely delighted to be working with a talent like her. Since her work goes beyond boundaries, it resonates with not only Pakistanis but also with our expat audiences residing all over the world.’

Eighteen is a golf course community located in the suburbs of Islamabad offering world-class amenities to its residents. Home to the finest commercial and residential spaces with state-of-the-art amenities to deliver the promise of destination living. It is an exclusive joint venture of Egypt-based Ora Developers, and Saif Group and Kohistan Builders (KBD) of Pakistan. Located 10 minutes from the New Islamabad International Airport, the grand project occupies a focal place in the twin cities.

For more information, contact:
Eighteen Islamabad
2nd Floor, Razia Sharif Plaza, Blue Area,
Islamabad, Pakistan
Tel: +92-51-111-11-1818
Email: sales@elite-pk.com
Website: https://eighteenpk.com/

Lahore, September 25, 2020 (PPI-OT): GrocerApp is the leading e-grocer market in Pakistan, a convenient platform that offers a full-range of groceries including fruits, vegetables and meat at super competitive prices. GrocerApp has successfully eliminated the worries, fears and myths of online purchasing, such as; delayed deliveries, quality issues and high prices. GrocerApp has introduced the highest standards and best-practices to the e-grocers market in Pakistan, by providing high quality products for much lower prices. The prices offered are 5% cheaper than regular company rates.

It is surely an exciting initiative for all segments of consumers – as it promises peace of mind for men who are concerned about exceeding budgets, while it offers unmatched convenience for women, who want to keep their kitchen cabinets filled till the end of the month. Adding more to the bucket with 5% cheaper rates, GrocerApp has also inspired many new trends in the e-grocer market. The app works with the motive of delivering high quality products on market-competitive prices with a super swift, same-day delivery service. GrocerApp is a one-stop shop, with a hi-tech solution for all your daily grocery needs.

For more information, contact:
Head Office,
GrocerApp.pk
M 110, Peco Road, Quaid-e-Azam Industrial Estate,
Lahore, Pakistan
Tel: +92-304-111-2271
Email: info@grocerapps.com
Website: https://grocerapp.pk

Karachi, September 25, 2020 (PPI-OT): Al Baraka Pakistan has paired with Pakistan’s prominent fintech, Avanza Premier Payment Services (APPS), to allow its customers to pay online via their bank accounts through APPS’ indigenous payment gateway, PayFast. Approved for pilot operations by the State Bank of Pakistan (SBP), PayFast empowers multi-instrument acceptance of Scheme Cards, Mobile Wallets, and Bank Account Numbers.

They address merchant pain points through the digital sign up, robust APIs and plugins, fraud detection, PCI-DSS certified infrastructure, and PayLinks, a digital billing and invoicing solution ideal for FB, merchants, freelancers, etc. to accept payment simply via a unique link. Al Barak Bank (Pakistan) Limited is part of Al Baraka Banking Group B.S.C. (“ABG”) Bahrain which is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco, and Germany, in addition, two branches in Iraq and two representative offices in Indonesia and Libya.

Mr. Adnan Ali, CEO of APPS, said in a statement, “Al Baraka Bank is attributed to be the pioneer of Islamic Banking in Pakistan, and a reliable name in the financial industry. We are therefore proud to take Al Baraka Pakistan on our journey to disrupt the digital payment landscape in Pakistan, and bring convenience to their customers with simpler, more secure digital payment methods.”

On this occasion, Mr. Farhan Baig, Deputy CEO – Business, said, “Al Baraka is delighted to take APPS on board with us on the journey of digitalization; Al Baraka is very keen to provide the best digital solutions to its customers. With this, our customers will see a new level of ease in a safe and secure environment. This feather in the cap will also provide an opportunity to consumers and merchants to experience the Shariah Compliant Banking with peace of mind.” For more information on APPS and Al Baraka Bank, you can visit their websites: apps.net.pk or albaraka.com.pk.

For more information, contact:
Al Baraka Bank (Pakistan) Limited
Al Baraka House
162 Bangalore Town, Main Shahrah-e-Faisal
Karachi, Pakistan
PABX: +92 21 3431.5851
Fax: +92 21 3454.6465
Email: info@albaraka.com.pk
Website: www.albaraka.com.pk

Karachi, September 25, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned the initial entity ratings of ‘A/A-2’ (Single A/A-Two) to Mughal Iron and Steel Industries Limited (MISIL). The medium to long-term rating of ‘A’ denotes good credit quality coupled with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. The short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are considered sound. Outlook on the assigned rating is ‘Stable’.

MISIL is considered one of the major players in the long steel sector of Pakistan. Product portfolio of the company comprises steel rebars, girders and t-iron. Steel rebars and girders are the key revenue generating products. The assigned ratings take into account extensive experience of sponsoring family who has been involved in the steel sector since 1950. The ratings draw comfort from sizeable scale of melting and re-rolling mill capacities, underpinned by installation of two new furnaces and completion of balancing, modernization and replacement (BMR) of existing re-rolling mill in 4Q2020.

While the company exhibited healthy increase in revenue and profits in the past few years, slowdown in economic activity and outbreak of COVID-19 has adversely affected financial performance during 9MFY20. Gross margins declined as the company could not pass the full impact of higher raw material prices onto consumer. However, the ratings factor in projected growth in volume sales, underpinned by recent uptrend in rebar prices, which along with the completion of BMR of re-rolling mill, is expected to bode well for the margins to some extent due to energy and overheads efficiencies.

Liquidity position of the company was also under stress owing to significant decline in cash flows generation mainly as a result of higher finance cost and taxes paid, which resulted in low debt service coverage. While improvement in cash flow generation is expected in FY21 and beyond on account of higher projected profits along with an expected major tax benefit, coverages are projected to remain slightly above the minimum threshold over the next three years as major debt repayments would fall in that period.

Increase in equity base is attributable to internal capital generation and contribution from sponsors. Debt profile of the company comprises a mix of short-term and long-term financing facilities. Working capital requirements are met through short-term borrowings. The company has also mobilized long-term debt during the period under review to finance the said BMR. Resultantly, though manageable, gearing and debt leverage were slightly on a higher side. With the issuance of Sukuk instrument and higher short-term borrowings for working capital requirements, leverage indicators are projected to increase in FY21 and decrease subsequently.

Going forward, the ratings are dependent on achievement of projected revenue and profits, improvement in cash flow generation and coverages, and maintenance of leverage indicators within prudent limits. While the demand for steel sector is showing signs of recovery on account of construction industry relief package and the government’s spending on construction of development projects, sustainability of demand over the long-term period will be an important rating factor.

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/