Day: October 2, 2020

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VIS Assigns Initial Entity Ratings to Sitara Textile Industries Limited

Karachi, October 02, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘BBB+/A-2’ (Triple B Plus/A-Two) to Sitara Textile Industries Limited (STIL). The medium to long-term rating of ‘BBB+’ denotes adequate credit quality coupled with reasonable and sufficient protection factors. Moreover, risk factors are considered variable 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 and risk factors considered small. Outlook on the assigned ratings is ‘Stable’.

STIL is a small sized export-oriented processing unit; virtually wholly owned and managed by the sponsoring family. The sponsors have supported in the form of interest free loan payable at the discretion of the company. The ratings incorporate its presence in value-added textile segment and the management’s focus to increase operational efficiency through BMR.

The company’s topline witnessed a muted growth over the last few years, with largely stagnant gross margins. Around four-fifth of the net revenues comprises exports sales, while local revenue mainly emanates from sales to Sitara Hamza Limited, a wholly owned subsidiary of STIL. Given modest growth in equity base due to limited profitability and increasing trend in trade payables, debt leverage indicators have remained on a higher side.

However, gearing has trended downwards over the years. Further, debt service coverage is considered adequate given minimal long-term borrowings. The ratings are constrained by relatively small scale of operations, limited profitability and relatively high debt leverage. Keeping leverage indicators at acceptable levels while improving net margins are considered important for the assigned ratings.

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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Murad Ali Shah urges for issuance of NOC to MPCL for exploration in Jamshoro

Karachi, October 02, 2020 (PPI-OT): Sindh Chief Minister Syed Murad Ali Shah has directed Environment department to expedite EPA study of Taung Block, Jamshoro where Mari Petroleum Company Limited (MPCL) has to start exploration which would create job opportunities and development in the area.

He issued these directives on Friday while meeting with a delegation of MPCL here at the CM House. The delegation members were Managing Director Mari Gas Faheem Haider, General Manager Brigadier Obaid-ur-Rehman and General Manager Tufail Khoso. Advisor to CM on Law and Environment Murtaza Wahab, PSCM Sajid Jamal Abro, Secretary Energy Musadiq Khan and others also attended the meeting.

The MPCL delegation told the chief minister that they have got exploration licenses for Taung Block, Jamshoro. The block stretches over 151 square kilometers. The company has applied for EPA NOC for which the environment department has started conducting study. The chief minister directed his Advisor on Environment Murtaza Wahab to expedite the EPA study so that NOC could be issued.

The chief minister directed the MPCL to give preference to the local in employment and contribute in the development of the area. The company assured the chief minister that the local would be given priority in skilled and unskilled jobs and the company would undertake development in the area.

The exploration would fetch around $2.95 million royalty in case of discovery. Murad offers condolence for Amir of Kuwait. Sindh Chief Minister Syed Murad Ali Shah visited Consulate of Kuwait and offered condole over the death of Amir of Kuwait Sheikh Sabah Al Ahmad Al Jaber Al Sabah and recoded his impressions in condolence book.

For more information, contact:
Press Secretary,
Chief Minister House, Sindh
Tel: +92-21-99202019(Ext: 336)
Website: www.cmsindh.gov.pk

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Application for Visa for foreign nationals eligible for Phased Measures toward Resuming Cross-Border Travel

Islamabad, October 02, 2020 (PPI-OT): From October 1, 2020, the Government of Japan has started its new border measures to allow foreign nationals to apply for visas for new entry into Japan

The details of the new measures and relevant documents are available on the website of Ministry of Foreign Affairs of Japan below:

English https://www.mofa.go.jp/ca/fna/page22e_000921.html

Japanese https://www.mofa.go.jp/mofaj/ca/fna/page22̲003381.html

○If you have any inquiry about visa application process for your new entry into Japan, Please call JAPAN VISA INFORMATION HOTLINE (Landline; 0080090044342, Mobile; +80090044342)

○For those who are applying for a re-entry confirmation letter to the Embassy, please be careful not to confuse with this new procedure. It is a different process from this.

1 Applicant with the purpose of entry

This is applicable for foreign nationals (1) who possess Certificate of Eligibility (COE) for mid to long-term stay in Japan and (2) who would like to visit Japan as short-term stay for business purpose.

Please be aware that above (2) short-term stay visa is ONLY for business purpose.

It is not applicable for any other purposes including sightseeing and visiting family or friends in Japan. The Embassy of Japan cannot accept visa applications for those purposes of short-term stay unless the Government of Japan makes an amendment for the decision.

2 Required documents for the visa application

New entry into Japan under the framework of “Residence Track” from countries/regions with which “Residence Track” continues to be effective, or, new entry into Japan based on the decision on September 25, 2020, from all countries/regions

Applicants with the purpose of entry listed on (a) or (b) are entitled to join the Track:

(a) Short-term stay for business

(i) Visa application form (with photo (4.5cmx4.5cm) attached)

(ii) Passport

(iii) Certificate of Employment of the applicant

(iv) Invitation letter

(v) Letter of guarantee

(vi) Written pledge (2 copies) (Residence Track)

(vii) Questionnaires

(viii) Copy of CINIC or ID-card

(viiii) Itinerary

(b) Mid to Long term stay

Based on the decision on September 25, 2020, all types of the status of residence, provided the applicant has the Certificate of Eligibility, are applicable for the new entry to Japan (Those who are entering Japan for “Diplomatic” or “Official” purpose do not need to follow the procedures for “Residence Track”)

(i) Visa application form (with photo (4.5cmx4.5cm) attached)

(ii) Passport

(iii) Certificate of Eligibility

(iv) Written pledge (2 copies) (Residence Track)

(v) Questionaires

(vi) Copy of CINIC or ID-card

For more information, contact:
Embassy of Japan in Pakistan
53-70, Ramna 5/4, Diplomatic Enclave 1,
Islamabad 44000, Pakistan
Tel: +92-51-9072500
Fax: +92-51-9072352
Email: culture@ib.mofa.go.jp
Website: http://www.pk.emb-japan.go.jp

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A meeting held at Central Police Office under the chair of IG Punjab on professional matters of Lahore Police

Lahore, October 02, 2020 (PPI-OT): Inspector General of Police Punjab Inam Ghani said that steps should be taken to improve traffic management on roads in Lahore especially on main highways and sensitive places through efficient use of available resources and modern technology. Chief traffic officer including other senior officers themselves should go out in the field to inspect and monitor the traffic control plan and its implementation as well.

He further said that traffic wardens should be warned who stand on the sides of roads or show irresponsibility while on duty and even after that departmental action should not be delayed against those who were negligent in their duties. He said that the duty and patrolling on the roads of Dolphin and PRU teams should be further improved to maintain smooth flow of traffic as well as prevent street crime. He further said that full support of CCTV cameras should be sought for the elimination of one wheeling and over speeding and crackdown against youths involved in one wheeling should be ensured by taking surety bonds from their parents in order to end this bloody game and save precious human lives.

He directed CCPO Lahore to expedite the crackdown on beggars and professional beggar mafia on the highways and said that operations against professional beggars should be continued in collaboration with the teams of Child Protection Bureau. Special action should be taken against professional men and women beggars who exploit children for begging.

He further said that the operation against drug addicts should be launched on the roads and in different areas of the city as soon as possible. On this occasion, DIG Operations Lahore Ashfaq Khan while briefing IG Punjab said that the health department is providing a 100-bed ward for rehabilitation where drug addicts will be kept for treatment, so an operation against the drug addicts will be launched in the next few days.

IG Punjab Inam Ghani while instructing DIG Operations said that they should not be allowed to leave such drugs addicts until doctors or other staff discharge them after recovery. He further said that full police action should be taken against eunuchs and prostitutes involved in various crimes on highways. He gave these instructions while presiding over a meeting on professional affairs and traffic management of Lahore Police at Central Police Office here today.

During the meeting, CCPO, DIG Operations and CTO Lahore briefed on various issues including traffic flow and begging. Crackdown on criminals involved in street crime is going on and cameras of Safe City are being used to the fullest to enforce traffic rules, traffic smooth flow on main roads and under passes in Lahore city, on which IG Punjab emphasized that an educational campaign is underway to make citizens aware of traffic rules At the same time, the police teams should perform their duties more diligently to prevent traffic accidents.

IG Punjab further said that traffic police is a very important component of the Punjab Police who represent the police department on the roads with their attitude and professionalism so with better planning and effective use of resources it’s performance may further be enhanced. He further said that CTO should adopt a comprehensive and effective strategy keeping in view all aspects related to reduction of traffic accidents and convenience of citizens. CCPO Lahore Omar Sheikh, DIG Legal Jawad Dogar, DIG Operations Ashfaq Ahmed Khan, CTO Lahore Capt (retd) Syed Hamad Abid and SSP Operations Faisal Shehzad and other officers were present on the occasion.

For more information, contact:
Punjab Police
Punjab Police Computer Bureau,
5th Floor, Central Police Office (CPO),
Punjab, Lahore
Tel: +92-42-99213019, +92-42-99213013
Fax: +92-42-99213012
Email: sapcb@punjabpolice.gov.pk
Website: www.punjabpolice.gov.pk

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State Bank of Pakistan issues guidelines for Development Finance Institutions to undertake Shariah compliant business

Karachi, October 02, 2020 (PPI-OT): To enlarge the scope of Shariah compliant financial services in the country, State Bank of Pakistan (SBP) has taken another important step by issuing guidelines for Development Finance Institutions (DFIs) to undertake Shariah compliant businesses and operations. Further, keeping in view the various developments, such as changes in the licensing and regulatory regime for banks, SBP has also updated the guidelines, introduced in 2004, for establishing Islamic banking Institutions.

The updated guidelines deal with the establishment of a full-fledged Islamic bank, Islamic banking subsidiary and Islamic banking branches of conventional banks. In addition, these guidelines cover different areas including minimum capital adequacy, requirements related to sponsor directors, business plan, Shariah governance, application fees, preconditions for commencement of business. For details: https://www.sbp.org.pk/ibd/2020/C4.htm

The guidelines for conventional banks and DFIs to undertake Shariah compliant business and operations also cover the eligibility criteria for in-principle approval, proposal requirements, shariah governance, minimum capital requirement and systems and controls. Further, separation of Islamic banking/finance division and its different components, responsibilities of head of the Islamic banking/ finance division and requirements for commencement of operations are part of these guidelines.

It is expected that these guidelines will facilitate the new entrants in the field of Islamic banking through establishment of full-fledged Islamic banks, Islamic banking subsidiaries by conventional banks and the commencement of Shariah compliant business and operations by conventional banks and DFIs.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

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India acquiring more lethal arms to kill Kashmiris, AJK President

Islamabad, October 02, 2020 (PPI-OT): While expressing his deep concern over reports of procurement of one million multi-mode hand grenades by India’s Defense Ministry, Azad Jammu and Kashmir (AJK) President Sardar Masood said that war-monger Modi-RSS regime piling up arms and ammunition to use them against defenceless people of Illegally Indian Occupied Jammu and Kashmir (IIOJK).

Media reports suggest that India’s Defence Ministry has signed a Rs 4,000 million contract for procurement of new one million multi-mode hand grenades to further equip the Indian army, a major chunk of which is deployed in occupied Jammu and Kashmir.

During his meeting with the different public delegation that called on him here at Jammu and Kashmir House on Friday, AJK President remarked that India’s armed to the teeth forces are to the people of Occupied Jammu and Kashmir who are fighting to end the illegal and illegitimate occupation of their land by India.

AJK President said BJP-RSS leaders have intensified chauvinistic rhetoric to paint the image of Modi as a true leader of the Hindu community, who is capable of leading the armed forces successfully against Muslim within India and against Pakistan.

India is stockpiling the weapons war arsenals of all kinds to kill people of Kashmir and Pakistan, but our message to fanatic Hindu leadership is clear and loud that wars may be fought with weapons and machines, but they are won by men imbibed with spirit and determination, and by the grace of Allah, Pakistanis and the Kashmiris will emerge victorious in the war because of their courage and determination.

India, he added is habitual of spoiling regional peace through its hegemonic attitude towards its neighbouring countries. The President asked the regional countries to challenge New Delhi’s bullying behaviour. Saying that India is committing war crimes in IOJK by transforming its demography, carrying out genocide, ethnic cleansing and barefacedly violating human rights in Occupied Kashmir but unfortunately the world powers have turned a blind eye towards these crimes.

Paying tribute to the people of India-occupied Jammu and Kashmir, who are braving Indian atrocities and barbarities, Khan said the struggle waged by oppressed Kashmiris is destined to succeed. He went on to say that repression of Indian occupying forces can never compel Kashmiris to abandon their struggle for attaining their right to self-determination as promised to them by the world community in UNSC resolutions.

Khan also paid tributes to the people of Kargil and Ladakh for rejecting India’s move to separate them from rest of Jammu and Kashmir and making it clear to Delhi that they want to be part of Jammu and Kashmir and wouldn’t accept anything less than it.

For more information, contact:
President of Azad Jammu and Kashmir
President Secretariat, Muzaffarabad Azad Jammu and Kashmir
Kashmir House, F-5/2, Islamabad
Tel: +92-582-2920401, +92-519-214692
Email: presidency@presidentajk.gov.pk
Website: https://www.presidentajk.gov.pk/

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Humanity at Stake in Indian Occupied Kashmir

London, October 02, 2020 (PPI-OT): To observe the Kashmir Black Day on 27th October, Government of Pakistan is hosting an International Declamation Contest in Islamabad. The theme of the contest is “Humanity at stake (Indian Illegally Occupied Jammu and Kashmir): Impact on world peace”. Purpose of the declamation contest: The contest seeks to sensitize the world community about ongoing human rights violations in Indian Illegally Occupied Jammu and Kashmir (IIOJK).

Participation: Students from world renowned universities studying in the discipline of International Relations/History/Political Science/International Law are invited to participate. 15 students will be selected amongst various countries to participate and to deliver speeches on the indicated theme of the contest.

Facilitation to the participants: The Government of Pakistan will provide return economy class air ticket for foreign students from their country capital to Islamabad and back. Double occupancy room with three times meals will also be provided in an appropriate hotel at Islamabad. An amount of US$100/- per day will also be paid to all student speakers.

Cash Prize: Three cash prizes amounting to US$ 3000, 2000 and 1000 will be awarded to the top three contestants. Audience/Observers: The audience/observers for the contest would be: members of the Parliament, Faculty members of top rated universities of Pakistan, media personal, Foreign Diplomats, and Pakistan Foreign Service Officers along with senior officers of Government of Pakistan.
Interested candidates are advised to send their willingness to the High Commission for Pakistan along with their CV/Profile before Friday 2nd October 2020 at register@phclondon.org. Selected participants would be informed in due course.

For more information, contact:
Head of Chancery,
High Commission for Pakistan in United Kingdom
34 – 36 Lowndes Square, London, SW1X 9JN, United Kingdom
Tel: 020-7664-9271
Supervisor, Mr. Shahab-ud-Din,
Fax: 020-7664-9255