January 18, 2021 – Page 4 – PPI News Agency

January 18, 2021

Authorities condemned for denying students’ bodies to families

Srinagar, January 18, 2021 (PPI-OT): In Indian illegally occupied Jammu and Kashmir, the Chairman of Jammu and Kashmir Muslim Conference, Shabbir Ahmed Dar and the International Forum for Justice and Human Rights Chairman Muhammad Ahsan Untoo have condemned the authorities for denying handover of the dead bodies of three students killed in a fake encounter by Indian troops in Srinagar recently.

Shabbir Ahmed Dar and Muhammad Ahsan Untoo in a joint statement issued in Srinagar said, the remarks by the IGP of Kashmir in this regard show his arrogance. They said, the cold-blooded murder of three students by Indian forces for money and promotions is an established fact now as only fifteen days back one Indian Army Captain has been charged for murder of three labourers of Rajouri for a meager amount of 20 lakh rupees.

Now denying the proper burial according to their faith is a grave human rights violation and this act merits strongest condemnation and the United Nations must take suo motto cognizance so that the bodies can be handed over to families for proper burial, they added.

Meanwhile, Jammu and Kashmir Islami Tanzeem-e-Azadi Chairman, Abdul Samad Inqalabi in a statement said that India’s national days like 26th January and 15th August are no less than a hell for the Kashmiri people. He added that Indian forces make lives of Kashmiri people miserable by frequent raids and detentions on these days.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org

January 18, 2021

Pakistan to forcefully raise Indian conspiracies, state terrorism at world level: FM

Islamabad, January 18, 2021 (PPI-OT): Foreign Minister Shah Mahmood Qureshi has said Pakistan will forcefully raise the Indian evil conspiracies and state terrorism at the world level. In a statement on Monday, he said BJP government is bent upon undermining regional peace and stability for its political interests and to divert attention from internal affairs.

He said Modi’s conspiracy stands exposed as he got killed their forty soldiers in Pulwama to win the elections. The Foreign Minister said Pakistan has presented irrefutable evidence regarding Indian state terrorism. He said the EU Disinfo Lab has further unmasked the evil face of India. He urged the world community to seriously take cognizance of the evidence provided against New Delhi.

Referring to the situation in Indian Illegally Occupied Jammu and Kashmir (IIOJ and K), Shah Mahmood Qureshi said Kashmir is an internationally recognized dispute He said voices are now being raised against India in the British parliament. The Foreign Minister said Pakistan is desirous of peace in the region but India wants to stoke unrest. He said India is playing the role of spoiler in Afghanistan.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org

January 18, 2021

Mian Nasser Hyatt Maggo urges to establish FBR’s help-desk at FPCCI Head Office

Karachi, January 18, 2021 (PPI-OT): Mian Nasser Hyatt Maggo President FPCCI thanked Dr. Muhammad Ashfaq Ahmad Member Inland Revenue (Operations) and his team including Dr. Aftab Imam, Chief Corporate Tax Office, Hameed Memon Chief Medium Tax Officer, Nazeer Shoro Chief RTO 1and Badar Uddin Qureshi Chief Large Tax Office for their presence at FPCCI Head Office. This meeting held to discuss Tax related matters and Issues faced by the Business Community.

Mian Nasser Hyatt Maggo President FPCCI highlighted the concerns of being not consulted and not taken on board despite the main stakeholder in revenue generations. He suggested the Member Inland Revenue and his team for a facilitation desk of FBR at FPCCI Head Office for proper coordination of FBR and Business community. The complexity of tax on tax, additional tax, and advance tax is creating confusion and a difficult and lengthy process. All the basic exemptions are available for the large enterprises, SMEs should be facilitated to bring them in the tax net. Our members have many questions and all relevant problems should be revisited in consultation with FPCCI.

Dr. Muhammad Ashfaq Ahmad Member Inland Revenue stated that we have achieved a record of tax collection by increasing the number of taxpayers this year. FBR this year adopted the policy not to extend the last date of payment of taxes in piece meal rather than the date of filing of returns was extended to a considerable period of 90 days i.e. from September, 2020 to December, 2020. He expects that a number of filers may touch the figure of 3 million by the end of this year. FBR is also working on merging all the taxes in one tax with simplification of procedures. He regarded trade bodies as relevant citizens to help in policy making process.

The rate and procedure of collection of taxes is decided by the parliament and they have no authority to change it without the consent of the parliament but they can recommend the parliament to modify the procedures for which he has already taken notes from the feedback received in today’s meeting. Regarding the issue of tea association he informed that 12th Schedule is a reality, however, FBR Anomalies Committee has been constituted to settle the issues. On the question raised on issue of exemption certificates he shared that the grievances of trade are there and he is personally working on it improve the procedures.

Adeel Siddiqui, Vice President FPCCI presented the vote of thanks and highlighted the importance of FBR and Business community relationship, the meeting was concluded with the presentation of FPCCI shield to the Member Inland-revenue Dr. Muhammad Ashfaq Ahmed by Mian Nasser Hyatt Maggo President FPCCI. Meeting was attended by Muhammad Hanif Lakhani, Athar Sultan Chawala, Nasir Khan, Adeel Siddiqui Vice Presidents Engr. M A Jabbar, Khurram Saeed former vice presidents, representatives of various chambers and associations, EC and General Body members, and a large number prominent businessmen.

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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January 18, 2021

LCCI pays homage to Shireen Arshad

Lahore, January 18, 2021 (PPI-OT): The Lahore Chamber of Commerce and Industry on Monday expressed deep grief and sorrow over sudden demise of the LCCI Executive Committee Member Shireen Arshad. In a condolence message, the LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan, Vice President Tahir Manzoor Chaudhry and Executive Committee Members said that Shireen Arshad was a great personality who had left behind many success stories.

They said that her achievements will be remembered for a long time to come. As Member National Assembly, Vice President Federation of Pakistan Chambers of Commerce and Industry, Chairperson Handicrafts Association, Chairperson Bahawalpur Women Chamber of Commerce and Industry, Convener LCCI Resource Center and Women Advocacy Forum, she had achieved various milestones.

The LCCI office-bearers said that she made unforgettable struggle for the rights of business women, especially for those who belong to cottage industry. They said that Shireen Arshad always raised voice of the women at all forums. She was also a great philanthropist.

The Office-bearers of the Lahore Chamber of Commerce and Industry paid rich tributes to the services of Shireen Arshad and recalled that she always preferred work over her health and had given priority to her commitments. They prayed to the Almighty Allah to keep the departed soul in peace and let the family bear this irreparable loss with fortitude.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: http://www.lcci.com.pk/

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January 18, 2021

Fawad Chaudhry urged to direct PSQCA to expedite review of Rice Standards

Karachi, January 18, 2021 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) has urged Fawad Chaudhry Federal Minister for Science and Technology (MoS and T) to direct the Pakistan Standard Quality Control Authority (PSQCA) to expedite the review of the Pakistan Rice Standards and do away with unreal standards causing hardships to the rice sector and affecting exports.

President UNISAME Zulfikar Thaver said the Rice Exporters Association of Pakistan (REAP) after much efforts of its experts had submitted detailed requests for amendments and sought remedy to make the standards real but unfortunately due to lack of response and perusal the sector has remained deprived. It is believed that the procedure is lengthy and to make any amendment it has to go through several connected agencies like Pakistan Council of Scientific and Industrial Research (PCSIR) and others before it is amended but more than sufficient time has elapsed and time is the essence.

The specifications of different varieties of rice need amendments regarding the standards as the shrivelled rice, admixtures and other percentages mentioned in the manual popularly known as the green book are outdated and rice exporters are unable to maintain them as it increases cost of production and makes the exporters non-competitive.

Thaver said deputy director, Naseem Us Sami the head of the agricultural department at PSQCA has given him time for 19th January 2021 to hear the grievances of the SME rice exporters and hopefully it will reactivate the files. However much depends on REAP Chairman Abdul Qayyum Piracha and his team to get matters going expeditiously with PSQCA.

Muzammil Rauf Chappal Chairman of Cereal Association of Pakistan (CAP) emphasized on Research and Development (R and D) and lamented that we are lacking in this sphere. Every effort must be made to put R and D in high gear as without R and D we will be left lagging behind. R and D is the key to progress. Haji Muhammad Saeed chairman SME Farmers Association (SMEFA) also urged the PSQCA to expedite revision and amendments in rice standards to save the SME farmers from losses and victimization. He said the unreal standards are affecting the entire supply chain.

Yasmin Ismail an expert on rice and chief executive officer (CEO) of Rice Labs ( Pvt) Ltd said ideally review of specifications/grading of Irri 6, 9, 386, Super Basmati, 1121, Inclusion of new Basmati variety grades and review of contrasting varieties and replacement of shrivelled grains with immature grains is the requirement to make the specifications real. She said Kala Shah Kaku Institute should also be taken on board to discuss the latest varieties’ development and their grading. Rafique Suleman, chairman standing committee on Rice at FPCCI assured full support to the stakeholders for their demand for review of standards.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street, Phase IV, D.H.A.,
Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com
Website: http://www.unisame.org/

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January 18, 2021

VIS Credit Rating Company Upgrades Entity and Sukuk Ratings of Agha Steel Industries Limited

Karachi, January 18, 2021 (PPI-OT): VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Agha Steel Industries Limited (ASIL) from ‘A-/A-2’ (Single A Minus/A-Two) to ‘A/A-2’ (Single A/A-Two). Rating of the outstanding Sukuk has also been upgraded from ‘A’ (Single A) to ‘A+’ (Single A). Outlook on the assigned ratings is ‘Stable’. Long Term entity rating of A reflects good credit quality, adequate protection factors. Risk factors may vary with possible changes in the economy. Short Term Rating of A-2 indicates good certainty of timely payment, sound liquidity factors and company fundamentals. Access to capital markets is good. Previous rating action was announced on October 18, 2019.

Agha Steel Industries Limited (ASIL) is amongst the top-tier players in the long steel sector with installed capacity of billets and reinforcement bars (rebars) at 450,000MTs and 250,000MTs respectively. Recently, in Nov’2020, ASIL was publicly listed on the Pakistan Stock Exchange (PSX). The amount raised in the IPO is planned to be utilized to increase the capacity of rebars to 650,000MTs, which is expected to come online by August’2021.

The assigned rating takes into account the business risk of the long steel sector, which is considered high given the fragmented nature of the industry, prevailing competition and sensitivity to changes in exchange rate, interest rate and commodity prices. The industry risk profile, takes into account strong sovereign protection through favourable tariff regime. The assigned rating further factors the company’s competitive advantage, which stems from ASIL being the only manufacturer in the country using Electric Arc Furnace for manufacturing of billets. Going forward, the planned completion of phase II, and the resultant cost efficiencies that are expected to materialize, will add to the company’s competitive advantage.

Subsequent to the drop in topline and gross margin noted in FY19, business dynamics posted improvement in FY20, despite the pandemic-induced slowdown. Capacity utilization remains on the lower side, being reported at 61% for FY20. Nevertheless, in view of the lower interest rate and expected uptick in infrastructure spending, demand outlook has improved. This is reflected in the growth noted in the LSM Index during Q1’FY21.

In FY20, given the increase in debt, the cash flow coverage of debt has been impacted. Nevertheless, the notably higher sales off take in Q1’FY21 and the resultant improvement in cash flows, the DSCR (annualized) has risen above 2x. Going forward, DSCR is expected to remain elevated during FY21, in view of the quantum of debt maturity during the year. Loan repayment cost is expected to spike in FY22, wherein DSCR is likely to fall, albeit should still remain above 1x. Gearing and leverage of the company have trended down on a timeline, and expected to fall further once we incorporate the recent equity infusion. The assigned ratings remain dependent on maintenance of liquidity, capitalization and profitability indicators, in line with the threshold.

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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January 18, 2021

VIS Reaffirms Broker Management Rating of Adam Securities Limited

Karachi, January 18, 2021 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Management Rating of Adam Securities Limited (ASL) at ‘BMR2’.Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on January 13, 2020. Rating signifies sound external control framework, HR and IT services and risk management, while client relationship, regulatory compliance levels, internal controls and financial management are considered adequate.

Assigned rating to ASL factors in the segregation of internal audit and risk management department and improvement in the net capital balance during FY20. On the regulatory front, increase in board size would result in avoidance of common members in board level committees and would also facilitate the formation of risk committee. Moreover, addition of statement of compliance and CEO’s independent statement to the annual accounts may contribute towards efficiency in external control.

Assessment of financial profile indicates improvement in profitability by two-fold due to increase in capital gains caused by the uptick in the market valuations during FY20. The efficiency ratio has declined during the period under review and leverage indicators have been observed to be satisfactory.

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