Day: August 24, 2021

Karachi, August 24, 2021 (PPI-OT): The Toyota Corolla made its debut in November 1966 in Japan as a 1-litre compact 5-seater sedan, and within two years, doubled its annual production from 480,000 to 1.1 million vehicles. The introduction of the Toyota Corolla was a catalyst for mass car ownership in Japan, and the rest of Asia.

There was no looking back, and its sales grew from strength to strength over the past 55 years. Today the Toyota Corolla celebrates a spectacular global sales milestone of 50 million cars. This milestone underscores the robust confidence and belief in the Corolla’s build quality, reliability, safety and durability.

In 1966, Tatsuo Hasegawa, then Chief Engineer, was adamant that the Corolla must encompass features that bring happiness and well-being to people around the world. Toyota has continued to hold fast to this philosophy over these last 55 years. The Corolla then evolved through generations from 1966, with each generation offering more advanced features than the previous.

Available in more than 150 countries around the world, the Corolla is regarded as a ‘well-loved member of the family’. It continues to serve faithfully and dependably for different purposes – from reliable family car; to covering long commute distances and as a fun, sporty choice customised to changing customer lifestyles.

TOYOTA COROLLA IN ASIA

Hundreds of thousands of motorists in Asia have enjoyed and appreciated the Toyota Corolla from its early genesis. For many, the Corolla has been a centrepiece in the building of “treasured memories”. A common sentiment from many Corolla owners, regardless of country or region, is that many choose to keep their Corolla, or replace it with another Corolla.

Mr. Hao Tien, Chief Operating Officer of Toyota Motor Asia Pacific said: “We are absolutely delighted that we can celebrate this stunning sales milestone across Asia. The Corolla in many ways, mirror the growth story of Toyota around the world. It has kept faithful to its heritage and ethos of bringing happiness to every person who drives one; it has also stayed nimble with the times, always keeping several steps ahead in terms of design, comfort, and technological features to ensure uncompromising safety, performance and reliability.

“On behalf of Toyota, we would like to thank and express our deep appreciation to all Toyota dealers and Corolla owners who have contributed to this global milestone. We are confident with your continued and enthusiastic support, Corolla will remain a well-loved and trusted model for decades to come.”

There are many stories of Corolla fans owning multiple generations of the model since its 1966 launch. One customer from Pakistan, Mr. Zeerak Khan owns various different generations of Corolla since 1967 and has been using it as a family car and also prefers to use it for work and long route travelling due to its reliability and comfort.

TOWARDS CARBON NEUTRALITY and CONTRIBUTING TO SUSTAINABILITY

Toyota is very much committed to achieving zero CO2 emissions and a net positive environmental impact towards the future. The goal is to reduce CO2 emissions from new vehicles by 35% or more by the year 2030.

Among Toyota models, the Corolla offers hybrid electric options that provide all the torque and acceleration needed on everyday driving and highways. It is drawing from the leadership of Toyota in electrification technology since the launch of the Prius Hybrid 21 years ago.

LAUNCH OF COROLLA CROSS: MOVING INTO A NEW ERA

Over the past 55 years, the Toyota Corolla has been available in different variations. In Asia, the most popular Corolla option is the 4-door sedan. Now, in response to changing lifestyles, Toyota has introduced an SUV to the Corolla line-up to seamlessly satisfy diverse customer needs, with a full menu of advanced features in safety, performance and comfort.

Based on the “Corolla Meets SUV” concept, the Corolla Cross signals the transition to a new era of changing consumer preferences. This new model was globally introduced in Thailand last year and Pakistan has also launched Corolla Cross in April 2021 which is the first and only hybrid crossover SUV, equipped with latest fourth-generation Hybrid Powertrain Technology. By adding a new model to the Corolla series to suit the growing demand of SUVs, the enhanced Corolla line-up enables customers to select the model that better suits their diverse lifestyles and life stages.

While its rich heritage and history has kept the Corolla grounded with the same values that it was founded on, Toyota looks ahead to pursue constant “kaizen”, or continuous improvement.

For more information, contact:
Indus Motor Company Limited
Plot No. N.W.Z/P-1, Port Qasim Authority,
Karachi, Pakistan
Tel: +92-21-34721100
UAN: +92-21-111-86-96-82 (+92-111-TOYOTA)
Fax: +92-21-34720056
Email: customer.relations@toyota-indus.com
Website: http://www.toyota-indus.com

The post Corolla 50 Million Global Sales Milestone appeared first on Business News Pakistan.

Lahore, August 24, 2021 (PPI-OT): The ratings reflect the small yet adequate business profile of Khas Textile Mills (Pvt.) Limited emanating from a relatively small revenue base and profitability. The Company manufactures various types of the cotton ring and open-end yarn. The Company is associated with Khas Group of Industries where the group has presence in diverse sectors; including textile, aluminium, poultry, socks, and knitwear and import of building hardware. The Company’s sales volume increased due to increase in local sales from last year and better yarn prices. The sales value, in 9MFY21, has improved from FY20 – attributable to positive textile industry dynamics. Margins recorded uptick due to better yarn prices.

The financial risk profile witnessed improvement since last year due to decline in leveraging and slight improvement in coverage. The debt structure is skewed towards short-term borrowings. The Company’s room to borrow improved due to repayment of short-term loans. In addition to long and short-term borrowings, the Company took a loan from its directors worth PKR 1.1bln – a portion of which is intended to be retained as part of equity in the coming years. Going forward, the company intends to enhance the production capacities in coming years. The stretched working capital cycle and overall governance framework needs improvement.

Textile exports of the country recorded a double-digit increase of ~23% for FY21 to stand at USD 15.4bln as compared to USD 12.5bln in FY20 due to an increase in demand for textile products internationally, led by good recovery around the globe post-pandemic. Going forward, the textile sector’s outlook is expected to stay stable in the medium term where the demand for textile products is expected to increase. The probability of little attrition in demand remains on the horizon attributable to the outbreak of COVID-19 variants.

The ratings are dependent upon the management’s ability to improve margins, profitability and financial profile of the Company. Meanwhile, strengthening of governance practices will have a positive impact on the ratings. Any deterioration in debt coverages leading to higher financial risk or substantial losses will have a negative impact on ratings.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com

The post PACRA Maintains Entity Ratings of Khas Textile Mills (Private) Limited appeared first on Business News Pakistan.

Lahore, August 24, 2021 (PPI-OT): Pakistan’s sugar industry is the country’s 2nd largest agro-based industry, comprising 90 mills with an annual crushing capacity estimated ~ 65 – 70mln MT. The industry is trying to overcome the supply challenges. However, support price, set by considering the cost incurred by farmers, remains a constraint. During MY21, the overall sugar production increased by 15%, YoY, to 5.6mln MT (MY20: 4.9mln MT) on the back of better crop availability and an increase in area under cultivation. The recent surge in local sugar prices was registered by the demand-supply gap. Previously, the sales tax levied on sugar was increased to 17% (previously 8%,) charged on the PKR 60/KG price, which contributed to higher prices. In the FY21 budget, a sales tax of 17% was proposed to be levied on the market retail price instead of PKR 60/kg.

However, Government has allowed not to charge sales tax on market retail price till Nov-21. Moreover, in MY21 crushing season, the Government increased the support price of sugarcane to PKR 202 per maund (previously, it was increased to PKR 190 from PKR 180 per maund). Actual realized sugarcane prices at the mill gate were even higher. To meet the local demand and curb the hike in sugar prices, the Government planned to import 0.8mln MT of sugar. Out of this, 0.3mln MT has already been imported, till Jun-21. Lately, TCP approved to import another 0.1mln MT of sugar. Going forward, despite higher input costs, higher local sugar prices are expected to remain favourable for millers.

The ratings reflect Sindh Abadgars Sugar Mills Ltd.’s (‘Sindh Abadgars’ or ‘the Company’) association with an established group in the agri and allied chain, and demonstrated support from its Sponsors. Sindh Abadgars has a modest business profile and relatively lower margins. The Company generates revenue from the sale of refined sugar and ensuing by-products: molasses and bagasse. The mill, located in Sindh, has a relatively adequate capacity of 8,000 TCD. Better crop availability, despite a lower recovery rate, led to increased production.

However, high concentration of mills in adjoining areas led to a surge in sugarcane cost, and created a challenge for the Company. The Company has sufficient inventory levels to reap benefits from inflated sugar prices. This is expected to bode well for the Company’s profitability. Lack of diversification exposes the Company to inherent volatility in the sugar industry. Financial risk profile of the Company is characterized by a high working capital cycle, dominated by high inventory levels and significant leverage, to finance working capital requirements. Coverages remain adequate. Likely group support, in case need arises, remains key rating factor.

The ratings are dependent upon improving margins and strict working capital discipline. The Company’s ability to sustain profitability while further strengthening coverage ratios remains critical. Any significant deterioration in business performance and/or financial health will negatively impact ratings.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com

The post PACRA Maintains Entity Ratings of Sindh Abadgars Sugar Mills Limited appeared first on Business News Pakistan.

Lahore, August 24, 2021 (PPI-OT): The ratings demonstrate Tufail Chemical Industries Limited’s (the Company) leading position in domestic manufacturing of surfactants (key raw material for detergent and shampoo industry), strong customer base – mainly MNC’s – stable margins and generation of persistent profitability. After series of expansions combine capacity of LABSA has now reached up to 100,000 metric tons per annum in Tufail group. The Company also produces Formic acid (for the textile industry) and offers tolling services. Historically, dumping by various international players has squeezed the margins of the Industry.

The imposition of anti-dumping for five years on sulphonic acid imports from various countries, since May-17, has helped the Company in sustaining its market share and profitability. Cognizant of growing demand, the Company has continuously invested in R and D and BMR, which has enhanced automation and yielded specialized product range. This, alongside an experienced management team, transpires into operational efficiencies and stable margins despite challenging environment.

The Company has strengthened its distribution network by adding new dealers across the country and also managed to pass on the increase in raw material costs effectively. Going forward the Company is emphasizing to increase export sales through established links with renowned MNCs. The Company has a modest financial risk profile, characterized by intermediate leveraging, good coverages, and relatively stretched working capital cycle. . The leveraging is expected to sustain on current levels. The assigned ratings drive comfort from demonstrated sponsor support and commitment. Strengthening of governance framework is considered positive.

COVID-19 has impacted the industries all over the world but the Chemical industry sustained really well due to the chemical products being used in this pandemic period. Additionally, growing demand for consumer health products (soaps, etc.) amidst COVID- 19 outbreak has benefited the Company as general hygiene and cleanliness becomes paramount, resulting in increased demand for chemical-based products.

The ratings are dependent on the Company’s ability to sustain its position, margins, profitability, and optimal capacity utilization along with prudent management of the working capital cycle. Going forward, the continuation of anti-dumping duty will remain critical. Any significant deterioration in margins and/or financial profile will impact 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: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com

The post PACRA Maintains Entity Ratings of Tufail Chemical Industries Limited appeared first on Business News Pakistan.

Lahore, August 24, 2021 (PPI-OT): The ratings reflect sustained performance metrics of the company. Amid COVID-19 Pandemic despite unfavourable circumstances company has maintained stability in its turnover as reflected in the published financial statements for FY20 as well as 3QFY21. Business risk profile draws support from growing demand for electricity and continuous improvement across various operational metrics; however, COVID-19 has resulted in various challenges, with additional directives from the Government for power companies, aimed at consumer facilitation. Nonetheless, with improved macroeconomic environment post COVID- 19 lockdown, along with sizeable investments, the Company continued to show strong operational performance. As a result, during the 3QFY21, units sent out grew by 7.2% along with a 6.2% increase in units billed. Driven by these operational improvements, the Company’s gross profit increased by 25%.

The company continued to add to its asset base: expansion was noted in plants, distribution and transmission. The Company is pursuing its 900 MW RLNG project on fast-track basis. In addition to this additional supply of 450MW from National Grid has also been achieved through successful completion of rehabilitation works at KDA- Jamshoro lines. The performance metrics in the ongoing financial year has shown similar trends with more focus on the production and sale of power units. At the same time, upholding business and financial metrics is of utmost importance.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com

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