PACRA Assigns Preliminary Ratings to K-Electric Limited – Islamic Commercial Paper-12 upto PKR 3,200 million

Lahore, September 17, 2020 (PPI-OT): The ratings reflect improved performance metrics of the company. There was significant improvement in the turnover as reflected in the published financial statements for FY19. This led to decent growth in the net profit as well though EBITDA slightly took a dip. Units generated, sent out and sold all of these indicators witnessed rise. T and D losses have also shown improvement. TRead More…

PACRA Maintains Asset Manager Rating of AL Habib Asset Management Limited

Lahore, September 15, 2020 (PPI-OT): AL Habib Asset Management Limited (Formerly: Habib Asset Management Limited) was in the process of transformation with Bank AL Habib acquiring entire shareholding (from 30%) in the Company to make it a wholly owned subsidiary of the bank. The process is now complete with the bank’s acquisition of the remaining 70% stake. The bank has injected fresh capital of PKR 450mln in tRead More…

PACRA Upgrades Stability Rating of Pak Oman Advantage Islamic Income Fund

Lahore, September 15, 2020 (PPI-OT): The rating incorporates the fund’s moderate risk level. The asset allocation comprises of ~83% of fund’s assets as cash balances at end Jun’20. Fund’s exposure in Sukuks decreased to ~11%, as compared to Dec’19, having minimum credit rating of ‘A+’. The duration of the fund was 99 days at end Jun’20. The unit holding pattern of the fRead More…

PACRA maintains entity ratings of JWS Pakistan – Rating Watch

Lahore, September 14, 2020 (PPI-OT): JWS Pakistan (‘JWSP’ or the ‘Institution’) is a Microfinance Institution (MFI) governed by the Securities and Exchange Commission of Pakistan (SECP) under Section 42 of the Companies Act, 2017. The Institution is licensed to operate under NBFC (Establishment and Regulations) Rules, 2003, Non-Banking Finance Companies and Notified Entities Regulations 2008. Read More…

PACRA Assigns Initial Ratings to Aggrio Pakistan (Private) Limited

Lahore, September 14, 2020 (PPI-OT): Aggrio Pakistan (Pvt.) Ltd. (“Aggrio”) is a private limited company operating under The Edge group Aggrio operates in three segments: i) pesticides ii) seeds and iii) fertilizer, with a countrywide distribution network of 150 sales staff. The group is extended to four companies, all of them are operating in agriculture input business. The company’s turnover is growing, with Read More…

PACRA Maintains Entity Ratings of Tufail Chemical Industries Limited

Lahore, September 14, 2020 (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. The Company also produces Formic acid (for the textile industry) and offers tollinRead More…

PACRA upgrades the entity rating of Harappa Solar (Private) Limited

Lahore, September 14, 2020 (PPI-OT): The rating incorporates successful commissioning of the plant, achieved on 14th October 2017. The company opted for the upfront tariff. Under the upfront tariff regime, any variability in solar energy is to be borne by the Company, due to which its cash flows may face seasonality. The rating takes comfort from plant’s generation that exceeded the required benchmark by 2% in FY20Read More…

PACRA maintains IFS Rating of State Life insurance Corporation

Lahore, September 14, 2020 (PPI-OT): The rating takes into account State Life Insurance Corporation’s sound market position in life insurance industry emanating from extensive and well-penetrated distribution network, experienced management team and robust financial profile. The rating reflects State Life Insurance Corporation’s robust risk absorption capacity on the back of Government of Pakistan’s (GoRead More…

PACRA Maintains Entity Ratings of Bestway Cement Limited

Lahore, September 14, 2020 (PPI-OT): Bestway Cement’s ratings reflect its leading position in the market emanating from its highest market share in north region. The Company’s brown field expansion and successful mergers in the past assisted to maintain its position. Due to pandemic corona virus economic activities has slow down thus resulted in the drop of local demand, export is another avenue. Due to excesRead More…

PACRA Maintains Stability Rating of Pak Oman Government Securities Fund

Lahore, September 08, 2020 (PPI-OT): The rating reflects the fund’s strong credit quality and a sound liquidity profile emanating from the fund’s policy to invest 70% of asset in a mix of short-term and long-term government securities. At end Jun’20, ~22% of the fund’s exposure was in Term Finance Certificates (TFCs), ~25% of the fund exposure was in PIBs and ~40% was maintained in T-Bills. ThRead More…