As per disclosure requirements under Part X of the Securities Act, 2015, Loads Limited has informed that the listing application for Loads Limited (LOADS) subsidiary M/s. Hi-Tech Alloy Wheels Limited has been filed with PSX.
This is further to their letter reference No. LL/BS-sza/PSX/3047-10 dated April 10, 2018.
Loads Limited is one of the largest Auto Parts Manufacturers (APMs) in the country and is listed on PSX since November 1st 2016.
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November 15, 2018: Finance Minister Asad Umar has said that the government will announce a package for underprivileged persons in the next few days.
He said that discussions are underway with International Monetary Fund for a loan facility, and expressed hope it would be the last program of Pakistan with the IMF.
He further said that the government is making efforts to expand tax net and bolster exports and remittances.
November 15, 2018 (MLN): Automotive Industry in Pakistan has sold a total of 781 units of jeeps in the month of October 2018, compared to sales of 1,428 units in the previous year, a 45% decline in sales compared to last year.
According to the data released by the Pakistan Automotive Manufacturers Association (PAMA), majority of these sales came from sale of Honda BR-V jeeps, with a total of 523 such jeeps sold in October as compared to 1,091 units sold a year earlier.
On the contrary, sales of Pick-ups were recorded at 2,812 units in that month, compared to sales of 2,513 units in the parallel month last year, demonstrating a 12% increase in sales.
The bulk of those sales attributed to Suzuki Ravi of which a total of 2,194 units were sold in October, as against 1,945 units sold in same period last year
Moreover, the growth in pick-up sales during the month was also due to addition of new player in the market, i.e. Ghandhara Nissan (GHNL), which sold 85 units of JAC X-200 pick-ups. This is the first time GHNL notified sales numbers of JAC pick-ups in PAMA sales figures.
However, Toyota Hilux sold 533 units of pick-ups in October as compared to 568 units sold last year, declining by 6%.
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SBP Conducted an OMO (Repo) on Thursday in which it mopped up Rs.50 Billion from the market for 1 Day.
| Amount* | Rate | Bids | |||||
|---|---|---|---|---|---|---|---|
| Tenor | Type | Offered | Accepted | High - Low | Accepted | Offered | Accepted |
| 1D | Repo (Mop-up) | 68.500 | 50.000 | 8.45% - 8.40 % | 8.40 % | 3 | 2 |
| Total Amount offered at 8.40% was Rs. 58,500.00 Mio out of which SBP accepted Rs. 50,000.00 Mio on pro rata basis. | |||||||
| OMO Settlement: Same Day (Nov 15, 2018) | |||||||
| *Amount in Billions | |||||||
November 15, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed entity ratings of ‘AA-/A-1’ (Double A Minus/A-One) to Artistic Milliners (Private) Limited (AML). Outlook on the assigned ratings is ‘Stable’.
According to the rating agency, the long Term Rating of ‘AA-’ reflects high credit quality, strong protection factors, and moderate risk but may vary slightly because of economic conditions. Short Term Rating of ‘A-1’ indicates high certainty of timely payment, excellent liquidity factors supported by good fundamental protection factors and minor risk factors.
AML is undergoing/completed expansions in spinning, fabric and garment divisions due to growing demand of denim products. Assigned ratings incorporate extensive experience of sponsors and strong franchise enjoyed by AML in the denim sector.
Assigned ratings take into account moderate business risk profile of the denim industry supported by stable and growing demand for denim products. However, local and international expansion by major players is expected to keep pricing power and hence margins slightly under pressure.
Given the favorable policies & incentives of the government on enhancing exports and imposition of duties on Chinese exports to USA, there is significant opportunity for denim exporters to enhance exports. In this regard, AML is well positioned to tap this opportunity given the ongoing and completed expansion in all three segments.
Going forward, the company plans to diversify in the renewable energy segment. In this regard, the group has signed LOI for investment in Solar and Hydel power project.
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November 15, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Sitara Chemical Industries Limited (SCIL) at ‘A+/A-1’ (Single A Plus/A-One). Outlook on the assigned ratings is ‘Positive’.
According to the press release by JCR, 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-1’ denotes high certainty of timely payment, liquidity factors are excellent and supported by good fundamental protection factors.
The ratings assigned to SCIL take into account its leading position in the Chlor-alkali sector with the highest market share. The ratings incorporate moderate business risk profile; the company has been able to maintain positive momentum in revenues and largely sustain margins in a highly competitive operating environment.
The ratings draw additional comfort from low financial risk appetite emanating from its low leveraged capital structure and adequate debt service coverage. The company’s strong sponsor profile remains a key rating factor.
Further, conversation of investment property into an earning asset and additional liquidity generation from its sale therein is considered a positive rating factor.
Going forward, rising international coal prices, increase in natural gas tariff and cost of imported RLNG along with adverse exchange rate parity are key challenges to be managed for maintaining profitability.
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