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.
|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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November 15, 2018: At least six Information Technology (IT) companies from Pakistan set up a stall at the Belt and Road pavilion in China’s largest hi-tech fair opened in Shenzhen in South China’s Guangdong province.
The event has drawn more than 3,000 exhibitors from over 30 countries and it will continue for five days with the theme “New Development Concept for High-Quality Growth” at the Shenzhen Convention and Exhibition Center.
Covering a total area of 120,000 square meters, 12 exhibition zones feature hi-tech products in environmental protection, biological sciences, new energy, new materials, military and civil integration, and sensor technology.
Professional exhibitions cover fields of IT, energy conservation, environmental protection, new energy, green building, new materials, smart medical health, aerospace science and technology, photo-electricity, smart city, advanced manufacturing, military and civilian integration, sensor technology and IT applications.
More than 1,000 new products and technologies make debut including the proton therapy demonstration device created by the Shanghai Institute of Applied Physics, and the world’s first self-driving solution with laser radar.
The Belt and Road pavilion has drawn exhibitors from 27 countries, the most since the pavilion was set up in 2015.
Fair organizers have arranged paired meetings between overseas purchasers and domestic hi-tech companies, and investigation tours for international exhibitors.