Daily Archives: January 1, 2018

Sports Day organized by Pre Primary Section of Defence Authority Public School, Seaview

Karachi, January 01, 2018 (PPI-OT):A thrilling and colourful Sports Day was organized by Pre Primary Section of Defence Authority Public School (O and A Levels), Seaview in the beautiful sporting environment of Defence Authority Zamzama Club’s Stadium. Capt (R) Sajid Mahmood PN, Additional Director DHA Colleges was the chief guest on the occasion.

The tiny toddlers took the oath before the distinguished guest in an impressive ceremony. Mrs Rukhshanda Jabeen, Principal of DAPS Seaview, vowed to give the best available sports facilities to the kids to build their wholesome personalities. The children displayed their exceptional talent and skills in different in-house competitions which was highly appreciated by the spectators. The Principal thanked the parents for being cooperative and supportive which enabled the school to successfully conduct all its events in a befitting manner.

The chief guest praised the sheer hard work put in by the teachers in organizing a wonderful sports day; “we strive to provide vivid examples of excellence through sports” he remarked. He further said “perfection is not attainable but if we chase perfection we can catch excellence.” The enthusiasm, excitement and passion displayed by participants was simply superb. In the end, the chief guest awarded medals to the winners. The trophy was won by the students from Jinnah House.

For more information, contact:
Public Relations Officer
Pakistan Defence Officers Housing Authority
2-B, East Street, Phase-I, Karachi-75500, Pakistan
UAN: +92-21-111-589-589
Tel: +92-21-35886401-5
Fax: +92-21-35886406
Email: dha@dhakarachi.org, info@dhakarachi.org
Website: www.dhakarachi.org

LCCI rejects POL price hike and logic given for this initiative

Lahore, January 01, 2018 (PPI-OT):The Lahore Chamber of Commerce and Industry has expressed dismay over negative response regarding POL prices and feared of dire economic consequences of increase in petroleum product prices. “The Lahore Chamber of Commerce and Industry rejects POL price hike and logic for this initiative given by the Ministry of Finance”, said the LCCI President Malik Tahir Javaid, Senior Vice President Malik Tahir Javaid and Vice President Zeeshan Khalil in a statement on Monday.

“Why comparison just for POL prices, why not in all economic sectors? Exports of India, Bangladesh and Turkey have been crossed $ 268.6 billion, $ 34.14 billion and $ 150.2 billion respectively while Pakistan is running with just around $21 billion. Industries in those countries are playing freely and enjoying the status of state-partner while Pakistani industrial sector is struggling for survival”, the LCCI office-bearers said.

They said that another logic has been given for POL price hike that oil prices in international market are soaring. They said it is true that oil prices in the international market are rising but it would be better if government cuts duties, taxes levied on petroleum products and reduces huge non-development expenditures. The LCCI office-bearers said that the Lahore Chamber of Commerce and Industry well before the time asked the government to avoid increase in POL prices as current economical condition does not allow such measures.

They said that industrial sector would be immediate victim of the hike in POL prices as it is one of the major raw materials of the industries. They said that industrial production and movement of raw materials and trading goods would be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports.

They said that POL price increase will also add to the complexities of the agriculture sector which is already in a bad state-of-affairs because of water scarcity and various. They said that the increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.

They said that the cost of thermal generation by private sector to go up. The LCCI office-bearers said that Government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs. They urged the government to withdraw recent huge hike in POL prices to avert huge economic losses and to win the trust of trade, industry and masses otherwise anti-government sentiments would rise.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

Chinese delegation of Shaanxi Province visits ICCI to explore business matchmakings

Islamabad, January 01, 2018 (PPI-OT):A delegation of Shanxi Province of China visited Islamabad Chamber of Commerce and Industry to explore business matchmakings with Pakistani counterparts. The delegation was representing various companies of Shaanxi province including Shaanxi Pharmaceutical Holdings Group Co., Ltd, Shaanxi Coal and Chemical Industry Group Co Ltd, Shaanxi Automobile Group Co. Ltd and others.

The delegation members said that this was their first visit to Pakistan to study Pakistani market. They showed interest for business matchmakings and joint ventures with Pakistani counterparts in pharmaceuticals, chemicals, automobile, engineering, communication and solar energy sectors. The delegation members stressed for frequent interaction between the private sectors of China and Pakistan to understand each other and establish business collaborations.

The representatives of Shaanxi Pharmaceuticals Group said that their company was exporting pharma products to over 200 countries and it wanted to explore business prospects in Pakistan. The representatives of automobile group said they were already supplying heavy trucks to Pakistan and were looking for partners in Pakistan to supply more trucks. The delegation members also invited ICCI members to visit Shaanxi Province to explore business collaborations.

Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that Pakistani pharmaceutical companies were importing raw material from China and India for manufacturing pharmaceutical products. He emphasized that Chinese pharma companies should establish plants of producing raw material in Pakistan that would help in manufacturing pharmaceutical products at competitive prices.

He informed the Chinese delegation that many industrial zones would be set up in Pakistan under CPEC and Chinese investors should put up manufacturing plants through joint ventures in areas of their interest in these SEZs. He said Chinese investment in Pakistan would enable them to enhance exports to South and Central Asia, Middle East, Africa and many other markets.

He stressed the need of developing strong business linkages between the corporate sector and SMEs of Pakistan and China so that they could complement each other and achieve mutually beneficial business outcomes. Nisar Mirza Vice President Islamabad Chamber of Commerce and Industry assured that ICCI would play the role of bridge to connect the Chinese investors with right partners in Pakistan.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

JCR-VIS Reaffirms Entity Ratings of Matco Foods Limited at A-/A-2

Karachi, January 01, 2018 (PPI-OT):JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Matco Foods Limited (MFL) at ‘A-/A-2’ (Single A-Minus/ A-Two). Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on April 4, 2017.

Current ratings reflect MFL’s adequate liquidity profile and capitalization levels. The rating incorporates MFL’s position as one of the leading rice exporters in the country. In the past few years, rice exports remained highly competitive amidst availability of subsidized Indian rice in international markets making it relatively difficult for Pakistani exporters to retain market share. Nonetheless, as per the latest regulation imposed by European Union (EU), import of Basmati rice containing Tricyclazole above a specified threshold level will not be accepted. Given this recent development in the international market, MFL expects to capitalize on this opportunity resulting in higher exports.

During FY17, overall sales of the company grew by 10.5% and reached Rs.6b mark; growth in sales was largely a function of higher international prices. Although majority sales of MFL comprise exports, local sales have also contributed a significant proportion to the topline. Nevertheless, country wise concentration in sales of MFL is on the higher side. Given recovery in international prices, the company is projecting improvement in margins and overall profitability, going forward. MFL also anticipates higher profitability levels supported by its recent rice glucose venture.

With improved margins, fund flow from operations (FFO) was notably higher in FY17 translating into improved debt servicing coverage levels. With borrowings primarily short term in nature and the company carrying a sizeable amount of inventory/receivables, its ability to retire debt in a timely manner is considered adequate. However, future trend in this respect will be closely tracked. In order to fund expansion of its rice glucose plant and installation of its new rice mill, MFL plans to procure additional debt and equity through issuance of shares by Initial Public Offering (IPO). Developments in this regard are yet to be seen.

For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Pakistani Exporters are in distress, feel targeted on the role being played by FBR to achieve revenue target by “ANY POSSIBLE MEANS”

Karachi, January 01, 2018 (PPI-OT):Pakistani Exporters, at large and members of Towel Manufacturers in particular, are now days in distress and feel targeted on the role being played by the Federal Board of Revenue to achieve revenue target by “ANY POSSIBLE MEANS”.

As per information FBR is missing Revenue target by Rs.291 Billion, During the current fiscal year of 06 Months July to December 2017 F.B.R has collected under the head of Revenue Rs.3.330 Trillion which has been revised downward target from RS 3.521 Trillion. They have adopted a novel way of attaching exporters bank account to recover money.

It is a known fact that Federal Board of Revenue is holding Billion of Rupees as refunds of exporters under the various heads of account like Sales Tax, Custom Rebate, Income Tax etc. If exporters are at any kind of default, F.B.R can issue notice to the relevant company and then if necessary, collect the required amount by deducting from the exporters refunds, which is lying in huge amount with FBR. They instead serve notices to bank for recovery from exporters bank accounts directly, which is totally unethical and unjustified after all exporters are backbone of the economy. The FBR owes the exporters money and instead of doing an accounting practice of adjusting their payables, they are taking money directly from exporters accounts.

Exporters nowadays are struggling with high incidence of indirect taxes compared to other textile manufacturing countries in the region and Asia. The new attitude of FBR is now putting exporters on the brink of liquidity collapse. This has to be stopped immediately otherwise these new actions of FBR will be the Last Nail in the Coffin of Crippling Exports. We request Advisor to Prime Minister on Finance Mr. Miftah Ismail, Secretary Finance, and Chairman FBR to immediately intervene in the matter and rescue the exporters.

For more information, contact:
Head Office,
Towel Manufacturers’ Association of Pakistan
TMA House, 77-A, Block ‘A’,
Sindhi Muslim Cooperative Housing Society,
Karachi – 74400, Pakistan
Tel: +92-21-34382801-4
Fax: +92-21-34551628
Email: tma@towelassociation.com
Website: www.towelassociation.com

Activities of the Employment Exchanges and Vocational Guidance Offices in Sindh for the months of September 2017, October 2017 and November 2017

Karachi, January 01, 2018 (PPI-OT):The Sindh Technical Education and Vocational Training Authority (STVETA) has performed the following activities during the months of September 2017, October 2017 and November 2017. According to the details the Authority provided registration to 4065 job seekers during the month of September 2017, 4461 during October 2017 and 4333 during the month of November 2017. Whereas 210 essential personnel were registered during September 2017, 398 during October 2017 and 234 registered during November 2017. 109 disabled persons were registered during September 2017, 119 disabled persons registered during October 2017 and 50 disabled persons registered during November 2017.

During September 2017, 904 applicants including 160 women and 744 others were placed in employment by employment Exchanges in Sindh; during October 2017, 1063 applicants including 186 women and 877 others were placed whereas during November 2017, 990 applicants including 178 women and 812 others were placed in employment.

During September 2017, 13 schools were visited by Regional Manager/ Manager, Vocational Guidance Unit, Karachi 54 school talks were delivered to 1400 students regarding Vocational Guidance for their future career planning.

During October 2017, 20 schools were visited by Regional Manager/ Manager, Vocational Guidance Unit, Karachi 67 school talks were delivered to 1743 students regarding Vocational Guidance for their future career planning.

During November 2017, 14 schools were visited by Regional Manager/ Manager, Vocational Guidance Unit, Karachi 53 school talks were delivered to 1540 students regarding Vocational Guidance for their future career planning.

Besides various ongoing development schemes are under way for construction of building of nine (9) employment exchanges and repair/ renovation of two existing buildings of Employment Exchanges in Sindh at Lyari, Landhi, SITE, Karachi, Badin, Sanghar, Nawabshah (Benazirabad), Khairpur, Jacobabad, Shikarpur, Thatta and Naushehroferoze.

For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi, Pakistan
Tel: +92-21-99204423, +92-21-99204401
Email: pressinformationzubair@gmail.com
Website: http://sindhinformation.gos.pk