KARACHI (PR) – The Pakistan Credit Rating Agency (PACRA) has maintained long-term and short-term entity ratings of Pak-Arab Refinery Limited at “AAA” (Triple A) and “A1+” (A One Plus) respectively for the past 15 years. The ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments.

The ratings reflect PARCO’s sovereign ownership structure owned by the Government of Pakistan (GoP) (60pc) and the Emirate of Abu Dhabi (EAD) (40pc). Additionally, it enjoys strategic importance to the GoP for its socio-economic policies and its quest of reducing the import bill. The Company’s low business risk emanates from its leading market position, strong demand of its products, and diversified revenue stream. The ratings recognize the company’s ability to manage its financial profile. Although this has lately been stretched by higher short-term borrowings, it is supplemented by strong cash flows and GoP’s frequent intervention to mop up circular debt, prevalent in the country’s energy chain.

Over 5m registered with EOBI

KARACHI (PR) – The registered employees with Employees old Age Benefits Institution(EOBI) have been raised over 5 million, across the country, it was disclosed by Director General(Operations) Javed Iqbal during a performance review meeting at EOBI Head Office.

He said that during the November,2012, the Institution disbursed Rs.1,093 million amongst 456,998 EOBI pensioners, which includes 293,921, old age,7,621 disabled, 133,140 survivors pensioners & 212 old age grant holder. On this occasion Javed Iqbal again reminded the employer’s community, that it is mandatory under EOB Act.1976 that every establishment where five or more workers are employed, must register themselves & their workers/employees with EOBI within one month time and make sure payment of their share of contribution as well as of their workers, so that the future of workers & their families can be protected under Employees Old Age Benefits Scheme. Any violation & non compliance with the law and rules will not be tolerated in this regard and punitive action will be initiated against such employers.