The Pakistan Credit Rating Agency Limited
04-Sep-23
Analyst
Muhammad Mubashir Nazir
mubashir.nazir@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Suspends the Entity Ratings of Ismail Construction Company (Pvt.) Limited
| Rating Type | Entity | |
|
Current (04-Sep-23 ) |
Previous (02-Mar-23 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Due to the management’s willingness to discontinue the ratings, the ratings have been suspended.
Further, the PACRA fee has not been paid.
About
the Entity
Ismail Construction (Pvt.) Limited was established by Mr. Syed Sultan Sikandar as a sole proprietor entity in 1966 which was converted by his sons into a private limited company later in 2006. The executive and operational roles are held by Mr.Syed Muhammad Ismail and Mr. Sana Ullah who are also board members and are equal shareholders. M/s. Hafiz Asim & Co. Chartered Accountants, are the external auditors of the Company. Mr.Syed Muhammad Ismail is the chief executive officer (CEO) of the Company and is supported by experienced team members. Significant projects to its credit include the Construction of the Central Prison, Mardan, the establishment Of Agriculture University Swat, and the Construction of the working Folk Grammar School at Kohat.