The Pakistan Credit Rating Agency Limited
23-Oct-23
Analyst
Shujat Ehsanullah Wasim
Shujat.Ehsan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
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 Withdraws Entity Ratings of Usman Steels (Pvt.) Limited
| Rating Type | Entity | |
|
Current (23-Oct-23 ) |
Previous (20-Jan-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to management's decision to discontinue the entity ratings of Usman Steels (Pvt.) Limited, PACRA withdraws the entity ratings of Usman Steels (Pvt.) Limited with immediate effect.
.
About
the Entity
Usman Steels (Pvt.) Limited (‘Usman Steels’ or ‘the Company’) was incorporated in April, 1978 as a Private Limited Company. The Company’s site spread over four ship breaking yards, all around costal line of Gaddani Beach, District Lasbella, Balochistan. Till today the Company has broken out scores of unserviceable vessels, including 3 submarines. The Company’s ownership resides with the family of Mr. Ikhlaq Memon. The major stake is with Mr. Ikhlaq Memon (61%). The remaining stake resides with Mr. Usman (33%), Ms. Salma Ikhlaq (3%) and Mr. Ishaq (3%). Mr. Muhammed Ikhlaq Memon: is the Chief Executive Officer of M/s. Usman Steels (Pvt.) Ltd and also holds the position of Chairman of Pakistan Ship Breaking Association (P.S.B.A). Mr. Ikhlaq owns ~50% shareholding in Venture Green Capital (VGR), that is also involved in ship breaking business.