The Pakistan Credit Rating Agency Limited
28-Jun-24
Analyst
Muhammad Harris Ghaffar
harris.ghaffar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-24
- Methodology | Corporate Rating | Jul-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 Suspends the Entity Ratings of Al Barka Fabrics (Pvt.) Limited
| Rating Type | Entity | |
|
Current (28-Jun-24 ) |
Previous (27-Jan-24 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB+ |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
The ratings of the Company have been suspended due to the outstanding fee. Once the matter pertaining to the outstanding fee is resolved, PACRA will update the ratings after following the due process.
.
About
the Entity
The Company was incorporated in 1998 as a private limited company. The core operation of the business is Textile Processing (Bleaching, Dying, Printing). Its manufacturing facility is located in Faisalabad, the area known as the textile hub of Pakistan. Al Barka Fabrics Pvt. Limited is a family-owned business, where the major stake is vested with Mr. Muhammad Aslam Sheikh. The remaining stake rests with his wife, Mrs. Riffat Aslam, and his son, Mr. Muhammad Asad Sheikh. The board comprises four members from the Sponsoring family. The inclusion of an independent director shall add to the governance framework. The Company has invested in diverse sectors of the economy.