The Pakistan Credit Rating Agency Limited
20-Mar-21
Analyst
Timnat Thomas
timnat.thomas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-20
- Methodology | Debt Instrument | Jun-20
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-20
- Criteria | Rating Modifier | Jun-20
Related Research
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TPL Trakker Limited Redeems PPCP | Jul -20 | PACRA Withdraws Instrument Rating
| Issuer | TPL Trakker Limited |
| Instrument | CP |
| Amount | PKR 1230 mln |
| Issuance Date | 14-Jul-20 |
| Tenor | 0 Years |
| Redemption Date | 10-Jan-21 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (20-Mar-21 ) |
Previous (20-Mar-20 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
TPL Trakker Limited (or the "Company") has issued a rated, privately placed, and unsecured Commercial Paper amounting to PKR 1,230mln on 16th January 2020. The purpose of the issue was to bridge the IPO. Under the Regulator's relief package amid COVID-19, the Company availed the deferment for six months hence, the extended maturity date fell due on 10th Jan'2021. The profit repayment was made at redemption on the outstanding principal amount at a floating rate of 6M-KIBOR plus 250bps. The Commercial Paper matured in one year from the date of issue in Jan 2021.
Subsequent to the redemption in Jan' 2021, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Trakker Limited – PPCP.
About
the Entity
TPL Trakker Limited (TPLT) – is a Public Listed Company - after it got listed on the PSX in the month of Aug’20. Previously it was a wholly owned subsidiary of TPL Corp Limited. TPL Trakker is a telematics solution provider and the core business mainly comprises of vehicle tracking, fleet management, Internet of things (IoT) and Digital mapping services. TPL Corp is a ~62.41% subsidiary of TPL Holdings. Post IPO, TPL Corp Limited is the major shareholder of TPL Trakker Limited with ~64% holding. BoD of the Company comprises eight members, headed by the Chairman Mr. Jameel Yusuf. Mr. Sarwar Ali Khan is the CEO of the Company, having more than a decade of experience and has been associated with the Company for the last three years.