The Pakistan Credit Rating Agency Limited
30-Sep-21
Analyst
Faiqa Qamar
faiqa.qamar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-21
- Criteria | Correlation Between Long-term & Short-term Rating Scales | Jun-21
- Criteria | Rating Modifiers | Jun-21
Related Research
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PACRA Withdraws Entity Ratings of Chanar Sugar Mills Limited
| Rating Type | Entity | |
|
Current (30-Sep-21 ) |
Previous (30-Sep-20 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BBB- |
| Short Term | - | A3 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the entity ratings of Chanar Sugar Mills Limited, PACRA withdraws the entity ratings with immediate effect.
About
the Entity
Chanar Sugar Mills Limited was incorporated as a public unlisted company in 1990. Primary business activity of the Company involves manufacturing and sale of sugar and its by-products molasses, bagasse and mud. The Company’s crushing unit, having sugarcane crushing capacity of 4,800 tons per day, is located in Tandianwala, district Faisalabad. While, the registered office is situated in Muslim Town, Lahore.
Chanar Sugar Mills Limited's ownership resides with the sponsors, the Kayani Family, through individual family members. The Company and its Board is headed by Mr. Javed Ahmad Kayani.