The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (10-June-2005)
   

PACRA Maintains Entity Ratings of Tri-Pack Films Limited (TPFL)
 

 
Analyst
Sumaira Fazal
(+92-42-586 9504)
sumaira@pacra.com

 

 

 









 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has maintained both long-term and short-term ratings of Tri-Pack Films Limited (TPFL) at 'A+' (single A plus) and 'A1' (A one), respectively. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

TPFL's ratings reflect its dominant market position supported by its quality brand image and the continuing strategic relationship with customers. The company's margins having been under pressure in recent years are likely to improve on account of stable raw material prices. The ratings also recognize the substantial capacity enhancement and the well conceived export strategy, which, together, will help the company to withstand the emerging competitive pressures.

About the company: Established in 1993, TPFL is engaged in manufacturing of Biaxially Oriented Polypropylene (BOPP) film. It is a joint venture between Packages Limited (PL) and Mitsubishi Corporation of Japan . Having started commercial production in 1995 the company is listed on all bourses in Pakistan. The company started its operations with a rated capacity of 5,400 tones per annum, which subsequently doubled with the commencement of second production line in 2001. Owing to the commencement of third production line the rated capacity of the company increased to 26,800 tpa in 2004. With around 64% market share of the BOPP film in the country, TPFL is the largest producer in Pakistan with state-of-the-art technology of the third production line that has enabled the company to increase its penetration in the high value added end of the market. In order to optimize the capacity utilization, the company has chalked out strategy to export BOPP film to SAARC countries, Africa and Middle East.
 
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