The Pakistan Credit Rating Agency Limited
29-Dec-23
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@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
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PACRA Withdraws the Entity Ratings of Novapack (Pvt.) Limited
| Rating Type | Entity | |
|
Current (29-Dec-23 ) |
Previous (30-Dec-22 ) |
|
| Action | Suspended | Initial |
| Long Term | - | BBB- |
| Short Term | - | A3 |
| Outlook | Stable | |
| Rating Watch | - | - |
PACRA assigned an initial rating to Novapack (Pvt.) Limited in Dec'2022. However, the management has decided to discontinue the rating. Subsequent to the management decision, PACRA is withdrawing the entity rating of Novapack (Pvt.) Limited with immediate effect.
About
the Entity
Novapack (Pvt.) Limited is a private limited company established in 2014. It is family owned and operated business with shareholding equally divided among four members (25% each). Mr. Abdul Wasay is the CEO of the company. Mr. Abdul Rafy is CFO & Company Secretary and Mr. Adil is the executive director.